PlatOn A PLATFORM FOR PRIVACY AND SECURED TRANSACTIONS FOR BUSINESSES

INTRODUCTION
As blockchain technology takes mainstream an increased number of transactions are performed everyday on it be it bitcoin or ethreuem blockchain. For every transaction that is successful it needs verification from a miner to confirm that transaction. This has left transactions tarry sometimes because a miner can choose or select transaction he or she would want to perform or verify. If you don’t know miners are individuals or set of individuals that have a set of high power computers that solve the crypto graphical algorithim/mathematics that is involved in confirming a transaction and then the transaction can now be added to the open ledger for every one to see. This is mainly done in the Proof of Work Consensus. You may now ask what is consensus, Consensus is an agreement on how a blockchain will run. So once a miner secures a block and add to the blockchain it needs to be verified by other miners, hitherto that’s why some platforms allows transactions to undergo several confirmations before your transaction is valid. So mostly in the bitcoin transactions it uses the Proof of Work consensus, this could have its down low because transactions can only be authenticated quicker by miners that have a fast hashrate computers (computers with high computational powers) this can leave them with strong decisions to make and can be a mafia in the system. Meanwhile blockchain is designed to be a decentralised process where everyone can make an input. This has made consensus to be a debatable process. With improved technology different consensus processes are being introduced into the cryptocurrency. For example, the ETHEREUM and ETHOs blockchain introduced the gas process where each transaction goes with a gas fee. So notwithstanding the miner that successfully confirms a transaction, they can share a pool of the gas. Knowing a lot of computational power goes into mining a transaction there effort won’t go in vain.

BRIEF ON CONSENSUS ALGORITHM
Other consensus algorithm exist such as Proof of burn, and Proof of Stake in both cases a lot of computational power are needed to meet with the transactions. To add, a lot of energy is needed to meet with this transactions because of the number of nodes that are required to complete this transactions. In a bigger scale this could consume a lot of electricity to cause global impact. On a smaller scale the reliability, security and privacy of transactions can not be substantiated. In addition, scalability might also be an issue because of everything now depends on who picks the transaction for verification and how fast it is confirmed. This has already been noticed in the 2017 cryptocurrency boom where transactions took days to confirm. To improve on this so many technological advanced consensus algorithm are been introduced and tested like the BLS-based pBFT used by Harmony One blockchain.

THE PLATON PLATFORM
The PlatOn platform is using the verifiable computational (VC) process for its own consensus. Instead of having several nodes to confirm a transaction, bits are built into one super node to do all the computation reducing transaction exposure to several nodes that could be malicious to a transaction. This will improve security of transaction and easy to identify where a transaction could be faulty. The PlatOn platform uses the Multi Party Computation and Homorphic Encryption (HE) to keep transaction secured and private. So with VC there is increased scalability and the number of trasnactions per sec (TPs) are higher.

So PlatOn platform is designed to provide a blockcahin solution to dApp that want to run private transactions and secured date exchange. This provides choice for different business scenario to malicious transactions, cross-platform consulting and reduced cost of consensus for businesses.

CONCLUSION

As blockchain technology keep improving it is important for data to secured and private. This data exchanges should be run on a secured blockchain that is scalable and cost effective. If you think that then think PlatOn. Know more here
website: https://www.platon.network/
whitepaper: https://platon.network/static/pdf/en/PlatON_A_High-Efficiency_Trustless_Computing_Network_Whitepaper_EN.pdf
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