Thursday, June 1, 2023

ProtoconNet— An Overview


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The ProtoconNet

The development team of the ProtoconNet is designing the mainnet project. This is in order to build a foundation of trust for users. It will be an avenue for people who aim to be stronger as an individual participating in blockchain trades and contracting processes. They will operate the ProtoconNet with the Mitum blockchain which is based on ISAAC+ Consensus Protocol.

The developers chose the ISAAC+ Consensus Protocol. It was able to improved and adjust the PBFT (Practical Byzantine Fault Tolerance) algorithm to ensure block finality, liveliness, and safety within a fault tolerance level. Furthermore, using these protocols will allow a speedy processing service even for large-scale transactions. Analysts also commented that the most applicable algorithm for industrial and business settings is the PBFT.

The ProtoconNet’s “Model”

Networks and traders only discover the existence of inappropriate or malicious smart contracts in the existing smart contract operation structure only after they executed the contract in a blockchain network. After this, the accident or problem occurs. As a result, the distribution of a wrong smart contract endangers not only the creator of that contract but also the entire ecosystem. This includes node operators, dAapp operators, and users. While the structure appears to have a great degree of flexibility, it is extremely susceptible to errors. It is because the networks are powerless to prevent insecure or malicious projects from wreaking havoc on the ecosystem. 

To address this issue, ProtoconNet decided to remove the “freedom to distribute” feature of smart contracts. They believe this will improve the security their blockchain will provide its users and eventually keep the whole ecosystem of their network protected. In line with this, they made their unique blockchain concept they call the “Model”. They propose to offer their traders a program that could manage business operations and transactions through a model they designed. Moreover, they aim their model to be almost equal to the functions the Blockchain Core can provide.

ProtoconNet’s Model is distinct as it will allow its future users to develop their own unique model. In addition, users may use ProtoconNet’s model as a reference guide. They will also separate the use policies from the model’s features so that users will have optimum model implementation freedom.

Users may operate different models at the same time even within a single network. In addition, the network will ensure that its future users will not experience any downtime. However, to make secure operations, users need to wait for approval from node operators. This is when they are updating, adopting, or supplying smart contract models.

The Token Model and PEN

The Token Model, in general, contains characteristics that enable the issuance and transmission of tokens on the mainnet. The developers are still producing a model that corresponds to Ethereum’s ERC-20. Moreover, they will produce other token models with various characteristics one by one.

To pay for network fees, all models, including token models, will use the fee model. The network’s PEN Token will serve as the primary currency and governance token for the Protocon ecosystem. It will follow the Token Model. Furthermore, the Token Model will allow dApp service providers to create their own tokens. The network can issue dApp tokens by arranging many settings. This includes the amount it will issue, fee policy, and currency ID, and then conducting the procedure.

Louis Honsa
Louis Honsa
Louis Honsa is an independent writer for Cryptoconstellation. He is a data analyst and trades NFT’s too. Louis enjoys cycling and working out in his free time.

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