THE NOVEL SCALABLE, SECURE AND DECENTRALIZED BLOCKCHAIN

donrep (36)in #blockchain • 5 years ago

In our world today, data has become so relevant that it gives leverage to those who access it early enough. Data is the unprocessed form of information collected by a huge range of organisations, institutions including businesses and governments. Data is collected, measured, analyzed and reported. It could be represented using graphs or other tools of analyses

Daily, a whole lot of data is being created by various individuals around the world which no single person can handle at once. The data as a whole is so humongous for one person to grasp and appreciate at once. Hence, there is a need for individuals to come together and collaborate in exchanging data and its computations to ensure value gets to whom needs it.
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In the process, it is necessary to ensure that the validity of data is genuine. To achieve this, some computing services employ the use of trust vested on a third party. This oftentimes makes users vulnerable to encounter problems of privacy encroachment and scalability.

One of the greatest creations humanity ever witnessed in 2008 was the nascence of the Bitcoin; a digital currency built to operate on the blockchain technology. It was invented by Satoshi Nakamoto to serve as a digital asset that will replace fiat and function as a decentralized medium of exchange, without the need of a trusted authority or middleman like a bank or government agency.
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The Ethereum network is a great improvement on the Bitcoin blockchain where it utilizes smart contracts to tackle the trust problem and execute contracts. It also has paved the way for trustless computing of an independent program. The Ethereum has remained a huge success though it has not been able to offer a satisfactory solution to the scalability and privacy issues which has rocked the blockchain space for some while.

The basis for decentralized apps is intensive large-scale computation. In as much as there are numerous blockchain experts who have pulled their resources in a bid to design scalable blockchains for decentralized applications that are very efficient and secure, the problems remain challenging with various complications met on the way.
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Presently, the blockchain is designed only to remunerate the winner of the mining contest, leaving out other miners who actively take part in the verification of transactions executed on the block. This is very risky as it discourages verifiers from participating in the process since they consume so much resources with nothing coming in as their gain. This in turn exposes the network to cyber attacks which is very unhealthy.

The PlatON network is a novel solution that uses a high efficiency verifiable computing algorithm built on a homophobic encryption and a safe multiparty computation. It offers an all round solution for trustless computing and also ensures client's data remains private.

The PlatON verifiable computing algorithm needs no external setup unlike existing verifiable computations. PlatON ensures confidentiality through its homophobic encryption and its top notch secure multiparty computation. Both work together to see that the privacy of data input and computing logic is maintained.

The PlatON computation operates separately from the on chain consensus, hence it is free from the blockchain scalability problem and making it more decentralized without impairing privacy nor safety. The essence of PlatON is to design a trustless computing network that solves the scalability, verifiability and privacy issues which cripples the blockchain technology.

You can check out the PlatON network and be a part of the project through the links below.
Web: https://www.platon.network/