Yesterday, EOS Global announced its investment in Platin, the Proof of Location (PoL) blockchain protocol powered by the PTNX token, which could be the real turning point for EOS.io and Block.one.
The blockchain startup Platin.io is now able to enhance the features of secure localisation thanks to machine learning based on the technology developed by XAIN AI.
The Platin Pocket application, which is also a wallet and mining interface, has the ability to save the positions and behaviours of nodes within predefined time frames.
Platin allows geolocating digital assets such as cryptocurrencies, documents, images and placing them on the map at any time.
These behavioural observations, analysed by AI, allow Platin to implement advanced techniques for detecting anomalies and to assess the validity of the declarations of individual nodes regarding the location.
Privacy is always protected as these observations never leave the device acting as a node and are analszed locally in Platin Pocket.
Thanks to this technology and the integration of Zero-Knowledge Proofs, the Proof of Location protocol is secure and preserves privacy and localisation credentials that are easy to use while maintaining high reliability.
This protocol is of great benefit to companies seeking to avoid location spoofing. Location assessment is especially important in fields such as humanitarian aid, commercial airports and the supply chain, to name a few.
Platin can also find its application in the processes of KYC/AML verification through the use of airdrops related to secure verification of physical space.
Another use case for Platin is in location verification of the technicians responsible for checking the maintenance of the plants that until now were easily circumvented with GPS applications. This ensures that the visit actually takes place at a given location and at a given time.
The team will then use the EOS.IO software to develop the application. During a recent hackathon in San Francisco, the startup had the opportunity to demonstrate its capabilities and technology to Block.one.
From there, EOS Global, which is part of the EOS ecosystem fund and a partnership fund of Block.one’s EOS VC investment unit, decided to fund the project.
“We consider EOSIO a new, powerful smart contract engine, with robust consensus and community governance models based on Dan Larimer’s long experience in the space. Being part of the EOS VC portfolio of companies will accelerate Platin’s Proof-of-Location integrations with EOSIO-based DAPPs and will also assist our overall business strategy and execution”, said Platin CEO Allon Mason.
Block one believes that “as cryptocurrencies continue to grow in popularity, governments will begin to create national cryptocurrencies. The Platin protocol can help the appropriate issuing authorities to geo-fence these national cryptocurrencies within the nation’s border and distribute them efficiently through federated user onboarding“.
“Proof-of-Location is an important technology and an integral component of the blockchain infrastructure of the future. We are thrilled that Platin and its one-of-a-kind protocol is joining the EOSIO ecosystem”, said Block.one CTO Dan Larimer.
Block.one is the company that developed the EOS.IO software. The software was created to provide solutions, like fast and commission-free transactions, for both businesses and individual users. The EOS blockchain is currently one of the most secure and is the number one blockchain in terms of number of transactions.
EOS.IO also excels in the tools made available to users.
There are multiple blockchain explorer chains that are based on the software of Block.one. EOS, Telos, Worbli, ONO, BOS are the most important chains created so far.