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Summary
Blockchain technology has come a long way and has attracted mainstream attention and experienced adoption at a large degree. The current blockchain domain has a lot of key challenges that need to be addressed. Issues such as simplifying the user interface for non-technical users, or lack of transparent and predictable fee structures has been plaguing this space for a long time.
Then there are issues like the fair distribution of rewards for validators to prevent centralization. Most blockchain projects do not think beyond token investments, failing to explore other monetization strategies to attract more users. Lastly, high transaction fees, complex user experiences and scalability issues have hindered the emergence of new blockchain solutions.
Luckily for us, there is a savior, in the form of Graphite Network. This newly launched platform has recently announced its PoA Polymer 2.0 Layer-1 blockchain. The purpose? – to solve these issues and make the blockchain space better.
Graphite stands out as a one-of-a-kind platform. There are several reasons for this – the entry-point (transport) node income generation, a privacy-focused KYC system, a reputation-based model and last but not the least enhanced capacity for handling transactions. The main aim of this platform is to improve user accessibility, all the while bridging the gap between traditional finance and Web3.
Key Features of Graphite Network
Graphite Network stands out because of its steadfast mission to address the plaguing issues of the current blockchain system. Here are some of the salient features of Graphite Network that make it attractive.
Income generation from entry-point (transport) nodes
With Graphite Network, it is possible for entry-point nodes to earn income. This is radically different from other blockchain projects. When users start a transaction using transport nodes, their operators receive 50% of the transaction fees. This enhances incentives for participating without investing any heavy resources.
Reputation-Based Ecosystem
The reputation-centric approach makes Graphite Network different from all others. As a result, interactions are more trust-based.
- Account Activation: To activate their wallets, users are deducted a small fee before sending transactions. This is done to avoid fraudulent or inactive accounts.
- Privacy-focused Three-tier KYC: The privacy focused three-tier KYC system will include social media authentication at Level 1. Document and video verification come later. All work with the KYC center happens off-chain. This keeps private data safe. It also meets transparency rules. Only the KYC level is saved on-chain as a number. Graphite uses Zero Knowledge Proof (ZKP) technology so that third-party dApps can verify users’ personal data without exposing the data itself.
- Transaction Filers: Users can filter who they interact with, using KYC-based transaction filters.
- Trust Score: The platform assigns each user a Trust Score. This is determined by factors like transaction history, volume, account longevity, KYC, and more. The Trust Score is a reflection of the user’s credibility and trustworthiness inside the ecosystem.
Tagged Addresses
This remarkable feature will allow address owners to create tagged addresses in the blockchain. This tagging option enables address owners to associate their addresses with specific entities or purposes. For example, an address owner can mark their charitable address as such, ensuring that funds sent to it are tagged as charity donations. This feature helps in transparency and prevents misuse, such as ensuring that funds meant for charity are not used for activities like gambling. Smart contracts can also block transactions from shady addresses for accountability, security and trust.
Ticker System (@G)
Graphite Network’s new ticker system (@G) has been introduced for its wrapped tokens. For example, USD@G is a stablecoin affiliated with the Graphite network. This is done mainly to enhance clarity and asset integration in the Graphite Network ecosystem.
Redefining Blockchain Speed with Graphite Network
As mentioned before, Graphite Network is on a mission to address scalability issues in the blockchain domain and wants to make things faster. With an impressive throughput of 1400 TPS, it is now one of the fastest EVM-compatible L1 blockchains available. A clear and predictable fee structure makes everything easy to understand for traders. It also ensures that transaction fees don’t fluctuate wildly.
Graphite Network has also added compatibility to the Ethereum Virtual Machine. This allows developers to easily transition their existing Solidity-based dApps to Graphite’s network.
When compared to Graphite Network, Ethereum, which is widely used in dApps, struggles with scalability issues. This results in high gas fees and slow transaction times during periods of high-volume usage.
Cardano, which is known for its research-driven approach, does not fare any better against Graphite Network. While Cardano offers scalability and security, its TPS is substantially lower than Graphite Network.
Examining Graphite’s Infrastructure
There are two main types of nodes on the Graphite Network – entry-point (transport) nodes and authorized nodes.
- Entry-point (Transport) Nodes: Unlike other blockchains where standard transport nodes do not earn any income, things are different in Graphite Network. It is possible to earn income using its regular entry-point nodes. This makes it very easy to create a transport node and start earning.
- Authorized Nodes: Authorized nodes are the core of the Graphite Network, acting as block validators. Any server can become a compliant, authorized node provided they pass a compliance test from the Graphite Foundation. This test can include various criteria for passing, such as the highest-level KYC verification and other technical requirements such as 99% server uptime and 2TB SDD. After becoming an authorized node, it is able to validate blocks and earn income.
The Graphite Foundation maintains and manages its own set of entry-point and authorized nodes to ensure the network remains operational, even if all other nodes are down or unable to process transactions for any reason.
Reviewing Graphite Network’s Ecosystem
The Graphite Network has many elements that make up its ecosystem.
- Graphite Wallet: Users can use the Graphite Wallet extension for accessing network features and apps on Ethereum-compatible chains in your Chrome browser.
- Graphite Bridge: Graphite Bridge is a tool that makes it possible for transferring Graphite assets across different networks. This helps users to bridge assets, thus expanding Graphite’s utility and reach to more than one blockchain ecosystem.
- Graphite Explorer: With this feature, users can do a lot, including viewing and verifying smart contract source code, track transaction, block and token details and a host of other activities.
- Graphite Testnet: The Graphite testnet is a crucial part of the ecosystem, providing a robust environment for developers to launch and test their projects. It offers a stable and scalable network where developers can experiment with new ideas and ensure their applications work seamlessly. The testnet allows for rigorous testing without risks to real assets, helping developers identify and fix issues before deploying to the mainnet.
How can Blockchain developers and integrators benefit from building on Graphite Network?
Blockchain developers and integrators can have a field day when using Graphite Network for the reasons listed below.
- A Network for Developers: Graphite’s Ethereum-compatible VM is a masterstroke from the project. It makes it easy for transitioning existing Solidity dApps onto the Graphite Network. Developers can take advantage of this compatibility and use their existing knowledge and tools.
- Graphite Network’s Trust-Driven Blockchain: The PoA Polymer 2.0 consensus mechanism employed by Graphite achieves high throughput without compromising decentralization. As mentioned before, the very nature of this consensus model makes it possible for entry-point nodes to have income opportunities. This fits well into Graphite Network’s mission of making the network more inclusive and rewarding for everyone involved.
Some Graphite Use Cases
- Personalized Engagement and Regional Compliance
Graphite Network can help users personalize their experience, such as allowing them to choose which accounts to engage with, based on KYC levels. Future plans include introducing a jurisdictional filtering option that can be used by businesses facing regional regulatory constraints.
- Building Reputation-Based Smart Contracts
With Graphite Network, developers and businesses alike can create their own reputation-based smart contracts that can be customized to deliver services to users meeting specific criteria. For instance, a bank can adhere to predefined reputation standards and create a unique smart contract which makes it possible to offer loans only to specific individuals who meet the criteria.
- Graphite Network has one of the highest transaction throughput and scalability levels.
- It provides monetization options for all levels of nodes
- It ensures secure and transparent interactions between users through its reputation-based architecture
- It has a clear fee structure
- There is a degree of centralization employed by the project by approving validators. This was a conscious decision by the team at the Graphite Foundation to balance technological and technical overload.
