About Particl

Particl Coin Review: Mining Guide, Price & Analysis of Particl Cryptocurrency

Particl is a cryptocurrency that focuses on providing private transaction services. That is the core of the Particl project. The developers built Particl from the Bitcoin codebase. Hence, most protocols are the same as with Bitcoin. However, Particl allows users to transact privately.

But Particl is not just a decentralized marketplace. It also allows developers to build and launch their decentralized applications without a worry. Smart contracts are what make this possible. Smart contracts are autonomous and secure. They are ideal for facilitating decentralized finance services.

Further, Particl provides a highly scalable blockchain. This is important in supporting future transactions. Moreover, it makes the blockchain ideal for many sectors. Let’s look at how Particl works.

How Particl Works

Particl uses two main protocols to support private transactions on the network. These include the Confidential Transactions (CT) protocol and the Ring CT protocol.

The CT protocol is a mid-level protocol. It is the product of Gregory Maxwell, one of Bitcoin’s core developers. This protocol keeps the transaction amount hidden. It is only visible to the sender, receiver, and those they designate. All this while maintaining the transaction’s cryptographic integrity.

On the other hand, RingCT is a high-level privacy protocol. It is the most expensive privacy setting you can use. The developer of this protocol is Shen Noether. This protocol hides both the transaction amount and user details. It does this by combining Cryptonode’s ring signatures and the CT protocols.

Further, Particl is a lightweight blockchain. This allows it to be fast and efficient. Moreover, this allows it to be highly scalable. Scalability ensures that the blockchain’s performance remains optimal even when under heavy loads. To achieve this scalability, the network uses several protocols. These include Segregated Witness and Bulletproofs.

Even better, Particl uses another peer to peer network to store data and messages. This ensures the Particl blockchain remains as small as possible.

Can Investors Mine Particl Coins?

No, it is not possible to mine this cryptocurrency. This is because it uses the Proof of Stake consensus. Proof of Stake is a great way to achieve distributed consensus. This greatly reduces the risk of 51% attacks on the network.

Staking on the Particl blockchain comes with some benefits. The most significant benefit is gaining a passive income source. At the start of the blockchain, the reward was 5% per year. Then this drops 1% each year until this year, 2020. The reward stands at 2% and will remain that way forever.

Additionally, Particl supports cold staking. This allows users to delegate staking powers to staking nodes securely. These staking nodes contain no coins. They remain connected to the blockchain, and users can use them to stake their coins.

The Team behind Particl

Particl has a great team behind it. The lead developer is Gerlof van Ek. There is not much information on his background. However, from his GitHub repositories, he seems to have experience in programming.

By his side is Ryno Mathee. He is also a developer of the Particl network. He has experience in system administration, database administration, and system architecture. He also has experience as a deployment specialist.

The third developer is Henk Swardt. Previously, he worked at MIP Holdings as a project and development manager. He currently manages the core-strategic team for MIP. Before MIP, Henk was a general manager for Oceans Basket.

Further, the team consists of other people with tons of experience in technology and finance. This makes them ideal to lead this project into the future.

Governance

Governance of the Particl blockchain is community-based. The project is open-source. It follows the same protocols like Bitcoin. Ownership of the PART coins gives one the right to vote on the development of the blockchain. Owners of this coin have full power over the changes made to the platform.

Additionally, they can place proposals for the community to consider. The community then debates and votes on the proposal. There are three main types of proposals you can submit to the community. These include improvement proposals, opportunity proposals, and requests for proposals.

Privacy and Security

Built on the latest Bitcoin codebase, the Particl project borrows a lot of security features from Bitcoin. The blockchain consists of distributed nodes that work together to keep the network secure. Moreover, in case of an attack, damaged nodes can easily return to a consensus. They do this with the help of neighboring nodes.

Additionally, Particl uses recovery phases. It stores these phrases safely until needed. These recovery phrases ensure that unauthorized individuals do not gain access to user assets. Furthermore, Particl uses multi-signature wallets to protect user assets. Additional security features include audits and bug reports.

When it comes to privacy, users have a choice. There three main transaction types on the Particl blockchain. These include Public, Blind, and Anonymous. In public transactions, everything remains transparent to the public.

The second transaction type is Blind transactions. This is the transaction type that uses the CT protocol. Hence, it means that the transaction amount is only visible to the sender and receiver.

The last privacy option is anonymous transactions. This option uses the RingCT privacy protocol. Here, everything remains hidden. The amount and user details remain obstructed from the public.

Our Take on Particl

Particl is offering a value proposition that is easy to get behind. So far, privacy has only been a feature in many cryptocurrencies. However, Particl makes it its main focus. Additionally, Particl offers users some flexibility. They can choose the details they want to remain hidden.

Further, it uses smart contracts to facilitate transactions. Moreover, this allows users to develop and launch their decentralized applications. This is one of the most versatile blockchains that exist.

However, there are several other privacy cryptocurrencies in the market. Some of them are better-funded and even better-established. Many cryptocurrency enthusiasts are already using these alternatives. This competition threatens the mass adoption of Particl.

Advantages

• Particl is fast and secure.
• Particl offers private transactions.
• Particl is versatile and flexible.
• It also offers cold staking.

Disadvantages

• Particl faces stiff competition from better-established cryptocurrencies.

How to Buy Particl Coins

Particl uses PART coins to power transactions on the network. If this cryptocurrency is appealing to you, then go ahead and buy it. You can do that from several exchanges. These include Bitfinex,  HitBTC, ProBit Exchange, STEX, and Bittrex. The price of one PART coin currently stands at $0.642929.

PART currently holds the 694th rank in market cap share. This is with a market cap of $6,237,203. Additionally, the 24-hour trading volume is $8,438.84. This is not very impressive. Moreover, these statistics show that PART does not have high liquidity.

Still, you will need a wallet to store your coins once you buy them. For that, you can use Particl’s proprietary wallet.

Final Verdict

It's a very appealing project. However, it still does not have significant adoption in the market. The trading volume is still very low. This shows that it does not have high liquidity. Not many merchants will accept payments by a coin that does not have great success in the markets.

This is not to say that this coin cannot gain value over time. With some more marketing, many people will see the benefits of this coin and adopt it. As it stands, investing in Particl coins is still a gamble. It is impossible to tell the direction that this coin will take.