PolkaCipher is divided structurally in two main components:
- 1.Solutions for Businesses
Our Business side of products will allow companies to securely distribute/collect data over PolkaCipher's oracle network, privately. Businesses can keep their data secure and access features that will help them mint/distribute/collect NFT's using PolkaCipher's solution with features such as hashed time lock and much more.
2. Solutions for Users
Users can privately mint/collect/distribute NFT's over a P2P network. Users can also stake and mine using NFT's. Other features include Loans on NFT's, a DEX for private swaps, and a digital locker secured by NFT's.
POLKACIPHER'S BUSINESS DATA NODE
PolkaCipher's Business Node will have two variants of participants:
- 1.Data Requester - The user or account that initiates data request by staking native CPHR will be assigned as Data Requester or
- 2.Data Provider - Users or accounts who will provide data to the PolkaCipher contract will be assigned a role of ADP.
Flow of data collection and verification
- 1.Each Application Data Requester can define the data structure, the time period for data deliveries, and their own quota.
- 2.The data is a call auction mechanism. Data provided for a defined time period of time only will be valid.
- 3.Specialized data is divided into a General Data Provider (GDP) and an Application Data Provider (ADP), and the SDP requires specific tokens to purchase. token's calculation of ADP can vary according to the network conditions.
- 4.Only a portion of the budget from the CPHR auction will be spent, while the rest will be held for leverage.
- 5.The operator of the data delivery service, in relation to the requester, is known as the specialized data provider. As in the early mining stages, the ADP will not have to pay its own tokens. Specialized Data Providers contribute some funds to the oracle, once their contribution is paid, the oracle gets paid an agreed amount of tokens, the rest is burned and returned to them in the form of a service fee for each ADP.
- 6.According to the data provided by the entire network, Oracle selects a General Data Provider to carry out the auction. Once the number of CPHR token holders has reached 7.28x times the number of ADP-hosted auctions, the CPHR percentage will no longer matter and a new auction will be required to maintain status. Further, GDP can get the incentive from the contract to obtain reliable data as well as the portion assigned by the data requester to reward the data provider.
- 7.The data requester can provide a verifier that adheres to a specific rule, and is done in a certain way that complies with zero-knowledge The results of the data supplier provided may be incorrect, and that amount will be deducted from the organization's future profits
- 8.reputation of a node: how frequently data is provided, how quickly it is provided, and the data quality. Each time a node lends tokens, it gains trust and gets an assignment from the data consumer. This therefore increases the value of the token for everyone else.
POLKACIPHER'S P2P ARCHITECTURE
Data in the private transactions are implemented via the Polkacipher's peer to peer node. It gives users sharing information a much clearer understanding of who is talking to whom and when. Data owners can give out only that information to those with whom they wish to share information, the rest they keep private Polkacipher's encryption processes transacted data and keeps it uncensored. This adds ownership of data and granular controls to the decentralized peer-to-to-peer financing and trade insurance for invoices, and extends these features.
In the core protocol, the algorithms can be thought of as having two different "layers". It is built on a verifiable ledger using Polkadot-substrate and Ethereum which gives it its users freedom from centralized trust. The public blockchains are used for record-keeping identities, settling accounts, creating or issuing identity NFTs, and coinage. Additionally, a private peer-to-peer network enables P2P transactions, which can be used for business documents as well as private communications.
When functionality is used on Ethereum, it becomes the primary and most trusted point of entry for the other elements of the overall system. Due to the lack of censorship and decentralization, the platform provides trustless lookups. We don't have to use a separate service provider when users are able to use our crypto wallets to create profiles and documentation on the Ethereum blockchain. It is an additional benefit of the Ethereum's architecture that it includes a tested system for the issuance of tokens for honest participation in the community, a system for direct issuance to business documents, and a system for community governance as well. The Polkacipher network involves using Substrate as the source of truth for anchoring documents in the P2P consensus protocol.
Polkacipher enables you to communicate with the peer-to-peer network and Ethereum smart contracts by providing a simple API with full access to nodes and sub pallets. The Node implements a “service-oriented architecture” where plugins and other systems can register with it to receive service notifications on objects (e.g., a procurement application can subscribe to changes of order objects). P2P Node translates the public blockchains' events into internal transactions that other software applications can consume. Developers can use Substrate to develop applications that run on the network.
A Polkacipher Identity (pID) is a unique ID assigned to a participant of network. It documents all the various cryptographic keys in use and prevents them from being changed even by a delegate.
Message encryption is accomplished through P2P keys. These key tokens are used to establish an encrypted communication between peers on the P2P network.
Polkacipher's document must be signed using signing key. These signatures are embedded in the public ledger and can be confirmed later. Participants in the Polkacipher protocol have same identifier, equivalent to their Ethereum address. Polkacipher is adopting the DID-compatible ERC725v1 Ethereum standard for self sovereign identities.
The NFT ecosystem's primary construction direction is dynamic data capture and intelligent NFT creation, as well as cross-chain NFT standard access to enrich the NFT ecosystem's ecological content and vitality. By developing Polkacipher's node ecosystem, and tuning the rapid responses of real-time events, we will be able to automatically export relevant data to the blockchain and import P2P actions with NFTs, both dynamically. In the case of the Online Games when a player achieves a certain win record, off-chain trackers will automatically produce limited-edition NFT using our on-chain smart contract. Compatibility with various blockchains, enabling a common attribute framework of organization, application, and enhancing the ability to trade NFTs are all aspects of Polkacipher's cross-chain capabilities which will be built upon our own bridge to enable NFTs to flow between, Polkadot, Ethereum and other blockchains.