Partisia Blockchain is a Web 3.0 public blockchain created for trust, transparency, privacy, which is supported by an independent non-profit foundation, the Partisia Blockchain Foundation, in Zug, Switzerland.
Partisia is a project with some amazing capabilities. Headquartered in Zug, Switzerland, Partisia Blockchain is co-founded by leading cryptographers, developers, and entrepreneurs in the world, who also founded the companies Partisia.com, Sepior.com, and Instars.com.
One of the biggest assets it has is its combination of blockchain and MPC technology which is going to solve some such issues in the blockchain industry.
MPC technology ensures data to be secured as it uses a network of computation nodes that work directly on encrypted data and there’s zero knowledge about the data. It allows decentralized pools of data to stay encrypted.
Meanwhile, using encrypted computations to extract information from those decentralized data pools.
According to Kurt Nielsen, the president of blockchain infrastructure organization Partisia Blockchain Foundation, leveraging both blockchain and MPC could help cryptocurrencies to satisfy regulators’ needs to manage transactions while preserving user privacy through MPC’s ability.
Users can verify their identities privately without actually disclosing specific identifying details.
Powerful automated identity verification tools can continuously develop while allowing them to catch and prevent potential fraud. Therefore, blockchain platforms could build more trust with regulators and legitimate users.
Partisia Blockchain Wants to Make an Impact
The team at Partisia has many years of experience in developing commercial-grade software based on distributed cryptography including blockchain and Secure Multi-Party Computation (MPC).
As the foundation’s vision is to create a more safe and secure Internet infrastructure, merging blockchain and MPC has been a key challenge since 2017. Partisia, the co-founder of the project, was a pioneer in the space when he started selling commercial-grade MPC software solutions to global enterprises in 2008.
The first version of Partisia Blockchain and Key Management based on MPC was transferred to the foundation by Partisia Infrastructure ApS and Sepior ApS at the beginning.
By developing the combination of MPC and blockchain technology, Partisia Blockchain’s solution offers enterprises the advantages of decentralized technologies while still guaranteeing to keep data private and secure, reducing data breaches and fraudulent activity.
The team behind the project wants to create a Web 3.0 infrastructure with no single point of trust for generic coordination of public and private information to be used by all applications across all platforms.
This is one of the things that makes Partisia Blockchain unique and different from other alternatives in the space.
In simple words, the project is launched to encourage developers to build on it, but it can also be a privacy layer for any other blockchains. In addition to having its own blockchain, the project allows anyone to be able to transact in a private and fast way on Ethereum or any blockchains.
Partisia Blockchain has raised a total of $36m since its launching with the most recent raise was led by Ausvic Capital, P2P.org, Kosmos, and Bitscale. Other investors Crypto Bazar Capital, CRT Capital, Gate.io Labs, and Insignius Capital also participated in the round.
In addition, Partisia Blockchain also has introduced some significant features. In August 2021, Partisia Blockchain launched the first smart contract available for developers, which powers voting and also consists of an interface for end-users to submit votes.
Also in that month, the Partisia Blockchain MPC Wallet browser extension went live on Chrome and Firefox allowing users to create and manage their own private keys, addresses, and have access to any dApps that run on the Partisia Blockchain.
In October 2021, the project launched its Rust Wasm Smart Contract language aiming at a better experience for developers and expanding compatibility with MPC technology.
Why it Matters for Blockchain
Today, digital assets have become a most favorite form of money among individuals and investors across industries in the world. The potentials of emerging blockchain technology are explored by developers to create places for people to enter and start making money.
Digital assets are not only appealing to consumers, investors, and regulators but also fraudsters. The huge cryptocurrency continues creating a lucrative environment where cybercriminals can carry out their schemes.
Although digital assets transactions are made being tracked and recorded on the blockchain, users can be anonymous by trading under pseudonyms and usernames. As such, this opacity makes it easier for criminals to onboard and scam victims or conduct money laundering.
Fraudsters’ abuse of digital assets is not a new phenomenon. From 2011 to 2021, it’s reported that criminals operating worldwide have scammed users out of nearly $5 billion worth of cryptocurrency and stole another $3 billion through security breaches.
Proportional to the continuous rise of the interest in digital assets, security is also being the most popular and talked about subject in the cryptocurrency space as digital assets are getting more and more attention from developers and investors.
On another hand, the existing infrastructures of blockchain platforms still do not go far enough to ensure data sovereignty is protected because of its technological limitations.
Back in 2016, the British research firm Cambridge Analytica found that the world’s most common social media platform Facebook was given access to the private information of 87 million users equating to over a quarter of the population in the United States.
In April this year, over 500 million global users of Facebook disclosed personal information, emails, and phone numbers on the internet by hackers. This has shown how big tech companies in the world fail to safeguard consumer data.
These breaches have led governments to contemplate the serious implications especially for national security, the economy, and the sovereignty of millions of people’s private information across the planet.
To implement infrastructures that will safeguard consumer data, as well as cryptocurrency advocates, industry leaders, and blockchain-based platform developers, need to seek alternatives and make improvements to existing technologies.
The implementation of secure multiparty computation technology (MPC) in combination with blockchain is the newest solution that can help to reduce these concerns.
The MPC Token
The distribution of the MPC token is as follows:
- 20% for the Ecosystem Fund
- 15% for the Core Infrastructure Team
- 60% for Token Sale
- 5% for Token Reserve
MPC token will not be used as the means of payment, it is a staking token to secure the blockchain. Users can stake MPC tokens then receive rewards for being stakers. The reward will be in currencies that will be used as payment.
Because any blockchains can use Partisia Blockchain as the privacy blockchain layer, users can trade in those blockchains with their native token.
Closing Thoughts on Partisia Blockchain
Although blockchain technology has revolutionized the internet and the digital asset market, it still has a lot of work to compete with the traditional internet business model.
Cryptocurrency is the future of money and it requires blockchain-based platform creators to explore and develop technologies to meet regulators’ security demands and users’ privacy desires.
Partisia Blockchain is one of the projects that represent the success of integrating MPC into blockchain technology. The project is creating privacy-preserving collaboration across legal barriers.
Its cutting-edge technology allows a user to control their own data even though it is being used by a third-party service.
The groundbreaking integration of so-called zero-knowledge computation and MPC helps to protect users’ privacy, which is one of the most pressing issues facing people today.