PalletOne Launch Token Economy White Paper Press Conference

palletone (25)in #blockchain • 6 years ago

On July 22nd, PalletOne Token Economy White Paper Press Conference & Offline Meetup with Core Team Members was held in Beijing. PalletOne Co-founders Peijiang Zhu, Yi Zeng, TokenX.Group promoter Dawei Zhao and other team members gave a detailed introduction of PalletOne Token Economy White Paper, shared the significance of token economy and conducted on-site Q&A. The event attracted many fans and valuable media’s attention.

Xiaojun Mao, PalletOne CMO

Xiaojun Mao, PalletOne CMO, noted in the welcome speech that Pallet made a brand upgrade to PalletOne on March 30th and released its white paper. Two months later, a technical yellow book was released on May 26th. Then they decided to release the Token Economy White Paper. There’s no other blockchain projects like PalletOne.

PalletOne CEO Peijiang Zhu — Design of PalletOne Token Economy

Peijiang Zhu, PalletOne CEO

Peijiang Zhu, PalletOne CEO
The first guest was Peijiang Zhu, who is the CEO of PalletOne and the Secretary General of Z-Park Blockchain Industry Alliance. He started the speech with the analysis of the entire blockchain governance system and he said that PalletOne is aimed at building a better governance system in which every participant can be highly motivated.

The early-stage governance of PalletOne will be carried out by the Foundation, and the rights will be gradually transferred to the community delegates. After the mainnet goes live, the governance will be completely handed over to the community.

Participants in PalletOne ecosystem include nodes, DAPP developers, token holders, etc. PalletOne adopts two kinds of consensus nodes, one is the super node Mediator and the other is the random node Juror. The nodes need to pay a deposit to be qualified. The deposit helps ensure the stability and security of the system. PalletOne also has corresponding incentive mechanisms for all participants in order to promote consensus and realize trust.

Regarding to the governance mechanism and decision-making mechanism of PalletOne, Mr. Zhu said that 1 billion PalletOne Token will be initially issued. Later, there will be additional issuance. As to the decision-making mechanism, it’s mainly accomplished by voting.

PalletOne CTO Yi Zeng — Design of Token Abstract Layer

Yi Zeng, PalletOne CTO

Yi Zeng used to work in Microsoft, CICC (China International Capital Corporation Limited) and Silicon Valley. He has extensive experience in the area of big data and blockchain. He said that PalletOne’s technical characteristics in token economy are from four aspects: token abstract layer, cross-chain technology, consensus partition and voting mechanism.

Token Abstract Layer defines the definition set and operation set of token, which decreases the difficulty and complicity of smart contract development and minimizes the smart contract’s vulnerability. In this term, users could create a new token in an easier and safer way.

Unlike other cross-chain projects which adopt sidechains/relays technology, PalletOne proposes Jury consensus mechanism. When a cross-chain smart contract needs to be executed, a Jury would be selected to conduct the cross-chain operation. It decouples the smart contract from the underlying blockchain.

cross-chain operation

In regard to consensus partition, PalletOne adopts a unique DAG technology to achieve parallel consensus by establishing a new Mediator. This technology could help avoid network congestion caused by the popularity of a certain token or DAPP and bring convenience to users, because they don’t need to use PTN for transaction fee when it comes to other tokens.

The voting mechanism of PalletOne is similar to EOS but more advanced. There are 21 super nodes (Mediator) in PalletOne. Users who maintain PTN could vote for the candidate nodes and enjoy additional voting subsidies. Top 21 candidate nodes with most votes will become the Mediators. If the candidate nodes fail in the election, they can still become Jurors and gain rewards.

PalletOne fans

TokenX.Group Promoter — the Future is an Era of BTC economy

Dawei Zhao, TokenX.Group promoter

Dawei Zhao pointed out that blockchain is an epoch-making technology which creates a trust foundation among people. On the one hand, blockchain puts transactions on the chain, allowing people to trust each other. On the other hand, the appreciation of token allows people to share the dividend of the token economy, thus strengthening the momentum of participation.

At the press conference, Dawei Zhao popularized the concept of token economy, the nature of token, and the meaning of BTC (Blockchain-Token-Economy Community). He believed that the future is an era of BTC economy, an era in which everyone could benefit from the community. And blockchain is the foundation of everything.

After the speeches, PalletOne team organized a live Q&A and took pictures with their fans.

Q&A