how Particl’s platform will work and why its cryptocurrency-agnostic approach
is so innovative.
Defining Cryptocurrency Agnosticism
A cryptocurrency-agnostic platform is just what it sounds like. It
means that the platform has the ability to support all cryptocurrencies,
without preference for any particular one.
Particl’s platform, you can buy with Bitcoin. You can buy with Ethereum. And you
can buy with PART, the native utility token on Particl — regardless, every
cryptocurrency used for buying on the Market is treated equal.
can even use different coins as part of different transactions. All currencies
convert to PART before entering the ecommerce platform’s MAD escrow mechanism.
Sellers will only receive PART once the escrow is released at the completion of
How Cryptocurrency Agnosticism Works in Particl
challenge for Particl is finding a way to support many cryptocurrencies equally
while delivering the advanced privacy and reliability features that set its platform
apart from traditional ecommerce sites. This is a difficult balance to achieve
because Particl can’t rely on features that are specific to any one
cryptocurrency if it wishes to remain agnostic toward all coins.
solve this challenge, Particl will allow transactions to take place using many
of the most popular coins while converting values on the fly to PART tokens,
which support Confidential Transactions, RingCT and other advanced privacy
makes rapid conversions possible by integrating external APIs, such as
ShapeShift and Changelly, into its platform. This approach allows any coin
supported by these exchanges to be used for buying and selling on Particl’s ecommerce
site, without requiring users to exchange their coins ahead of time. Particl is
also experimenting with Lightning Network plus Atomic Swaps as a trustless way
to enhance this feature in the future.
PART: Particl’s Utility Token
noted above, Particl has developed a token of its own. PART is the utility
token on the Particl platform which uses the Proof of Stake protocol to
incentivize network participation.
users don’t receive any special discounts when buying items using PART, the
token itself has multiple benefits for its holders and the platform itself.
PART tokens generate income for stakers through market listing fees and
transactions. In other words, simply by staking PART in their wallets, users
earn passive income on network activity.
token holders also have a say in what is listed or delisted on the upcoming
marketplace. A voting mechanism will be underlying the governance model in
Particl that gives voting rights to PART users. Every listing will be able to
be de-listed by majority vote if it is deemed detrimental to the health of the
this respect, Particl offers an incentive for the use of PART tokens. The
project does a good job of breaking down the barriers of entry into the
marketplace and adding intrinsic value to its utility token; rewarding network
participation and oversight.
users and Particl developers alike, Particl’s cryptocurrency agnosticism offers
can enjoy the advantage of being able to buy on the Particl marketplace in most
of the major coins of their choosing.
its part, Particl does not need to worry about its platform becoming obsolete
in the event that any one coin ceases to exist. Because Particl does not depend
on any specific coin, it can continue delivering its ecommerce solution no
matter how the cryptocurrency landscape evolves.
Disclaimer: Particl is a client of BTC
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