Project Rundown Article with Particl on Altcoin Magazine
Particl.io — Privacy-focused Decentralized Applications
Welcome to another reader-favorite called the Project Rundown Article on Altcoin Magazine. Today we are diving in super deep on the Particl project, and on the other side of the table is dros, “Super Moderator” on the Particl Discord.
So dros, could you please give us an introduction to the project? And in the history of the project, what have you created, why have you created it, and ultimately, how do you plan on making it all come true, aligning it with the greater vision for the project?
What is Particl?
Particl is an independent, democratic, and empowering economy supported by a privacy-focused platform built on blockchain technology and designed to work with almost any cryptocurrency. It is currently composed of three main components:
Particl Platform Decentralized Applications Meet Privacy
The Particl Platform allows anyone to use and build highly secure decentralized applications that possess industry-leading privacy and security parameters. The Particl team puts a heavy focus on usability and user experience. By making any Dapp that is built on Particl Platform as pretty and smooth as an Apple or Google product, Particl gets a real shot at acquiring mainstream, non-crypto users. Any Dapp on the Particl Platform utilizes the PART Coin for processing transactions regardless in which currency a payment will be made.
PART Coin The Swiss-Army Knife of Cryptocurrencies
PART is Particl’s native coin and has several use cases on the Particl Platform. It is a coin with a particularly strong economic model compared to most cryptocurrencies and is designed to generate demand by usage of any Particl Dapp. PART is a top-tier privacy coin, a voting right, a fuel for the Particl Platform, a potential source of passive income, and has great scalability parameters, meaning it can manage big amounts of transactions at the same time without getting slower, and do so without requiring any sort of compromise on decentralization or security.
Particl Marketplace The Evolution of eCommerce
This Dapp, which is currently in its Alpha stage and available on public testnet, is a decentralized marketplace that allows anyone in the world to buy, sell, and trade goods and services with anyone else, anywhere, at near-zero fees and in complete privacy. Particl is controlled by no centralized service and it cannot be shut down by any entity. By combining blockchain and P2P technologies, the Particl team has been able to solve two of the biggest outstanding problems in the eCommerce industries: high fees and data security.
It is important to note Particl Marketplace is only the first official Dapp of the Particl Platform. With web interfaces and likely fiat gateways ahead (though not on the roadmap at the moment), Particl will become “as easy to use” as any other regular marketplace, but with cheaper prices and more profit-per-sale for vendors.
Why did we create Particl?
The last few years on the internet have been disastrous for the users when it comes to data. Centralized services and platforms collect personal data and analyzes, stores, connects and sells it to anyone. Time and time again, this practice has proven risky, especially as we’ve seen various examples of data abuse, hacks, or theft, regular occurrences that have left people wondering whether big tech companies should be trusted with the handling of personal data at all. As a general rule of thumb, on a long enough timeline, you should assume any piece of data handed over to a company will eventually be used or shared to a party without your consent.
There is a profound need for privacy, especially in politically difficult regions. Particl has as one of its core mission to re-establish the balance and control of privacy and security back to the user and do away with trusting centralized platforms that have proven time and time again to be untrustworthy with our personal data.
Disrupting eCommerce by cutting out the middleman
One of the industries in great need of disruption is the eCommerce industry. Dominated by a few behemoths and several smaller players, the eCommerce industry, specifically the marketplace platform industry (Amazon, eBay, Alibaba, AliExpress, Etsy, etc), adopts predatory practices by feeding on the profit margin of its own vendors. In fact, all marketplaces charge their vendors with a combination of final value fees, payment processing fees, listing fees and, in some cases, subscription fees and security deposits. Another well-known problem in the industry is that providers and platform operators often cannibalize themselves when offering products.
The increase in profit per sale gained from using Particl Marketplace and better protection against commercial cannibalism gives vendors the ability to reach their full potential. In reality, all types of vendors benefit from using Particl Marketplace. The cost of using it compared to the extra profit per sale made from it makes it a huge commercial advantage for vendors, which ends up greatly benefiting buyers by making prices cheaper.
How we’re making it?
Multiple development teams are working from different angles on this project. For one, there is an entire team dedicated to the Core development and the cryptography aspect of the project. There’s another team exclusively dedicated to developing Particl Marketplace. Finally, another team is working on Particl Desktop, the main wallet client on which Particl Dapps are hosted.
All developers are proven experts in their fields and can look back on remarkable histories.
So going forth into 2019 and beyond, how will your project make an impact in the crypto space, or on the world?
