Particl is an open source platform that promises to help you shop locally, worldwide. Find out what that means today in our review.
What is Particl?
Particl, found online at Particl.io, is a P2P marketplace built as a decentralized app (DApp) on bitcoin’s blockchain. The platform claims to be the first DApp built on bitcoin with confidential transactions. Typically, bitcoin is one of the least confidential networks due to the fact that everyone’s wallet addresses and other information is publicly viewable.
With Particl, the amount of the transaction is only visible to the participants in the transaction (and those they designate). Meanwhile, Particl uses cryptography to ensure that no more coins can be spent than what’s available.
Another unique thing about Particl is that stakeholders can earn income even if they don’t buy or sell anything on the market. The Particl network is secured by proof of stake.
Today, Particl tokens (PART) have a market cap of around $57 million with a total supply of 8,750,926 PART. The coin launched at a price of around $5 USD in July 2017. The lead developers on Particl are the same team that worked on ShadowProject and ShadowCash, a similar initiative. Particl is an extension of that project, built under a new name with more privacy-centric goals in mind.
How Does Particl Work?
Particl sees itself as a decentralized private marketplace where parties can make transactions without the need to exchange personal information.
The platform is private by design, from the ground-up. The native marketplace, currency tokens, and suite of encrypted communication tools offer unrestricted access between buyers and sellers – either worldwide or down the street. The end result is that two parties can make a secure, trusted transaction without the need for a third party to be involved.
One of the core functions of Particl is to provide an end-to-end encrypted chat interface where private communication tools provide direct messages and group chats. All encryption is done on the client side (like Signal and WhatsApp) and stored within the data storage network (DSN). Messages are off-chain so they don’t bog down the network with micro-transactions.
Another key function is the Particl Market, where you can buy, sell, and earn in complete confidentiality from anywhere in the world.
“Think of it as going to a local market to buy something you need, from the person who is actually selling it, without a third person as an intermediary,” explains the Particl announcement post.
Particl also has a proof of stake system where users can earn income even if they’re not selling anything on the market. The Particl network is secured by proof of stake, which means by running Particl and staking your coins, you effectively “work” for the network, and the reward for that work is PART tokens.
Inflation – your staking reward – is set at 5% for the first year, dropping to 4% in the second year and 3% in the third year, before staying at 2% inflation for the 4th year and beyond.
PART tokens have a block time of 120 seconds.
Some of the overall features of Particl, aside from the decentralized marketplace and encrypted messaging system, include:
Particl has built-in, decentralized voting to give stakeholders more control over the network.
Two Party Trustless Escrow:
Particl allows two untrusted parties to interact in a completely anonymous way without the need for a trusted third party intermediary. Particl’s system involves a “mutually assured destruction” type situation where neither party has anything to gain by scamming the other.
Particl is currency agnostic, which means it will support the use of many cryptocurrencies with the intent of being an inclusive platform.
Who’s Behind Particl?
Particl is led by an international team of developers. Key team members include Ryno Mathee (Lead & Core Developer), Gerlof van Ek (Developer), Shazzy (Research & Development), and Paul Schmitzer (Communications).
The team launched Particl in March 2017. Prior to launching Particl, the team was known for the Shadow Project and ShadowCash, which were early attempts to create a decentralized, anonymous market on cryptocurrency. That’s why ShadowCash tokens (SDC) were the first tokens accepted on the Particl platform. Ryno Mathee (also known as Rynomster) was the Lead Project Developer for ShadowCash, and is now the Lead & Core Developer for Particl.
Typically, bitcoin and anonymity don’t go hand in hand. You can use bitcoin’s blockchain explorer to see every bitcoin transaction that has ever taken place – from multimillion dollar deals to someone buying a cup of coffee in 2013. Particl wants to change that by creating a trusted, anonymous marketplace built as a decentralized app on the bitcoin blockchain. You can make bitcoin transactions on a peer-to-peer basis in a trusted, anonymous environment without the need for an intermediary.
To learn more about Particl and how it works, visit the platform online today at Particl.io.