The World’s First Decentralized and Secure Proof of Location Protocol on the Blockchain

UTC by Eugenia Kovaliova · 5 min read
The World’s First Decentralized and Secure Proof of Location Protocol on the Blockchain
Photo: Platin / Medium

Platin will make cryptocurrency more real and accessible with its brand new PoL protocol, which allows people to see the exact location of digital assets in a physical space.

Most peoples’ doubts related to cryptocurrency are based on their uncertainty of its real power. You can’t touch it, see it, or feel it in your hands, and this factor can be intimidating for new users. Platin’s development team is here to change that by making digital assets more real and accessible with the help of its brand new Proof of Location (PoL) protocol, entirely based on blockchain technology.

According to the company’s whitepaper, Platin represents itself as the world’s first decentralized and secure PoL protocol, which allows its users to geo-locate a digital asset (cryptocurrencies, documents, images, etc.) anywhere on the map and anywhere in the world, in real time. The Platin system consists of an aggregate of inter-functional, inter-cooperating subsystems, which allow for leveraging of privacy preserving location credentials at an unprecedented scale.

The protocol decentralizes the location services marketplace with secure location capabilities and proof verification for any digital asset fueled by Platin’s own PTNX coin, making it a secure, decentralized, and incentivized peer-to-peer location protocol available to businesses from all around the globe. The Platin protocol will help end the abstractness of digital assets like cryptocurrencies by bridging the gap between the physical and the digital worlds.

By leveraging a decentralized peer-to-peer protocol for location-centered operations, Platin provides well-known blockchains (Ethereum/Solidity, EOS, and others) with its Geographic Information System (GIS) extensions. These extensions allow developers to request and define secure location proofs on the blockchain. The high level of security is reached with the help of the Platin PlexusTM.

Thanks to the integration of the platform’s native token PTNX, Platin’s protocol incentivizes individuals, organizations, and large groups of people to move and interact with digital assets, as well as with each other. Through innovation, and by knowing the exact location of their assets in a physical space, users can feel more comfortable on the blockchain. The fungibility of PTNX allows it to be exchanged for other currencies; this will help to promote and encourage positive behavior amongst the platform’s participants. PTNX can function as a great incentive for the Platin ecosystem because they can be utilized as rewards, and distributed in varying amounts to participants that run Platin policies at different levels.

Platin’s Many Use-Cases

Being developed by a world-class team of professionals experienced in blockchain, security, mobile, and AR, Platin has the potential to transform every industry from retail to ride-sharing, and from supply chains to the disintermediation of large-scale international humanitarian relief efforts.

Platin’s proof of location protocol provides the tremendous advantage of top-notch security for protecting high-value assets, as well as a level of interoperability and flexibility that allows Platin to utilize pre-existing infrastructure to achieve global coverage, ultimately enabling the platform to be used anywhere on the planet, irrespective of the area of deployment.

Aside from redefining the way humanitarian aid efforts are carried out, Platin also has another important use-case in the business world. The Platin system allows businesses to leverage Platin’s incentive system for attracting customers, incorporating retailer branding, and adopting advanced marketing strategies. Cryptocurrency airdrops can be used to provide customers with access to exclusive discounts, while Platin Geo Airdrops can be used to drop branded tokens at eventful locations with lots of potential customers. This will help businesses expand their outreach and customer-base immensely.

The Platin Team is Truly Global

The founders are based in Israel, and their software developers are based in Tel Aviv and Kiev, which include a team of full-time employees, experts in blockchain (Ethereum, EOS), mobile (Android, iOS), full stack programming, designers, 3D modelers, Solidity developers, and more. Their Japan team leads partner relations and business development.

Platin’s team partners with Sir Tim Berners Lee, the inventor of the World Wide Web who also rejects the idea of web services centralization, by working with the World Wide Web Consortium (W3C). Together, they work on codifying the creation, storage, presentation, verification, and user control of location credentials.

The company will run a token sale in order to incentivize the ecosystem’s early adoption and further development. The TGE will officially launch on October 28, 2018 and last for one month. The hard cap is estimated at $18 million, and a soft cap at $3 million.

The PTNX utility tokens enable secure and verifiable location proofs to be requested via Platin’s Proof of Location (PoL) protocol on the blockchain. In addition, the tokens enable the coupling and representation of geographical information within secure digital assets. These tokens are also the mechanism underlying the incentivization for participating nodes to witness, verify, and attest to location claims.

The total token supply is one billion PTNX, the 300 million of which will be allocated for sale. The Platin team is not going to burn the unsold tokens at this time. Half of them will be allocated for the system’s further development, while the other half will be spent on “Proof of Location Mining.”

The company will grant early investors special bonuses in exchange for their funding. Moreover, early stakes have the potential to be much more valuable than later ones, as early location proofs and witnesses will have chances to earn more.

Blockchain News, News
Eugenia Kovaliova

Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.

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