At Platio we are creating a banking solution for businesses that need to seamlessly and securely manage both crypto and traditional currencies. To do this we need blockchain technology which is secure, fast and reliable.
Based in London, Platio has been acquiring licensing which now spans to over 32 countries. On this regulatory foundation Platio is building the next generation of banking and financial services with the transparency and immutable trust that blockchain technology offers.
Finding the right blockchain technology
As you can imagine, a system of this scope and mission-critical gravity requires a blockchain infrastructure that can reliably and consistently meet the demand. Like many other blockchain-based ventures, the first solution we considered was Ethereum.
Ethereum capitalized on it’s first-mover-advantage in the dApp (decentralized application) space extremely well. Its brilliant, programmable extension of the blockchain technology pioneered by Bitcoin opened up a whole new world of possibilities.
In assessing the feasibility of Ethereum for Platio’s complex and vast use-case it became apparent very quickly that as innovative and widely adopted as it is, Ethereum simply does not have the transactional throughput or scalability that high-usage enterprise applications require.
Ethereum throughput is only 15 transactions per second. Transaction finality is at around 6 minutes which is very high latency.
Usage fees (Gas costs) are high and roughly 90% of the transactions on the Ethereum platform come from ICOs and payments – not dApps, which does not not bode well for a platform built specifically for dApps. These factors and more make Ethereum a less than optimal choose for building a financial ecosystem.
After careful analysis of other blockchain platforms across several criteria, Platio has adopted EOS as the underlying infrastructure for its smart banking ecosystem.
The case for EOS
Platio Chief Architect Charles Voltron explained why. “Ethereum has been a great platform for ICOs,” he said, “and can just about handle the trading of digital cats (Cryptokitties). But if you are looking to build real world, mission critical applications on the blockchain, EOS is the obvious choice for us”.
EOS is the brainchild of Dan Larimer, who has been around crypto long enough to have argued online with Satoshi Nakamoto over Bitcoin’s transaction processing speed. Dan went on to create the world’s first decentralized exchange (Bitshares) as well as a decentralized social media platform (Steemit) with an entirely new blockchain concept called Graphene.
Graphene’s innovative consensus mechanism known as DPoS (Delegated Proof of Stake) has demonstrated 10-100k transactions per second in stress testing. The stated goal of EOS is to achieve 1 million transactions per second.
The EOS mainnet, launched in June of 2018, is achieving roughly 1200 transactions per second with very low latency. This is the kind of performance required by banking grade software such as the Platio ecosystem.
In choosing EOS, Platio is in good company. Bitfinex, ranked as one of the world’s top 5 cryptocurrency exchanges by volume, has announced plans to build the next version of its exchange on EOS.
The key to EOS’s performance is the DPoS consensus mechanism which, unlike Ethereum and Bitcoin, does not include every node on the network to validate transactions. Instead EOS token holders elect 21 “witness” nodes, incentivized by EOS token payments, to handle validation. This significantly reduces the time and processing needed to validate a transaction.
Another advantage of the EOS platform is that, unlike Ethereum, it allows for commission free transactions. This functionality allows Platio to create commission free products like Internal Transfers.
Development on EOS is also less cumbersome than with the Ethereum programming platform “Solidity”.
EOS is extensible to any programming language (currently available for C++ and Rust), so developers can bring their hard-earned experience in the language of their choice to build on EOS, rather than have to learn an entirely new language.
This developer-friendly approach also includes the ability to freeze malfunctioning applications which have already been deployed to the EOS blockchain, and fix bugs much more easily than with Ethereum’s Solidity.
Moreover, Platio Blockchain will be connected with the EOS Mainnet as a Sidechain, allowing the PGAS token to be used on both the Platio Blockchain and the EOS Mainnet. From a business point of view this makes sense as we can keep critical data both immutable, and highly available.
Due to the Turing completeness all the tokenised assets (crypto, fiat and stocks) we can use smart contracts to provide game-changing functionality, such as our our Smart Escrow and Asset Guard products, with complete transparency.
EOS has an active and growing developer community and Block.One, the company behind EOS, raised $4.2 Billion in a public crowdsale, making EOS the most capitalized blockchain project to date.
With EOS’s proven technical innovation, massive funding and zealous developer community, Platio’s revolutionary smart banking ecosystem moves from the realm of possibility to an exciting opportunity. Together we will empower our users to take advantage of the best of both crypto and mainstream finance, increasing confidence in crypto as an asset and driving its global adoption.
To learn more about these and other exciting features of the Platio ecosystem please visit platio.io.