The Blockchain ecosystem of today –
- Is expanding and adding new blockchain projects every day
- Has separate communities that each have their own way to deal with data
- Has distinct blockchains that are isolated from each other and have no knowledge of anything outside their chains.
- Not user friendly – in terms of ease of use, security and high performance.
In short, they’re difficult to understand, isolated, in-compatible with others of their kind and difficult to scale.
PalletOne is the perfect solution to these problems. Pallet stands for Protocol for Abstract-Level Ledger Ecosystem. The crypto venture bridges the gaps that exist between blockchains and creates an internet-like network for the blockchain world.
- Supports multiple blockchains.
- PalletOne makes inter-chain transactions possible by decoupling the state of contracts from the blockchains.
- Developers can even choose the language they are familiar with and the platform they need.
- Users can trade tokens from different blockchains in one PalletOne contract invocation to make the inter-chain token exchange distributed, atomic, and immutable.
To understand how, let’s look at the PalletOne Architecture.
Without going into the technical details, what we can observe is that PalletOne adopts Jury consensus mechanism to ensure the efficiency and safety of cross-chain smart contract execution.
Here’s a simple explanation of the Jury consensus mechanism employed by PalletOne.
Abstract level: PalletOne is a light-weight protocol running on a higher level on the blockchain, which they call abstract level.
Jury: A group of chosen workers who are responsible for executing and verifying contract running on PalletOne.
Juror: Contract verifer who is responsible for contract execution in the Jury group.
PalletOne Token: PalletOne token is used as the transaction fees of contract executions for Jury and is the native token of PalletOne.
Mediator: A smart contract on PalletOne which maintains PalletOne token.
PalletOne Potential Use Cases
In December 2017, Crypto Kitties severely slowed down the Ethereum transactions. We can imagine the following scenario: users in the Bitcoin network want to enjoy the fun of playing Crypto Kitties on Ethereum network. The most feasible solution is to convert BTC to ETH through complex operations on Cryptocurrency exchanges with high fees.
With PalletOne, users can pay for the cost directly using BTC, thus avoiding complex currency exchange operations.
Mutual fund is a professionally managed investment fund that pools assets from many investors to purchase securities. PalletOne would be an efficient platform to share investment strategies. In other words, everyone will have the right to use PalletOne as they wish, so everyone has the opportunity to create their own mutual fund and distribute funds into different cryptocurrencies as they want.
Exchange Trade Fund
Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. At present, there are very few cryptocurrency ETFs over the world and mostly controlled by large corporations. Users can use PalletOne to create their own ETFs and hold assets such as cryptocurrencies, commodities, or bonds.
Financial Derivatives Instrument
For financial applications, any user can use forensic tools to design Bitcoin, Ethereum, Litecoin or even stocks and bonds. In the case of a combination of various assets, the value of this certificate will be determined by the real-time market for all the assets that make up the permit, so as to avoid the risk of a large increase or decrease in individual currencies or Securities.
If the blockchain is the future, then inter-chain is the chain linking the future. PalletOne has the potential to become the leader among various inter-chain projects and truly offer a creative solution to the issues plaguing the blockchain ecosystem today.
Disclaimer – This is a sponsored post and may contain forward looking statements about the subject. Coin Crunch may or may not agree with the views stated in the article. We request our readers to do their own research before investing.