What is the Penta Network?
The Penta Network is presented as a new-generation blockchain that seeks to become an excellent tool for businesses and individuals. The technology will be a blockchain connector with a reliable platform which will support a multitude of decentralized applications. In addition to that, the Penta Network will have a framework that will give access to users, communities, and businesses to exchange valuable digital goods.
The blockchain will use a Connection Layer which will be compatible with other blockchains, networks, online platforms and cloud computing system. According to the whitepaper, the blockchain will be based on five paradigms, Entity, Credibility, Value, Transferability and Economy, hence the name Penta ( 5 in Greek).
While all the new blockchains are aiming to solve problems like scalability and speed, the Penta Network focused its work on creating an advanced ecosystem for future businesses that wish to implement or use the blockchain technology as a tool. However, besides prospective companies, Penta wants to deliver a blockchain that will “support sophisticated business scenarios.”
To make this possible, in the initial stages, the team will focus on decentralization, distributed computing and anti-manipulation systems which will help them to build a strong blockchain.
As it progresses the project will address the following issues:
Lack of Capacity to Support Sophisticated Business Scenarios;
Arising Centralization Risks;
Lack of Interoperability between Blockchain platforms;
All participants, including any person, thing, organization, system, are assigned an identity in the Penta Network in a unified manner. The Penta Network manages interests and processes business based on the authority of an identity and is supportive of the management of multiple identities for the same entity.
The Penta identities will be created by using the private key/public key infrastructures, and each user will own one. The identities will be stored on the Penta Network Distributed Ledger as public information.
Furthermore, the platform will have a digital certification center which will ensure that the key owners recognized by the system. After the key owner is certified, he will be able to use the platform to trade “all of his interests or digital assets in the Penta Network and may send requests to the Penta Network.”
Following this, the Penta Network will examine and verify the transactions to reach a consensus across the network.
The core members of this project are coming from tech and financial organizations from across the world. According to the whitepaper, some of the team members have worked with NASA, Wikileaks, Google, Morgan Stanley and Deutsche Bank.
While the project is very fresh, Panta’s Telegram community has more than 42,000 active users. The telegram comments from the admins are suggesting that the cryptocurrency started to be traded on April 24 on the small volume exchange Bit-Z. However, since the project has been introduced to the public by its CEO at a meet-up hosted by Huobi in London, we can be sure that this gem will be listed on the most significant exchanges in the world.