Developers and users will find on Catapult a new way of using blockchain technology with smart contract functionalities.
NEM’s Catapult Upgrade
The new Catapult upgrade introduced several new features. Two of the most important ones are called
Aggregated Transactions and
Multi-Level Signature Accounts. This is certainly something revolutionary for the whole crypto ecosystem.
With
Aggregated Transactions, it is possible to merge several transfers into just one. This is very positive for NEM users because they will be able to perform trustless swaps, automatic cross-chain transactions, and many other things.
In order for this to happen, the new blockchain network generates a one-time disposable smart contract. Once all the parties approve the transaction, they are executed at once.
There are no other blockchain networks in the market with the feature implemented by Catapult. With
Multi-Level Multisignature Accounts, it is possible to add “AND/OR” logic to multi-signature transactions. This allows for different business applications that would make processes more streamlined and also more efficient. By using a four-layered architecture, Catapult keeps each layer free from getting slowed down by others. With these improvements, API calls and data queries can also respond quickly, even when the network registers high traffic.
This new upgrade includes other improvements related to speed, reliability, and scalability. There are more than 27 different use cases for Catapult and the new blockchain network. Some of these use cases include exchanges,
Initial Coin Offerings (ICOs) and utility tokens, social media, logistics tracking, medical records, sharing economy, international remittance, voting, time logs, and many others.
It seems NEM developers have been working for a long period of time in order to be able to develop Catapult. With the aforementioned features being released the network becomes a much more relevant player in the industry.
Read more at:
https://coinspace.com/news/altcoin-news/all-you-need-know-about-nem-version-20-catapult-upgrade