The Privi Blockchain System at a Glance
- Privi is a user-owned, decentralized app ecosystem
- Privi is built on a blockchain (HyperLedger Fabric) that optimizes both transaction speed and cost for the user
- Privi is highly compatible with other blockchains (for example Bitcoin, Ethereum, Polkadot, Ripple…)
Privi is a decentralized blockchain agnostic hybrid system.
Let’s break this down into two parts:
- Hybrid agnostic blockchain system
At a high level, this means that the Privi system is not controlled and maintained by any central party, but sustained and governed by the network. A user-owned network.
The goal of Privi is to become as decentralized as Ethereum and Bitcoin, in which millions of nodes around the world govern the network, validates transactions, and mitigates any chance of corruption and other vulnerabilities arising in centralized systems.
To achieve this, the most trustworthy users on the Privi network are incentivized through rewards to set up nodes and decentralize the system. These rewards are given in the form of Privi native tokens: Privi Coins, pDATA, and pINS.
Privi aims to bring a fully equipped system incorporating many decentralized financial and social tools which allows to fairly and transparently measure the trustworthiness, reliability, and good behavior of actors inside the network.
This is particularly measured through n levels. The users with higher-level are compensated with the chance of setting up their own nodes in the Privi network in exchange for economic incentives.
This helps the Privi system achieve a higher degree of decentralization by means of demonstrating the most trustworthy actors of the network. Additionally, Privi implements a decentralized governance mechanism, where any kind of decision, proposal, change, or improvement, is proposed, submitted to a vote, and validated by the network when Privi native tokens are staked. This allows the Privi ecosystem to be developed and evolved in a decentralized and customized way, where the Privi networks jointly and fairly decide the maintenance, improvement, and growth of the system. This provides an initial framework for a long journey that is fully guided and developed by an equal, self-governed and inclusive community.
Hybrid agnostic blockchain system ⚙️
Additionally, Privi is a blockchain agnostic hybrid system meaning that the system is compatible with any other blockchain such as Ethereum and Bitcoin.
The core of the system, its accompanied logics, consensus’ and smart contracts, are implemented in Hyperledger Fabric. This takes advantage of the high throughput and costless transactions, breaking with the limitations of most other blockchains and achieving a highly dynamic system where fees or transaction speed are not a problem anymore.
To make a clear comparison, Ethereum reached a peak of $25.19 (avg) per transaction on February 5th, 2021. While bitcoin reached a peek today at an average of $131.60 per transaction.
According to speed on transactions, this can scale to hours during times of great network congestion. These set unscalable constraints at-time of building any Dapp (decentralized application), making evident the need for an alternative technology to take advantage of the great benefits of blockchain at a time that is attractive for any user.
Hyperledger Fabric is the perfect technology to deal with these problems: transactions are costless, and the average transaction speed is around just 5 seconds. Moreover, its modular architecture helps to easily scale and adjust this throughput with network growth.
As outlined at the beginning, Privi is agnostic in nature, which means that the system is compatible and interactive with any other blockchain you can think of such as Ethereum, Bitcoin, Polkadot, Ripple, Cardano…
This is achieved thanks to an abstraction hybrid bridge that makes use of Hash-Time locked Contracts (HTLC) to securely allow atomic swaps between any blockchains. The idea of this blockchain agnostic bridge is that funds on any 2 blockchains are locked on escrow accounts for a certain amount of time. After ensuring that both parties have locked the funds, a random key is generated and encrypted, which is then provided to both counterparties which have a period of time to use it to claim the locked funds. If after that time no claim is made, the funds are refunded to the original party.
This agnostic bridge is optimally implemented, particularly powering atomic swaps between Privi blockchain (Hyperledger Fabric) and other blockchains (for example Ethereum) in a completely secure fashion. Moreover, this delegates the power of the funds to the users, obviating a central intermediary in the exchange of funds between blockchains.
Welcome to Privi.