December 14-15 witnessed PLC blockchain’s major upgrade that included its architecture’s large-scale modification.
Development of PLATINCOIN’s blockchain, which is a Litecoin fork, got under way in October 2016. PLC listing on cryptocurrency exchanges started in April 2018. The key feature that distinguishes it from other blockchains is the PLC minting technology (patent pending) integrated with the classical and reliable PoW-based consensus mechanism. That’s why PLC coins are available for mining but the most attractive way to get new ones in PLATINCOIN is minting.
Blockchain PLATINCOIN is a fully open peer-to-peer network complete with all the necessary features for application development. The open source code is available on Github:https://github.com/platincoin-project/platincoin.
The Platincoin blockchain meets all generally-accepted security standards.
The recent upgrade has covered the most important parts of the PLC technology operation.
The front end
The developers have completely rewritten the system’s client part using the vue.js framework. It is now an SPA (single page application), i.e. a web application hosted on one page. The web page loads the requisite code in its entirety together with the page loading to ensure its operation. These are typical up-to-date HTML5 applications. A vue.js is a framework ideally suited for SPA creation which can also be used in conjunction with up-to-date tools and additional libraries.
PLC Minting, based on PLC in-house development work, is a unique implementation of the Proof-of-Stake algorithm. Minting does require to constantly increase production capacities and the process is fully automated.
Interaction with the PLC Secure Box
The PLC Secure Box is a one-of-its kind unit developed by Platincoin’s engineers. Awarded a CE quality certificate, the PLC Secure Box is a mini computer that allows its owner to get up to 10% annually and ensures maximum security of the private key and minted coins. After the upgrade, each device directly connects to the PLATINCOIN blockchain, registers in it, transmits the wallet address and receives information about the account status. Based on the information provided by the PLC Secure Box, the interest will accrue to the owners.
The blockchain explorer redesign
You can find the upgraded blockchain explorer here:https://platincoin.info
After the upgrade, the PLATINCOIN blockchain size is 4 MB. New blocks appear every 1.5 minutes and a transaction size is 300-350 bytes. So, its speed is up to 170-180 transactions per second.
Transaction speed at Bitcoin is 7, Ethereum — 20, Dash — 48, Litecoin — 56, Bitcoin Cash — 60, PayPal — 193, Ripple — 1,500, Visa — 24,000.
In addition, the PLATINCOIN blockchain has a built-in Segwit protocol enabling to increase the block up to 8 MB.