blockchain technology has been revolutionizing industries one after another. However, there are certain pitfalls that make its adoption somewhat uncertain and inefficient. In a recent report by one of the “Big Four” companies, Deloitte, mentioned that the incorporation of blockchain should be done on a more optimized and larger scale in order to eliminate the current challenges such as lack of standardization, high costs, lengthy processes, complex applications, etc. To address these issues, we have PalletOne.
PalletOne – A Distributed Approach
PalletOne is a distributed interchain protocol network that aims to eliminate the aforementioned challenges. It has incorporated Jury Consensus in which, only a set of verifiers denoted as “Jury” can execute a specific contract. Along with it, the network has incorporated DAG to develop an innovative approach to enable de-intermediation and multi-tasking, thereby optimizing the performance and speed of the transaction process.
Simplifying Technical Complexities
PalletOne uses Docker Containerization technology to integrate smart contracts. Moreover, the technology can offer Software Development Kits (SDKs) for multiple development languages. PalletOne has also designed a virtual machine for intelligent contract compilation and execution. The VM works individually from the underlying operating system, to make smart contract-compatible with various platforms such as Windows, Linux, Mac, etc.
PalletOne’s Adapter – Connecting Blockchains
PalletOne’s adapter is a communication medium that connects different blockchains together to facilitate the cross-blockchain transactions. It also encourages the efficient implementation of blockchain scenarios. Various chains must be performed through different operation logic, so it is important for addresses to generate corresponding interface implementation for PalletOne contract calls throughout chains. The process includes:-
- Gaining public key from a private key
- Collecting public key
- Creating multisig addresses
- Sending funds to multisig addresses
- Contract logic segmentation
- Making payments
As of now, PalletOne is starting with Bitcoin and Ethereum, and then will move to other popular blockchains as soon as possible.
Benefits of the PalletOne Platform
There are many benefits of using a distributed platform like PalletOne. Some of the main advantages of this prolific network are:-
By incorporating Jury Consensus and adaption layer, PalletOne smart contracts can operate on various blockchains simultaneously. The smart contract can connect with different blockchains, thereby allowing users to trade tokens from multiple blockchains.
The Jury Consensus is developed to ensure authentication, execution, security, etc. of transactions. Moreover, smart contracts can also be initiated by selecting various juries in a multi-tasking manner.
PalletOne’s security includes two aspects – security of development and security of contract execution. The network’s VM can offer a secure and efficient sandbox operating environment to create smart contracts.
DApp developers can create smart contracts via mainstream development languages without having to learn any new contract development language. Additionally, being independent of the underlying OS, it allows the smart contract to be compatible with Windows, Mac, Linux, etc.
Applications Of PalletOne
Following are some of the applications and usage of PalletOne:-
PalletOne – Simplifying Blockchain Implementation
PalletOne has taken a big leap into interoperability by distributing the blocks. It aims to reduce the burden on a particular blockchain, which causes complexities like delayed process, security issues, high transaction costs etc. and makes it more streamlined and efficient for developers as well as end-users.
To know more details about PalletOne, visit their official website.