Firstly, we have the unbanked and out of service regions
People in regions where the majority of the population is unbanked or where existing global trading platforms and marketplaces do not offer services will greatly benefit from Particl. All three core products (platform, marketplace, and currency) have the potential to cause a profound and positive impact on the individual lives of these individuals and will help connect the world even further.
Then there’s the benefit from the usage of the platform
The more activity on the Particl Platform, the more demand for the PART Coin. If you hold PART coins in your Particl wallet and enable staking, you’re getting rewarded with PART coins in staking interest for actively securing the Particl Network.
Imagine if you’d take in account the profits made within the eCommerce industry (Amazon, eBay, Alibaba, AliExpress, Etsy, etc), subtract all the operational costs of their own infrastructures and, instead of redistributing these profits to shareholders, redistribute it to every user of the platform itself. Across the globe, people are starting to demand an unconditional basic income, especially as the automatization and robotization era draws closer. Particl Marketplace could at least, in some form, contribute to this new reality through a basic source of income.
Privacy and security back to the user
As described in greater details above, Particl has as one of its core mission to re-establish the balance and control of privacy and security back to the user and doing away with trusting centralized platforms that have proven time and time again to be untrustworthy with your personal data. This will make the tech industry gain back the trust it has slowly started to lose in the last few years and will put you back in control of with whom you’re taking the decision to share your data with!
Uniting the crypto-sphere by being crypto agnostic
Particl also intends on making an impact on the world by uniting the various cryptocurrency projects by accepting almost any currency on the marketplace. In fact, Particl doesn’t limit itself to its own currency (even though that, in the background, all transactions are processed using PART), instead deciding to adopt an inclusive approach. With Particl Marketplace, you will be able to buy any item listed on there no matter what is your coin of preference. This mission of accepting almost any currency is also extended to fiat currencies and other more traditional means of payments like credit cards. This, of course, is likely not going to be possible with the first version of the marketplace but it is one of the core aspects of the vision for Particl Marketplace.
Thank you dros! Now, could you tell us about your accomplishments so far, and in the history of the project, please tell us what you are most proud of.
In no particular order, here are a few accomplishments realized so far:
- Constantly rated among the top projects by DPRating for all of 2018
- First fully deployed cold staking protocol (allows for the staking of offline funds)
- First quantum-resistant Proof-of-Stake protocol
- First Hardware Cold Staking ability (allows to securely stake funds stored on a Ledger device)
- Always kept up-to-date with the latest Bitcoin codebase (currently on codebase 0.17)
- First mainnet Confidential Transactions (CT) on the Bitcoin codebase
- First Ring Confidential Transactions (RingCT) on the Bitcoin codebase
- RingCT code academically reviewed by NJIT
- RingCT code audited by WSA
- Native SegWit — We launched Particl with SegWit transactions enabled for all transactions, addresses, and blocks
- Lightning Network readiness (we are doing R&D and actively monitoring LN’s development and will integrate (potentially with RingCT) once we feel it is stable enough)
- On-chain Atomic Swaps
- Particl Marketplace (first 100% untraceable marketplace in history, leave no trace)
- Particl Desktop (extremely user-friendly yet powerful wallet)
- Particl Copay (mobile wallet)
- Cold Staking pools
- Marketplace decentralized governance (100% governed by the user, no central party)
- Community Proposals
- Software Development Kit (SDK) on the roadmap (will allow anyone to very easily start developing their Dapp or Particl Marketplace feature on Particl)
- 13 expert developers and 23 staff in total. Most are full time.
- The Particl Foundation (legally and financially supports the Particl project)
- Started completely from scratch and runs on its own blockchain (not a token)
- Stunning roadmap achievements within a year
- Active and passionate Community Team
- Crypto influencers on our Advisory Team
Most of these points can be reviewed best on https://particl.news
What we are the proudest about?
Development-wise, it is hard to pinpoint what we are the proudest about though there is some kind of consensus from within the team on two aspects in particular.
The first aspect is our very own custom implementation of the RingCT privacy protocol on the Bitcoin codebase. This integration, the first ever RingCT integration done on top of any other codebase other than Cryptonote, will allow the protocol to reach its full potential, making not only currency transactions untraceable but also smart-contracts and decentralized applications. Particl Marketplace, with its private-by-default approach, is a great example of what will be possible now that the RingCT protocol has been integrated on a flexible blockchain. Particl is bringing privacy right into smart-contracts and Dapps!
