Nuco

Last updated
Nuco
Headquarters Toronto, Ontario
Area servedWorldwide
Industry Blockchain
Products Enterprise Blockchain Platforms
Website nuco.io

Nuco Inc. is the developer of the Nuco enterprise blockchain platform and a founding member and director of the Enterprise Ethereum Alliance. It is headquartered in Toronto, Ontario. It is backed by Bessemer Venture Partners.

Blockchain distributed data store for digital transactions

A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

Toronto Provincial capital city in Ontario, Canada

Toronto is the provincial capital of Ontario and the most populous city in Canada, with a population of 2,731,571 in 2016. Current to 2016, the Toronto census metropolitan area (CMA), of which the majority is within the Greater Toronto Area (GTA), held a population of 5,928,040, making it Canada's most populous CMA. Toronto is the anchor of an urban agglomeration, known as the Golden Horseshoe in Southern Ontario, located on the northwestern shore of Lake Ontario. A global city, Toronto is a centre of business, finance, arts, and culture, and is recognized as one of the most multicultural and cosmopolitan cities in the world.

Ontario Province of Canada

Ontario is one of the 13 provinces and territories of Canada and is located in east-central Canada. It is Canada's most populous province accounting for 38.3 percent of the country's population, and is the second-largest province in total area. Ontario is fourth-largest jurisdiction in total area when the territories of the Northwest Territories and Nunavut are included. It is home to the nation's capital city, Ottawa, and the nation's most populous city, Toronto, which is also Ontario's provincial capital.

Contents

History

Nuco was started by three Deloitte blockchains leads in 2016 [1] to deliver blockchain technology into mainstream enterprise environments. It focuses on solving pain points primarily through disintermediation and reducing friction in complex business processes. [2]

Deloitte Touche Tohmatsu Limited , commonly referred to as Deloitte, is a multinational professional services network. Deloitte is one of the "Big Four" accounting organizations and the largest professional services network in the world by revenue and number of professionals.

It is funded by Bessemer Venture Partners, XDL Capital Group and Plug and Play. [3]

Bessemer Venture Partners

Bessemer Venture Partners(Bessemer) is a venture capital firm. The firm has over $5 billion under management and invests globally, with offices in San Francisco, Redwood City, New York City, Boston, Israel, and India.

It's advisory board includes [4]

Vitalik Buterin Russian computer scientist

Vitaly Dmitriyevich "Vitalik" Buterin is a Russian-Canadian programmer and writer primarily known as a co-founder of Ethereum and as a co-founder of Bitcoin Magazine.

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Dennis Bennie is an entrepreneur and early stage investor based in Toronto, Canada. He co-founded Mission Electronics in 1979; co-founded Aviva Software in 1982; co-founded Delrina in 1988; raised two venture funds under XDL Group and is currently a mentor, advisor and angel investor to early stage technology companies.

Product

The Nuco platform is a modular kernel designed from the ground up to minimize development overhead in an enterprise environment. It offers consensus, VM and API modules that solves a wide array of enterprise problems. [5] It allows developers to write Turing-complete code compatible with the Ethereum VM. It also provides unique implementations of the Byzantine Fault Tolerance and Proof of Work algorithm that are optimized for enterprise environments. [6] Additionally, Nuco provides a set of tools to significantly simplify the development and administration of blockchains in enterprise usage.

A fundamental problem in distributed computing and multi-agent systems is to achieve overall system reliability in the presence of a number of faulty processes. This often requires processes to agree on some data value that is needed during computation. Examples of applications of consensus include whether to commit a transaction to a database, agreeing on the identity of a leader, state machine replication, and atomic broadcasts. The real world applications include clock synchronization, PageRank, opinion formation, smart power grids, state estimation, control of UAVs, load balancing, blockchain and others.

In computing, a virtual machine (VM) is an emulation of a computer system. Virtual machines are based on computer architectures and provide functionality of a physical computer. Their implementations may involve specialized hardware, software, or a combination.

A Proof-of-Work (PoW) system is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer. The concept was invented by Cynthia Dwork and Moni Naor as presented in a 1993 journal article. The term "Proof of Work" or PoW was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels.

Notable Projects and involvements

In May 2017, Nuco announced an collaboration with the TMX Group on natural gas settlements for its NGX business line. [7]

TMX Group

TMX Group Limited is a Canadian financial services company that operates equities, fixed income, derivatives, and energy markets exchanges. The company provides services encompassing listings, trading, clearing, settling and depository facilities, information services as well as technology services for the international financial community.

It is a founding member of the Blockchain Research Institute in collaboration with IBM and the Government of Ontario [8]

In February 2017, Nuco become a founding member of the Enterprise Ethereum Alliance [9]

Nuco advises the Ontario Securities Commission in its policies regarding cryptocurrency and Initial Coin Offerings (ICO). [10]

In the fall of 2017, Nuco created the Aion Network with the mandate to build a multi-tiered blockchain focused on interoperability, connecting public and private blockchains. [11] Aion raised $22 million USD to build the first interoperable blockchain network. [12]

Related Research Articles

Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin with fiat currencies in approximately 32 countries, and bitcoin transactions and storage in 190 countries worldwide.

