In the last few months, we’ve seen several discourses highlighting blockchain as an integral part of the Web 3.0 transition. This signifies the evolution our beloved internet is presently experiencing. Just as the numerical value — 3.0 — denotes, the internet is transitioning from a version to a higher version of itself.
In this article, we will examine one of those innovative projects aligning with the transition of the internet to Web 3.0 to disrupt the status quo and usher the world wide web into a new world — Porta.
Before delving right into the review, let’s catch a glimpse of that Web 3.0 is all about to paint a clearer picture of the tendencies of this innovation.
Web 3.0 Basics
Internet giants have long dominated the tech world. As such, this has jeopardized the desire for a full opinion and information autonomy, which the International Network featured initially at its emergence. To further corroborate this point, a reputable news source reported that Facebook uses users’ data for voters’ manipulation. Also, Google even stores more users data than Facebook. We’ve seen uber accounts subjected to hacks. All these are just a drop in the ocean when it comes to the issues surrounding the present internet and web framework. However, blockchain technology and Web 3.0 have proven to be viable options in tackling this issue.
Blockchain triggered the Web 3.0 evolution by creating products and elements that did not previously exist — or perhaps, seem impossible to create. As we know it, thanks to the decentralized identity of this innovation, no central party can control a platform. Every member of the network has a say and as such, collectively managing and deciding the future of the network.
This framework is a replica of what Web 3.0 primarily emphasizes. The third web generation of IT fundamentally depends on privacy and cryptography to establish more transparent, smart and connected web apps and websites. Implementing artificial intelligence and machine learning, Web 3.0 offers a more tailored, relevant and secure experience than its predecessors. Besides, Web 3.0 features no central point of control. It completely eliminates intermediaries from the equation, and considering the Decentralized nature, no one can control users’ data.
Now, with a background of what Web 3.0 features and encompasses, let’s delve right into Porta Network’s review.
What is Porta?
Essentially, Porta is a project that offers everyone direct access to Web 3.0 products seamlessly and approachable for both experienced and relatively nascent blockchain users. Etymologically, the word, Porta, signifies a gateway, which directly implies that this network, built using the Substrate framework, is offering a straightforward gateway to Web 3.0 products. However, this project is not entirely new but rather an update to a previous project named Kianite. As such, the platform currently uses the $KIAN token as its governance token. When it fully transits, this will change to the $PRTA coin. This change was in a bid to make the latest web solutions available for anyone — investors, creatives, or other individuals looking to experience it.
From a comprehensive overview of the platform, it is as clear as day that it is on its way to establishing an ecosystem where everyone has the right to security, opportunities, and privacy as offered by Web 3.0. The world is fast-paced and subject to constant shifts. As such, the population of individuals deprived of access to Web 3.0 products, or who are not even aware of them, keeps rising daily. Porta addresses this by creating a blockchain on the substrate, alongside products that are personalized to grant everyone free unrestricted access to Web 3.0 products. Besides, with it, one doesn’t have to go through the stress of creating a whole new blockchain single handedly, when you can just enjoy the products and services other developers offer. You can integrate these products into your Decentralized applications, making dApp development more approachable.
In sum, Porta offers a platform of software solutions that other projects can integrate from the network and also offer software products to end-users in the form of NFT, Decentralized finance, dApps, and more.
Features and Options
One thing that sets Porta apart is its attention to the user’s experience. While it may not be the best around, it definitely held its ground. As of today, the difference between its UX and most competitors in the market is apparent.
With that said, here are some basic features Porta Network offers.
Porta Network, Porta Pass, and Porta Connect
Porta is building its blockchain on Substrate. While we are all aware that Polkadot is built on substrate and blockchain projects built using substrate can run as native projects on Polkadot, Substrate still has uses that extend beyond this idea. You can use it to create new blockchains, and this is the route Porta is taking.
Essentially, the substrate is a framework for creating Decentralized systems by implementing a very negligible amount of hooks in code.
In sum, the porta network will see to the creation of a unique blockchain that offers unmatched experiences for users of any skill or experience level.
Besides the network, it also features a Porta Pass, which allows you to interact with Dapps on the Porta blockchain and is tailored to giving you the best experiences on the platform.
The Porta Connect is in the form of a one-click button that offers users access to a series of Decentralized services and applications integrated on the platform.
High-Level Overview of the Products Offered
The primary products Porta offers may include DeFi products, likeP2P lending, Decentralised exchanges along with NFTs, and more. These products are available to every member of the community or anyone who intends to access them seamlessly. Several other software web solutions and software will be available to end-users while offering features to integrate with other platforms.
- The token
At the moment, the platform still utilizes the KIAN token, from the previous Kianite project. As the project progresses and it launches its blockchain built on the substrate, the token will ultimately change to PRTA. Currently, the token is listed on PancakeSwap, Bibox and MXC, which is pretty impressive for a project of this duration. Within three months, Porta has built up the volume with the potential to list on even more notable exchanges within the legal jurisdiction.
Again, transitioning to PRTA will open up the token to a vast range of use cases. Since it will be the coin of the newly created blockchain, the usability will go beyond the previous framework.
The management recently confirmed their intention not to burn this token. They believe price becomes regulated when the token accumulates value. Thus, by adding value to the community via creating solid and competitive products that offer excellent design and experience, the price of the token, as well as inflation, will be kept in check.
For a project such as this, it is worth examining its smart contract, the audits are done, and the security of the smart contracts. Porta adopts a similar token smart contract to top exchanges such as Uniswap and Compound for their tokens, UNI and COMP respectively. These are solid, reliable, and stable frameworks; thus, tapping into this alternative is logical.
Porta has a staking program in place, which allows holders of its governance token to lock their assets and access extra bonuses and incentives like sizable yield returns. This is in a bid to strengthen the ecosystem. The more users stake their token, the more the overall value of the ecosystem steadily increases.
Porta requires that users store their tokens in the MetaMask wallet before access to staking. Hence, all you have to do is connect the staking contract to the wallet and deposit tokens to the preferred pool. Porta seamlessly sends every reward back to the wallet when the time is right.
Primarily, it offers two forms of staking using an asset pool via PancakeSwap. These are Liquidity staking and traditional staking. Each has its distinct features that align with users depending on their goals for profitability and experience level.
As a user, you can withdraw your tokens early assuming it has surpassed the compulsory lockup period. However, this comes with more negligible rewards compared to people staking for a more extended period. The Porta team is looking to revamp staking to make holding their token more attractive to current holders and new investors looking to support the project.
Why Should You Trust Porta?
Relatively new projects are accompanied by a great deal of skepticism and doubt. People ask questions like how secure, is it? Is the management experienced enough to cater to a vast range of audiences? However, on Porta, every team member is an experienced individual in their unique fields. The team comprises marketers, software developers, and product architects, which is a significant reason to establish its trust in you. Besides this, judging from the last project, Kianite, it is evident that the platform prioritizes its community and as such, is consistently trying to tailor products and solutions to the community as well as creating the best products that will directly cater to your needs.
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.