Tackling the crypto trilemma, Partisia Blockchain aims to address scalability, privacy, and interoperability with a dual-layer approach. The first layer features consensus and governance and the second layer interoperable Zero-Knowledge & Oracle services, essentially being a platform for ZK computations - on-chain, off-chain, inter-chain, bolstering blockchain privacy in a decentralized way. The tokens interacting with the system are the native $MPC (which is only used by node operators to stake and have the possibility to become a node operator), and external tokens (via the Bring Your Own Coin (BYOC) solution, used for payment of the services on the platform).
BYOC (Bring Your Own Coin) - Pay for services such as transactions on the network, ZK computations, or Oracle. - Pay to open disputes on the network if they detect potential fraud. $MPC - Stake to become a node operator and receive fees from users paying for services - Delegate the token to node operators to receive fees from users paying for services - Used as collateral by ZK nodes if the user paid an insurance premium to insure their transaction - Used as collateral by Oracle nodes to maintain the security of the BYOC token bridge
The $MPC token has value because all the nodes in the system need to stake the token in order to be whitelisted and therefore accepted on the network. The staking amount varies depending on the type of node. Furthermore, to operate a BYOC token bridge that permits the use of BYOC twin tokens on the network, all Oracle node operators are required to stake MPC Tokens, backing all transfers by MPC Tokens as collateral 1:1. In the event of an objective fraud being detected by a node, the stake is used to compensate the damaged user. In the same manner, ZK nodes need to match (in $MPC) the insurance chosen by a user who decided to insure the ZK computation they want to do on the blockchain.
- Scalability on the blockchain is achieved through a fast consensus mechanism that involves sharding at both the consensus/governance and ZK/oracle services layers. This parallel processing improves system efficiency, allowing transactions to occur in a coordinated manner. - Privacy is enhanced by integrating Zero-Knowledge (ZK) computations, allowing secure sharing of private information among participants. - Interoperability is facilitated by a privacy-preserving oracle, enabling cross-chain transactions without a single point of failure. The BYOC solution developed by Partisia Blockchain enables chain and service interoperability. Users can directly use their own coins to pay for ZK computations and Oracle services on the network, eliminating the need to convert to the native $MPC currency. The Oracle services facilitate cross-chain interactions via smart contracts and a burn & mint bridge, enhancing accessibility and user experience. To protect users from commonly seen issues with token bridges, a collateral 1:1 ($MPC:BYOC coin) is put in place by the Oracle nodes, backing all transfers. When the collateral is exhausted, a new epoch starts with new Oracle nodes and a new collateral, which limits the financial exposure. All in all, this approach ensures data protection and fraud detection, preserving user privacy in authentication and audit checks.
As users engage with a smart contract on the blockchain, users are charged fees (or “gas”) to execute the smart contract. This fee is paid in the user's own coin (BYOC), and not in the Partisia Blockchain native token $MPC. The fees are then distributed to the different nodes according to the services they provided. The $MPC token is used only for staking, which secures the network. The decoupling of the payment of services (in BYOC) from the staking, increases accessibility to the services for users who do not need to exchange their tokens, and ensures system security by reducing the likelihood of volatility of the token backing the stakes of the system (ie $MPC).
- Revenue comes from: Users buying ZeroKnowledge and Oracle services When doing any transaction on the network, a fee is also collected and distributed to the nodes in charge of the consensus and building the blocks User storing smart contracts on the blockchain In the long term, frameworks will be developed by Partisia Blockchain and will enable external blockchains to create their own bridges with other external blockchains, the main value for them being that the transfers will be secured by the ZK environment of Partisia Blockchain. - Revenue is denominated in: Payment of services is charged in whatever token the user wishes to pay in, $MPC is not used as a payment token - Revenue goes to: Nodes in charge of the specific jobs. For example, the Baker nodes are in charge of the consensus and governance layer. Therefore the fees associated with transactions that need to be written in blocks will be given to them. The ZK nodes, in charge of doing the ZK computations will receive fees from these depending on the complexity of the computation. The Oracle nodes, in charge of Oracle jobs like the BYOC token bridge, will receive fees from transfers occurring on the bridge. Other factors such as the reputation of the node will influence the revenue they receive.
|Problems & Solutions
Problem: Partisia Blockchain aims to solve the blockchain trilemma, i.e. having a decentralized, secure, and scalable protocol. The markets that are targeted are - interoperability, with issues such as costly transfers of value and data, as well as unsecured solutions. - scalability, with issues such as slow transaction speeds and unscalable decentralised finance (DeFi) systems - data privacy, with the main issue being that sensitive personal and company information are highly valued, but are also the most sensitive, and to be used need security. Solution: To address these issues, Partisia Blockchain uses a system of decentralized nodes and smart contracts that provides ZK computations (keeping input data confidential), the whole system being on a blockchain involving sharding and integrating oracles for interoperability.
... coming soon
Creation of Partisia
Private company building privacy-preserving software solutions
Creation of Partisia Blockchain
Creation of Partisia Blockchain with the intention of merging MutliParty Computation and blockchain technologies
Partisia Blockchain is operational
Partisia Blockchain is operational
First Seed round
First seed round, raising $3.1M with tokens sold at 0.05$
Last IDO round, raising $16M with tokens sold at 0.4$ In total, the project had 9 seed/private rounds and 2 IDO
They are in charge of the consensus and governance layer of the blockchain
They are in charge of Oracle services, which include the BYOC bridges to allow users to use their own coins to pay for services on the network
|Partisia Blockchain Foundation
They are in charge of managing the development and release of software, the creation and sale of $MPC Tokens as well as the promotion of the network
They stake their tokens on the network to become node operators themselves or stake their token on another node operator through delegation
|Users/External blockchain, projects
They use the services on the network such as ZK computations and Oracle services
They are in charge of providing the ZK computations for users