The other aspect of the project we are very pleased about is the cold staking protocol we’ve developed, one of the first, if not the first, fully-deployed cold staking algorithm (not to be mistaken with multi-sig staking). It allows you to stake your funds even when stored in offline wallets such as a Ledger hardware device or even a paper wallet. This is directly in line with one of our biggest value, security, and makes sure your funds cannot ever be stolen, even if someone gains access to your staking node’s wallet password or if you transfer coins on an infected or compromised computer. In other words, Particl’s hardware cold staking setup is like getting your cake and eating it too: you get the security of hardware/cold wallets AND the staking interests from staking your funds! Security and profitability at the same time.
What is the most noticeable thing about your project? Perhaps it can be something you developed or something you achieved.
Hard to estimate. Despite the sheer amount of stunning technical innovation and achievements Particl Project is integrating into its products, the passion and devotion of the team and the contributing community to be the best in class and to deliver the best in class technical side, best in class user experience and best in class social impact, is something that sums it up quite well.
Now, give us a quick rundown of the future of the project. For example, what are you seeking to bring to life and what will it mean for the overall project?
There is a lot of great stuff coming for Particl, and we are about to start making much more noise than we ever did! In the short-term and mid-term our
Particl Marketplace. First and foremost we focus to release the Particl Marketplace Beta version officially on mainnet. We see this as the most important thing at the moment. It is an epic milestone for the Particl Project and will lead to an overall growth in our user base and gives us much more insights and feedback from a real-world point of view.
Cold staking pools. Cold staking pools are on the timeline and will give people that intend to stake their PART coins, but have a small amount of the PART Coin, a high-security environment with a more frequent distribution of the stake rewards compared to staking on their own.
Bulletproofs. The Bulletproofs will be an efficiency enhancement for PART Coin transactions where the amount transferred is hidden. Ten times less the size than it was before. So really remarkable and convenient while reducing transaction costs on the network.
SDK. For the developers, we are building a Software Development Kit which gives them a well documented and easy entry into Particl Development to match our high-security coding standards. Adding 3rd party Dapp development teams into the mix will have an additional big impact on the adoption of the Particl Platform, an organic growth on our community and more use-cases for PART.
More improvements. Even more improvements are scheduled for Particl Project, so we recommend to follow us at least on https://twitter.com/ParticlProject to stay in the loop of our progress. Every new piece added to the Particl Project leads to more mention and recognition.
The more people and the more developers get attracted by our achievements and start contributing the more solid gets the project and the more flourish gets our community.
Tell us about your team. Who’re the people behind the screens?
The Particl development team is an impressive group of talented developers. For one, Ryno has been a blockchain developer since at least 2013 leading the development of the Shadowcash project. Gerlof, Particl’s Lead Designer, is well-known in the crypto industry, having worked for many projects including EOS (he actually did most of their branding, including their current logo) and has has been linked to Disney and Yves Rocher as art director and industrial designer. Tecnovert, Particl’s Core Developer and cryptographer, is a devoted cryptography fan and has years of daily commits on Github, even outpacing some of the most prominent Bitcoin developers. This is not to forget the other very talented developers like Juha (Lead Particl Marketplace Developer), Arnold (Lead Particl Desktop Developer), Kewde (Particl Core & Desktop Developer), and the others. The Particl project would rather focus on developer quality rather than developer number. Sometimes, less is more.
The Particl project is also closely associated with Satoshi Citadel Industries (SCI), a leading remittance (the 2nd biggest Bitcoin remittance company in the Philippines) and blockchain company in Asia. In fact, two of Particl’s advisors, Miguel Cuneta and John Bailon, are both founders of the company and are regularly advising the company as well as offer them opportunities. The dynamic of this partnership is intended to really ramp up as we draw closer to the release of Particl Marketplace.
Particl can also benefit from the advice of other advisors like world-renowned Charlie Shrem, Business & Finance Expert Micah Spruill, and eCommerce Strategist, Career eCommerce Vendor, and Product Inventor Joe Fisher.
Particl also has the chance of benefiting from the dedicated work of some community members that have stepped up over time to help grow the Particl project!
Which partnerships have you engaged so far, and which ones are the most impactful?
Changelly and Ledger are two big integrations we are excited about. The project developers are also wrapping up a second roadmap item with Trezor integration. That should be here before the end of the year.
Changelly has a powerful developer API which we are looking at as a possible integration into Particl Marketplace and any future dapps. This is exciting because it allows users of other cryptocurrencies to be able to participate in the marketplace in a seamless manner without the confusion of needing to only use PART. The team had discussed two possible use cases for Changelly on the Particl platform: 1) During Marketplace checkout and 2) a future decentralized exchange dapp built into Particl Desktop.
