PlatON Testnet Baleyworld – Global Trustless Computing Network Launched to Harness the Power of Data
PlatON, a pioneering global privacy-preserving computing network, has launched its first testnet Baleyworld on December 18, 2018. This marks substantial progress towards a total solution to data safety and privacy in almost all walks of life today.
After two-year testing and development, Baleyworld, as the first initiative of PlatON’s global endeavor, has been released and will introduce key open source projects, either finished or on-going, to its community members for trial before Jan 28, 2019.
“We are very excited to announce this achievement that leads us closer to a world of maximum data monetization.” Sun Lilin, CEO of PlatON, mentioned in an interview: “Nowadays the so-called big data are actually small, because they are owned and separated by different companies and institutions. In such scenarios trustless computing can be helpful in linking and encouraging different parties to share and use data without privacy breach.”
In a digitalized world with massive amount of data generated constantly, PlatON is designed to provide secure data sharing & connection in different structures from multiple sources, with strong privacy protection. Many industries are expected to benefit from the monetization of data harnessed by PlatON technology while being fully compliant with the General Data Protection Regulation (GDPR), which comes into effect in May 25, 2018 in EU.
For AI (Artificial Intelligence) and IoT (Internet of Things), PlatON helps to build up alliances in which independent data owners can be connected in a peer-to-peer network and share sufficient data for algorithm training to make AI smarter and all objects connected.
In medical sector where it’s highlighted to protect personal insurance and genetic data, PlatON enables personal medical data to be used with due authorizations and proper rewards. For example, medical and insurance institutions in the U.S. will then be able to share and use data while following the Health Insurance Portability and Accountability Act (HIPAA) Privacy Rule.
PlatON will also disrupt credit inquiries and advertising industries by changing the way how customers are labeled and data privacy is protected, so that crediting and marketing services will be more accurate, efficient and cost-effective.
Baleyworld will run as MVP (minimum viable product) to enable users to create trustless computing network of their own, deploy meta smart contract, try client-server and participate in MPC (secure Multi-Party Computation).
Founded by a team of experts in blockchain and cryptography, PlatON is determined to significantly improve privacy and scalability, which are two major problems for today’s blockchain technology.
The technologies behind PlatON’s solutions include Verifiable Computation(VC) and privacy-preserving computation, which are made possible by various cryptographic algorithms like MPC, Homomorphic Encryption (HE), etc.
Inspired by Isaac Asimov’s renowned science fiction the Foundation Series, Baleyworld is the first of the four stages of PlatON’s development roadmap, succeeded by Trantor (Q3, 2019), Terminus (Q4, 2019), and Gaea (Q2, 2020).
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