What is PART?
PART is a cryptocurrency used natively as a means of payment on a decentralized eCommerce marketplace called Particl. As the Particl project seeks to build a completely trustless marketplace, the PART coin is a critical component of this effort, focusing on privacy and anonymity for frictionless exchange of goods and services.
To enable end-to-end anonymity, Particl uses its own smart contract-enabled blockchain which brought about the creation of the blockchain’s native coin – the PART coin. The project started off in early 2017 after the successful round of seed funding that provided enough capital to support the development of the MVP for a couple of years.
In May 2018 the Particl Marketplace alpha version was made available for testing. The project went live on August 12, 2019, with Particl Marketplace officially released on the mainnet, featuring the PART coin as a transaction vehicle and Particl Desktop 2.0.0 as a client-side application with built-in wallet functions.
A few months later, on November 25, 2019, the project came up with a new major version of its user interface app, Particl Desktop 2.3.0. This version celebrated the introduction of untraceable transactions on the marketplace using PART, along with the built-in BTC-PART exchange module allowing easy conversion of bitcoins into the native PART coin.
On July 6, 2020, a second coin after Bitcoin, Zcoin, was added to the marketplace and its application, Particl Desktop, as another account funding option. The addition of Zcoin extended the marketplace outreach in the cryptocurrency community, making online shopping even more secure and anonymous by combining two different privacy models of the native PART coin and Zcoin.
As of this writing, the next major release of Particl Marketplace will be Particl Desktop 3.0, initially planned for release as Particl Desktop 2.4.0. It will ship with the much advertised functionality of user-created markets that would allow users to create their own markets and storefronts, effectively partitioning the Particl marketplace into a network of dedicated markets.
Particl Desktop 3.0 will also allow direct communications between the buyer and the seller – another highly anticipated feature.The communication between the transacting parties is important as it allows to fix mistakes and resolve issues immediately. It is intentionally made public to prevent attempts at blackmailing by the malicious actors, as well as to allow vendors to build their reputation on the marketplace.
Aside from that, Particl plans to further extend the accessibility of the marketplace by making more payment options available beyond now accepted Bitcoin and Zcoin. As the project team sees it, adding more coins freely convertible to PART with an in-app swap module should move the crypto community toward spending cryptocurrencies on everyday goods and services with guaranteed privacy but without much ado and hassle.
Where can PART be used?
As all deals on Particl marketplace are settled in the native coin, PART, it functions as a marketplace internal currency and a means of payment. Put another way, if you want to buy something on the marketplace, you will need PART. If you are selling something there, you will receive PART as a payment for goods sold or services rendered. In short, if you are going to buy or sell something on Particl, PART is what you should have in your pocket or be willing to put there as a payment.
Aside from using PART as a marketplace medium of exchange, there are other uses of PART in the context of the Particl marketplace you may be interested in. Particl relies on a custom Proof-of-Stake protocol, serving as a source of passive income if you stake your PART coins. Initially set to a minimum rate of 5% per year, the annual percentage rate is decreased 1 percentage point every year until it finally reaches 2%. These rates are applicable only if all coins are staked. Otherwise, the smaller the number of coins staked, the higher the rewards.
Any fees generated by the marketplace are credited directly to stakers. These include, for example, network fees collected on PART transactions and marketplace listing fees. The latter are small and only required to fight off spam listings. Altogether, that can make staking a profitable business as the platform gains momentum and starts to attract more traffic. It should be noted as well that 10% of all the staking rewards go to the Particl Foundation to financially support the ongoing development of the platform.
The consensus mechanism used on the marketplace implements a blockchain voting system that grants every PART staker the right to vote or poll other stakers. The voting system works as follows. A staker receives one vote once he finds a block, and that vote represents a multi- vote in all of the polls currently running. This approach allows the community to collectively manage the platform. Naturally, only stakers can vote, and it gives the decisional power exclusively to the users actually interested in supporting and promoting the marketplace.
But PART is not just a form of in-house money, staking device, or voting tool that is only useful within the Particl environment. It is also a self-contained cryptocurrency featuring its own blockchain. As such, it is traded on a few cryptocurrency exchanges, among which HitBTC and Bittrex, with more to come in the future. To store PART outside the Particl marketplace, you can use native Particl Qt and Particl-cli wallets, along with a third-party multicurrency Flare Wallet. For mobile devices, there is Particl Copay Wallet, also available as a desktop version.
Pros and cons
It should be clear by now that the success of the PART coin is intrinsically linked to, and inseparable from, the success of the entire Particl marketplace. With this platform you can buy and sell goods without submitting personal information to third parties. A decentralized approach to eCommerce combined with complete privacy will certainly attract users who are not quite happy with centralized markets like Amazon and its clones. As it stands, PART is both powering the Particl marketplace and gaining from it in a two-way fashion.
On the downside, though, we should be aware that once people start trading illegal stuff and offer services that could land you in jail, the government, in fact any government whose citizenry starts to use Particl for real, will leave no stone unturned to shut the place down. The truth is, we may eventually end up with a new iteration of Silk Road. Whether it is going to withstand and survive the concerted effort of so many governments to close it for good when it gets on their radar, only time will tell, but it will always remain a minefield to tread on lightly.
The PART coin is based on the Bitcoin Core codebase, but unlike Bitcoin, it can be natively used in three different privacy modes, depending on the level of anonymity required. The first mode, called Public, is pseudo-anonymous, with transactions and transferred amounts publicly available for research and analysis by all interested parties. As the name suggests, it doesn’t offer a lot of privacy.
The second mode, Blind, uses the Confidential Transaction privacy protocol that hides the amounts transferred from prying eyes. Only the sender and the recipient of the funds can see them. However, the transacting parties are still fully visible on the Particl blockchain. This tech was developed by Bitcoin Core developer Gregory Maxwell, and PART was the first coin ever to implement this technology on top of the Bitcoin codebase.
The third mode, Anon, follows the Monero privacy model and enables hiding both the amount transferred and the blockchain identity of the transacting parties. This mode is essentially a combination of a few privacy protocols that provide the highest level of anonymity attainable in the crypto industry today.
How to get PART?
Today Particl price is 1.37 USD. You can buy Particl coins at StealthEX exchange with a low fee.
Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to PART.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins!