Particl (PART) is a privacy-focused marketplace and decentralized application platform built on the Bitcoin blockchain with “confidential transactions”. Bitcoin is one of the least confidential networks due to everyone’s wallet addresses and other information is publicly viewable.
What makes it different from Bitcoin is to accommodate future enhancements and DApps while making use of features like Bitcoin features like SegWit. The platform is due to release in the next few months will consist of the privacy-focused marketplace it’s built-in encrypted messaging and will accept all cryptocurrencies as payment. The white paper can be viewed at https://github.com/particl/whitepaper (GitHub Download)
● Role of Particl
● Private Marketplace Comparison
● Privacy Features
● Cold Staking
● Allowing the community to have voting rights in a community-based governance system
● Allowing users to generate a passive income
● Having a native currency that represents the marketplace and makes all other currencies deposited onto the marketplace converted into PART
● Decentralized marketplace unique compared to others that give the coin a clear purpose in order to keep it secure, private and fast.
Private Marketplaces are very different compared to the marketplaces most of the world is used to such as Amazon, eBay and many others. Marketplaces such as the ones mentioned record all transactions including the buyer and seller’s price, location, tax records, the product and many more forms of personal information. By giving up this “personal information” the marketplace (third party) both get the buyer and seller trust, this allows if the buyer gets scammed, the marketplace can deal with the issue as they have the seller’s information and can resolve the issue. Marketplaces like these use star systems and customer feedback to determine to show potential customer if they should trust this seller.
Private Marketplaces allow both the buyer and seller to have anonymity if they wish so, but it is very easy for the buyer to get scammed out of their money as they might not actually receive any goods. However, Particl is different that gives users complete privacy through confidential transactions and RingGT which is also used by Monero which is known as one of the most “off-grid” coins. The privacy features hold up against any private marketplace, but what sets Particl apart is the way it handles disputes and trust. Particl uses MAD (Mutually assured discussion) protocol.
All funds involved in the peer to peer exchange are sent to a multi-signature wallet to be held until the peer to peer exchange is complete. An example of how MAD protocol works if the buyers want to buy an item for the price of $50, so this means the insurance cost is fifty percent of the price so the seller deposits $75 and the seller deposits $25 with a combined sum of $100 which will be transferred into a multi-signature wallet. If the exchange is unsuccessful the buyer will lose $75 and the seller will lose $25. This removes any incentive to transact dishonestly, therefore making both parties not lose or gain any money through the MAD protocol.
The Particl Marketplace offers privacy by using confidential transactions it allows exchange amounts to not be shown, to make transactions anonymous using RingGT which makes the payment amounts and seller/buyer details separate. Listings are made private which means the two individuals with the correct private key can start a transaction, which also continues into encrypted messaging which also only lets users talk with the correct private key. Messages are stored on all nodes so there is no way to trace an IP address where it came from. Particl stated on their forums considering an additional security feature around concerns if someone else gains access to your private key.
Particl allows a user to “Cold Stake” through smart contracts, which allows users to have the option to “Stake Nodes” which contains no coin. The reason behind cold staking is to provide a resource connected to the Particl Blockchain that allows people cold staking to store someone else’s coins offline without being able to touch the coins.
Overall Particl has such a unique, convincing and amazing project this is definitely to be on the lookout for to have a coin such as Monero which has a whole private marketplace behind it is truly amazing, also with plans to make it compatible with ledger wallet, however if Monero gets FUD expect it to reflect on PART as they both use the same RingGT protocol. Otherwise, watch this project it has a huge chance to become big if all goes according to plan. To keep up with this project the roadmap can be viewed at http://particl.io/roadmap/
