PHAETON’S ROLL-OUT STRATEGY

From concept to execution part 2: PHAETON BLOCKCHAIN TECHNOLOGY

2. PHAETON BLOCKCHAIN TECHNOLOGY

Phaeton has been creating and developing blockchain applications since 2017 by its founders, Chai Shepherd and Damian Robson. The core application is Phaeton’s Native Blockchain, based on the Delegated Proof of Stake plus Delegated Byzantine Fault Tolerance (DPoS+dBFT) consensus algorithm.

Additional applications included Phaeton Core, a single-sign-on platform with multi-factor authentication and biometric identity validation for smart contracts, and Phaeton Smart Card, a biometrically secured device serving multiple functions. When Ron Forlee joined the group as the CEO, the business model changed to its current format. In line with its ethos of Social Impact, Phaeton developed several new applications to enhance its current business model. These are explained under this Chapter.

TECHNOLOGY TEAM

The technology team is headed by Chai Shepherd (CTO) and supported by the following team members.

• Dr Ravi Chamria: 20 plus years of IT consulting with more than four years in Blockchain and Cryptocurrency space.
• Ghan Vashishtha: 12 plus years of IT Architecture design, Network design and Software Engineering in Defence, Telecom, Media, and Supply Chain domains.
• Engineers and Technicians include a total of 28 Staff members these includes Blockchain System Architect, Full stack/Backend Engineers, Flutter Developers, DevOps & Cyber Security Engineers, UI/UX Designers, Quality Assurance Engineer, Technical writer and Embedded Developers across multiple leading protocols and stacks.

Team Structure

PHAETON APPLICATIONS

Phaeton Sidechains

The Phaeton Blockchain platform is built on the consensus of a dPoS model (delegate proof of stake), unlike the norm of PoW (proof of work) models used by Ethereum and others. Phaeton’s Sidechain model is designed to allow projects or subsidiaries to create a sidechain on the Phaeton Blockchain. A Sidechain is a type of Blockchain that exists alongside its parent chain (Phaeton Blockchain). Thus, the Sidechain can be defined as the “child chain.” Phaeton has several independent Sidechains running alongside Phaeton’s main Blockchain platform. These include Carbon Credit Xchange, Real Estate TNFT Marketplace and ESG Bond Exchange.

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Phaeton Identity

Phaeton Blockchain Identity offers a decentralised and secure solution that gives users total control through a distributed trust model. It benefits several industries with transparency, security, and trust, adding value to our clients. Phaeton Identity is the ideal technology to transform the current working of identity management in a highly secure manner. The existing identity management system is neither secure nor reliable. Users are asked to identify themselves through multiple government-authorised IDs such as drivers’ licence, passport, proof of address and more. By sharing multiple IDs can lead to privacy concerns and data breaches. Therefore, Phaeton Identity paves the way to self-controlled identity through a decentralised network, offering privacy, trust, security, verification, and participants.

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Phaeton Artemis Node

Phaeton has developed its own Staking Node named Phaeton Artemis Node. The Node is linked with IoT (Internet of Things), and AI (Artificial Intelligence) deployed into homes and small businesses. Millions of homes are constructed around the globe each year, and Phaeton’s goal is to deploy its Staking Node into these new homes. In addition, the passive income generated to our Staking Node will assist the homeowner in paying off their mortgage loan much sooner. Businesses who deploy Phaeton Artemis Node will help pay their rent and improve their cash flow.

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Phaeton Helious Deployer

Phaeton Helious Deployer is an automated node deployment tool that is faster and safer based on a few command lines. Running and maintaining blockchain nodes is generally a time-consuming and expensive exercise, consisting of many technical issues. Helious Deployer provides developers with an alternative to run full blockchain nodes with ease and efficiency. Instead, developers get access to tools and infrastructure needed to set up and manage the blockchain nodes. With a robust framework for monitoring the nodes and deploying smart contracts, Helious Deployer makes development much more efficient and faster.

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Phaeton Smart Contracts

Smart contracts are imperative for building highly scalable dApps on the Phaeton blockchain. However, it doesn’t work like Ethereum, where you can write smart contracts on the platform. Instead, you can write smart contracts on Phaeton as a sidechain in JavaScript. Smart contracts on Phaeton may be functioning as the backend of dApps, while the front-end is what the user sees. The smart contract is the brain behind this system, allowing developers to code the whole function in JavaScript. Developers can use JavaScript to create smart contracts on Phaeton as sidechains. These contracts are, however, limited to the movement of funds. Phaeton sidechains considerably bring down the cost of transactions and also make it faster. You might choose to set up a public or isolated sidechain network, depending on your requirements. Phaeton is working on several smart contract standards to support different types of predetermined conditions.

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APPLICATIONS

As noted earlier, these technology applications have been carefully designed to suit Phaeton’s new business model. The following few chapters will show where these applications have been applied in real and tangible projects. In addition, it will demonstrate the value of each technology in a specific project’s ecosystem.

For more information, please visit www.phaeton.technology and www.phaeton.io

Next week’s article will explain Phaeton Blockchain Datacentre Roll-out Strategy.