Ever wanted a platform that would bridge the gap between fiat and crypto? One platform has complete synthetic fiat, full collateralization, regulated and FDIC-insurance. This platform is known as Public Mint. The platform offers a fiat-native blockchain, APIs and web components that are open and ready to go for anyone that hopes to build a fiat-native application and accept real-world payment methods like credit cards, ACH, wire transfers and many more. Most importantly, we can do all of this without a bank account.
So...what exactly does this platform achieve?
Their platform takes its basis on a multi-layer approach that enables fiat currencies to deploy and transact on the various supported blockchains. You can basically think of different layers of traditional financial systems and blockchain finance technology, all being bridged together on Public Mint. The layers and components in the Public Mint ecosystem can be anything that is decentralized. All of these layers will work together to help create a perfect balance between regulatory requirements, accountability and also the benefits of a peer-to-peer, border-less, open economy.
What can I do on the platform?
The Public Mint Blockchain connects two distinct domains that are off-chain and on-chain. You can operate in each of the domains which will have different scopes, requirements and limitations. On the platform, you can also integrate or develop at either one alone. However, the real magic and true use of the platform comes into play when you use Public Mint to connect across the two domains.
At the network level, the Public Mint platform combines traditional client-server model with a Ethereum-compatible blockchain. The system connects with custodial partners as well as KYC providers to help ensure compliance with financial regulations. The system ensures the minting or burning of on-chain tokenized fiat (digital representations of fiat) matching funds that are held in the custodial layer.
In essence, you can use this platform to transfer fiat funds (eg, USD) between anyone, anytime, for a tiny fee, and with the upcoming Mint Earn Program (a dApp running on top of Public Mint’s fiat-native platform), you can leverage your funds to easily generate earnings.
Tell me more about the layers…
There’s a few different layers you should know about, we’ll go over all of them here:
On this layer it is composed of Custodial Partners which are licensed financial institutions that hold custody of fiat funds on a 1:1 ratio according to the amount of digital representations of dollars circulating on the blockchain. The design of the system is so that the Public Mint does not touch any of the users’ funds. The custodians connect through APIs and a private messaging system allowing customers to initiate deposits and withdrawals of fiat funds into/from their Public Mint accounts from/to their Bank accounts without intermediaries.
The blockchain layer is a custom blockchain that is Ethereum based on Hyperledger Besu, an enterprise-grade Ethereum client. The Public Mint platform is independent from Ethereum. The network uses a different mechanism that relies on fiat rather than Ether for Gas costs. The Public Mint is in charge of the transactional/currency logic as well as the deployment and maintenance of the initial infrastructure of the blockchain. Such cases include running of validator nodes at launch in several geographies.
Smart Services Layer:
A step above the blockchain abstraction ladder is the Smart Services layer. The Smart Services layer refers to smart contracts that will help add functionalities on top of the blockchain. Public Mint will handle state changes in the same way that Ethereum’s Virtual Machine does. This will mean that smart contracts will be able to be written in any Ethereum-compatible language (e.g. Solidity). If you know how to code on Ethereum, then you will also be able to start developing in Public Mint immediately. Other than just sending/receiving funds, users are also able to build/deploy smart contracts and dApps on top of programmable fiat provided by the blockchain.
So is there a specific token on the platform?
The native currency that is on the Public Mint blockchain is the digital representations of fiat (synthetic fiat). There is no native cryptocurrency like Ether which can pay for transaction fees on the Ethereum Mainnet. So for instance if you are transacting in USD, you will pay fees in USD.
Tell me more about the consensus algorithm!
So the Public Mint uses the IBFT 2.0 Proof-of-Authority protocol. This protocol is Byzantine fault tolerant and also completely forkless. The IBFT 2.0 allows for immediate transaction finality and also a substantially higher throughput than Ethereum’s Proof-of-Work.
Wait so what exactly does Public Mint have to do with Ethereum?
The Public Mint platform has compatibility with Ethereum, which means that any smart contract that works on Ethereum with ETH, can be launched on this platform and operate with USD. Their blockchain is accessible via JSON-RPC, with the same set of instructions as Ethereum. This means that you can access their blockchain with the help of libraries like web3.js, and apps like Metamask or MyCrypto. It also means that if you have an Ethereum address, you also have a Public Mint address. If you would like to learn more on how you can communicate directly with the blockchain, check it out here: https://explorer.publicmint.io/
All in all, this platform is something to definitely look out for. This means close cooperation between Banks and crypto firms allowing for a faster development of the Public Mint ecosystem. Now that is exciting stuff! So if you would like to learn more, feel free to check them out here!
- Additional links:
- In the news:
- $2.5m Strategic Investment Round: https://medium.com/publicmint/public-mint-completes-2-5m-strategic-investment-round-92245df41611
- IDO: Launching on Polka-starter: https://twitter.com/PublicMint/status/1359513789175975941
- AMA (detailed description of the project): https://wolfcrypto.medium.com/public-mint-ama-with-wolf-crypto-6be49f361236
- Commercial launch: https://markets-businessinsider-com.cdn.ampproject.org/c/s/markets.businessinsider.com/amp/news/breakthrough-system-enables-entirely-new-kinds-of-applications-incorporating-money-1029360742
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