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Purple Box Getting Filled with Water

Proof-of-Location Project Platin Secures Investment from EOS Ecosystem Fund

Reading Time: 2 minutes by on February 1, 2019 Altcoins, Blockchain, Business, Investment, News

A press release dated January 30, 2019, states Platin, the Israel-based decentralized Proof-of-Location (PoL) protocol, has successfully secured investment from EOS Global’s EOS ecosystem fund. The fund is a partnership fund of Block.one’s EOS VC investment arm.

Platin to Develop Their Service in the EOS Ecosystem

Per the press release, Platin will now develop their offering on Block.one’s EOSIO blockchain software. The Israeli blockchain startup secured the funding during the San Francisco leg of Block.one’s EOS Global Hackathon series. The event saw participation from 475 individuals from 26 countries.

It’s worth noting that Platin project forked from the Ethereum blockchain. The project modified the smart contracts language Solidity to make it location-aware for its PoL protocol.

Sharing his thoughts on the investment received by EOS Global, Platin CTO, Dr. Lionel Wolberger said:

“The investment from EOS Global is an important step for Platin as we seek to integrate our Proof-of-Location technology as a key component of a sustainable and robust EOSIO ecosystem.”

The investment could open the gates of opportunities for Platin as it allows them access to top ecosystem projects and resources available to EOSIO-related businesses.

What Is the Proof-of-Location (PoL) Protocol?

Followers of the blockchain industry would be well-versed with protocols like Proof-of-Work (PoW) and Proof-of-Stake (PoS). However, the Proof-of-Location (PoL) protocol is something many might not be aware of.

According to Platin, PoL is a lightweight, secure, and transparent protocol that makes it easy to verify a location claim. The protocol has many use cases in fields such as address verification, KYC, humanitarian aid, and others.

The PoL protocol trumps traditional geolocation tools like GPS in that it cannot be tampered with or used to attack other’s GPS devices to fake their geographical location.

Further, the GPS system dwarfs in comparison with the PoL protocol when it comes to accurate detection of a location and power consumption. Not to mention other fallacies of GPS like a high-degree of centralization, non-encrypted systems, and the absence of proof-of-origin.

Another upside of Platin’s protocol is that it is GDPR compliant. This means that unlike large data companies like Facebook, Google, and Amazon, Platin’s blockchain gives the power to share location back to the users. PoL protocol ensures that only users have control over whom to share their location with.

Dan Larimer, CTO at Block.one said:

“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.”

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