Today, Phaeton announced the launch of their proprietary blockchain technology. Phaeton Blockchain is powered by various forms of renewable energy. It enables the company to deploy advanced solutions in identity management, real estate, the Internet of Things, artificial intelligence and cryptographic staking for passive income.
The renewable energy-powered Phaeton Blockchain is the first of its kind. It ensures the speed, security and smartness of blockchains without contributing a positive net value to the global carbon challenge. Speaking at the launch, Phaeton's CEO, Ron Forlee, described Phaeton as “a blockchain technology based on solidarity, putting people before profit with a structure that benefits communities in need.”
“With the Phaeton Blockchain network, we have reduced the energy consumption for transactions in line with the net-zero carbon objective of sustainable development goals. We are building solar farms, hydrogen gas storage and wind turbines to power our data centers. This is in addition to modular products that come with wrap-around solar solutions. We also use geothermal energy for backups and cooling,” he added.
The company describes its process as efficient, secure and transparent. Their white paper explains that Phaeton Blockchain is a decentralized ledger with a 250KB block size created within five seconds. The blockchain uses the delegated proof-of-stake and delegated Byzantine fault tolerance consensus algorithm to facilitate a safer, faster and more secure energy-efficient network. The company has signed strategic partnerships to create innovative, user-friendly, privacy-centric and energy-efficient technology that solves some of the challenges of the general masses. Furthermore, through its side chain functionality, the Phaeton Blockchains allows for other businesses or companies to build their operational asset network on the Phaeton Blockchain without conflicting with the core applications of the blockchain.
Speaking of side chains, chief technical officer Chai Shepherd said, “what we have done with the Phaeton Sidechains is give the technology the ability to do more with less energy consumption. We can develop hundreds of independent solutions on the side chain and help them communicate with the mother chain. This is because the side-chain blocks inherit the properties and functionalities of the blocks of the mother chain.”
With the launch, Phaeton introduced three pacesetting technologies that were enabled via the Phaeton Blockchain. The first, the Phaeton Identity Management System that stores personal identifiable information on nodes backed by interplanetary file systems. This technology deploys a tri-protocol approach to identity management. The protocols — the verifiable credentials, the decentralized identifiers and the distributed ledger protocols — grant users privacy control over their data while ensuring a safe, secure and fast unified personal data management system.
“What we have done with this technology is to solve the privacy issues and the decentralization of information challenges that agencies across the world currently face. With the Phaeton Identity Management System, governments and other agencies have a single database that is secured and immutable. The system does not require users to share their personal data. It is a technology that is simple to use and functions across all mobile devices. Users can now have unique identifications and be in charge of granting consent for their data use,” chief operating officer Damian Robson explained.
On the subject of technology, the Phaeton Artemis node, a cryptocurrency staking application, enables users to earn passive income. Shepherd further explained, “the Phaeton Artemis nodes are full nodes with a staking model responsible for validating transactions, maintaining a consensus algorithm and a delegated proof of stake protocol.”
“The nodes are Phaeton Delegates who stake their PHAE Coins — the governing token of the Phaeton Blockchain — validate transactions and get rewarded with additional PHAE. In addition, there are other functions of the Artemis nodes that include data collection that allows the nodes to find applications in artificial intelligence and the Internet of Things,” he concluded.
“The design of a protocol with passive income is based on the need for people to earn additional income in the wake of the COVID-19 outbreak, which has limited the earning capabilities of many people,” CEO Ron Forlee added. “And, it does not end there. We have also developed solutions in real estate for the people using our tangible nonfungible token platform, also based on the Phaeton Blockchain. As you can see, the Phaeton Blockchain is an entire futuristic ecosystem with unlimited capabilities,” he concluded. Using the side chain functionality, the company created a real estate marketplace where tangible real estate properties are traded and owned using nonfungible tokens (NFTs). These sidechain transactions reduce the traffic on the main chain, and with it, the associated gas use. In addition, the Phaeton Blockchain comes with its proprietary smart contract for validating and transacting the NFT-backed items.
Phaeton has started its IEO on Latoken and P2PB2B exchanges. Phaeton raised over $1.5 million in the first 24 hours of the launch. Thus, Phaeton's value has increased even more when the Phaeton coin will be listed and floated at $10 on cryptocurrency exchanges in December. Considering all their assets, Phaeton could be valued above $50 billion or more. In addition, the company is working with Investor Research Corporation with the intention to be listed on a major stock exchange by December 2021.
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PS: First round is still running. Grab some PHAE now