What is Perlin? All you need to know about PERL

Positioned as a cross-chain liquidity protocol, PerlinX is making waves with its innovative approach to decentralized finance (DeFi). The project features lightning-fast transaction speeds, similar to most centralized cloud-based platforms.

PerlinX’s vision is to transform the landscape of clean energy and computing through its unique blend of blockchain and distributed ledger technologies. This article delves into the intricacies of PerlinX, its foundational technologies, and the potential impact it holds on reshaping industries and fostering a new era of decentralized possibilities.

What is PerlinX?

PerlinX is a decentralized synthetic liquidity pool and asset liquidity exchange. The platform enables the minting and trading of synthetic assets, including cryptocurrencies, commodities, fiat currencies, and equities.

PerlinX includes a cloud computing layer known as the PerlinX Network, which will serve as a marketplace for computing resources between vendors and customers. Cloud computing refers to the delivery of computing services, including servers, storage, databases, networking, and software over the Internet. The network aims to access the idle computing power of devices like mobile phones, computers and game consoles and sell them to other users who need those resources, creating a viable supercomputing market and enabling users to crowdsource their tech for profit.

History of PerlinX

PerlinX was founded in 2017 by Dorjee Sun, Kenta Iwasaki, and Ajay Prakash. Dorjee Sun, PerlinX’s project manager, is a serial entrepreneur and founder of Carbon Conservation, a company invested in preserving tropical rainforests and providing carbon credit revenues to local communities. Kenta Iwasaki, the CTO of the project, has extensive experience as a software developer and as a startup founder. Ajay Prakash, another serial entrepreneur, serves as the Head of Product for the project.

PerlinX has partnered with several industry giants, including Forbes, The New York Times, Coindesk, Yahoo Finance, Reuters, and Nasdaq. The project also has top advisors, including Michael Arrington and Vincent Zhou (a partner at FBG Capital). The project is also the official blockchain partner of the International Chamber of Commerce (ICC).

How Does PerlinX Work?

To facilitate the creation of synthetic assets, PerlinX integrated some DeFi protocols, namely UMA Protocol and Balancer. PerlinX uses UMA’s Data Verification Mechanism (DVM) as an oracle, which collates and communicates off-chain data to smart contracts. On the other hand, Balancer is a customizable automated market maker (AMM) and decentralized exchange built on Ethereum. Its integration with PerlinX allows users to earn BAL tokens by staking PERL and providing liquidity, ultimately forming part of PerlinX’s Asset Liquidity Engine.

The synthetic assets created on PerlinX are known as pxTokens and they come in many forms, each representing a tokenized asset on the blockchain. Some pxtokens are pxGold, pxOil, and pxCarbon, each pegged to real world assets.

One novel technology that PerlinX tried to incorporate is the Wavelet consensus mechanism, whose development was later paused in 2020. The Wavelet consensus mechanism is a new blockchain consensus method that allows developers to write robust and scalable dApps in the form of WebAssembly. The new consensus mechanism is said to have surpassed PerlinX’s previous Avalanche protocol given that it’s proven to deliver up to 31,240 transactions per second using 240 Digital Ocean nodes. Wavelet also provides 2-4 second finality on millions of nodes, guaranteeing that transactions are ordered and consistent. These features enable it to facilitate a trustless blockchain, where nodes are incentivized through virtual rewards to constantly protect and validate the network.

With its lightning-fast power, PerlinX can deliver performance that rivals the current centralized cloud-based platforms like Microsoft Azure. This implementation can be scaled to millions of nodes built out of individual devices deployed globally, allowing PerlinX to offer cloud computing services.

Despite the existence of other decentralized computing platforms, PerlinX positions itself as one of the best in the business, offering users the capacity to designate the CPU and RAM needed to complete their tasks. This type of designation is typical amongst current cloud-based centralized systems like Microsoft Azure and Amazon AWS EC2.

With the demand for computing power increasing, PerlinX provides its users with an alternative solution that can provide large-scale computing power that is decentralized and cheaper than current offerings. As such, startups, researchers and even small-scale developers will all be able to access affordable and large-scale computing.

Main Features of PerlinX

With customizable synthetic assets, seamless interoperability, and a user-centric approach, PerlinX’s array of features position it as a trailblazer in the crypto space. PerlinX features four main products: Wavelet, PerlinX, Cloudify, Perlin Certify, and Perlin Clarify.

Perlin Clarify

PerlinX Clarify was launched in 2019 as a real-world distributed ledger technology (DLT) traceability tool for commodity and product value chains of any size or complexity. Clarify allows enterprises to present their extensive work behind the scenes to ensure their products are sourced, processed, and handled responsibly. More transparency enables companies to show their compliance with all relevant sustainable development goals, industry standards, regulatory rules, and other relevant requirements.

Aside from providing greater visibility over product sourcing, PerlinX CLarify also allows companies to gain better insight into their value chains and uncover potential opportunities for further innovation and enhanced operational efficiencies.

