Circle has acquired the Malachite BFT consensus technology from Informal Systems to develop Arc, an open-source Layer 1 blockchain network focused on Stablecoin finance.
Malachite uses the Tendermint algorithm with a modular design that enhances performance, reliability, and security, while maintaining open-source code to promote innovation in the cryptocurrency industry.
- Circle acquires the Malachite BFT consensus engine from Informal Systems.
- Malachite uses the Tendermint algorithm, a modular design that optimizes performance and security.
- Arc is a Layer 1 network focused on Stablecoin finance, expected to launch its testnet this year.
Where did Circle obtain the Malachite technology and for what purpose?
Circle is taking over Malachite, the high-performance BFT consensus engine from Informal Systems, to support the development of Arc – a Layer 1 blockchain focused on Stablecoin finance. This indicates Circle's desire to create a high-quality open blockchain platform for DeFi applications related to Stablecoins.
Official information from August 18 reveals that Informal team members will join Circle to drive Arc's development, while maintaining ongoing open blockchain technology development at Informal.
What algorithm does Malachite use and what are its highlights?
Malachite applies the Tendermint algorithm with a modular design that helps improve performance, stability, and security. It is one of the robust Byzantine Fault Tolerant (BFT) consensus systems suitable for blockchain applications requiring high safety.
Malachite's open design and open-source code encourage contribution and innovation in the community, ensuring flexibility and enhancing network quality.
The BFT consensus technology with a modular design opens up opportunities for developing efficient, reliable, and secure Layer 1 blockchain for Stablecoin finance.
Circle Representative, 2024
What is Arc as a Layer 1 network and what is its role?
Arc is an open-source Layer 1 network project aimed at developing applications related to Stablecoin finance with high openness and security. The testnet of Arc is expected to launch in 2024, marking an important step for Circle in providing a blockchain platform for DeFi.
The focus on Stablecoin finance indicates that Arc will support fast, low-fee, and secure transactions in the cryptocurrency ecosystem, thereby expanding practical applications for blockchain.
What role will the Informal Systems team play in Arc's development?
To ensure sustainable operation and development of Arc, many Informal Systems team members will directly collaborate with Circle to leverage their expertise and experience in Byzantine Fault Tolerance consensus.
Meanwhile, Informal Systems will continue to support other projects using Malachite, alongside efforts to develop and innovate diverse open blockchain technologies.
What are the benefits of the modular design and open-source code in Malachite?
The modular design allows Malachite to be easily upgraded, expanded, and maintained, helping to flexibly improve network performance and security. Additionally, the open-source code facilitates global technical community participation in improvements, testing, and contributions.
As a result, Malachite is not only technically strong but also promotes blockchain technology development in a transparent and creative direction in the long term.
Frequently Asked Questions
What is Malachite?
Malachite is a BFT consensus engine using the Tendermint algorithm developed by Informal Systems, enhancing performance and security for blockchain.
What will Arc focus on?
Arc is an open-source Layer 1 network focused on serving financial applications related to Stablecoins.
What are Circle's plans for Malachite?
Circle will use Malachite to develop Arc, with the goal of improving performance and security of the Layer 1 network for Stablecoin finance.
Will the Informal Systems team still be involved with Malachite?
Many Informal Systems members are moving to Circle to develop Arc, while Informal continues to support other projects and develop open blockchain technologies.
What are the advantages of the Tendermint algorithm?
Tendermint provides a BFT consensus solution with high reliability, performance, and security, suitable for blockchain networks requiring absolute safety.
