PalletOne Review: Blockchain IP Protocol for Abstract-Level Ledger Ecosystem
PALLETONE is a digital blockchain platform that seeks to address the challenges of today’s blockchain, which include scalability, interoperability, lack of the user-friendliness, and platform lock-in. The platform adopts Jury consensus, which requires a group of verifiers (Jury) to execute a single contract. It also dissociates smart contract from the blockchain to complete interchain interaction.
To maximize security, PalletOne uses the mediator as the main technology to build the contract executable and do the contract. The platform is user-friendly in that it gives the user the freedom to choose the language they are familiar with and the platform they need. Besides, it has a Token Abstract Layer, which determines the definition set and operation set of a token. This improves the security of token definition in the smart contract.
The Jury consensus and adaptation layer enable the platform to run different blockchains simultaneously. The platform’s smart contract enhances interaction with various blockchains at the same time. This enables users to trade tokens from different blockchains in a single PalletOne contract invocation to make the inter-chain token exchange automatic, distributed, and immutable.
Besides, the platform allows the use of smart contracts such as Bitcoins. The smart contracts can be reused on other blockchains such as Litcoins hence significantly reducing the development costs of smart contracts.
The platform’s verification and execution can only be done by the Jury specifically created for it. Implementation of the platform’s smart contract can be done by selection of different juries in a multi-tasking manner. As a result, PalletOne network congestion is set to reduce significantly.
The platform’s developers can create smart contracts using development languages such as Java, C++, and JS among others. This is done without having to learn new contract development language like Solidity for Etherium. The platform’s support for multi-languages will lead to the prosperity of its ecosystem.
PalletOne VM, a key tool of smart contract compiling and execution, is completely separated from the underlying operating system. This allows the platform’s smart contract to adapt to Linux, Mac, and other platforms.
The platform reflects its security in two aspects—security of development and the security of contract development.
Development security is further reflected in two aspects:
Standard contracts will be provided for common or specific scenarios. A user needs to call a standard contract and complete Dapp development in a few steps when he or she develops a corresponding scene contract. This design reduces the difficulty of user development and at the same time reducing the risk of incomplete development considerations.
The platform also provides a comprehensive set of token definitions and operations. This will facilitate the ease with which user token will be released and operated.
Pallet one VM provides a suitable environment for host safety and eliminates the chances of the host or network attacks from malicious contracts. This makes the platform’s smart contracts very secure.
The token is used for payment of deposit: Jurors must pay a deposit to keep them off from fraud. The token is also used for the payment of transaction fee, as Jurors gain fees from contract participants by executing contracts. This provides an incentive for their execution. Participants need to make some payments as the transaction fees for the jurors.
Token as Juror incentive: Each juror who takes part in the validation and execution of will receive transaction fees and incentives in the form of PalletOne tokens. This will act as remuneration for their services.