During several months, PLATINCOIN developers have been working on a major update in regards of our blockchain. This is the second major blockchain update since the December 2018 upgrade. After this update, each user will be able to track the minting process in detail in their dashboards or in the block explorer.
We are pleased to inform you that all of the work has been successfully completed and the update will be installed during November! Users will be able to track all minting units purchased after the update in their personal Dashboard or in the block explorer. At a later stage this will also apply to the rented Minting Units.
We always optimize our products – to make them safer, more user-friendly and more efficient. We are currently working on the new product – the Power Minter, which will allow to earn 30% per year within 10 years of duration.The minting process of this product can be tracked in a specially implemented smartphone app and the block explorer. While all the relevant details are still confidential, one thing is certain – you’ve never seen anything like this before! Soon after the launch of this new product, we will stop renting out minting units. So if you’ve always dreamed of purchasing one, you should hurry – the amount of available minting units is limited.
What will change?
After the update Minting Unit owners will be able to track the Minting process of his unit not only in the dashboard but also in the PLATINCOIN-Block-Explorer.
To access the block explorer, click on the relevant link in your dashboard. The entire transaction history within the minting unit can be tracked in the new window.
Why is this important?
After the update, each Minting Unit renter will be able to track the minting process in real-time and be certain that PLATINCOIN is a blockchain-based technology, and each minting unit is connected to a separate wallet. This means that minting with PLATINCOIN is now even more secure and efficient.
What sets the PLATINCOIN blockchain apart from competitors?
Our developers have been working on the PLATINCOIN blockchain since October 2016. A unique PLC Minting technology has been implemented in our blockchain. This technology works in conjunction with the proven “PoW (Proof of Work)” consensus process. After the update in December, the size of the block in the PLATINCOIN-Blockchain will be 4 Mb. Finding a new block in the PLATINCOIN network takes about 1.5 minutes, with 1000 blocks in the system. The size of a transaction is 300-350 bytes. So 170-180 transactions can be done in one second. In addition, a SegWit protocol is built into the PLATINCOIN blockchain, increasing the block size to 8 Mb, if necessary.
The PLATINCOIN-Blockchain implements the Deflation CoinBase transactions. Its peculiarity is that the creation of a new block will not result in new coins (otherwise they would lead to inflation) and, in addition, even a portion of existing coins will be destroyed.
PLATINCOIN uses a hybrid variant of the consensus method: in addition to the PoW method, the proof-of-stake (PoS) method is also used. In this process, the proportion of the total amount of currency, that is crucial for a blockchain network to reach a consensus, about which participant may create the next block. A special proof-of-stake algorithm is used, which is allowed to calculate the proven share 30%. In the usual PoS implementations we only have to deal with the average percentage.
The PLATINCOIN-Minting algorithm has another important feature: In the classic PoS variant, under ideal conditions, even 29,000 minters could be rewarded at the same time. However, practice shows that their number is much lower – the upper limit is 1000.