Qoin Blockchain is created on the Quorum Blockchain, built on a full-stack, cross-cloud, enterprise ecosystem.
The Quorum Blockchain is a J.P Morgan and Microsoft partnership initiative. Quorum is an open source blockchain platform that combines the innovation of the public Ethereum community with enhancements to support enterprise needs. To get a detailed understanding of Qoin Blockchain’s technical aspects, it’s necessary to refer to Ethereum and Quorum’s whitepapers.
The Qoin Blockchain uses Istanbul Byzantine Fault Tolerance (IBFT) which is an implementation of Practical Byzantine Fault Tolerance with additional security modifications made by Quorum and Pantheon Developers.
As the Qoin Blockchain is running in a consortium, the network can function correctly even if some nodes are compromised. By using the Istanbul-BFT consensus mechanism, the Qoin blockchain can tolerate up to 1/3 of faulty nodes in the network, while still ensuring instant finality of each accepted transaction. Instant finality ensures that once a user receives confirmation, the transaction is processed and is immutable on the blockchain, there are no orphaned (uncle) blocks that other blockchains manage by rejecting the transactions.
Blocks produced by IBFT are securely protected against tampering through the collection of signatures from the proposer and the voting validators. To rewrite the block content would be impossible without having access to all the private keys of the proposer and the validator nodes, ensuring the immutability of the Qoin Blockchain.
The Quorum design demonstrates how the seminal Ethereum platform can be extended to meet the key requirements of enterprise and financial institutions, in preserving privacy in a distributed, decentralised blockchain consortium network. By building on Ethereum, Quorum inherits the maturity of the production hardened go-Ethereum code base as well as helps unite the public and enterprise development communities on a standard protocol”.
Qoin Blockchain runs on a platform that is hybrid enabled and provides a “permissioned” implementation of the Ethereum protocol, whereby member participants operate with authenticated identities backed by digital certificate chains. The trust and transparency delivered by the Qoin platform allows for the finality and speed of transactions to be maximized using efficient consensus algorithms otherwise unavailable in public/anonymous chains. Qoin has been configured to run against the Istanbul BFT consensus algorithms – and both public and private transactions are supportable by means of the Quorum client and its corresponding Tessera module. This protocol and transaction class flexibility is especially powerful for enterprise orchestrations, where oftentimes not all participants are entirely trusted, and certain pieces of data must be obscured from the overall network.
Qoin is deploying its blockchain resources in a world-class environment, thereby maintaining business continuity with its hardened business processes and existing IT estates. Native cloud resources, such as key management services and log streaming will be woven into the blockchain runtime for heightened controland extended functionality.
The Qoin wallet is an Australian developed Mobile APP explicitly designed to connect to the Qoin Blockchain. The number one priority of the Qoin wallet is security. Both IOS and Android Qoin Wallet’s protect your private keys with a strong seed phrase backup and protection from the secure enclave within your mobile device.
Much like hardware wallets Ledger and Trezor, your private keys are stored encrypted in your device’s secure enclave, and no external sources can read them. Only when you want to transact on the Qoin Blockchain can it send a request to the enclave, for which the enclave sends back its payload.