It's time to take another look at a privacy coin called Particl. This time we look at a privacy coin that is not just a coin that promises privacy. But the team behind Particle has built a marketplace, so you can buy and sell stuff anonymously.
This has piqued my interest because this is precisely one of the advantages of a private coin. Being able to buy and sell stuff anonymously. Now I am a big supporter of this, but it is also understandable that concerns can arise about this marketplace. We also go into this further in the article.
I promote the use of the right to privacy in all my articles about privacy. It is therefore clear that I know this in this article. And I'll explain why your privacy matters even though you think I have nothing to hide.
We are going to discuss the following:
- What is PART?
- The wallets you can use?
- Transaction types
- The marketplace
- Is the marketplace safe?
- Final thoughts
What is PART?
PART is a privacy coin that works through the concept of Proof of stake and PART is created on the Bitcoin codebase. The team behind PART says that the best security, latest updates and stability are always provided to make the coin as user-friendly as possible. The PART blockchain is actually run by a blockchain based on distributed protocols such as Segwit, atomic swaps and the Lightning Network. Particl has also built a marketplace that is still in the testing phase. This is a very interesting development. Now it is possible to use your particl for what it is intended. What does the team behind Particl have to say:
It’s a technically advanced privacy coin, a voting ticket, a moderation token, a source of passive income, and much more. It is multi-purpose. The Particl coin can be sent as three different privacy states, each with their own degree of privacy and cost
As the highest privacy state requires the most transaction fee, it may not always be the best type of transaction depending on the situation, especially when privacy is not predominantly required by the user.
The wallets you can use?
for axampele you can use Particl Desktop, it is a very advanced wallet that allows you to send your PART on different privacy levels. However, this desktop wallet does not contain all functions that other wallets have. Nevertheless, the Particl team recommends using this wallet.
The Particl Desktop wallet is seen as the center of all wallets that Particl offers. It is therefore Particl's standard wallet. More and more functions will be added in the future. Down here you will see a example of the Particl Desktop wallet:
You also have the Particle core wallet. Particle Core is a so-called lighter wallet that offers more types of options than the Particle Desktop wallet. This wallet can also be combined with hardware wallets and Coin Control.
Third, you have Particl Copay. This wallet offers far fewer options than the previous two types of wallets. But this wallet is the most user-friendly wallet of all wallets. At the same time, this is also the most accessible wallet. Can be used as a desktop wallet and on your smartphone. This wallet can also be used by several people at the same time in order to share the wallet.
Here you can find all wallet options: https://particl.wiki/learn/wallets/overview/
You can execute a transaction in several ways. This is a certain amount of freedom you have when using the PART coin. The team behind Particl has chosen to give you a choice, because the use of a currency should remain a free choice, to keep costs for users as low as possible, and to remove the technical know how. There are of course more reasons, but I will not mention them in this article.
What types of transactions are there:
- Public Transactions: The public transactions are basically the same transactions that use Bitcoin, Litecoin and Ethereum. A general ledger can be used to see how, who, what and where a transaction was made. These types of transactions provide the least amount of privacy.
- Confidential Transactions (CT): The Confidential Transactions (CT) was created by Bitcoin Core developer Gregory Maxwell. This way of transactions ensures that the transactions are only visible to those who participate in this transaction. So this is a medium level of privacy. This is more expensive than a public transaction, but it does give you a degree of privacy. But it is still cheaper than the completely anonymous transactions.
- RingCT transactions: Finally, you have RingCT transactions that are used for complete anonymity. These also give the most privacy to its users. Shen Noether has developed this method of transactions. And this way of sending transaction has become known and infamous due to the privacy coin monero.
The Particle marketplace
Particl is a hybrid technology between two well-known types of technology such as the blockchain and peer-to-peer technologies. So there is no authority and / or between person as with Amazon for example. The participants of the network thus own the ownership and take care of the network. Think of it as a decentralized marketplace without any authority in mind. So not even by the Particl team itself.
This so-called open Marketplace has the following values of paramount importance: Privacy, scalability, security and absolute decentralization. These values are achieved by using different protocols. Each of these protocols has been implemented by the Particl team so that each core value is maintained and fulfilled.
The marketplace is basically private. In short, this means that your identity cannot be traced at all times. Without having to perform crazy maneuvers or need technical knowledge. There is an exception and this is if you use the setup TOR. This setup is not enabled by default.
The Particl team will be committed to privacy protocols at all times and to make the user experience even more attractive. The market is developing rapidly and cryptocurrency rules will also go fast in the coming years. The privacy of users of Particl can also expect that hard work will be done at all times to improve their privacy. No concessions are made regarding the privacy options. Because this could weaken the marketplace and the team's motto.
Is the marketplace safe?
The website says the following about this:
As a fully decentralized solution, Particl's Open Marketplace doesn't rely on hired moderators to keep its content clean It is instead governed by its community of holders rather than a team of staff or a third-parties.
Now you will think that it is not impossible that items will be sold that are illegal or at least immoral. That is why there is a way to prevent this, but at the same time it will not affect the decentralization. It will ensure that the marketplace does not become a place for illegal trade and becomes a business for criminals. Now no third party will be appointed because this ensures the necessary legal liability and centralization etc.
It was decided to let the users of the platform moderate themselves. The voting weight depends on the number of coins you own. For example, 1 coin will be a vote. This means the more coins you have, the more votes you have.
So it will be the case that a certain number of votes will be obtained before a certain ad will be taken offline. This will also simply apply to private sales. Even though these are not visible in public tocj, these private sales can be moderated. Anyone who can use the marketplace can mark their notion. It is more difficult to pass this so-called vote threshold.
Ultimately, Particl ensures that you have the choice when sending it whether or not to protect your transaction. Particl uses the same technique as Monero. Monero has made this technique great in the crypto world.
Particl has developed a marketplace. This ensures that privacy and purchases and sales come together. This marketplace is monitored by its users so that they can ban illegal content.
Furthermore, it is important to know that the marketplace is still in the testing phase but will eventually move to its main phase. There are still many developments to come that prove to be a must for the team and its users. I would say take a look at this marketplace for yourself and tell what you think of it.
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A few easy steps to keep your crypto safe:
- Never give someone your 12 / 24 passphrase!
- Never give someone your private keys!
- Not your keys not your coins!
- Just don't send any coins to strangers that ask for coins to double your investment!
- Don't use a centralized exchange as a wallet!
- Don't use centralized exchanges if this is not required!
- If you send your coins or tokens think twice before doing so!