What is Protocon?

Since the COVID-19 Pandemic, existing economic and consumption patterns have changed to a new paradigm called 'non-face-to-face and digital transformation'. The advantage of digital transformation is that there are no spatial and time constraints, and a representative example of this is the 'smart work'. It is better known as a flexible work system(flextime) in Korea, and it is a system introduced by Samsung Electronics, Naver, and Woowa Brothers meaning that working hours can be adjusted flexibly. As such, digital transformation is penetrating everyday life closer and faster than you think. Martin Sorrell, founder of global advertising and marketing firm WPP, recently stressed,

"Forget everything before COVID-19. COVID-19 will accelerate digital transformation for all subjects and make it difficult for those who can't adapt."

So, what is the connection between digital transformation and blockchain?

Early blockchain industries have been constantly asked about their proper use due to their lack of intrinsic value. However, NFT(Non-Fungible Token) technology can be used as a way to protect copyrights and digital assets that have become a constant problem recently. As a means of preserving intrinsic value, digital value and blockchain will be combined to guarantee the rights of digital assets and enable digital transformation of analogs.

Blockchain technology, which has developed since the 2008 financial crisis caused by the collapse of the U.S. real estate bubble, is running towards its ultimate goal of complete decentralization by resolving problems slowly over time. Bitcoin, which used blockchain only as a digital currency during the ‘Blockchain 1.0’ phase, has caused a boom in digital currency by introducing the Proof of Work (PoW), but its low processing speed and scalability was considered as a limit.

In 2015, Ethereum was developed to solve these issues by replacing Proof of Work (PoW) with Proof of Stake(PoS) and Delegated Proof of Stake(DPoS), allowing individuals to exchange various information at a fast pace without third party intervention. They successfully performed the P2P(Peer to Peer) method during the ‘Blockchain 2.0’ phase. Ethereum has also introduced "Smart Contract," a groundbreaking technology that can manage various contracts using blockchain technology without forgery, but has yet to find a solution to the six security vulnerabilities of Solidity and high gas fees.

The Protocon Network seeks and provides solutions to security issues and unstable fee problems. Therefore, we aim to process data safely, secure the usability and ecosystem of blockchain, provide highly accessible UX/UI, induce and reward users, speed up processing performance and attain decentralization, and finally build a long-term sustainable project structure. By building a complete trust layer throughout society, we aim to achieve the goal of the ‘Blockchain 3.0’ phase, which is blockchain technology that permeates society as a whole.

The word ‘Protocon’ of Protocon Network is a combination of 'Protocol' and 'Economy'.

According to the Longman dictionary, ‘protocol’ is defined as an established method for connecting computers so that they can exchange information.

So what does it mean when the word ‘protocol’ and ‘economy’ are combined?

Protocol economy refers to a transparent economic system in which everyone can take a look at the ledger and make sure that the profits are distributed fairly according to the protocols.

We named it ‘Protocon Network’ after ‘Protocol’ and ‘Economy’ in the sense that we create a trust-based society where protocols and economies coexist, and designated the token unit of the platform as PEN after the first letters of the Protocon Economy Network.

Based on the slogan "PEN, Perfectly Efficient way to write in Protocol Economy," we have a vision to build a large-scale automation of social systems and protocol-driven economic systems.

In order for blockchain technology to be used more closely and familiarly in our real life, preparations to go into the ‘Blockchain 3.0’ phase must be ready.

As a response to the challenges that the blockchain industry has yet to solve, the Protocon Network has been able to come up with the following solutions.

First, we increase security by using 'Model', a new blockchain development framework, rather than the ‘Smart Contract’ of the Ethereum EVM.

Second, we create a blockchain ecosystem by providing dApp services such as Blockcity and Blocksign.

Third, we increase accessibility to the platform by providing a fee-market structure of FeeFi and a convenient UX/UI.

Fourth, through the fee market, we encourage token holders to participate and provide appropriate compensation for their participation.

Fifth, we adopt PBFT-based ISAAC+ approach to ensure reliable data processing and decentralization.

Sixth, we build a long-term sustainable project structure by building governance covering up the entire ecosystem.

From the next posting, we'll dig into Protocon's solution one by one in detail.

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