Ethereum Based Protocol Code for Privacy: Confidential Consortium Framework (Coco) Published by Microsoft
More than $500 Billion US Firm Releases Protocol
The company that for myself taught me what “a computer and internet” is – Microsoft Has announced and published the so-called Confidential Consortium Framework “Coco” which is an Ethereum-based protocol that helps hoist up the privacy that is indeed of great importance during information processing for marketing companies and large organizations.
Mark Russinovich – the CTO at Microsoft Zure, the cloud computing section stated:
“Coco presents an alternative approach to ledger construction, giving enterprises the scalability, distributed governance and enhanced confidentiality they need without sacrificing the inherent security and immutability they expect.”
With the ability to “framework” data in a different ecosystem, the Framework makes it possible for Microsoft to deliver a more suitable and on-purpose structure for decentralized applications.
Information Being Processed with a push by Blockchain Technology
The “Coco” Framework works in a same way like a solution/idea that was given out by Emin Gun Sirer – Cornell professor that would give advantage Intel’s trusted execution environments (TEEs) to settle Bitcoin transactions. Basically, the Framework puts to use smart contracts and the Ethereum protocol to concentrate on processing information.
More importantly, as Fred Ehrsam, the co-founder of Coinbase noted, Ethereum needs off-chain infrastructures like the Coco Framework if it aims to enable commercial organizations to process large amounts of information.
Tom Racette, the vice president at Mojix, stated that the Coco Frameworks expands the flexibility of the existing Ethereum protocol to host decentralized applications more efficiently.
“Being able to run our existing supply chain Dapp code much faster within Coco framework is a great performance improvement that will reduce friction when we talk about enterprise Blockchain readiness with our retail customers. Adding data confidentiality support without sacrificing this improvement is what will enable us to lead the digital transformation we are envisioning with Smart Supply Chains,” said Racette.
Ehrsam stated that:
“These are hard computer science and game theory problems. Most of them have never been solved before. Estimating completion can be hard and can be far off. Large apps can’t run solely on-chain and likely never will. They need off-chain scaling solutions. While it’s tricky to make accurate estimates when combining scaling improvements, it’s conceivable we could see a 100x improvement by the end of 2018, which would allow a 1–10m user app.”
Microsoft’s Coco Framework and some other smart contract-based platforms that are being developed by organizations within the Enterprise Ethereum Alliance will further enhance Ethereum’s scalability by leveraging off-chain solutions and as a result, allow decentralized applications to secure active userbases and process large amounts of data without running into conflict with security issues.