JP Morgan banking their own stablecoin is not the same as JP Morgan backing bitcoin, but it is a monumental endorsement by a major bank that crypto is essential to future of finance.
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This is the most exciting blockchain news this year for a couple of reasons:
- The size (up to 6 trillion) shows serious confidence and commitment to the technology.
- JP Morgan will run the coin on Quorum (fork of Ethereum) that adds encryption and contract privacy. Quorum also features ultra-fast consensus options. Like RAFT, that can build blocks as fast as 50ms – for internal applications Raft may be enough. IBFT is also available.
We’ve been working with Quorum for about two years now and love it. Yet, we’ve always been fearful that we may have selected Betamax when everyone was going VHS. 6 trillion chocolate coins helps ease the worry.
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