Empower parties by enabling trustless trades & transfers at a near-zero cost and without 3rd-parties
Applicant name: Particl
Innovation Name: Particl
Innovation Type: Project
Mission: Empower parties by enabling trustless trades & transfers at a near-zero cost and without 3rd-parties
Innovation Description: Solutions for directly transferring value and doing trades online haven’t yet properly followed the technological curve. Traditional systems introduce a lot of friction, resulting in fees and operational costs. Additionally, the dramatic increase in data mining has created a significant privacy crisis within the tech industry.
Particl’s trustless escrow system fixes these issues by allowing any two parties such as states, international organizations, foundations, companies, and private individuals, to safely settle trades and value transfers at a near 0% fee and without requiring any 3rd-party.
The novel double deposit escrow system is based on the mutually assured destruction game-theory to ensure both transacting parties keep their end of the deal even if they do not trust each other. It combines blockchain and P2P technologies to keep fees at a bare minimum, as well as various privacy protocols to ensure no data can be collected by any party other than the ones transacting.
The protocol is accessible from anywhere in the world.
Status of Innovation: Pilot
Innovation Active Since: 07/17/2017
Applicant Type: Nonprofit
Headquarter City: Zug
Headquarter Country: Switzerland
Year Founded: 2017
Main Category Choice: Technology Innovation
Why do you think you should win this category?:
Particl’s double deposit escrow system lets any two parties that do not know or trust each other to safely settle trades and value transfers at a near 0% fee and without requiring any 3rd-party such as an escrow agent, payment processor, platform operator, or financial service provider to mediate disputes.
The absence of any intermediary, combined with the many privacy-focused protocols employed by the Particl platform, allows transacting parties to keep all of their data, identities, and conversations entirely private. This provides them with a secure solution in light of the ever-increasing data mining culture within the tech industry.
Moreover, because the Particl protocol runs autonomously, users only need to pay the bare minimum for the platform to operate. This near 0% fee amount to only a few cents, or less, regardless of the size of the currency transaction or the value of the product, service, or asset being transferred.
Its blockchain/P2P infrastructure allows the platform to be deployed and accessible from every country.
Secondary Category Choice: B2B Solution
Why do you think you should win this category?
Particl’s double deposit escrow system is a novel way to prevent and mediate disputes between businesses and other entities without requiring the assistance of escrow agents or trusted 3rd-party.
It can be integrated as part of any pre-existing system, chain, or protocol where two parties that do not fully trust each other need to safely transact currencies or trade products and services without the possibility of the other party not fulfilling their end of the agreement.
The absence of any 3rd-party from this system dramatically reduces the operational costs of interacting with other businesses to the bare minimum (near 0% fee), simplify logistics, and ensures full privacy between the two transacting parties.
Businesses can use Particl’s cost-effective and private-by-default escrow mechanism and build their own suite of services on top of it. This allows them to offer the same services they used to offer to their customer, but at a much more affordable price.
The security of the protocol is backed by blockchain technology.
Full Name: Joe Fisher
Full Name: Paul Schmitzer
Role: Project Marketing & Strategy
Full Name: Juha Kovanen
Early whitepaper: https://github.com/particl/whitepaper/blob/master/decentralized-private-marketplace-draft-0.1.pdf
Protocol source code: https://github.com/particl
Full Name: Joe Fisher