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What Is Platincoin? Platincoin aims to achieve a broad range of goals which boil down to the popularization of its minting model in the face of the competing options such as mining: The minting-based approach offered by Platincoin should make it easier for the mainstream audience to get cryptocurrency coins and push them towards becoming a competitive payment option.
Its minting does not require users to build large-scale capacities such as those required for mining. Also, the PLC minting does not necessitate providing a constant stream of tech upgrades, such as those miners are required to secure to keep in line with the demands of mining.
Platincoin minting is promoted as a less expensive option to make income from cryptos, combined with the promise of being less labor-intensive as well as more environmentally friendly.
Mining cryptos is known to consume huge amounts of electricity, together with the demand to provide for periodical rig upgrades. As such, it is supposed to represent an alternative to PC-based rigs and the requirement to have them operate around-the-clock.
Based on this, the Secure Box should allow the users to save on their energy bills and lower their impact on the environment.
Instead of this, the Platincoin platform plans to implement a payment-focused ecosystem which will feature fast transactions and lower risks, while particularly targeting the unbanked population in developing.
With the ability to create PLC coins themselves, the users should be better equipped to make them a means of daily payment, such as that covering food, clothes, restaurants, etc.
To make this process more transparent in the future, PlatinCoin has introduced the requirement for the verification of the users of Platincoin.
The process involves verification of the place of residence and the origins of the investments, as well as checkups for political involvement and placement on criminal watch lists.
How Does Platincoin Work? For starters, the Platincoin platform is based on Litecoin blockchain technology. This foundation is supposed to help Platincoin make use of its stability and transaction processing speeds, paired with the protection from various attacks.
Yet, the Platincoin team put their own twist on the Litecoin tech, as they eliminated the demand for mining-based resources, going instead for an optimized Proof-of-Stake.
This model is also supposed to guarantee a fairer distribution of minting rewards. The platform consists of a network with thousands of nodes which are assessed for their resistance to various types of blockchain-based attacks.
The same goes for checking network partitions for their capacity to resist hacking attempts, falsifications of a chain, key selection and other issues that Platincoin faces as an open and distributed system.
The hash function on the Platincoin platform is CryptoNight , which was picked out as a source of protection for blocks and a shield against the use of specialized mining equipment and third-party software.
PlatinCoin comes with several types of wallets intended for its users, all of them offering diverse levels of accessibility, functions, and levels of security: The internal wallet is found in nodes and offers the broadest array of functions to the users.
These include the ability to create transactions, use digital interface to get insight into them as well as code and decode them.
While being suitable for those wanting the fastest transactions, this wallet is not a great choice for large investments since it is slightly more vulnerable to standard attacks.
Mobile Platincoin wallets for Android and iOS platforms are the most common solutions for the interfacing and interaction with the Platincoin platform.
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