At Platio, developers are creating a banking solution for businesses which need to seamlessly, as well as securely manage both crypto and traditional currencies. To be doing this, developers need blockchain technology that is going to be secure, fast, as well as reliable.
Based in the city of London, Plation was acquiring licensing that spans over 32 countries. On this regulatory foundation, Platio is also building the next generation of banking, as well as financial services with the transparency and immutable trust which blockchain technology actually offers.
Platio tries to find the right blockchain technology
As we can imagine, a system of this scope and mission-critical gravity actually requires a blockchain infrastructure and technology which can reliably, as well as consistently meet the demands of the company. Just like a lot of other blockchain-based ventures, the first solution that they considered was ETH or Ethereum.
ETH capitalized on the first-mover-advantage in the dApp or decentralized application space extremely good. It is brilliant, as well as the programmable extension of the blockchain technology which is also pioneered by Bitcoin and opened up a whole new spectrum of possibilities.
When assessing the feasibility of ETH for the complex and vast use-case of Plation, it also became apparent very quickly that as innovative, as well as widely adopted as it is, ETH simply does not have the transactions throughput or scalability which some high-usage enterprise apps need.
The throughput of ETH is just 15 transactions for one second. Transaction finality is almost 6 minutes, which is actually very high latency.
Use fees, such as gas costs, are also high and almost 90% of the transactions on the ETH platform and they come from ICOs and payment, and not dApps, which actually does not bode well for a platform that is built specifically for dApps. These and a lot of other factors make ETH a less than optimal chose for creating a financial ecosystem.
After analyzing some other blockchain platforms across a few criteria carefully, Platio adopted EOS as the underlying infrastructure for its smart banking ecosystem.
How Plation adopted EOS?
The chief architect of Platio, named Charles Voltron explained why ETH was an excellent platform for ICOs, and also said that it can just handle the trading of digital cats (Cryptokitties).
EOS is actually the brainchild of Dan Larimer, who was around crypto for a long enough, so to have argued with Satoshi Nakamoto online over the transaction processing speed of Bitcoin. Dan continued creating the first decentralized exchange in the world, known as Bitshares, and a decentralized social media platform, known as Steemit, with a whole new blockchain concept named Graphene.
The innovative consensus mechanism of Graphene, which is known as DPoS or Delegated Proof of Stake, demonstrated 10-100k transactions per second in stress testing. The stated aim of EOS is to achieve 1 million transactions per one second only.
The mainnet of EOS, which was launched in June this year, also achieves 1200 transactions per second with very low latency. This is actually the type of performance which is required by banking grade software like Platio ecosystem.
When choosing EOS, Platio is in good company. Bitfinex, which was ranked as one of the top 5 crypto exchanges by volume in the world, announced that it plans to build the following version of its exchange on EOS.
The key to the performance of EOS is actually in the DPoS consensus mechanism which, not like the ETH and BTC, is not including every node on the network to validate transactions. Instead, EOS token holders elect 21 “witness” nodes, which are incentivized by EOS token payments, to handle validation. This importantly reduces the time, as well as the processing which is needed to validate a transaction.
EOS’s another advantage is that, unlike ETH, it actually permits for commission free transactions. This also allows Platio to create commission free products such as Internal Transfers.
The development on EOS is less cumbersome than with the ETH programming platform known as Solidity.
EOS extensible to any programming language
The platform is also extensible to any programming language, and is currently available for C++ and Rust, so that the developers can bring their hard-earned experience in the language of their choice which they want to build on EOS, rather than learning to learn an entirely new language.
This is a developer-friendly approach that includes the capacity to freeze malfunctioning apps that were already deployed to the EOS blockchain, and fix bugs much more easily than with Solidity.
Furthermore, Platio Blockchain is going to be linked with the EOS Mainnet as a Sidechain, in that way permitting the PGAS token to be utilized on the Platio Blockchain, as well as the EOS Mainnet. This seems reasonable from a business point of view, as they can keep critical data immutable and highly available too.
EOS also has an active, as well as growing developer community and Block One, which is the company behind it, raised $4.2 billion in a public crowdsale, in that way making EOS the most capitalized blockchain project to date.
With the proven technical innovation of EOS, massive funding, as well as a jealous developer community, the revolutionary smart banking ecosystem of Plation moves from the realm of possibility to an exciting chance.