San Francisco, USA – July 4, 2019 – PlatON, a blockchain-based infrastructure for privacy computation and distributed economies, releases its Blue Paper on Economics. The blue paper makes a clear theoretical explanation of various economic models of different blockchain networks, and offers a comprehensive introduction of PlatON’s economic design. PlatON will therefore be able to tackle the trilemma of blockchain technology and well accommodate scalability, decentralization and security.
“The release of the Blue Paper is another milestone of PlatON. We are very happy to introduce PlatON’s economic design and how it impacts the governance structure”, said Sun Lilin, CEO of PlatON, “the whole system is built by the community, shared by the community, and governed by the community”.
According to the Blue Paper, PlatON is committed to building a high-performing network for computation and facilitating trades in the use of data and computing power. With the help of cryptographic technologies such as homomorphic encryption and secure multi-party computation, PlatON can trade in data while preserving privacy. Major participants in the PlatON market for data and computing power include coordinators, data providers, and computing power providers.
The PlatON public blockchain is the backbone of the PlatON market for data and computing power. It decouples on-chain consensus from off-chain computing. The distribution of computing tasks, the matching between computing tasks and computing power, and the recording of transactions all take place on the PlatON public blockchain. Trades in data and computing power are settled in Energon, PlatON’s native token.
In PlatON, trades in data follow three principles: 1. respecting data sovereignty; 2. orderly trading in data while protecting data ownership and privacy; 3. data users must pay data owners fairly. Comparatively, trades in computing power are more standardized or commoditized, verifiable, and measurable.
The economic design aims at lowering the cost of consensus as much as possible, strengthening the economic coupling relationship between the two layers of distributed economic activities, and endogenously curbing the expansion of staking pools around PlatON and ensuring the decentralization and security of the PlatON public blockchain.
Technically, the Blue Paper illustrates the initial allocation and new issuance of Energon, and the three stages of PPoS (PlatON Proof-of-Stake). The Blue Paper also summarizes the principles of economic design of major public blockchains such as EOS and Algorand.
Dr. Zou Chuanwei, PlatON’s Chief Economist, unveiled the Blue Paper in San Francisco at a meetup titled Consensus, On-Chain Governance and Economic Models, jointly organized by Wanxiang Blockchain Labs, PlatON and HashKey Group. Around 100 delegates attended and participated in keynote and panel discussions to share their latest achievement and in-depth views on blockchain and cryptocurrency.
Based on the Blue Paper, PlatON will proceed to publish a Yellow Paper on Consensus to talk about the technical details of PPoS, as well as a Red Paper on Governance to discuss PlatON’s governance structure in greater details.
PlatON is a next-generation computing architecture that aims to facilitate secure, seamless, and open data sharing for the public good. Through Privacy-Preserving Computation (PPC), PlatON breaks down data silos and enables secure data exchange and collaborative computing for enterprise users. With its open-source data marketplace, PlatON supports and incentivises individuals and businesses looking to both monetise and utilise data resources. PlatON addresses limitations in scalability and security by way of Verifiable Computation and privacy-preserving encryption capabilities, currently enabling real-world usability across a variety of global industries, including advertising, healthcare data management, IoT and decentralized AI, financial services, as well as key management systems.
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