Privacy is one of the key important features in the blockchain ecosystem. The need to protect and secure each information or financial transaction stored on the blockchain by an individual or a group of companies is a huge responsibility to any blockchain-related Firm. Some of the data stored on the blockchain server are individuals’ personal information, record ledger, financial transactions, and many more. Unfortunately, we have so many data-thief trying to hack and steal this valuable information. A lot of policies have been set up in order to ensure privacy and confidentiality in blockchain companies but they just haven’t been enough. With the new PlatON’s privacy-preserving computation, the issue of privacy and security will be a dead story
What is PlatON?
PlatON is a public blockchain network, initiated and promoted by LatticeX Foundation, which tends to lead in privacy-preserving computing networks and provides the next-generation internet basic protocol such as computing interoperability. PlatON is dedicated to developing a secure, scalable, and high-performance computing network with first-class privacy preservation features, built on its advanced computation architecture and jointly assembled by cryptographic algorithms such as verifiable computing (VC), secure multi-party computation (MPC), zero-knowledge proof (ZKP), and homomorphic encryption. One of the major visions of platON is to provide an open-source, safe, public infrastructure for global artificial intelligence, distributed applications for developers, data providers as well as different institutions and individuals with privacy-sensitive computing demands around the globe.
PlatON privacy-preserving computation
Over the past three years of continuous changes and improvements, PlatON has been able to achieve leading features in the blockchain ecosystem, a well complete architecture of its applications, and overall excellent performance. One of the main features of the PlatON network is a privacy-preserving computing technology which it has been able to achieve thanks to its cryptographic foundation. The LatticeX major vision on initiating PlatON is to combat three major challenges facing the blockchain ecosystem which include storage, privacy, and management issues. The stated issues and solutions will be discussed in this article.
Storage and Management
Storage is one of the issues that has been a major concern to the blockchain community. Just like the name blockchain implies, each block contains multiple information/transactions which are carefully chained to another cryptographic hash function. Because of the hash function, it is quite impossible to tamper with information/transactions stored on the blockchain. Unfortunately, as the number of transactions continues to grow, space/storage to solve this problem became a problem, and also with the increasing data of blockchain data, the price of validator increases (a validator is an individual responsible for verifying transactions on the blockchain). The PlatON 2.0 version aims to provide a solution to the storage and management issue. The vision of this version is to build a decentralized and collaborative global artificial intelligence to drive the democratization of artificial intelligence. In the PlatON 2.0 version, A three-layer network is considered. The first layer is Consensus Layer. A consensus network is a decentralized network composing of blockchain nodes, which are interconnected to each other through Peer-to-peer protocols with this, there will be no need for a validator that is no one needs to be trusted by so doing, the management issue has been dealt with. While on the blockchain network, smart contracts can be executed automatically not manually. The second layer of the PlatON version 2.0 which is the Privacy-Preserving Computation Network will be discussed later in this article. The third layer is a Collaborative AI Network, in which multi-agent systems and AI agents can operate independently, by doing so, less space will be occupied on the blockchain and it can finally form an autonomous AI network.
During the early stage of bitcoin individuals were able to maintain their network by saving copies of all their data. With this method, the consensus was achieved, but their transactions were public making it possible for other parties to have access to it. Subsequently, developers now realize that privacy is one of the major issues affecting the blockchain ecosystem.
In the second layer of the PlatON 2.0 version, a data privacy solution was provided. In this version, data nodes and computing nodes could connect to this layer and publish data and contribute computing power. Through smart contracts on the blockchain, a decentralized sharing and trading marketplace for data, algorithms, and computing power can be built. Based on cryptographic economics which will form an effective incentive mechanism to motivate more data, algorithms, and computing power to join the network.
Also, PlatON provides a secure multi-party computing algorithm which helps to keep data private with this feature, Healthcare sector, financial organizations, and other companies that have contracts, projects, or even applications built on blockchain can use PlatON to keep their records private. Also, PlatON provides a computing paradigm that helps to make data available but not visible through cryptography, so that data privacy can be fully protected.
PlatON’s solution algorithms
In the previous paragraph,we discussed about the PlatON privacy-preserving computation which includes the storage/management and data privacy. In this paragraph we will be discussing the algorithm which was use to build the solutions. Before we proceed let briefly define algorithm. Algorithm can be define as a series of step by step instriuctions or rules used in solving a particular problem.The cryptographic algorithm used to build these solutions are named as follows: ZK-SNARKs, primitives, and accumulators. Most of the listed algorithms are based on elliptic-curve cryptography. An ellliptic-cryptography is a public key encryption technique use to encrypt and secure data or transactions for privacy purpose. Let us take a look at the algorithms which was used to create solution to the privacy and storage issues by the PlatON team.
ZK-SNARKS is an acronym which stands for "Zero-Knowledge Succinct Non-Interactive Argument Of Knowledge " this is a type of cryptographic technique which allows two parties to verify information with each other without sharing data or resources related to that topic. This algorithm is usually use to protect the anonymity and confidentiality of transactions by users
Primitives this are well-established, low-level cryptographic algorithm that are used to build cryptographic security system. It is mainly to construct advance algorithm and cryptograhic solutons.
Accumulators can be define as a one-way membership hash function which allows users to certify that potential candidates are a member of a certain set with a short and easy-to-verify witness.
With the listed cryptography algorithm, PlatON has been able to create a solution to the privacy problem which is a big issue in the blockchain ecoystem.
For the past 10 years, the blockchain community has grown big and fast. A lot of companies, government agents, business owners, and individuals have taken a keen interest in the blockchain community. To secure the trust of these individuals, their records and transactions should be taken seriously. Each data of an individual on the blockchain network should be secured and made inaccessible to the public eyes. Also, a company on the blockchain should be able to perform transactions discreetly without the interference of a third party or a validator. The PlatON’s team has worked so hard to achieve this. So as an individual or a company that wishes to implement a privacy-preserving policy, make use of the PlatON Network!