Recapitulation of PlatON Network AMA event held at AMA LOVERS CLUB
Date: Friday, 23rd October, 2020
Time: 10:00 UTC
The PlatON Network team was represented by Kai Yu, Head of PlatON Community. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you introduce yourself and PlatON to the community?
Ans : Hello everyone, I’m Kai Yu, Head of PlatON Community. Previous to join PlatON in 2018, I’ve been devoted myself to the publishing and operation of game for two decades.
PlatON aims at serving as the infrastructure for privacy-preserving computation network and distributed economies. After years of researches and development, we’ve already been a top player in the global privacy-preserving computation field, and an infrastructure supporting massive data asset transaction with our years of experience in Finance, High-tech, AI, etc.
Regarding privacy-preserving computation, we focus on providing the solutions for the industries that have strong demands on data sharing and collaboration computing.
Data is the new-generation production factor, and privacy-preserving computation will definitely be the core of infrastructure of the whole digital era in the near future.
Blockchain, born to be a financial infrastructure, aims at facilitating the circulation of data assets. It is a super clearing house for cross-ID, cross-account, cross-institute and cross-industry, and a revolutionary governance model.
PlatON will keep devoting itself to the core technologies and economic model of blockchain, and diving into the core applications for the super infrastructure based on privacy AI.
Q2 : Can you share the strengths of PlatON that make PlatON stand out?
Ans : I think our biggest strength is that we have a team with solid background in both academics and technologies. With years of experience in both finance and blockchain areas, we are bullish about the value and future of blockchain, and we are capable of making blockchain the infrastructure for the whole digital world in the near future.
Dr. Feng Xiao, PlatON Founder and Wanxiang Blockchain Chairman & Founder, is an advocate and the godfather in the Chinese blockchain industry, and also an early investor of Ethereum. Mr. Lilin Sun, Founder and CEO of PlatON, is a pioneer in Chinese Fin-tech field and also an advocate & sponsor of computational complexity theory such as ZKP, MPC, HE, algorithm game theory, etc. Mr. Xinjun Liang, PlatON Chief Advisor and Fosun Group Co-founder, is an economic leader in China.
Over the past four years, we keep investing on cryptography and have achievements on the leading technologies and engineering of cryptography.
Thus, our core strengths are:
Finance: solid background and resources;
Engineering: strong software engineering system and implementation capabilities;
Development of privacy-preserving computation: investment on the development and business practice of privacy-preserving computation for over 4 years;
Business: rich experience in business operation and marketing collaboration
Q3 : Can you share the latest developments and further plans of PlatON?
Ans : Currently, we are close to the final stage of main net development, and focus on the drill and optimization of our new test net launched on Feb.20, 2020.
For us, the prime targets are to announce our main net in Q1, 2021, and enhance our community. Just stay tuned for further updates.
2nd Segment: TWITTER QUESTIONS
Q1 : Most people think that a successful blockchain or crypto project is measured by the price of their token. Then what about the PlatON project? What success targets will soon be achieved apart from the price side?
Ans : Token is not blockchain itself, but only a part of blockchain technology applications. Thus, the current prices of tokens won’t affect the development of blockchain much.
We believe the biggest value of blockchain is to serve as the infrastructure for distributed economies, which will bring the revolution for our daily life. Investing on blockchain now is just like what you can get by investing on Internet 20 years ago.
Q2 : In early September, PlatON completed a benchmark test under the test conditions the same as EOS, and stands out on performance overall compared with EOS. What does this mean for team and what future plans do you have to surpass other projects?
Ans : Seen from the benchmark test, we can see that PlatON’s native token transfer TPS, thanks to the parallel DAG-based transaction mechanism we’ve added since PlatON 0.13.0, outperforrms EOS significantly. PlatON is more efficient in utilizing CPU and consumes much lower memory and network overhead than EOS.
For PlatON team, it’s not only an achievement, but also a recognication for the long-term insistance on high performance, avalibility and stability. And we will keep moving and being leading in the blockchain industry with huge investment on the research and development of blockchain and cryptography.
Q3 : How optimistic are you of the future use-case of the PlatON Network compared to when you started it? It will encourage more users to engage in your platform
Ans : PlatON is pragmatic in its tech roadmap. It selected the most optimized consensus proposal among the main stream public blockchains, and then developed and improved it.
As for the design of blockchain, what comes first is the security, then comes the balance of decentralization and scalability. All of them are for the complete business practice to lay the foundation for the wide application of PlatON.
Q4 : Could you tell us a little about your greatest achievements this year, what are you working on right now? What are the main thoughts you want to convey through today’s AMA?
Ans : First of all, we get endorsement from the partners, ambassadors and collaborated communities included, to enhance our community with diversified events. Now, we can see that we are approaching to a flourish and well-received community.
The second one is we’ve ensured the absolute security, outstanding overall performance and TPS after rounds of audits and tests. What’s more important, we will officially announce Alaya, our meta network that would serve as the prototype of an infrastructure for privacy-preserving computation and distributed economies.
