Purplecoin is an innovator project that offers great services. The company launched its native utility token, XPU, on January 24, 2023. The Purplecoin ICO sale will end on February 28, 2023. The team wants to achieve high scalability. In this case, your token will be able to function as an electronic notary tool. In addition, customers will be able to easily verify if the document was validated.
Usually, when the person presents the document, they will need to have the document itself and the witness certifying the fact. However, when clients use unencrypted public documents, the blockchain replaces the tokens. It can serve as a decentralized repository. Users will be able to find their documents or verify others easily.
The company also plans to create decentralized file storage. This will be an overlay protocol. The team wants to implement it on the blockchain and store the files in encrypted form on this storage. As a result, users will have easy access to their documents whenever they need them.
Also, the Purplecoin team will launch a decentralized order book exchange. Thanks to its advanced technology, the platform will not need to use AMMS to enable decentralized trading. Instead, you’ll use a more traditional order book model. According to the team, liquidity providers will be able to withdraw their liquidity or funds at any time. They will not compromise the security of the system if they decide to stop operating. The company aims to implement advanced trading strategies, alongside a traditional order book exchange.
Market participants will be able to trade or exchange BTC, ETH, and other major cryptocurrencies, as well as Fiat currencies. The platform has quite low fees. Therefore, users will not have to pay as much as they would on some of the other exchanges.
How does the Purplecoin platform work?
The company uses a special transaction format. It works under the OBDEX implementation. As a result, customers can transact with other currencies without having purple coins. Also, investors can buy stablecoins or other cryptocurrencies on the Purplecoin blockchain. The company also allows customers to withdraw them at any time. Investors can use any token integrated into the company’s blockchain for transaction fees, except NFT.
The team made Purplecoin from 256 shards. Each one represents a different blockchain processing transaction today. The company divided the fragments into groups, called “fragment sectors.”
The company noted that developers typically have to sacrifice centralization to achieve scalability. For example, Proof of Stake consensus is highly scalable, as well as green. But it also leaves network security in the hands of a few people. The Purplecoin ICO team successfully uses Proof of Work, as the latter is the most secure and decentralized consensus algorithm in the world.
Furthermore, the platform does not require any nodes to store past transactions or validate new blocks. Instead, miners only need to store the last 50 block headers of each Purplecoin shard. The total size of the latter is 20 Mb. After doing that, a miner can start mining and validating completely new blocks. The platform also has a quick sync mechanism and is easy to use and navigate. Also, Purplecoin has interesting plans. His goal is to further develop his project in the coming months.
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