Purplecoin ICO (XPU) is ranking high. What does it offer?
Purplecoin is an innovative project that offers great services. The company launched its native utility token – XPU, on January 24, 2023. The Purplecoin ICO sale will end on February 28, 2023. The team wants to achieve high scalability. In this case, its token will be able to function as an e-notary tool. Moreover, customers will be able to easily verify whether the document was validated.
Typically, when the person is filing the document, they will need to have the document itself and the witness attesting to the fact. However, when customers use non-encrypted, public documents, the blockchain replaces the witnesses. It can serve as a decentralized repository. Users will be able to find their documents or verify others easily.
The company also plans to create Decentralized File Storage. This will be an overlay protocol. The team wants to implement it on the blockchain and store the files in encrypted form in this storage. As a result, users will have easy access to their documents whenever they need them.
Furthermore, the Purplecoin team will launch a Decentralized Order Book Exchange. Thanks to its advanced technology, the platform won’t need to use AMMS to enable decentralized trading. Instead, it will use a more traditional order book model. According to the team, liquidity providers will be able to withdraw their liquidity or funds at any time. They won’t compromise the system’s security if they decide to stop trading. The company aims to implement advanced trading strategies, along with a traditional Order Book exchange.
Market participants will be able to trade or exchange BTC, ETH, and other major cryptos, as well as Fiat currencies. The platform has quite low fees. So, users won’t have to pay as much as they would on some of the other exchange platforms.
How does the Purplecoin platform work?
The company uses a special transaction format. It works under the OBDEX implementation. As a result, customers can transact with other currencies without holding purplecoins. Moreover, investors can purchase stablecoins or other cryptos on the Purplecoin blockchain. The company also enables customers to withdraw them at any time. Investors can use any token built on the company’s blockchain for transaction fees, except NFTs.
The team made Purplecoin from 256 shards. Each one represents a different blockchain processing transaction nowadays. The company divided shards into groups – so-called “shard sectors.”
The company noted that typically, developers have to sacrifice centralization to achieve scalability. For instance, Proof of Stake consensus is highly scalable, as well as green. But it also leaves the network’s security in the hands of a few people. The Purplecoin ICO team successfully uses Proof-of-Work as the latter is the most secure and decentralized consensus algorithm worldwide.
In addition, the platform doesn’t require any nodes to store past transactions or validate new blocks. Instead, miners only need to store the latest 50 block headers of each Purplecoin shard. The latter’s total size is 20 Mb. After doing that, a miner can start mining and fully validate new blocks. The platform also has a fast sync mechanism and is easy to use and navigate. Besides, Purplecoin has interesting plans. It aims to develop its project in the coming months further.
