og index image - Hidden Gems of Cryptocurrency #5 - Perlin (PERL)

Hidden Gems of Cryptocurrency #5 – Perlin (PERL)

Hidden Gems of Cryptocurrency #5 – Perlin (PERL)

Perlin has become one of the more discussed projects in crypto as of late. The discussions are heating up even more, as the highly anticipated launch of the coin is set to wrap-up its ICO and launch.

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Source: https://www.perlin.net/

So, what is Perlin anyway? According to the recently uploaded whitepaper on its website, Perlin Network is a DAG-based distributed ledger built on the Avalanche consensus protocol — a mechanism that ensures high scalability and throughput. In addition, the Perlin project focuses on building a trustless computing environment, independent of any subject-controlled autonomous system.

Project details

The Perlin network is a distributed computing platform built on top of the new DAG protocol that utilizes a Byzantine-fault-tolerant protocol based on a metastable mechanism. Perlin also includes a distributed computing layer called the Perlin network that will serve as a marketplace for computing resources between vendors and customers.

The network capitalizes on its users’ underutilized computing resources. The network will access the idle computing power of mobile phones, computers, and game consoles, and quantify the resources available to each participant through a cryptographic hash function.

The aim is to make supercomputing viable; while also enabling users to crowdsource their tech for gain.

What is Perlin trying to solve?

1. Scalability

At present, blockchain transactions are slow and expensive. Most blockchain networks are unable to handle the increased market demands. On average, popular blockchain platforms such as Bitcoin and Ethereum can process approximately ten transactions per second. In contrast, traditional payment platforms like Visa currently process up to 8,000 transactions per second on average. As you can see, blockchains have lower transaction speeds than mainstream payment networks.

tps graph

Source: https://www.perlin.net/

Perlin is one of the new blockchain projects seeking a solution to this problem. It is working to provide scalable infrastructure so that blockchain platforms can become mainstream in a few years time. Once this is achieved, not only can people utilize blockchain for financial transactions, but can also build scalable and secure dApps on top of them.

2. Cloud computing

Needless to say, there is a growing need for computing power. Computing power is the basis for all our modern activities. It’s an important utility that vital in our day-to-day life. The education sector, health industry, social interaction, entertainment, new media, and stock market have all been transformed by computers.

With the cloud computing market dominated by a handful digital conglomerates like Google and Microsoft, purchasing the services of these companies has become expensive. Perlin seeks to offer a solution to this issue by building a decentralized cloud marketplace. As mentioned before, it leverages the unused computing power of devices across the globe – linked together by a blockchain network.

Perlin’s cloud computing marketplace targets small enterprises, startups, independent developers, and researchers, among others.

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Source: https://www.perlin.net/

The Three Participants

Miners: The role of miners is to supply computational power. They register their unused computing resources on the network. Miners are rewarded based on how long they rent out their computer power.

Customers: Customers are either ordinary people or companies seeking to purchase computational resources from miners.

Validators: These are nodes. They come to a consensus and validate transactions between miners and customers. Validators are paid out a small percentage of the transaction fees based on what and how much they validate and broadcast.

Team

Dorjee Sun (Project Manager)
Sun is a serial entrepreneur who has attracted international attention after the creation of carbon protection, a social enterprise that deals with carbon credit transactions and is committed to protecting large areas of tropical rainforest. His entrepreneurial success has a long history, as he sold four of the companies he founded. He is also a consultant at Santiment, Republic Protocol, and Loki.

Kenta Iwasaki (Chief Technology Officer)
Iwasaki has extensive experience in distributed systems and machine learning. Prior to joining Perlin, Kenta worked as an artificial intelligence researcher with Naver Corp and was a robotic engineer at DJI. He is also the founder and CEO of Dranithix, which develops an online marketing system optimized through real-time analytics and machine learning.

Mirza Udine (Business Development)
Mirza is a venture capitalist educated at Harvard University and a technology specialist. He has served as an editor for LinkedIn and Citi Investment Bankers. In the blockchain space, he is a consultant for EdenChain and OneLedger.

The Palin team also includes other talented developers like Jack Li, Joanne Huynh, Darren Toh, Heyang Zhou, Anup Malani, Trung Nguyen, Doug, and Ajay Prakash.

Project summary

Advantages:

1. Perlin is a distributed computing platform based on DAG and adopts a consensus method called Avalanche consensus. This Avalanche consensus mechanism is designed to offer high scalability and fast transactions. The initial test results show 1600+ TPS on 2000 nodes, according to coinstelegram website.

2. The Perlin network accesses underutilized computing power to quantify the resources available to each participant.

3. The low cost of the Perlin network allows startups, researchers, and other small businesses to use computing power.

4. The rating agency Crypto Briefing gave Perlin a high score of 9.6 (out of 10), which is similar to that received by Ethereum.

Disadvantages:

1. There are no specific timetables and token details published.

2. Other information about team members and investors has not been disclosed. There’s a lot of mystery here which some investors are overlooking after seeing the positive early hype.

Final Thoughts

Perlin has been hyped by several institutions including FBG, investment institutions such as Bitmain, the world’s largest miner, and F2Pool, China’s largest mining pool.

In the future, Perlin’s goal is to bring more new users into the cryptocurrency economy and allow them to connect their devices to the Perlin network and earn PERL. Perlin also brings revenue redistribution and inclusiveness to countries with lower per capita incomes while unlocking the idle, unutilized computing capacity resources.

Still, there is not enough information known about Perlin, and the specific technical details are difficult to verify. However, based on what we do know, this project has a lot of potential and it’s no wonder it’s received a lot of attention as of late.

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