How fast is Purple exactly?
We do not know yet, but our guess is that it can process around a few thousand transactions per second, at least.
What inspired this project?
The vision behind Bitcoin was a democratic way to send money through the internet. There were only two problems: it couldn’t scale and bitcoin mining became centralized. The vision behind Purple is to bring Bitcoin’s vision to fruition by being able to scale to mainstream use, allowing everyone to use a decentralized ledger in their every day lives.
Why build a new blockchain instead of upgrading old ones?
It is very hard to change a decentralized blockchain system after it has been released. For this reason, we have chose to start everything from scratch and focus on building the best possible foundation for it to stand on.
Who is behind this project?
The Purple Protocol was originally envisioned by the software engineer Octavian Oncescu. Now, it has become a community effort.
How do you fund the development of the Purple Protocol?
We currently do not have any investment whatsoever from any traditional source of funding such as Venture Capital or institutional investment. The development up until this point was self-funded. We also accept donations.
Will there be an ICO/IEO/STO?
At the time of writing this, we do not have any kind of crowd-sale planned. This can potentially change in the future but we do not guarantee it. The experimental nature of the protocol combined with the regulatory uncertainty makes us restrain from doing this at the moment.
How will I get my hands on the token then?
Once the main-net is launched, miners will receive rewards based on their work on the chain and the token will most probably get listed on exchanges where anyone can buy it.
Can I run smart contracts on top of Purple?
Yes! The Purple Protocol supports Turing Complete smart contracts. We aim to provide developers with the tools necessary to develop smart contracts in commonly known programming languages such as Rust, Java, C# and other known statically typed programming languages.
Will I be able to write smart contracts in my X favorite programming language at the launch?
Our aim is to provide support for as many programming languages as possible, however this is no easy task since each one will require a different implementation of a compiler. Before the launch we are extremely focused on developing the virtual machine responsible for executing the smart contract code and we aim to provide at launch full support for at least one programming language.
In which programming language will I be able to write smart contracts at launch?
The first programming language that we will support will be Rust. This is because it is by far the safest and most efficient choice for developing blockchain software. After support for Rust is mature enough, we will focus on adding support for other languages as well.
You state that Purple is a multi-asset protocol. What does this mean exactly?
The protocol is not directly tied to its main coin (also named purple, which with a lower-cased
P refers to the coin, not the protocol) in the same way that Bitcoin is. If you use the Bitcoin protocol you are required to exclusively send and pay fees in bitcoin. This is not the case in Purple where you can send any listed coin/asset that is listed in the ledger and possibly pay the fees in a completely different coin. You do not even need to own any purple in order to use the protocol, you only need to own an asset that is listed in it.
Can I create my own cryptocurrency on top of Purple?
Yes! Any created cryptocurrency or asset can be transferred in the same way as purple and be held under the same wallet.
Do I need any programming experience to create my own cryptocurrency?
You can create a basic token without any previous programming experience. But custom functionality needs to be programmed into the asset.
Wait what? How can I pay fees in different coins?
Miners choose to include transactions in blocks based on their own preference for assets and the amount paid. It is safe to assume that they will choose transactions that are paid in the most valuable and popular coins that are listed in the ledger.
Ok all of this sounds nice, when can I get my hands on it?
Hopefully by the end of 2019. We aim to launch the first test-net around mid August 2019 or earlier if possible. If all goes well and there are no issues (there will surely be issues on the first test-net) for at least a few months on the test-net, then we can begin to prepare for the main-net launch.