After months of hard work and development, Pylon Network proudly presents the first blockchain core code, designed specifically for the needs of the energy sector!
Today we make two very important announcements regarding Pylon Coin and the development of Pylon Network’s core 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)
(ii) Secondly, we are very excited for taking a strategic decision regarding the development and future of Pylon Core and Pylon Network: Pylon Coin core is released as an open source code!’
What does Open-Source mean?
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.
Why do we think that Open Source software is a good idea for the energy sector?
So, what is Pylon Coin?
- Pylon Coin is the payment method for all electricity transactions in Pylon Network
- Pylon Coin is the certification of energy, through P2P transactions and instantaneous payments.
- Pylon Coin is a true coin that will be mined by prosumers of federated nodes.
Its capabilities and innovations are listed below:
7000 tx/sec, designed for the energy sector and the cooperation of all players.
Pylon core has been designed from the very beginning with two critical aspects of blockchain technology in the spotlight of the design process: (i) the scalability and (ii) the energy (carbon) footprint of its operation – both being bottlenecks of current blockchain applications.
A technology that implements a more dynamic, asymmetric recalculation of the mining difficulty. DigiShield protects Pylon Coin (PYLNC) against threats related on one hand, to the security of the consensus and on the other hand, to the smooth sequence of the block validation.
NOTE: Some projects such as Creativecoin, DigiByte, Dogecoin, Z-Cash have recently implemented DigiShield successfully, resulting in robustness and high protection standards in their coins. Without a doubt, it is a system that offers greater security to the ecosystem of Pylon Network.
- 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.
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.