NEM Catapult: Decentralized Blockchain Business Applications?
Catapult has been designed as a blockchain engine that powers both private and public networks thanks to its smart contract plugins. The plugins make it possible to create secure digital assets, business logic models, decentralized swaps, and advanced accounting systems. NEM aims to make Catapult their core engine.
What Is NEM Catapult?
Besides major improvements in speed and scalability, there is also the introduction of Multi-Level Multisignature Accounts and Aggregated Transactions. This will lead to new capabilities that have not been experienced on any blockchain before.
NEM Catapult Features
Aggregated Transactions – Decentralized Swaps
With Aggregated Transactions, it is possible to merge various transactions into just one. As a result, this will make it possible to conduct trustless swaps on the blockchain. Automated cross-chain transactions and other advanced logic will be possible effortlessly. To achieve this, Catapult generates a disposable contract. When both parties approve the transaction, all of them are executed at the same time. NEM Catapult is the only blockchain that can do this thus far.
To explain this, let us take the example of a buyer who needs to purchase a license for 1000 XEM. The license is listed on an exchange. However, the buyer prefers to keep their private keys off the exchange. Catapult will automatically create three transfers required for a trustless swap. These transfers are:
1000 XEM transferred to the seller, transferring the license to the buyer, and an XEM exchange fee made to the exchange.
All of these transfers will be executed on Catapult in one transaction. With the built-in escrow, it will ensure that transfers succeed or they fail together. It is worth noting that while the exchanges facilitate transactions, they will never hold your key. Thus, the funds can never be interrupted or seized.
Automated Transaction Fee Payment
For instance, if you send $100 using the payment, but you do not have XEM to pay the transaction fee, Catapult will automatically convert USD to XEM. Now you will be able to utilize the Catapult blockchain without having to hold or buy XEM. Since the app is open source and allows app creators to place their own branding, users may never even know they are on Catapult.
Multi-Asset Escrowed Transaction
In this example, a user purchases tickets with XEM. Since you are purchasing during a promotion, you will also get a voucher for the concert t-shirt. This would not be possible on any blockchain except Catapult.
Multi-Level MultiSig Accounts
This is another great feature on Catapult. This makes it possible to use the AND/OR logic to a multi-sig transaction on the blockchain. With this capability, the possibilities for business logic are greatly expanded.
Catapult also comes with Fraud detection AI. The transactions can only be approved from a hardware wallet or a phone combined with the fraud detection AI. It allows for various security configurations at the protocol level to safeguard customers and businesses.
Catapult also has account recovery features. This means that you can set up an account so that it can be recovered using signatures from specific accounts.