Phaeton (formerly Plaak) was created in January 2018 by Chai Shepherd and Damian Robson. In March 2020, Ron Forlee developed his own Affordable Housing App using Blockchain Technology and was introduced to Plaak. In August 2020, the parties merged their interest, and Ron Forlee was appointed CEO of the newly created company, Phaeton. His mandate was to drive the business in a new direction. Under Ron Forlee, Phaeton’s unique business model was realised, consequently transforming the company from a traditional ICO Platform offering utility tokens to the new Blockchain Web 3.0 Generation. Phaeton’s innovative, unique, vastly superior backbone has a business model similar to Ethereum, Cardano and PolkaDot. However, Phaeton is distinctly different to these platforms.
Why is Phaeton different?
The majority of the public is under the pretext that Blockchain Technology is Bitcoin. The reality could not be further from the truth, as Blockchain is only the software behind the Bitcoin application. Furthermore, the business model of many Blockchain Platforms like Ethereum, Cardano and more is based on digital formats, which are cloud-based and intangible. Therefore, making it more difficult for the public to understand Blockchain. Phaeton is different for the following reasons.
1. A true Australian native blockchain.
With the high use of electrical power and cost in performing transactions and smart contracts on most Blockchain platforms, Phaeton has created an Australian native blockchain that overcomes these two issues. Phaeton Blockchain has a decentralised ledger system with a 250kb block size (potential of one million transactions) and five-second creation time. Furthermore, Phaeton Blockchain is based upon the Delegated Proof of Stake (dPoS) plus Delegated Byzantine Fault Tolerance (DPoS+dBFT) consensus algorithm, improving energy efficiency and cost. Phaeton remains an independent blockchain that focuses on providing a platform for enterprises to use, whether for monetary, transactions, data or smart contracts. The ability for individuals to host a node is critical to increasing the speed, scalability, and security of the Blockchain.
2. Social Impact.
Our mission is to find current social problems within our communities and analyse how Blockchain Technology can resolve them. All projects undertaken by Phaeton must have a social impact. Therefore, Phaeton’s has created an Incubator Platform for Social Impact enterprises. In addition, Phaeton, under the motto of “Action Yields Results”, has initiated several projects. We are working on affordable housing, renewable energy, carbon credits, health and wellness, education, social infrastructure, and sustainable agriculture.
3. Tangible enterprises.
Ninety per cent of the world’s population do not understand what Blockchain is and its benefits. Many older generations believe Blockchain is Bitcoin, while others find it too complicated to understand and ignore it. To demonstrate how blockchain technology works other than the crypto-world, Phaeton uses Blockchain in real-life situations. With this goal, we have created Phaeton Network Off-grid Modular Data Centres, Phaeton Smarter Housing, Australian Carbon Credit Exchange and Phaeton Urban Agriculture.
4. Diversified technology.
Phaeton is not just about Blockchain Technology. Phaeton believes that Blockchain fits “Hand in Glove” with new technology movements such as FinTech, ConTect and AgriTect. Blockchain applications can only improve the performance of these technologies. For example, with Fintech, Phaeton is creating Phaeton ESG Bond Exchange and Phaeton Real Estate TNFT Marketplace as Defi and Crowdfunding models. In aiming to build sustainable communities, Phaeton is focused on Renewable Energy and is currently working on Micro-Grid Solar Farms (1 MW) for regional towns and undertaking the research and development of a Micro Hydrogen Energy Plant. Other blockchain technology recently created include Phaeton Personal Identity, Phaeton Helious Deployer and Phaeton Artemis Node. These products are to be incorporated with its tangible projects.
5. Flywheel business model
When reading the vast range of projects that Phaeton is undertaking, one may wonder how these projects are being managed? It is pretty simple. Phaeton is not a traditional business model, where when more projects are undertaken, more capital and resources are required. Instead, like Airbnb or Uber, Phaeton uses a “flywheel” business model, where technology is the key driver. For example, under Smarter Housing, Phaeton aims to install as many revenue-generating Artemis Nodes into new homes, but Phaeton does not build or construct these homes. Instead, these homes are built by project home builders under license. In addition, all projects operate under particular silos. Each business silo has a specialist manager, or the silo is a joint venture with experts in the type of business undertaken. Phaeton’s goal is to grow value for our shareholders and token holders by accumulating income generating assets with long term capital growth such as data centres and solar farms.
6. Management — Intergenerational.
Blockchain is a recent technology, and most Blockchain enterprises are managed and operated by a younger generation of entrepreneurs. As a technology, Blockchain can be applied to many types of businesses and not merely in the financial sector where it has made significant ground. The Phaeton Board is an intergenerational group. It is made up of young innovators together with older and seasoned business people. While our younger directors create innovative ideas, the more senior directors provide their vast business experience and skills to ensure that Phaeton is sustainable and profitable. After all, a good idea is only as good as its management team. Intelligent and sophisticated investors weigh their investment decision based on the credibility and experience of the management team.