What Is PLATINCOIN (PLC)?

PLATINCOIN (PLC) is a blockchain peer-to-peer cryptosystem (implementation of cryptographic techniques) that allows users to pay for a wide variety of daily services and goods without any time delay. PLC coin is the center of this ecosystem. Predominantly, the platform is a digital currency created to address online payment issues. Also, the platform can be used by anyone and anywhere as it is free of restrictions and open to everyone. As per the PLC documents, the network is based on Litecoin and provides inexpensive, fast, international, and secure transfers in the form of immediate payments. Further, PLC strives to increase the mass adoption and use of blockchain technology by making it easier to join the crypto industry for millions of users globally.

According to the PLC whitepaper, scalability has always been a bottleneck for decentralized systems and the crypto industry. As a solution to this existing problem, PLC pays a lot of attention to scalability by adopting the technologies Segregated Witness (SegWit) and Lightning Network (LN). 

SegWit is the procedure by which the block transaction limit on a blockchain is increased. The signature data is removed from transactions to increase the limit. In addition to this, PLC implements the Lightning Network proposal. LN is a proposed implementation of hashed timelock contracts (HTLCs) with bi-directional payment channels. A hashed timelock contract (HTLC) is a transactional agreement used in the cryptocurrency industry to produce conditional payments. Basically, HTLC is a payment wherein the receiver or the beneficiary must acknowledge the payment’s receipt before a preset deadline or a predetermined time. These bi-directional payment channels allow the payments to be securely routed across multiple peer-to-peer payment channels. 

Besides this, the platform has a monetization process that involves the selling of business packages. Under these packages, the subsequent topics are covered in the form of unique solutions:

• Academy Points: The network has a PLC Academy (online platform with training packages) that facilitates the user in gaining all necessary knowledge and skills in a clear and easy way. The learning material in the academy includes validation tests, video lessons, and articles. Academy points are the gateway to the learning materials in PLC Academy. These points are directly proportional to the learning levels on the platform—the more points, the more learning levels the user can achieve.

• AdPoints: The platform has a social network, a PLC network that combines all members of the PLATINCOIN community. Primarily, AdPoints allow the user to advertise in the PLC Network without spending additional money on it. 

• Voices: PLC Business is another service offered by the platform where the user can go public and their projects can have a chance for implementation. Along with this, every user decides, supports, votes for, and is involved in developing its project. The cryptosystem users use voices for voting on the PLC Business platform.

• PLC: PLC is a marketing solution extended by the PLATINCOIN cryptosystem. This solution gives the opportunity to users to use all the benefits of the platform’s technologies.

History of PLATINCOIN (PLC)

Alex Reinhardt is the founder of PLATINCOIN.

PLC Group AG and Platin Genesis are the essential companies carrying the PlatinCoin cryptosystem. The PLC Group AG is a technological company, and Platin Genesis is a consultancy company for sales, marketing, installation, and maintenance of administrative and marketing structures and the assistance of clients and partners.

How Are New PLATINCOIN (PLC) Created?

PLATINCOIN uses proof of work (PoW) as the initial coin distribution cycle followed by a transition to a hybrid model of both PoW and PoS (proof of stake). On the platform, both parts work simultaneously to provide network resiliency and additional security. 

In a hybrid model, PoW blocks also act as checkpoints, containing no transactions, but anchor both to each other and to the PoS chain. The combination addresses the “nothing at stake” problem by preventing nodes from forging blocks on various chains simultaneously.