We wish to extend the global awareness, and complete the PlatON ecosystem with all great minds, and have PlatON popularized worldwide. That’s why we are here.
Q5 : Can you tell us more about alaya which you plan launching late October? Why will it launching be necessary or important?
Ans : Alaya is the prototype and sandbox of a new generation financial infrastructure that will provide open service for distributed financial applications, and secure, high-performing and scalable distributed financial application sandbox for all developers, nodes, data providers, and other parties.
It is also the advanced pilot site for the next generation privacy-preserving architect and data asset computing infrastructure that shares the same underlying technology of PlatON while keeping its own openness and liveness. The announcement of Alaya indicates that PlatON is about to entering into the application verification era from the development and technology test net stages.
3rd Segment: LIVE QUESTIONS
Q1 : PlatON recently raised an additional $ 12 million from Alpine Capital, Hash Global Capital and OUE Singapore for the second round of fundraising. So will your goals and RoadMap change in the near future? Currently is a difficult time when many industries are still affected by the pandemic, but PlatON still successfully raised capital for the second time, so what factors made PlatON successful in this raise ?
Ans : Our goals and Roadmap have not changed as a result of funding. As just stated, PlatON is not a blockchain project in the general sense, but a public infrastructure for the flow of data. The epidemic is accelerating the migration of all the world to digital. And PlatON will play a key role in this process.
Q2 : There are four main issues dominating cryptography and blockchain: excessive volatility, security, scalability, and interoperability. How does PlatON plan to solve these problems?
Ans : PlatON is a PoS-based public blockchain. As the infrastructure for privacy-preserving computation, security is the top priority, then comes the balance between scalability and centralization. PlatON applies VRF to add the randomness, uses BFT consensus and have punishment mechanism, all of them are for the absolute security. Apart from that, PlatON uses VRF to select the validators that participate in BFT consensus in wide range, and improve the efficiency of BFT consensus at the same time. That’s the balance between centralization and scalability.
Q3 : DeFi and Dapps are two pillars primed to rule cryptocurrencies, whatPlatON strategy to DeFi and Dapps?
Ans : We believe blockchain, for now, is meant to be the next-generation financial infrastructure. Thus, DeFi must be one of the most important parts of it, and DeFi has already been one of the most important killer apps. It’s early to say that DeFi has already revolutionized the traditional system, however, it is on the way. We will invest on the development of a promising project on DeFi to extend the DeFi ecosystem of PlatON, and work with our developers on the revolution of DeFi model to have it popularized.
Recently, we announced Alaya, a meta network that is for DeFi. We will invite many DeFi projects to join Alaya. Please stay tuned.
Q4 : I would like to know how this governance mechanism works in the PlatON ecosystem?
Ans : In our opinion, decision-making power should belong to “stakeholders”, that is, the right belongs to the people. However, the referendum needs to take into account issues such as implementation costs, turnout rates, professionalism, and governance efficiency. Therefore, the referendum should not be the governance norm, but also the governance method in the case of major differences. In our PPoS design, the generation of validators is an election in itself, and the interests of validators are closely related to the rise and fall of the public chain ecology. It should assume more governance responsibilities and have more governance rights. Therefore, in PlatON governance, we have adopted a combination of direct and indirect democracy. Its core principles are: in the normal state, voting by the validator, that is, indirect democracy; under major differences, voting by the community, which is direct democracy.
Q5 : What is the implementation of the PoC scheme using MPC for Etherium 2.0?
Ans : The architecture of Ethereum 2.0 is based on a Beacon Chain connecting to multiple parallel shard chains, which are independent of each other. And in Ethereum 2.0, a part of committee composed validators will be responsible for producing blocks. Since these validators are independent of each other, there would definitely be data availability problem in the collaboration work.
To solve this problem, Ethereum 2.0 offers the PoC solution, of which the validator nodes are required to show a “proof of data ownership” when submitting a new produced block. In order to prevent single points of failure and reduce the delegating cost of validators, PoC is designed to be compatible with MPC. In addition, Trustless Staking Pools can be established with MPC, and it is highly possible to derive a new Staking model with it.
With this ambitious design goal, Ethereum invited PlatON to participate in the design and implementation of PoC with the grant funding from Ethereum Foundation.
But before leaving, do you have any Final Words for the community? You can share any important links about PlatON.
Ans : Thank you for organizing this event. Everyone was very enthusiastic. I look forward to seeing you at the next event.
This was our first time participating in an event in a Nigerian community. It was very impressive. Thanks a lot again.
If you would like to learn more about PlatON, please visit this page.
Follow PlatON Network on the following platforms:
… Website: https://platon.network
… Twitter: https://twitter.com/PlatON_Network
… Telegram: https://t.me/PlatONNetwork
… Medium: https://medium.com/@PlatON_Network
… Github: https://github.com/PlatONnetwork
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