PlatinCoin engineers went even further. They developed the already high quality of Litecoin and made the need to use huge resources for mining, which is used in the classic Proof-of-Work method, unnecessary. Even the weaknesses of the Proof-of-Stake method were successfully minimized. Through their experience with other cryptocurrencies, they created their own unique mechanism for processing transactions and calculating fees: the PlatinCoin minting, which does not require huge computing resources or an unimaginable commitment to capital requirements, and moreover guarantees a fair and even distribution of remuneration/rewards.

The seemingly elegant and simple solution was nevertheless thoroughly tested in the PlatinCoin laboratories. Networks from thousands of nodes were modeled and tested and were confirmed to be immune to all known types of attacks on the blockchain system. Their network capacity and resistance to peak loads was also investigated and evaluated. The PlatinCoin engineers additionally did research on network partitions (splits), hacking attempts, falsification of the chain, key selection, and other problems that distributed systems face in open and publicly accessible conditions.

Main network parameters:

• Pre-mining: 600 million PlatinCoins
• Consensus: PoW with adjustable complexity (correction every ~ 2 days)
• Block: size 4 MB, frequency – one block every 1.5 minutes
• Hash function: CryptoNight

The security of any distributed system is an extremely difficult and complex task, and PlatinCoin approached this issue with great responsibility. Below are the main steps taken by the team to provide an unprecedented level of security in today’s crypto world:

A reliable and tested blockchain. After a systematic and comprehensive analysis of the current situation in the cryptoworld, the latest proven and stable version of Litecoin, the honored “old-timer,” was chosen as the basis for PlatinCcoin. It is a more flexible, fast, secure and constantly evolving successor to Bitcoin which successfully combines innovations (segregated witness, lighting network, atomic transactions, etc.) with network stability and resistance to attacks (protection from Time Wrap, 51% attack, no hard forks).

Hash function. The CryptoNight algorithm was selected as the PlatinCoin hash function. On the one hand, this makes it impossible to use existing third-party software for mining and attacks; on the other hand, it provides reliable protection of blocks and makes it impossible to use specialized equipment for mining.

The PlatinCoin Thin Mobile Wallet, PlatinCoin Thin Desktop Wallet and the PlatinCoin Secure Wallet as well as the PlatinCoin Secure Box are further developments which have improved security related to the safekeeping, administration and use of the PlatinCoin.

Block-explorer and Middleware – ancillary services that work with mobile and desktop wallets and provide a “window into the world of PlatinCoin,” allowing anyone to disassemble any block, any transaction, or any address “to the last byte.” These services provide transparency and openness to PlatinCoin without disclosing the identity of the owner and jeopardizing his private keys. In order to achieve the necessary parameters for processing speed and the number of requests, PlatinCoin engineers refused to use existing open source solutions and implemented their own middleware system using high-performance NoSQL databases that provide millions of operations per second, which allows the network to handle tens of millions of users simultaneously.

Community

More than 200,000 individuals from more than 100 different countries have already registered as partners of the PlatinCoin. It can be expected that this number will drastically increase. These partners are interested in the purchase of PlatinCoin as an investment and payment means, and particularly interested in the expansion of PlatinCoin as well. Thus, the PlatinCoin has a huge marketing power. The crucial link of the PlatinCoin Community and its development is the CryptoMessenger, which was developed especially for this purpose.

CryptoMessenger