A decentralized autonomous organization (DAO), sometimes labeled a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by shareholders and not influenced by a central government. A DAO's financial transaction record and program rules are maintained on a blockchain. The precise legal status of this type of business organization is unclear.

Stellar is an open-source, decentralized protocol for digital currency to fiat currency transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a nonprofit, the Stellar Development Foundation.

Hyperledger is an umbrella project of open source blockchains and related tools, started in December 2015 by the Linux Foundation, and supported by big industry players like IBM, Intel and SAP Ariba, to support the collaborative development of blockchain-based distributed ledgers.

ConsenSys is a blockchain software technology company founded by Joseph Lubin based in Brooklyn, New York.

The DAO was a digital decentralized autonomous organization, and a form of investor-directed venture capital fund.

Bitcoin Magazine is one of the original news and print magazine publishers specializing in Bitcoin and digital currencies. Bitcoin Magazine began publishing in 2012, and was co-founded by Vitalik Buterin and Mihai Alisie. It is currently owned and operated by BTC Inc in Nashville, Tennessee.

Monax, officially Monax Industries Limited, is a blockchain and smart contract software technology company founded in 2014. Incorporated as "Eris Industries" and previously known as "Eris", the company changed its name to Monax in October 2016. The company has offices in Edinburgh, London and New York.

An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. Mostly the process is done by crowdfunding but private ICO's are becoming more common. In an ICO, a quantity of cryptocurrency is sold in the form of "tokens" ("coins") to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ethereum. The tokens sold are promoted as future functional units of currency if or when the ICO's funding goal is met and the project launches. In some cases like Ethereum the tokens are required to use the system for its purposes.


Dragonchain is a blockchain platform for enterprises. It was originally developed at The Walt Disney Company in Seattle in 2014 and then open-sourced in 2016. Despite extensive speculation, there is no current relationship between Disney and Dragonchain. The open source code is maintained by the Dragonchain Foundation. And the commercial blockchain platform is maintained by the commercial entity named Dragonchain, Inc. Dragonchain is a public/private hybrid blockchain platform. Developers can use existing smart contracts from the library or write their own smart contracts and build (decentralized) blockchain applications in known languages.

EOS.IO is a blockchain protocol powered by the native cryptocurrency EOS. The protocol emulates most of the attributes of a real computer including hardware with the computing resources distributed equally among EOS cryptocurrency holders. EOSIO operates as a smart contract platform and decentralized operating system intended for the deployment of industrial-scale decentralized applications through a decentralized autonomous corporation model. The smart contract platform claims to eliminate transaction fees and also conduct millions of transactions per second.

ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. The majority of tokens issued on the Ethereum blockchain are ERC-20 compliant. As of April 23, 2019, a total of 182,771 ERC-20 compatible tokens are found on Ethereum main network.

Aragon is an open-source software project building tools and a platform for creating and managing digital organizations, companies and communities. The blockchain native organizations created on Aragon utilize Ethereum smart contracts and IPFS for a decentralized, peer-to-peer operating system. These types of organizations are often called decentralized autonomous organizations, however other kinds of organizations can be created on Aragon as well.

Anthony Di Iorio is a Canadian entrepreneur primarily known as a co-founder of Ethereum and an early investor in Bitcoin. Di Iorio is the founder and CEO of the blockchain company Decentral, and the associated Jaxx wallet. He also served as the chief digital officer of the Toronto Stock Exchange. In February 2018, Forbes estimated his net worth at $750 million–$1 billion.

References

  1. ↑ del Castillo, Michael. "Deloitte Blockchain Leads Depart to Launch New Startup". Coindesk. Retrieved 22 June 2017.
  2. ↑ Prisco, Giulio. "Deloitte Team Launches Custom Blockchain Solution Rubix Core". Bitcoin Magazine. Retrieved 22 June 2017.
  3. ↑ "Nuco's Investors". Crunchbase. Retrieved 22 June 2017.
  4. ↑ "Nuco Advisory Board". Crunchbase. Retrieved 22 June 2017.
  5. ↑ "Nuco Architecture". Nuco Documentation. Retrieved 22 June 2017.
  6. ↑ "Consensus Algorithms". Nuco Documentation. Retrieved 22 June 2017.
  7. ↑ Quinn, Shane. "TMX Group Develops Blockchain Prototype for Energy Business". Market Watch. Market Watch.
  8. ↑ Willms, Jessie. "Don Tapscott Announces International Blockchain Research Institute". Nasdaq. Retrieved 22 June 2017.
  9. ↑ del Castillo, Michael. "Big Corporates Unite for Launch of Enterprise Ethereum Alliance". Coindesk. Retrieved 22 June 2017.
  10. ↑ "FIC Speakers". DCSIL. Retrieved 22 June 2017.
  11. ↑ "Aion ICO Pre-Sale Raises $7.2M in Under a Week, Adds $22 Million | Crowdfund Insider". Crowdfund Insider. 2017-10-09. Retrieved 2018-03-15.
  12. ↑ "Aion ICO Pre-Sale Raises $7.2M in Under a Week, Adds $22 Million | Crowdfund Insider". Crowdfund Insider. 2017-10-09. Retrieved 2018-05-25.
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