Ledger builds some of the best hardware wallets on the planet. The Particl team did the PART integration with oversight being given by the Ledger team. One of the key reasons to integrate with Ledger was to provide one of the most secure staking packages in existence. PART can be cold staked on a Ledger hardware wallet which is the first of its kind in the space.
Also, although not exactly a “partnership” per se, but Mubiz, a web interface for OpenBazaar, is going to help Particl reach out to more mainstream users much more easily. In fact, as can be read in our interview with Albin, Founder of Mubiz, this service is going to make Particl Marketplace available from any regular web browser or mobile device. It is also going to allow buyers to use more traditional means of payments such as Paypal or banking cards, for example. It is also going to cover all the more technical stuff for the buyer as well as managing returns, customer service, shipping, escrow (Mubiz would act as an escrow agent), and much more.
While this solution will not offer all the privacy perks of using Particl directly from the wallet, it is going to offer all the services you would usually find elsewhere and is going to make Particl as easy to use as any other marketplace.
What kind of marketing do you practice to let the world know about your project, your product, and your mission?
We keep it like Chuck Norris. We don’t sleep — we wait.
Marketing has, up until now, been very grassroots and mostly based on a word of mouth kind of marketing as well as being targeted mostly to crypto users. The reason why that is is that we have been in a heavy development phase since we launched the Particl blockchain in July 2017 and we have preferred allocating funds to hire more high-quality developers to make sure our actual product would be as good as possible.
In fact, “mainstream” marketplace users, those who already shop online but haven’t necessarily used a blockchain product ever, already have some pretty solid options available to them. The only way to encourage these people to move from a regular marketplace to a blockchain-based one is to offer a solution where they will not only save money and have their privacy protected, but also a solution that is as easy and convenient to use as any other marketplace they are used to. This goes a long way for most people and is, unfortunately, an aspect that is often forgotten by many blockchain projects.
That being said, as we draw closer to the mainnet launch of Particl Marketplace, we’ve started ramping things up on the marketing and communications side of the project. For one, we’ve hired a new team member that is going to be mostly focused on organizing and attending events both related to Particl and blockchain technologies in general. This is going to give Particl more exposure to a bigger audience and will help connect with people in real-life and growing our community.
As we draw closer to the official release of Particl Marketplace, you can expect these areas to ramp up:
- Growing the Particl marketing team
- Initiate more social media campaigns and contests to grow the community
- Getting a bigger reach within the global crypto scene
- Getting a bigger reach within the eCommerce industry
- Attend more blockchain and eCommerce-related conferences
- Organize more events across the globe (i.e. meetups)
- Making roadshows
- Initiate direct marketing to vendors
- Initiate direct marketing to users
Do you attend any events or conferences?
We have recently hired in October a new team member which will focus heavily on organizing and managing Particl-related events, meetups, and be present at many conferences around the world. Attending and organizing events hasn’t been one of our priority since we’ve started this project a year and a half ago as we preferred focusing resources on development before marketing.
Now, however, we are entering a new phase of the project as we are getting ready to release the Beta version of Particl Marketplace, which will shortly be followed by the first mainnet (official release) version of it. That means we’ll increasingly start to ramp up our marketing strategy and, as one part of it, be present at more conferences, meetups, and real-life events. These events allow people to connect with each other and with new people in a more human way, what is not as easy to attain on the internet behind keyboards. Attending big crypto conferences is also a great way to form solid partnerships. Our partnership with Changelly struck during this year’s Consensys conference, is one excellent example of this.
In other words, you can expect Particl to increasingly start having a bigger presence in conferences and meet-ups around the world and start connecting with people in a more pro-active way.
So far, what is the best article that has been written about your project? Please throw a link below and let us know why.
We think it is a fair and unbiased view on the project at that given time.
In sum, these articles break down what Particl is all about. Without exaggeration, it’s a whole lot!
Now on a more technical side of things, what are the coin metrics, and how do these lead to a stable and balanced system?
All the metrics and numbers related to the PART coin can be found at the top of this page: https://particl.wiki/faq_part_coin
Particl has one of the strongest coin economics out of all cryptocurrencies and a has a lot of utilities within the Particl ecosystem, each of which generates its own demand for the coin. In very few words, the PART coin is designed to be
1- Be a source of passive income
2- Constantly increase in demand
3- Have a large portion of its supply constantly and organically be locked out of circulation.
There are two main aspects that really sets it apart from other coins in terms of economic dynamic: escrow supply lockup and platform revenue redistribution.
