There is usually a sense of security whenever we hold or spend real cash. This quality seems to be absent when using cryptocurrency transactions. Many pundits may not want to admit it, but the truth of the matter is that cryptocurrency’s intangibility is one the reasons the general public hasn’t really come around to the idea of using or spending digital money. Despite all the hype and information put out on the internet, cryptocurrency is still foreign to a lot of people.

Who can really blame them?

We have grown accustomed to operating with money we can see, feel, and touch. Basically, we have been spoiled with fiat, so much so that trusting money in another form is seen as an alien concept, and is prone to rejection.

But what if things were different for cryptocurrencies? What if cryptocurrency could become less inconspicuous, less intangible? What if operating with cryptocurrencies could feel the same way as working with actual cash? This would not only speed up the adoption process, but it could also open up a world of new possibilities and diverse applications for digital currencies.

No more what ifs. Enter Platin…

Every once in a while, a truly innovative blockchain application enters the market and threatens to disrupt everything. This is what Platin is all about, disruption of location based services!

Platin is a lightweight proof of location protocol on the blockchain which brings an air of realism to the world of cryptocurrencies, allowing users to see, feel, and touch digital assets. Platin is able to achieve this by leveraging its highly secure capabilities as well as augmented reality features and its proof of location protocol that is available for digital assets. The combination of these features allows Platin to decentralize the location services marketplace efficiently.

Thanks to its proof-of-location blockchain structure – Plexus – designating a fixed physical location for digital assets including documents, images, as well as cryptocurrencies is now possible. When working in tandem with the platform’s native protocol token (PTNX), a viable incentive for interacting with digital assets as well as other users on the platform is created.

What is Proof-of-Location (PoL) all about?

The importance of location data cannot be overemphasized since many digital systems, and business models require this information to properly connect with the physical world. Location based marketing, geospatial services, even ordinary banking services all use your location. Despite this, the current information location market is defective. Insecurity challenges make location data prone to false location identifiers and GPS spoofing.

Platin is offering a way out for the location data market. It is using today’s tools to provide a highly secure decentralized solution with user-friendly features of privacy, zero proofs, and incentivized earnings which will encourage its users to participate willingly instead of opting for VPNs or Adblockers.

Moreover, the present location data market is largely centralized through industry bigwigs. These companies, including Apple, Amazon, Google, and Facebook, as well as other mobile network operators,  sell our location data, usually without our consent, and make a ton of profit. In the wake of recent data breaches like the infamous Facebook/Cambridge Analytica breach, more internet users worry about the safety of their data, and how far these corporations are willing to go with monetizing people’s personal data.

Platin’s protocol hopes to change this by utilizing the Proof-of-Location consensus mechanism to give power back to the users, allowing them to own, control and even earn from their location data on the Platin blockchain. The Platin network employs nodes that encode the location of devices within a particular region, and then record related data on the blockchain, creating a secure and tamper-proof authentic location service.

How practical is Platin?

By combining game theory incentives, augmented reality, and privacy-preserving zero-knowledge proofs, Platin’s Proof-of-Location concept becomes a highly valuable tool with several use-cases, including:

  • Commercial Airdrops: Platin’s pocket app comes with geographic airdrop capabilities that allow businesses to create and geoplace tokens with specific logic conditions for customers to meet in order to collect them.
  • Humanitarian Airdrops: The geographic airdrop features of the Platin pocket app can also be used in humanitarian aid by airdropping tokens to a specific location where people need assistance.
  • KYC & Address Verification: Enforcing KYC/AML compliance becomes easy for financial institutions since they can now securely verify physical presence by creating a one-time-only individual airdrop available within a specific timeframe.
  • Supply Chain: Location is a crucial aspect of supply chain management. Platin’s PoL protocol tracks location data as items move through the supply chain, and distributes this information amongst supply chain stakeholders, building trust between manufacturers, retailers, and consumers.
  • Currency Geofencing: Platin could help speed up the adoption process of national cryptocurrencies since the PoL allows tokens to be geofenced and distributed within a nation’s border.

 

Who put this together?

The Platin project was put together by a team of skilled blockchain architects, security experts, mobile app developers, and experienced entrepreneurs. Allon Mason and Dr. Lionel Wolberger, Ph.D. are co-founders of the platform and operate as CEO and CTO respectively while Prof. Dr. Srdjan Capkun and other leading location and proximity specialists serve as Advisors.

TGE: Platin Token (PTNX) Distribution

Platin has a plethora of activities lined up, all geared towards developing the project and making it a success. However, the company is currently focused on its TGE that occured on the 28th of October, 2018. The TGE will involve the distribution of Platin tokens amongst 7 major participating groups on the network.

Investors may enjoy a 20% bonus during the sale. 300 Million PTNX tokens will be available for the TGE at a base token price fixed at 1ETH = 1000 PTNX. Aside from the price advantage, Platin values early investors, as early location proofs can earn more.

Other major activities on Platin’s development timeline include:

  • November 2018: Proof of location demonstrations on EOS testnet
  • December 2018: SolidityGEO language released for Ethereum
  • May 2019: support for EOS and Ethereum Mainnet
  • July 2019: Launch of first humanitarian Geo airdrop
  • Jan 2020: Plexus testnet & Tokyo Airdrop test in preparation for 2020 Olympics

 

Achievements

The Platin movement has made a lot of strides in the course of its development. Some of Platin’s accomplishments include:

– Invited to join the Tokyo Metropolitan Government’s first blockchain accelerator

– Leading W3C international standards for verifiable location proofs

– Leading research at Technion University focused on the development of location anomaly detection, Ethereum Solidity smart contracts and various other subjects

– Zero knowledge protocol published and reviewed

Location is everywhere™

When it comes to location protocols, Platin is leading the charge to build a truly decentralized location system that is applicable in humanitarian efforts, retail businesses, ride sharing, better data security, and supply chain enhancements. As the world begins to embrace decentralization while moving away from centralized based systems, blockchain location service providers will become the norm due to the numerous applications they’re offering to global industries. Platin’s innovative location solutions will quickly establish the company as a leader in this niche, driving the development of blockchain services that will completely disrupt and democratize the location data market bringing cryptocurrencies one step closer to mass adoption.

TheBitcoinNews.com – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

TheBitcoinNews.com is is not responsible for the content of external sites and feeds. Guest posts, articles or PRs are not always flagged as this!