Which cryptocurrency is the best? That’s a heated question to ask and an impossible one to answer.
Particl, an ecommerce blockchain startup, wants to free users from having to answer that question. The project is building a cryptocurrency-agnostic ecommerce platform, where users can buy and sell using the coin of their choice.
Here’s 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.
On 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.
Buyers 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 each contract.
How Cryptocurrency Agnosticism Works in Particl
The 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.
To 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 features.
Particl 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
As 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.
While 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.
PART 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 decentralized market.
In 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.
For users and Particl developers alike, Particl’s cryptocurrency agnosticism offers clear value.
Everyone can enjoy the advantage of being able to buy on the Particl marketplace in most of the major coins of their choosing.
For 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 Media, which owns Distributed.com.
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