Escrow supply lockup
On one hand, Particl Escrow system (known as MAD escrow) requires buyers to pay their product using a smart-contract escrow mechanism and also add an additional equal amount as a security deposit. The vendor, on the other hand, ships the item and also adds an equal amount as a security deposit. That means each transaction locks out of circulation three times the value of the purchased item or service. This system works without the need for a third party.
If we are to assume that, on average, each escrow transaction takes around 14 days before it is complete (the time it takes to process, package, ship, and receive the order), it is possible to very roughly estimate the total amount of money that would be constantly locked out of circulation given a certain daily transactions value.
Platform Revenue Redistribution
The other major economic aspect that sets the PART coin apart is the fact that all marketplace revenue generated from the listing fees are redistributed to stakers. These funds are added on top of the staking rewards normally received by stakers and constitute a great source of passive income. Additionally, any future marketplace feature that will generate revenue will also be redistributed to stakers, as well as revenue generated from future Particl Dapps.
In fact, no token can be created on the Particl platform, meaning all Particl Dapps can only use and will ever use the PART coin. This is a different approach from other Dapp platforms where anyone can create their own token, thus taking utility away from the chain’s main coin. The Particl approach means that as time goes on and more Particl Dapps appear and be used, both the demand for the PART coin and the passive income revenue potential will exponentially increase. On top of that, the passive income made from staking will become much more profitable in terms of number of PART earned per day, and so people are likely to want to stake their coins more, in turn reducing the available supply on the markets even more.
It’s important to note though that the Particl Foundation does not rely on the price of its coin to stay financially sustainable. Particl has indeed been designed and launched with a very responsible and sustainable strategy in mind. This strategy is mostly based on these two aspects:
Second Funding Round
The Particl Foundation owns 996,000 PART coins that have been set aside specifically for a second funding round. In fact, these coins are locked out of circulation and only intended to be given in some way to investors of a second funding round. This second funding round is intended to be Particl’s major fundraising campaign and will allow the project to exponentially increase the number of team members and resources for its marketing, communications, and development teams. This should prove to be a major milestone for the project which will fund it for years ahead.
The Particl Foundation also automatically receives 10% of all block rewards which creates a self-sustainable model of funding for the project. In fact, this mechanism is designed to constantly provide the project with funds even without any additional fundraising campaign. This ensures the longevity of the project and is a strategy that becomes exponentially profitable for the Foundation as the value of the PART coin increases.
Both the second funding round and the self-sustainability model of Particl will ensure the project stays financially relevant and operational for many years to come.
Built to Last
Finally, not only is the project financially structured to last many years but so is its code. To learn more about how Particl’s code is designed to stay on top of the technological curve by integrating any new blockchain/P2P technology (i.e. IPFS, or a technologically superior successor), then please read the Particl Open Market Protocol document here: https://kewde.gitbooks.io/protocol/content/
- Overview: https://particl.io/coin-specifications
- Deep-dive: https://particl.wiki/faq_part_coin
- Deeper-dive: https://particl.wiki/currency-types
- Know-all: https://particl.wiki/staking
If people would like to follow you on your social media pages, visit your website or read your important documents like your white paper, what are the links they need to visit? Please list them below.
- Website https://particl.io
- News https://particl.news
- Wiki https://particl.wiki
- What is Particl in depth https://particl.community/t/what-is-particl/
- Social media & Chat https://particl.wiki/socialmedia-channels
- Forum https://particl.community
- FAQ https://particl.community/t/frequently-asked-questions-faq
- Roadmap http://particl.io/roadmap/
- Download https://particl.io/downloads/
- GitHub https://github.com/particl/
- Whitepaper https://github.com/particl/whitepaper
So if people would like to try out the marketplace or simply obtain your currency, where is the best place for people to start acquiring your currency?
All the exchanges on which Particl is available are listed here: https://particl.io/part-exchanges/
Thank you so much for your time, dros! Do you have anything to add before we finish?
We also invite anyone to come to join our awesome community on Telegram and Discord https://particl.wiki/socialmedia-channels and be part of the very early days of a true revolution in the eCommerce industry.
To test Particl Marketplace Alpha, join our Discord channel https://discord.gg/m27aqEq and join our #testing channel to get the most up-to-date download links.
Thanks for having us on the interview it was a real pleasure and we look forward to doing more of it again!
Before moving on, make sure to press follow, leave a clap or 46, share today’s highlight and if you missed the last article, click here.
Read about the Altcoin Magazine Mastermind Event here.
The purpose of ALTCOIN MAGAZINE is to educate the world on crypto and to bring it to the hands and the minds of the masses.