Quorum: for enterprise applications

jpmorgan.com/quorum ELI5: Quorum

Project Goals

Create a permissioned version Stay as close as possible to the of Ethereum that supports: public Ethereum codebase

✓Governance - nodes & activity are tied to real world identities Work with the open source community and help define ✓Confidentiality - details of standards transactions are private Build a platform that can run in ✓ Security - no trust is assumed an enterprise production between participants / nodes environment ELI5: Quorum

+ Permissioning ZSL – private tokens + Privacy Constellation – private tokens + Performance QuorumChain - PoS + Configurable Consensus Raft – Leader Election + Settlement Finality Istanbul - BFT ELI5: Quorum Shared . Stores vanilla

Architecture Ethereum

transactions as well DApps Legacy app integration as hashes of Smart Contracts Biz Biz Logic encrypted private state

Quorum changes

Quorum Constellation Node Transaction Constellation network Enclave

(go-ethereum) Manager Blockchain . Private smart

Data Model contracts transmitted Private & public Off-chain Data point-to-point so that transactions payload storage encryption only relevant parties receive them . Keys communicated peer-to-peer An ecosystem is emerging Learn more, get involved! Announcing: Quorum + ZSL

jpmorgan.com/quorum zk-SNARKs: the cutting edge of cryptographic privacy

zk-SNARKs allow verification of the Transaction verification in correctness of computations without having to execute them, without even learning what was executed (just that it was done correctly) ▪ Helps address issues with transparent token fungiblity (e.g. Bitcoin) ▪ May eventually allow private smart contracts to run on the public blockchain Transaction verification in Zcash Ethereum integration already underway ▪ “Baby ZoE” - anonymous sending of Ether tokens (written for Parity) ▪ Project Alchemy – between Ethereum & Zcash ZSL: zk-SNARKs for the enterprise

Protip: [ZSL is to Zcash] as ZSL enables transfer of digital assets on a distributed without [Blockchain is to Bitcoin] revealing any information about the sender, recipient, or quantity of assets, while ensuring that: ▪ Sender is authorized to transfer ownership of the assets in question ▪ Assets have not been spent previously (i.e. prevention of double spend) ▪ Transactions inputs equal its outputs (mass conservation) Quorum R&D: Hybrid privacy design

Constellation: Zero Knowledge Security Layer:

▪ Quorum’s “privacy engine” ▪ A Zero-Knowledge Security Layer: ▪ Can be layered on top of any ▪ Allows private smart contract execution solution

▪ No encrypted data is stored on the shared ▪ Can be integrated with any consensus blockchain mechanism

▪ Private contracts are stored locally ▪ Makes mass conservation and prevention of double spend possible for shielded tokens ▪ Hashes of encrypted private contracts are without compromising the decentralized stored on the shared blockchain, ensuring nature of the ledger system-wide integrity ▪ Uses zk-SNARKs (zero-knowledge ▪ Uses public/private key encryption cryptographic proofs)

▪ Prevention of double spend requires specific ▪ For ZSL on Ethereum, smart contracts must application architectures still be executed in the clear