JP Morgan Chase Quorum Project May Merge with ConsenSys

Sources at JP Morgan Chase have indicated the possibility of a merger between Quorum and ConsenSys. Quorum is a private permission blockchain project by JP Morgan Chase which is an enterprise-level operation of Ethereum. It has been in use by the bank for a few years now. Rumours about its future only started surfacing after the founders of Quorum, Amber Baldet stepped down from her role at the bank. That happened almost two years ago in April 2018. It now seems that something is about to happen on this front.

ConsenSys is the creator of Besu, a platform that is a direct competitor of Quorum. However, they have been taking things a step further for the last two years. Through the efforts of PegaSys, one of ConsenSys’ subsidiaries, they were developing the Hyperledger Besu, an Ethereum solution expected to work at the enterprise level.

Both Quorum and Besu took support from the tools that PegaSys offers. Besu is quite unique from Quorum as it provides a way for the private commissioned world to connect with the public world of blockchain. ConsenSys is well-known for its alignment with the public blockchain world of Ethereum.

The news of ConsenSys getting control of Quorum is a head-scratcher for a lot of people. With its own enterprise solution underway, why would ConsenSys take on the responsibility of another complete solution? The only real benefit of doing so would be to let Quorum consumers shift to their own platform Besu. However, that is just speculation as there is no official word from ConsenSys on the matter.

Looking at it from JP Morgan’s point of view, you could see the logic behind releasing Quorum to ConsenSys. There is not much hope at home ever since the exit of Amber Baldet.  With the high level of expertise that ConsenSys has with Ethereum and the way Hyperledger is creating new communities through its open-source approach, JP is simply not cut for it. And since open source is like the complete opposite of the kind of beliefs a bank runs around, the whole thing could become impractical. They probably realized that since there is no winning in this race, why should they even try to compete?

Efforts on Blockchain Education Continue with Figure Technologies Ad

The people working with cryptocurrency are forever engaged in explaining to the world how blockchain is the way to go. This education has not been very easy for most people. There is still some lack of trust in the system and it is completely understandable. However, Figure Technologies has created a new ad campaign that tries to create awareness among people regarding the benefits of using blockchain.

Figure Technologies is the creator of Provenance. This is a blockchain project that tokenized digital financial instruments like loans, etc. to create securities. The project has had over a billion dollars in assets go through it. The firm also created a new system of consumer financing to provide lines of credit to people for mortgages. Right now they are also offering other instruments like education loans for students and refinancing of mortgages.

The ad campaign created by the company that explains how blockchain works and how it is different from Bitcoin. It also tries to explain some of the technical stuff involved but it is the main message that really counts. The ad shows people that they can get loans at a much faster rate through this method. After all, the main concern for anyone watching the ad is how to get a loan easier and quicker.

Blockchain has always had an air of mystery about it and Figure Technologies decided to step up and owned the situation to create awareness about blockchain among common people. They say they have used a relatable character to explain the concepts of blockchain in a way that the audience can easily understand.

The ad is a creation of Undnyable, a media company that was to create different TV spots for Figure’s idea. Justin Hooper who is the Chief Creative Officer at Undnyable says that this was a special and important chance for their company to provide information on a subject that very few people know about. Whether or not they were able to achieve their goals, you can check it out using this link.

Figure’s Lawsuit

The company is also quite busy nowadays with a lawsuit that they have filed against Alert’s publisher. Alert is a newsletter about securities, publishing with the backing of Asset. The lawsuit is on some false allegations about Figure that Alert published in the letter. With two active securities undergoing pricing, one being due within February, the pressure is on for Figure Technologies. According to one statement, it seems that the company is completely ready to make sure the suit goes all the way and ends with a verdict.

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