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”ii.