Originally Posted on ZDnet Korea : http://m.zdnet.co.kr/news_view.asp?article_id=20180917211822&re=zdk#imadnews
[Blockchain Seoul 2018] “PUF(Physical Unclonable Function)Chip will solve issues of existing blockchain”
“Current blockchain platforms have so many fundamental issues. An approach to solve these problems through only software is technically challenging. The next paradigm is to solve the problems by combining semiconductor hardware. The performance will increase by a factor of 1,000 and clear up many other problems plaguing the blockchain world.”
ChangKi Park, the CEO and CCA(Chief Concept Architect) of the Color Platform made the remarks at the ‘Blockchain Seoul 2018’ held at the D Hall on the third floor of COEX in Seoul. He argued, "There are limitations in such blockchain platforms as Cardano, EOS, and Tezos, which by some are being touted as the next generation of cryptocurrencies after Bitcoin and Ethereum. They face unresolvable issues and it is necessary to combine blockchain with hardware in order to solve some of these problems."
CEO Park said “Existing blockchains work only through software, but next blockchain paradigm is to resolve problems with blockchain systems that are combined with hardware. Color platform is making a blockchain platform that can be operated offline by combining it with a PUF(Physical Unclonable Function)semiconductor.”
Color Platform is a global project and has development teams in Korea, Russia and Belarus. Through combining hardware and software, Color Platform aims to become a platform that ranks within the top 10 in total value of issuance.
According to his explanation, PUF is a semiconductor with unique characteristics that cannot be physically cloned. Based on physical variations that naturally occur during the manufacturing process, it can correspond to hacking and solve identification problems by having unique serial numbers like fingerprints and enabling no one to replicate them.
Color Platform states that it’s blockchain currently in development will be capable of 2,000~3,000 TPS, but when PUF chip is embedded, transaction confirmation time will be within 1 second and TPS will increase to million~10 million.
CEO Park went on saying that “Color Platform has been working on developing blockchain system utilizing P2P solution for several months” and emphasized that, “with the PUF Chip, we can implement a payment system that can be directly conducted peer-to-peer, and it is a completely different environment from existing blockchains".
He went on to say that, "On existing blockchains, there was no lack of trusted third parties and many nodes worked for transaction confirmation, but a blockchain environment with a PUF Chip is a pure P2P technology that allows transaction confirmation without the use of a third party,”
"Computers have evolved rapidly since the 1970s" he said. "Compared to the 1980s, the current hardware performance has increased more than 10,000 times and the contribution of hardware to electronic devices and the Internet is much greater than that of software". He added, "In the future, the blockchain that is combined with hardware as well as software, will be a winner of this competition".
Color Platform is planning to have four elements that differentiate it from current blockchains. ‘Color Pay’, a system where PUF chips are implemented on the blockchain to facilitate payments; ‘Spectrum’, a two tier server architecture that distinguishes ‘logic runner’ and ‘block builder’ instead of single layer blockchain server, ‘Single currency multi dApp’ ecosystem that supports decentralized apps, and ‘Pixel’ that will solve the wealth distribution issue currently facing the cryptocurrency economy.
Color Platform is going to have Pre-TGE(Token Generation Event)of Color Coin(COL) this month, the main TGE in October and be listed on exchanges in November. Color Platform predicts that the MVP(Minimal Viable Product) will be implemented at the time of the exchange listing, TestNet operation and spectrum technology implementation will be made in May 2019, and that MainNet launch and Color Pay will be released in December.
According to Mr.Park, Vitalik Buterin, the founder of Ethereum, pointed out seven problems of the blockchain ecosystem such as oligopoly of mining power, waste of energy from PoW, lack of large scale decentralized app, low speed of dApp execution, the question of centralization of PoS, oligopoly of DAO(Decentralized autonomous organization) and account hacking and theft.
He argued that the PUF Chip that is implemented to the Color blockchain, can solve certain problems such as execution speeds of decentralized apps.
"The most successful dApp on the Ethereum platform has 500 to 1,000 daily active users," he said.
He believes that the cryptocurrency ecosystem pursued by the decentralized app is not bound by a single economic bloc. "Ethereum or EOS recommends that for an app to succeed, developers should launch it with an ICO, but platforms with different currencies come with many hurdles of their own" he explained. “We believe that the single currency model can have a huge network effect and are working on 10 decentralized apps that will help bootstrap the single currency system.”
Mr.Park argued that "Only a few people in the blockchain world have money, and as the price of Ethereum and Bitcoin increases, the gap between rich and poor becomes much larger, and I don't think the world is going to allow this to happen and still foster mass adoption. Cryptocurrencies that don’t solve the issue of fair wealth distribution will not succeed”. "We solved this issue with a program called 'Pixel', which allows the Pixel recipients to eventually redeem it for Color, and it is a platform for people to help each other and grow" he emphasized.