Particl has become known in the cryptocurrency world for building a blockchain-based ecommerce platform. Yet Particl's vision is not limited to enabling users to buy and sell products using BTC, PART or other cryptocurrencies.
Particl is also creating an all-purpose privacy platform that anyone can use to build decentralized apps (DApps) that leverage Particl's unique privacy features - kind of like Ethereum but with a stronger focus on privacy. On a platform like Ethereum, developers would have to build special privacy features themselves if they want their app to include them. With Particl, no special effort is required because privacy is built into the platform and PART token.
Here's a look at how Particl's evolving privacy platform can be leveraged as a framework for building the next generation of private DApps.
Moving from Singular to Plural
In the early days of blockchain technology - back when Bitcoin was the only major blockchain platform - each blockchain had a specific purpose. In Bitcoin's case, it was to trade bitcoin.
But as the blockchain concept evolved and become more sophisticated, developers realized that a single blockchain platform could support many use cases. This idea led to the creation of decentralized platforms like Ethereum.
Ethereum has its own cryptocurrency, called ether or ETH. But the Ethereum platform allows users to do much more than just trade ether. It's an open-source framework for creating smart contracts that can be used for any purpose. Using this framework, third-party developers can create their own DApps for performing a limitless variety of tasks.
Only two years old, the Ethereum ecosystem boasts a diverse collection of DApps whose functionality ranges from managing Ethereum accounts to playing tic-tac-toe .
PART: The Backbone of Particl's Private DApp Framework
2017 has clearly seen Ethereum's use case become an initial coin offering (ICO) launch pad whereby new tokens are created for DApps that all run on the ETH blockchain. Particl, on the other hand, is building out the DApp concept to the next level; around it's very private token, PART. By providing further privacy than DApps built and transacting on trackable platforms like Ethereum, Particl's special privacy features become an option for consideration for many blockchain applications focused on privacy and looking for a private DApp framework.
The fuel on Particl's DApp framework is PART, a token with unique privacy features. Unlike Bitcoin or Ethereum, PART transactions cannot be traced by third parties. Even the amount traded in a transaction is hidden, thanks to cryptographic proofs enabled with Confidential Transactions (CT) and RingCT. In addition, Particl smart contracts, like their two-person escrow, enable trustless and reliable exchanges without requiring third-party authorities to oversee transactions.
Particl is clearly trying to separate itself from the crowd of privacy coins like Monero that only focus on being a private cryptocurrency .
Using PART as the foundation, Particl developers have already begun creating prototype DApps for use by the Particl community. The most ambitious and significant is the Particl Marketplace, a self-governing ecommerce platform where users can buy and sell in total privacy and without the oversight of a central third party. The decentralized market will also be crypto-agnostic and an example of the type of privacy applications that can be built to run on PART but also can be used by users of most cryptocurrencies.
The Marketplace DApp will also be the first to incentivize staking PART or working for the network. Listing fees will go to PART holders participating in staking as well as the obvious uptick in transaction fees generated by this application or any others.
Particl has also been developing an end-to end encrypted chat tool for use by users. The chat tool is optional but provides built-in private communication features that also leverage the Particl framework as their backbone. It is imagined that Particl Core will always be related to the privacy framework and users will have the option to pick and choose DApps to run on the platform as they see fit.
Future Particl DApps
The Marketplace and Particl chat tool are early examples of the types of private DApps that can be built on top of the Particl platform. Many other innovations are possible, the sky is the limit, as Particl and its ecosystem continue to evolve.
Other types of DApps that could be built using the Particl framework include:
- A DApp to manage voting - either for Particl platform proposals (which all owners of PART can make and vote on) or general-purpose voting of other types
- A betting DApp that allows users to place bets in total privacy - multi-signature and smart contracts can handle the clearinghouse
- A DApp for managing private crowdsourced funds - private-invite-only listings can leverage PART's untraceable, unlinkable capabilities
- A digital content ownership DApp where people can buy and sell content using PART - artist anonymity can be maintained while still earning royalties without paying a third party fees to verify or protect
- A DApp Store for the Particl Platform -community members could add DApps to their Particl dashboard. This functionality would also help to set Particl apart from Ethereum, which doesn't have a native DApp store. With Particl, users could access all of their DApps from a single location
These are just a few examples of DApps that could be built on the Particl platform. The built-in advantage that these sorts of DApps would leverage by using the Particl framework as opposed to an alternative like Ethereum is privacy. As explained above, privacy is deeply embedded into the Particl architecture, and PART tokens enable a level of confidentiality that is not native to other cryptocurrencies.
The Particl Platform is in active development, and as noted above, has begun developing a couple of core privacy DApps that will be examples for future projects to follow.
As Particl matures, the platform promises to offer a rich framework for building DApps that are private by default, without requiring special privacy add-on features. Users will be incentivized to hold onto their PART to earn passive income from the variety of apps fueled by the token. The sky is the limit when it comes to the types of Particl DApps that can and will be created.