Particl Interview: Decentralized Privacy Platform – CR Exclusive
Welcome to our exclusive interview with the Particl team.
We gave them 11 questions to tell us more about their platform, ideas and vision, as well as the purpose of their coin. Our exclusive interviews are designed in a way that allows you to learn all about a certain team and their coin, even if you have never heard about them before.
1. What is Particl? How would you describe it in a few sentences?
Particl is an open-source and decentralized privacy platform built on the blockchain specifically designed to work with any cryptocurrency. It allows decentralized applications (Dapps) of all sorts to be built within a secure, highly-scalable environment and be integrated directly into Particl’s flagship wallet; Particl Desktop.
Particl’s mission is to foster a new decentralized, private and democratic economy supported by its platform and native currency (PART). All the fees generated by the platform are paid to the PART coin holders who are securing the network.
2. How did you come up with the idea for the Particl platform and what problems are you trying to solve with it?
When the team set out to build Particl we weren’t fixated on simply making a privacy coin to compete in the speculative space. Our vision is to create a decentralized economy, so there are more pieces in building an economy than just the currency.
Along with the privacy coin we needed utility on the blockchain to foster this decentralized economy. We needed a place to not only spend PART but also earn it. This is where the Particl Marketplace comes in.
Our upcoming private marketplace is the utility on our privacy platform. So we have the currency, the utility and the platform. This is the framework for the decentralized economy vision we have always had our eyes on.
Decentralization, Privacy, Crypto-Agnosticism, Security, Trustless System – these are all core values of Particl. All can be seen weaved into our privacy platform and marketplace. PART users are governors in the Particl Marketplace so they say what stays or goes. We’ve built a 2-party trustless escrow system called MAD Escrow (based after Mutually Assured Destruction theory) that is fully trustless with 2 people tied to a contract with incentives to make the right choice even without trusting the person they are dealing with.
3. Who is your target audience for your platform/coin?
Until the Particl Marketplace is live our target audience is cryptocurrency users and privacy advocates. Early versions of the marketplace will also be geared towards cryptocurrency users already in the space. Our marketplace is cryptoagnostic (friendly to all coins) so we expect a lot of other coin communities to begin using their favorite coins to buy things on Particl Marketplace.
Long term we see Particl as a viable choice in the ecommerce online shopping space. It will offer a different shopping/selling experience than say Amazon, but one that is competitive in price and ease of use plus with a strong focus on privacy and being in control. If Particl Marketplace becomes a marketplace that can empower buyers and sellers regardless of region or lifestyle then the team will be proud of what we built for the crypto ecosystem and the ecommerce space.
4. How many people are involved in the development? What kind of experience do the members have?
We have around 18 people on our team. Our development team is about 12 of that with 9 full-time.
5. What are some of the things/milestones you’re going to focus in the future (0-2 years)?
We are currently finishing our Particl Marketplace MVP development. The Alpha version of that is coming out Q1 of this year (2018).
There have been some new research papers published related to Confidential Transactions and RingCT transaction sizes. We will follow, contribute and develop peer reviewed improvements to our privacy that helps reduce the size of transactions on the Particl blockchain. In somecases researchers are approaching an 80% size savings. This is important research as the disparity between the sizes of PART public transactions and PART private transactions averages about a 20(x) times increase.
Particl Desktop and Particl Marketplace will continue to be our core products over the next 2 years. Enhancements, widgets, integrations and other improvements to allow 3rd party development teams to build on the Particl privacy platform will be part of our extended 12-18 month roadmap (still in planning).
Particl has begun Ledger integration work.
Our RingCT implementation on Bitcoin codebase is being reviewed by researchers at the New Jersey Institute of Technology. We should see an audit from that team and RingCT released to Particl Mainnet once it is vetted.
6. How will selling/buying look like for an average person? Are there any restrictions or rules?
Anyone can buy and/or sell on the upcoming Particl Marketplace. Particl Desktop is our flagship application that includes our wallet now and will include private communication tools, voting interfaces and the decentralized marketplace. The marketplace is self-governed meaning that the users are governors on the platform. This is governance which means PART holders have 100% say on what stays listed and what gets removed.
There is no regulation or censorship from the Particl Project or Particl Foundation. They have no means to remove or censor single listings, vendors or buyers. All of that is given over to the users of the platform. Obviously users in different countries need to be aware of their local laws and regulations and abide by them. More detailed information on the Particl Marketplace: https://particl.wiki/what-is#decentralized_privacy_marketplace_q1_2018
The following pictures serve as a wireframe for the seller’s account and product listings page.
7. What is the role of your PART coin? What kind of things can you use it for?
PART is a coin with various degrees of privacy to accommodate all types of users and is required to use the Particl platform’s tools. As Particl is a native Segwit blockchain, all transactions use Segregated Witness (Segwit) by default making the platform very scalable and Lightning Network-ready. Learn more here: https://en.bitcoinwiki.org/wiki/Particl#Multi-State_Privacy
Integrated into PPoS is a blockchain voting system that can be used by any Particl user to poll others or vote. This tool allows the platform’s community to provably reach consensus and better coordinate itself. Polls run for a desired number of blocks and each staked block is a voting ticket, meaning the more blocks a staker finds, the more of his votes are registered. A staker can vote for any number of polls and they will all receive one vote for the selected option once the staker finds a block.
PPoS can serve as a great passive income tool. It rewards stakers a minmum rate of 5% per year for securing the network, then drops 1% every year until it plateaus at 2%. This staking reward rate is true if 100% of the total supply is put up for staking, but gets higher as less coins are being staked. For example, if 50% of the total network is being put up for staking, the staking reward rate for the first year would be of 10%. The Particl platform also redirects any fee generated from it directly to stakers, including but not limited to currency transactions, marketplace listing fees, extended messaging, privacy balance transfers and others, meaning staking becomes more profitable as the platform gets more traffic.
As mentioned above.
8. How many PART tokens are available? How are new ones created and is the total supply limited?
- Circulating supply is: 8,861,828 PART
- Particl is Proof of Stake
- Supply is not limited. PART has a 5% inflation rate for year 1. That decreases 1% every year after until year 4 which inflation is locked in at 2% per year indefinitely
- Block times are 120 seconds. So combining a 5% inflation rate with 120 second block time a typical stake reward is 1.5 PART
- More detailed information on Particl Proof of Stake: https://particl.wiki/what-is#particl_proof-of-stake
9. Which wallet do you recommend for storing PART coins?
10. How do you see the whole crypto industry in the next few years?
The crypto space will continue to evolve and grow. 2017 showed us that projects and movements built around the blockchain are here to stay.
Projects building platforms for integrations and adding utility to the space are going to be an exciting sector to watch the coming years. For Particl, to stop at the private, PART cryptocurrency was never in the cards for the team or our supportive community. The beginnings of an economy built on the decentralized network effects of blockchain starts with a currency but in no way ends there.
11. What are some interesting facts about Particl that most people are not aware of?
Particl’s POS Features:
We would like to thank the Particl team for taking their time to answer these questions!See all interviews