What is Purple?
Purple is an experimental blockchain protocol that started out as a research project for solving the scalability problem in public blockchain systems. It's purpose is to achieve the following:
* Provide the foundation of a decentralized multi-asset ecosystem.
* Achieve the highest scalability level possible on a public blockchain protocol.
* Be easy to use and to understand for both technical and non-technical persons.
What consensus algorithm does Purple use?
Purple uses a completely new algorithm called Semi-Synchronous Proof of Work (SSPoW) for achieving consensus. It is a variation of the original Proof of Work system that Satoshi Nakamoto invented and is based upon decades of research in distributed systems. It is designed to remove the transaction throughput bottleneck which blockchain systems currently have, the result being a much faster and scalable system which can in theory support mass usage.
Built for long term use
In Purple, multiple currencies/assets are handled at the protocol level. This means transaction and smart contract fees can be paid in any listed currency if the miners accept it. This in turn, means that even if the main currency of the protocol dies, or is otherwise lost, the protocol can still function because users can send transaction with fees paid in any currency.
Native security tokens
Another big feature of the protocol is it's native support for security tokens. They are closely tied to Shareholder Controlled Accounts. These are accounts that require the signature of the majority of owners of the respective account in order to approve a transaction. A shareholder is then another account which owns a percentage of it's issued shares. These shares are very similar in behavior to other currencies listed in the ledger, i.e. they can be transferred, with the exception being that you cannot pay transaction fees using them. Shareholders can also extract dividends from their owned accounts by issuing a special transaction.
Decentralized exchange
Another result of native multi-asset support is that a decentralized exchange between all listed currencies can exist at the protocol layer. This provides a safe and reliant infrastructure for users wishing to own multiple assets. Any native token or security that is listed on the ledger will, by default, be able to be bought and sold on the decentralized exchange.
Mining
The coin distribution will be done via mining. From a miner's standpoint, it can be said that mining on the Purple network feels quite similar to mining on other, classic cryptocurrency networks. But this is only on the surface level, the mining process in Purple is actually completely different from any other protocol. In Bitcoin, miners approve transactions by providing a valid Proof of Work and by choosing a number of pending transactions to be written in the ledger. While this works, it also means that the main bottleneck is the Proof of Work algorithm. In Purple, miners who provide a valid Proof of Work are eligible to approve transactions in a designated period. During that period they broadcast network events that include the transactions that they wish to approve. After the period has ended they will be required to issue a leave event which transfers all of the fees of the transactions to the address chosen by the miner. If a miner crashes or behaves maliciously during it's designated period, it will be removed by the other participants and will lose all of it's collected fees.
Virtual machine
Purple supports the execution of Turing Complete smart contracts. For this, a new Virtual Machine is being designed which will serve as a compilation target for many widespread programming languages. The aim is to enable developers to write smart contract software in familiar and well known programming languages.
Supported programming languages
We plan to support any programming language that can be compiled down to LLVM bytecode. A list of languages that are compatible can be found here: https://en.wikipedia.org/wiki/LLVM
How did this start out?
Purple was "officially" founded by software engineer Octavian Oncescu on the 1st of March 2018 but it's inception begins in December 2017 when research began on the subject of scalability on public blockchain systems.
Will there be a crowdsale?
Most probably, no. Coins will be distributed to miners.
What is the current status of the project?
Purple is in heavy development but will soon enter the testnet phase.
Participate in our crowdfunding campaign
You can help us further develop the protocol by participating in our crowdfunding. If you donate you will mean the world to us!
Join us
If you believe in any way, shape or form that you can contribute, do not hesitate to do so. Give us a message on Discord if you want get hands on and become a part of this: https://discord.gg/5ZVZnKd.
Links
* Whitepaper
* Website
* Blog
* Github
* Twitter
* Reddit
* Facebook
* Medium
* Discord
* Telegram
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