Vision (or Why I should run my dApp on Papyrus instead of Ethereum?)¶
Papyrus Network is a new Ethereum-based public blockchain designed for ultimate mass adoption of decentralised applications. Main idea of Papyrus Network design was to make a perfect ecosystem, which removes limitations, which slow down growth of the user base in existing public blockchain networks such as Ethereum and EOS.
Papyrus Network have couple of characterisitics, which makes it a great choice for application developers, as it reduces network costs, while improving at the same time network robustness, scalability, and ability to serve for user-friendly applications with easy user onboarding.
Major changes to Ethereum, which we implemented in Papyrus Network, are:
- Instead of energy intensive Proof-of-Work a lightweight Proof-of-Authority consensus is used, where fixed amount of network nodes called “Authority Nodes” are elected and operated by credible organizations. Papyrus Network has native system of checks and balances, which lead to better and secure governance.
- Instead of gas transaction fee model token staking model is implemented, where token supply represents available network throughput and each token represents fraction of it. Application developers need to stake tokens (locking them for specific period of time) to receive access to required network bandwidth and may adjust staked amount from time to time accordingly to their needs. Developers don’t need to worry about token price volatility between revisions of their bandwidth requirements.
Which challenges does Papyrus Network solve?¶
Nowadays there are a lot of challenges of using public blockchains as application platforms:
- Lack of trust (network is usually controlled by anonymous elite, which control largest mining pools or use coalitions of network nodes in own interest).
- Lack of reliability (network is not protected from failures and application developer may experience large losses due to mistakes of others).
- Lack of responsibility (there is no any formal responsibility by network operators for application developers).
- Lack of support (application developers need to find solution for every problem themselves).
- Poor user experience (existing solutions are too complex and push users away by requiring them to use sophisticated wallets and plugins).
- Extreme costs and volatility (application developers need to care about cryptocurrency prices because they are used to pay network fees, they cannot build stable business model because of too high dependence on cryptocurrency market).
How we address these issues¶
By introducing elements of permissioned blockchain networks to public network setup.
- Trust – control of the network authority nodes belongs to decentralized consortium of credible organizations with full public disclosure of governance processes, by having multiple different organizations in the consortium network achieves trust that they won’t collude and risk their reputation by attacking the network
- Reliability – network architecture ensures network resources allocation between registered application developers to avoid network overload
- Responsibility – being publicly exposed and having their business and reputation at risk authority nodes owners are accountable for their activities
- Great user experience – moving obligation to pay network fees from user to application developer, significantly improve user experience as now users don’t need to care about keeping positive crypto wallet balance, calculating transaction fees and confirming them
- Reasonable and predictable costs – application developers are able to reserve necessary network bandwidth for specified period of time with reasonable upfront payment, it allows them to provision their expenses and eliminate crypto volatility impact on their business models; overall cost of ownership is low because of limited amount of authority nodes in the network
The main advantages of Papyrus Network¶
- Compatibility with existing Ethereum ecosystem including wallets, smart contracts, and other tools; no need to study new languages and frameworks.
- Increased Network speed and reliability: no more worries about application scalability and availability issues.
- High standard of network security provided by the authority nodes managed by credible organizations, which cannot be achieved in the environment of anonymous mining pools.
- An Unprecedented level of user experience — token staking model with no need to install complex plugins or browsers, pay various fees and make gas calculations; just use your application like any other — Facebook or Amazon.
- An easy way of making money without building complex token economies — you can simply sell subscriptions or in-app services to your application users, accepting both traditional payments and cryptocurrencies.
- Low network resource cost and low volatility: you can plan your infrastructure expenses in advance thanks to token staking resource allocation model.
- Network reliability network is protected from spam and DoS attacks by having staking procedure to consume network resources.
- Authority node owners are all identified credible organizations which put their reputation and business at risk in case of abuse.