Will Martino, former chief engineer JPMorgan Quorum Blockchain, common information about the acquisition of the project through ConsenSys with Cointelegraph. He believes that while the technology was good at the time, it inherited fundamental flaws from Ethereum (ETH). Martino participated in the first version of the project when it was called “Juno”. Since leaving JPMorgan, he has founded Kadena, a proof-of-work blockchain that uses sharding for scalability.
L.Details of the recent takeover of Quorum by ConsenSys are very sparse. However, it has been observed that when quorum JPMorgan invested in ConsenSys. Martino believes the investments made by the bank were higher than the price paid by the quorum. He suggested that this might have been the easiest way for JPMorgan to get rid of a business entity that was going nowhere:
“Quorum was a real attempt to keep Ethereum technology in an industrial setting. But it is shifting and I really don’t think ConsenSys are making much progress. From my point of view, I think they are buying it primarily for use with the brand Quorum and intellectual property for marketing from this point of view. “
Martino says the real problem with quorum is that it just doesn’t scale. This may come as a surprise considering that it was designed as a private Ethereum fork and as such does not involve mining. However, According to Martino, the problem goes deeper since it comes from the Ethereum Virtual Machine (EVM):
“So if you suddenly plug something like EVM, which was never the bottleneck on a public blockchain, into a private chain, it can easily become the bottleneck. And as one of the reasons the college had big problems with it, more than (the Numbers I’ve heard) perform between two hundred thousand transactions per second. “
Martino is skeptical of Ethereum and its derived technologies It comes from both his personal experience and conversations with many people in the corporate space who have experimented with Ethereum:
“If JPMorgan, one of the greatest companies in history, can’t handle the acquisition, even if they have a great internal use case, you have to ask yourself why? And my answer to that is that the technology is fundamentally limited. And if you do Speaking to other big systems integrators, big consulting firms, you will hear very, very similar things. Unless you have someone who has a lot of Ethereum tokens to run the blockchain for the company, you will find people saying, “We have Tried Ethereum but it doesn’t work. “
It’s not very clear whether JPMorgan has lost interest in blockchain technology entirely or just this particular internal experiment. Martino doesn’t think the bank will switch to what appears to be the most popular solution in the business world. Hyperledger’s Fabric. In his opinion, he’s even worse than Quorum, who was the best in his class. Next to Kadena, Martino says Near could be a viable option. However, he believes the pandemic has slowed the adoption of blockchain technology at the enterprise level. He noted that we won’t see any more major efforts until 2021 or 2022.