PerlinX Certify

PerlinX Certify’s focus is to stop the manufacture and sale of counterfeits. They achieved this by creating a dual QR lock, a specialized public key infrastructure that detects counterfeits in-store and after purchase. The Open QR code will allow users to scan and view the product information and whether the item is genuine. The product information is stored on the Wavelet ledger, and it is secured and immutable. The Authenticity QR code is a secure Keccak 256 private key stored in QR form. When it is peeled and scanned, the ledger will be updated, signifying it is open.

The dual code is vital because users could buy a product and mass produce with that QR code, but when one person scans the private key to verify the item, the chain will be updated, causing every other duplicate to come up as a counterfeit.

PerlinX Cloudify

PerlinX’s Cloudify is the first practical, trustless, decentralized cloud computing marketplace that leverages underutilized computing power in everyday smart devices to make supercomputing economically viable and globally accessible.

Since computation is done across a decentralized network of existing and idle computing hardware, the price of cloud computing can be drastically reduced. PerlinX’s estimates predict that the cost of savings could be as much as five times over leading centralized cloud providers.

PerlinX’s cloud computing marketplace is divided into three parties: miners, customers and validators. The miners supply the computing power by registering their idle computing resources on the PerlinX network. They are paid in PERL tokens depending on how long they rent their computing resources.

On the other hand, customers are individuals or businesses looking to rent computing resources. Once the customers find a match based on their requirements, they can log into the miner’s virtual machine and execute their tasks on that machine. Lastly, validators help with consensus and log transactions between miners and customers through the distributed ledger. Validators receive incentives in the form of commissions from the transaction fees of the transactions they validate.

I’m Wavelet

Wavelet enables developers to write robust and scalable decentralized applications in the form of WebAssembly smart contracts. It promises zero trust, and it is open, permissionless, and leaderless. It maintains this trustlessness by introducing a novel, fair, and green voting protocol where nodes are incentivized through virtual rewards to constantly protect and validate the network.

With Wavelet, transactions are immutable and irreversible once they are finalized. The system requirements to run a full Wavelet node include a stable internet connection and 512 MB of RAM. As stated earlier, Wavelet can process over 31,240 transactions per second, with 2-4 second finality on millions of nodes.

What is PERL?

This is the native token of the PerlinX Network, and they are used to facilitate the transfer of value on the network and to make payments for services. It is an ERC20 token and must be held by anyone wishing to access the PerlinX Network’s computational resources.

PERL tokens also serve as rewards for transaction validators on the blockchain. Additionally, users who want to buy computing resources must register and add a fixed pool of PERL tokens as a mining reward for those running the tasks.

PERL Tokenomics

Source: https://docs.perlinx.finance/perlin-community/tokenomics/perl-101

PERL has a total supply of 1.03 billion and a circulating supply of 490 million tokens. It has a current market cap of $9.1 million. The token was distributed as follows:

• 8.38% was sold in a public sale
• 8.36% was sold in a private sale
• 15% was reserved for the PerlinX team
• 9.65% was allocated to advisors
• 20% went to the seed sale
• 19.49% was allocated to the strategic sale
• 19.12% was allotted for the token treasury

Pros and Cons of Perlin

As stated earlier, Perlin introduces a visionary approach where consumers can specify the required CPU and RAM levels for their tasks, similar to current cloud-based platforms like Microsoft Azure and Amazon AWS EC2. Additionally, with its unique consensus mechanisms, Perlin can achieve up to 30,000 transactions per second (TPS) and 2-4 second finality. This not only caters to enterprise users but promises startups, individual researchers, and small-scale developers a decentralized and cost-effective alternative for accessing computing power, thus transforming the landscape of large-scale computing.

On the other hand, a major roadblock in Perlin’s development is its indefinite pause on Wavelet’s public release. This is coupled with the lack of a mainnet, which might affect Perlin’s mass adoption in the long run.

News on PERL

PerlinX announced that it had built the PERL.eco Carbon & Bio Assets Registry in August as part of their roadmap update. The registry will use PERL.eco’s Ethereum blockchain and all documentation related to monitoring, reporting, and validation of carbon credits under the national registration scheme will also flow through the registry. This registry was built for governments to effectively track all transactions and activity in their national carbon markets, thus boosting the fight against climate change.

Is PERL a Good Investment?

As a versatile and scalable solution, PerlinX provides seamless interoperability and shares a commitment to transforming how we interact with synthetic assets. Its competitive cloud computing rates rival most centralized options. However, it must be noted that the cryptocurrency market is quite volatile, so every investor is advised to do extensive research and consult qualified financial professionals before investing in PERL.

Take Action on PERL

PERL is available for purchase from both centralized and decentralized exchanges, including gate.io. Check the PERL price here and begin trading your favorite pairs.

• PERL/USDT
• PERL/ETH