Tech Bureau announces Mijin, a low-cost solution for creating permission blockchains.xThe goal of Mijin, is to allow financial institutions to reduce infrastructure costs by up to 1000% by 2018.
The father of Bitcoin, Satoshi Nakamoto, bestowed blockchain technology on the world. Mijin is the platform to let anyone set up a blockchain on a peer-to-peer network easily.
Within a single company or between partners, a permissioned blockchain is often desired, not only to realize zero downtime, but also also to improve security and performance, at low cost.
Mijin blockchains can replace traditional databases to easily create point systems, payment services, online games, airline mile programs, logistics, insurance, financial systems, and even governance systems.
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Mijin will provide an initial capacity of up to 25 tx/sec by the end of 2015 with geographically distributed nodes, with the goal to improve throughput up to 100 tx/sec by the end of 2016.
Within a private network, Mijin will provide a robust capacity of up to several thousand tx/sec. This will put performance on par with what credit card processors require, while keeping infrastructure costs low.
Starting in 2016, Mijin will start a private beta testing phase with partner companies, with the goal of releasing an open source version of the project in the Spring.
Also, within 2016, it is planned to be able to execute smart contracts across Mijin blockchains, by communicating via the main NEM chain.
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