JPMorgan Unveils 'Juno' Project at Hyperledger Blockchain Meeting

JPMorgan has unveiled a blockchain project dubbed Juno, presented this week at a meeting of the Hyperledger Project.

AccessTimeIconMar 3, 2016 at 10:10 p.m. UTC
Updated Sep 11, 2021 at 12:09 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

JPMorgan has unveiled what it calls a "distributed cryptoledger", presented during this week's meeting of the technical steering committee for the Linux Foundation-led open-source Hyperledger Project.

The prototype, dubbed Juno, was presented by developer Will Martino on 3rd March. JPMorgan executive director David Voell said during the meeting that the proposal has been under development since September of last year, and that it is one of several concepts that he said the bank has been working on.

Juno provides support for a smart contract language called 'Hopper' within a permissioned ledger network. Further, Juno was inspired by a consensus algorithm called Tangaroa, itself based on another consensus algorithm called Raft, which it contends offers improved scalability over proof-of-work mining.

By contrast, consensus on the Juno platform is reached through an election-type system, according to the presentation.

The meeting also featured a demonstration of how value could be transferred between participants on the network. Nodes in the network hold an election that determines a 'Leader' and a group of 'Followers'.

Once the election is complete, the client-side node issues a command to the Leader – in that case, transferring $10 between two of three accounts created by the client, which is then distributed to the group of Followers.

The project's GitHub page goes on to explain:

"Once the command has been replicated to a majority of nodes, the command is applied by the Leader and a response to the Client is issued. Followers also apply the final transfer command around this time. After all this is completed, it's time to test resiliency of the network. As such, the Leader is terminated. Eventually a Follower calls for an election and is chosen as the new Leader."

Both Martino and Voell cautioned in the meeting that the prototype remains in-progress, and that future versions of the Juno project would be released with additional extensions.

Overall, JPMorgan sought to emphasize the scalability of the distributed ledger, and its interest in continuing to develop the project with input from the community.

The presentation is the latest from the Hyperledger Project, launched late last year with 300 major firms and startups among its membership.

Last month, the committee elected its first chair and heard a presentation by tech giant Intel that included details about a blockchain test focused on a fantasy sports league.

More details on the proposal can be found below:

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.