Phaeton announced the release of their Blockchain technology. The Phaeton Blockchain is fuelled by a variety of renewable energy sources. It allows the organization to deploy sophisticated alternatives for the passive income in the Internet of Things, Real Estate, Artificial Intelligence, Identity Management, and Cryptographic Staking.
The Phaeton Blockchain, which is powered by renewable energy, is the very first of its type. It guarantees the speed, security, and intelligence of Blockchains while also contributing to the world carbon crisis in a constructive way. Ron Forlee, Phaeton’s Chief Executive Officer, described blockchain technology as “a Blockchain technology founded on solidarity, placing people before business with a structure that benefits communities in need” during the launch.
‘We have lowered energy consumption for transactions using the Phaeton Blockchain network, which is in line with the Sustainable Development Goals’ net-zero carbon goal. To power our data centres, we’re constructing hydrogen gas storage, solar farms, and wind turbines. In addition, modular products featuring wrap-around solar solutions are available. Geothermal energy is also used for backups and cooling,’ he noted.
The method is described as efficient, secure, and transparent by the company. Phaeton Blockchain, according to its whitepaper, is a decentralized ledger having 250KB blocks created in 5 seconds. To support a safer, quicker, and more safe energy-efficient network, the Blockchain employs the Delegated Proof of Stake and Delegated Byzantine Fault Tolerance consensus algorithms. The company has formed strategic alliances in order to develop cutting-edge, user-friendly, privacy-focused, and energy-efficient technology which addresses some of society’s problems. Furthermore, the Phaeton Blockchain’s Sidechain capability allows other enterprises or companies to establish the operational asset network on the Phaeton Blockchain without interfering with the Blockchain’s core functions. “What we’ve done with Phaeton Sidechains is provide the technology the potential to perform more with less energy consumption,” Chai Shepherd, CTO, said. On the side chain, we can create hundreds of independent alternatives and assist them in communicating with mother chain. This is due to the Sidechains blocks acquire the attributes and functionalities of mother chain’s blocks.”
Phaeton offered three industry-leading technologies with the launch, all of which were made possible by the Phaeton Blockchain. The Phaeton Identity Management System, which saves Personal Identifiable Information on the nodes supported by Inter-Planetary File Systems, is the first. Identity management is handled using a tri-protocol technique in this technology. The protocols—verifiable credentials, decentralized identities, and distributed ledger protocols—give users control over their data’s privacy while maintaining a safe, secure, and quick integrated personal data management system.