What is Particia (MPC)? – Bitfinex Blog

By Crypto Gloom On Mar 20, 2024

March 19th What is Particia (MPC)?

Posted at 14:15h
by token
by admin

Partisia Blockchain integrates Secure Multiparty Computation (MPC) into its framework, allowing personal data to be processed without revealing its contents. This approach meets stringent data protection regulations, facilitating the use of sensitive data across a variety of industries without compromising confidentiality.

The architecture of the Partisia blockchain includes sharding, which improves scalability by distributing computation and storage operations across the network. This architecture aims to accelerate transaction completion and maintain security even when network load is high. The Partisia blockchain also features a token bridging mechanism called Bring Your Own Coin (BYOC), which allows users to trade with their preferred tokens, promoting interoperability between different blockchain ecosystems.

The platform is designed to be accessible to developers, featuring a user interface that simplifies the integration of MPC technology into blockchain applications. This allows you to create public and private smart contracts without extensive cryptography knowledge. It also focuses on zero-knowledge (ZK) computation to facilitate confidential transactions and computations across blockchains, with the goal of improving privacy and interoperability.

Partisia Blockchain proposes solutions that address the existing limitations of blockchain technology by prioritizing transparency, confidentiality, and scalability. It supports a wide range of applications, including financial services and healthcare, where data privacy and security are critical. Partisia Blockchain aims to contribute to the development of a privacy-preserving, blockchain-agnostic platform and improve the security, efficiency, and scalability of blockchain applications through its global collaborative approach and focus on ZK computation.

What are MPC tokens?

The MPC token functions as the primary utility token within the Partisia blockchain ecosystem and is integrated into the operation and execution of multi-party computation (MPC), enhancing privacy solutions beyond the functionality provided by zero-knowledge proof (ZKP). The total supply of MPC tokens is limited to 1 billion, creating a controlled economy to maintain token valuation and equitable distribution within the network.

The economic structure of the MPC token encourages network participation and increased security. Token holders have the opportunity to contribute as full block producers and validators through the token staking process, accessible through Partisia Wallet. The network divides node operators into three categories based on their roles: Baker nodes, ZK nodes, and BYOC cross-chain nodes, with each category subject to specific staking requirements. This diverse node operator framework is fundamental to maintaining network security and functionality.

To support network development and operator incentives, 10% of the total MPC token supply will be dedicated to reward operators who contributed to the initial network build, demonstrating the platform’s commitment to its primary participants. The inclusion of “delegated staking” allows for broader participation in the network’s consensus and security processes, creating a decentralized ecosystem.

MPC tokens also play a pivotal role in facilitating transactions within the network, enabling the payment of fees for network operations through various liquid assets such as Ethereum and USD. These assets can be integrated into the Partisia blockchain through a collateral token bridge mechanism, improving the interoperability and flexibility of the platform. This feature allows transactions to be executed across multiple blockchain networks without sacrificing privacy and scalability.

What are the token economics of MPC?

token economics

Hard Cap: MPC tokens have a hard cap of 1 billion tokens, establishing a limited supply to prevent inflation and ensure scarcity, which may affect the value of the token over time.

Participation Incentives: Token economics are structured to encourage active participation within the network. Token holders can stake their MPC tokens to become full block producers or validators. This staking mechanism is essential for network security and decentralization.

Node operator categories and staking requirements:

Baker Node: Must stake a minimum of 25,000 MPC tokens.

ZK Node: You must stake a minimum of 100,000 MPC tokens.

BYOC cross-chain node: Must stake a minimum of 250,000 MPC tokens.

Rewards for Node Operators: 10% of the total MPC supply is allocated to reward Node Operators to bootstrap the network and maintain its state. This allocation aims to reward operators for their contribution to the stability and growth of the network.

Delegated Staking: This feature enables broad community participation in the network’s security and consensus mechanisms by allowing token holders to delegate their stake. This democratizes influence over network operations and rewards.

Payment of transaction fees: MPC tokens facilitate payment of transaction fees within the network. However, the Partisia blockchain allows transactions to be paid with liquid coins such as Ethereum and USD, which can be imported into the Partisia blockchain through a collateral token bridge. This approach promotes flexibility and interoperability within the ecosystem.

Unlock Schedule: Tokenomics includes a detailed unlock schedule for pre-sale participant and team allocations, emphasizing long-term commitment and gradual deployment to the market.

How to buy MPC with cryptocurrency

1. Create an account by logging in or signing up for a Bitfinex account.

2. Go to the deposit page.

3. In the Cryptocurrency section, select the cryptocurrency you want to purchase MPC for and create a deposit address in your Exchange wallet.

4. Send cryptocurrency to the generated deposit address.

5. Once the funds arrive in your wallet, you can trade them with MPC. Learn how to trade on Bitfinex here.

How to buy MPC with fiat currency

1. Create an account by logging in or signing up for a Bitfinex account.

2. Depositing fiat to your Bitfinex account requires full verification. Learn about the different certification levels here.

3. On the deposit page, select the fiat currency you wish to deposit from the bank transfer menu. Bitfinex has a minimum amount for fiat deposits. Learn more here.

4. Check your registered email with Bitfinex for remittance details.

5. Send funds.

6. Once the funds arrive in your wallet, you can use them to purchase MPC.

Plus, you have Bitfinex on your mobile, so you can easily buy MPC currency on the go.

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Partisia Community Channel