How to make your cryptocurrency transactions instant, private & free.
One of the daily struggles of a blockchain project is digesting the technology so that it can be used by people of all ages and technological ability. This is a challenge for most technologists and is one that pushes our imaginations and abilities to unknown limits.
The PPN is our homegrown solution for effortless cryptocurrency transactions and exchange. It’s something we’re very excited about. The Network will be powered by the PLR meta-token, which we’ll explore in our next post.
With the PPN, both users and businesses will be able to open up their own private payment channels with Pillar where they can transact instantly, privately and for free, in any currency, just by owning PLR tokens. Only when the payment channel is closed will the final balance be confirmed on-chain. This is also the only time you’ll pay your gas fee.
Let’s say you want to start transacting with other people or services in the network. You just have to fill up your wallet’s ‘tank’ with PLR tokens. This will open your own private payment channel (which lives off the blockchain) where you can transact as many times as you’d like, withdrawing from your tank’s supply of PLR tokens.
For example, if you fill up your tank with 1000 PLR, you can make up to 1000 PLR’s worth of transactions — in any cryptocurrency (as long as it’s supported by the wallet).
As these payment channels are managed by the PPN, they are off-chain, meaning they are ‘offline’ so all your transactions are private. They are also instant because you don’t have to wait for each individual transaction to be added to a block, and free because you’re not paying gas for each individual transaction either.
Once you’ve finished transacting and you decide to close the channel, the final balance is calculated and finalised. We tally all the different transactions, conversions and swaps and send this final number/closing balance to the blockchain.
Opening balance — final balance = one transaction executed onto the blockchain. You only have to pay that final transaction’s gas fee. This will also stop the blockchain being unnecessarily clogged up with the many ‘in-between’ transactions you make from opening the channel to closing it.
Every time a channel is closed, there is a challenge period which allows you to submit your most recent transaction record to settle any disputes.
The PPN is our solution for solving blockchain scalability issues and will dramatically reduce the time, effort and money spent when paying in crypto.
We’re also a member of the Gas Station Network Alliance,
This means any gas fees for on-chain transactions can be paid for in PLR, rather than ETH.
Relayers are specially built to accept these PLR network fees.