Quorum is distributed ledger and smart contract platform designed for enterprise applications. This platform can be customized according to specific business needs and provides support for transaction-level privacy as well as network-wide transparency.
Quorum is based on Ethereum and is a fork of go-ethereum. Unlike Ethereum which is open and permissionless, Quorum is a permissioned (i.e. private) network. In other words, the Quorum blockchain is a distributed ledger but it is not a decentralized network because node operators are all known parties, and it therefore does not use decentralized consensus mechanisms such as proof-of-work or proof-of-stake.
There are several performance advantages to operating permissioned networks versus permissionless ones. For example, Quorum uses raft-based consensus and Istanbul BFT (a consensus algorithm based on the Practical Byzantine Fault Tolerant Algorithm), which enable faster transaction speeds and higher throughput relative to decentralized blockchains.
Quorum is a project of JPMorgan Chase.
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- Smart contract (blockchain)A smart contract (self-executing contract, blockchain contract) is an agreement between parties that is enforced by a program encoded onto a blockchain which executes code exactly as originally written.
- Software development kitSet of software development tools
- EthereumEthereum is an open-source, public, distributed blockchain computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.
- Cardano (cryptocurrency)Cardano is cryptocurrency based on an implementation of the Ouroboros proof of stake protocol.