PYLON NETWORK releases Pylon Coin open-source blockchain code!

(i) First, we are delighted to be in the position of releasing the code of the first fully functional blockchain algorithm, designed specifically for the needs of the energy sector. Pylon Coin is intended to be the most sustainable crypto currency in the World and will be used for instantaneous energy payments and certification of green energy.

Today, we present its fully-functioning core algorithm with much lower energy consumption than PoW, PoS algorithms and only powered by excess renewable generation of small-scale producers (prosumers).

(All the technical characteristics of Pylon Coin Core are presented below and a full copy of the code can be found on Github, here)

That is, anyone is freely licensed to use it in any way, and the source code is openly shared so that people are encouraged to voluntarily improve the design of the software.

The latter is the most important advantage of Open Source that we wish to leverage to our benefit; in terms of product development. Since we have already demonstrated our cooperation potential with experts in various areas, we intend to keep the same mentality regarding the development of the open source code.

Today, we present the first blockchain consensus algorithm for the energy sector after a very successful collaboration with the developer teams of Entropy Factory, CREAtivechain and Faircoop, which will not only continue but further expand.

Some other advantages of OpenSource Software include: decreased software costs, increased security and stability (especially in regard to malware), protecting privacy, promoting education, and giving users more control over their own hardware.

We see Open Source as a very clear strategy (and statement) for creating a scaleable, effective and hustle-free common framework for cooperation in the energy sector, which we see as absolutely necessary – if we are to talk about fast adoption of sustainable technologies.

The energy markets in all countries suffer from a common problem, which has to do with communication among different stakeholders, the unequal access (sharing) of data and the lack of trust, that does not allow these players to cooperate for the benefit of our energy system.

We keep hearing wishful thinking by all energy actors regarding how important it is to work together and in a timely manner, towards a more decentralized, smart and greener energy future. We decided it is time for acting upon it, rather than wishing for it (this is in accordance to our past “warnings”: this year will be a Year of Actions for Pylon Network!).

Pylon Coin Core is a SHA3 Keccak C algorithm (certified by NIST (National Institute of Standards and Technology) and the winner of several cryptographic contests), based on a fork of LiteCoin and a later fork of CREAtivecoin.

Its capabilities and innovations are listed below:

• Improved security for all transactions:  Segwit prevents third-party and scriptSig malleability by allowing Pyloncoin users to move the malleable parts of the transaction into the transaction witness; these changes to the witness does not affect calculation of the txid.

• Increased security for multisig transactions: via pay-to-script-hash (P2SH). Multisig payments use P2SH, which is secured by the 160-bit HASH160 algorithm (RIPEMD of SHA256). This makes it practically impossible for a transaction to take place without the consent of all signers –  80-bits (i.e. 280) worth of computational work would be required (and that’s a lot!).

• Linear time to verify transactions: Segwit removes the quadratic scaling of hashed data for verifying signatures and makes the increase in the block size safer (see bullet point below). Doing that without also limiting transaction sizes allows Pyloncoin to continue to support payments that go to or come from large groups, such as payments of green mining rewards or crowdfunding services.

• Increased block capacity/size: Each block is bigger  – before the SegWit fork took place, the block was 1 MB; with SegWit the size increases in 4 MB per block, which suits a sector with a very large number of transactions.

• Reducing UTXO growth: Segwit introduces signature data, which does not have an impact on the UTXO set size; this can end up in 75% lower operational costs and higher speeds per transaction, compared with pre-SegWit software.

• Efficiency gains: Compared to pre-SegWit when no signatures are being verified.

POC algorithm

Non-competitive mining (Energy waste minimization): With our certificated nodes we promote the cooperation against the competition (POW) to improve the energy efficiency (Wh/tx) and reduce the hardware costs to a minimum.

Lightning Network: (Future integration) 

• Instant Payments. Lightning-fast blockchain payments without worrying about block confirmation times and transaction costs. Ideal for micropayments and large volumes of transactions.

• Scale-ability. Capable of millions (up to billions!) of transactions per second across the network.

• Low Cost. By transacting and settling off-blockchain, the Lightning Network allows for exceptionally low fees, which allows for emerging use cases such as instant micropayments.

• Atomic Swap Integration: Lightning Network allows you to integrate atomic swap to your blockchain.

Atomic Swaps: (Future integration)

Additional Scale-ability: Allows to exchange peer to peer between different blockchains, without the need to trust a third-party. With this technology the scalability is much higher because we could use different blockchain for different energy markets but connected between them.

So, Pylon Network is the first blokchain algorithm developed specifically for the needs of energy sector and today we celebrate its release. Its release signifies our open call for collaboration with all players.

We offer Pylon core as an open-source communication protocol, addressing to all players of the energy market and inviting them to join the era of decentralization, transparency and cooperation.

Welcome to the era of Pylon Network!