Perlin Network

Perlin Network

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Perlin Network (http://perlin.net/) is a DAG-based decentralised layer on top of the most recent hardened version of the consensus protocol Avalanche with a novel implementation of proof-of-stake, which is a Byzantine fault tolerant protocol built on a metastable mechanism to achieve high throughput and scalability, and is also Sybil-resistant (something that Avalanche is not on its own). Perlin's novel consensus mechanism and the native general-compute engine makes it the fundamental protocol for powering the global economy.

1.    The project's economic model:

  • Currency: ETH;
  • The assessed value of the project is $100M;
  • Hard cap: TBA;
  • Terms of the token sale: seed round - 20%, strategic sale - 20%, private sale - 7.5%, crowdsale - TBA;
  • Token price: seed round - $0.04, strategic sale - $0.12, private sale - $0.20, crowdsale - TBA;
  • Token allocation: ТВА;

As we can see, the token's price differs quite drastically across the token sale stages, which can negatively influence it at the time of listing on an exchange.

2. Token release terms: seed round - 12 months vesting since TGE, strategic sale - 6 months vesting since TGE, private sale - 3 months after the first exchange listing.

3. Lock-up periods: there is information available about that seed round tokens are subject to 12-months lock-up period since the date of the investment (end of December 2017).

4.    Social networks activity (data captured on 26 of September 2018):

Telegram EN (https://t.me/perlinnetwork) currently (1 of July 2018) holds 28465 members;

Twitter (https://twitter.com/PerlinNetwork) has 3280 subscribers and 27 tweets on the subject that the project is aimed to.

5.    Investors:

The funds and organisations displayed are fairly famous and do not require any additional introduction. However, it's worth mentioning that recently they have been participating in almost every upcoming project despite its quality. It may seem that they are more interested in short-term gains, rather than in projects' development. As a result, the level of these funds' (organisations') authority declines.

6.    Partners:

Currently, there is no information about the partners available.

 7.      Roadmap:

  • Closing the Private Sale of PERLs likely to be 30 June – 7 July
  • Public Sale of PERLS TBA
  • Building the internal Testnet Mid September
  • First External Testnet Release October
  • The target date for Mainnet is June 2019

8.    Token: PERL, ERC-20 that will be later moved to its own chain. The tokens are to be used as the means of payment for computational power by validators and end users.

9.     Token sale restricted countries: USA, China, Korea. (TBA)

10.  WhiteList/KYC: TBA.

11.  Blockchain: DAG.

12.  Patents: N/A.

13.  MVP: the testnet should be launched soon.


Similar projects:

In its essence, this project resembles IoTeX, IOTA, NANO and other DAG-based projects. However, being the first project to implement Avalanche and recently improve it, it should be interesting to see how it performs​:

In addition to them, Perlin acts in the same domain as Golem, Sonm, Dadi, and iExec RLC:

GitHub (https://github.com/perlin-network):

The project's GitHub page is highly developed. It contains 3 repositories, which are being actively worked on. At the moment of this report's publication, there are more than 50000 lines of code. The programming language is Go.

It's worth mentioning that 2 repos: https://github.com/perlin-network/life & https://github.com/perlin-network/noise got more than 800 stars each, indicating that the developers very much liked them.

According to Andre Cronje, the code written by Perlin's team is among the best since Holochain. You can find his report on the project here: https://cryptobriefing.com/perlin-ico-review-perl-token-analysis/

The project's GitHub page is of a very high level of quality.


White Paper (https://ipfs.io/ipfs/QmXNJXNtxFDg5vwBiXuDSUGpfatakock1qJzQkNujzrP37):

Perlin is a scalable distributed DAG-based protocol on top of the most recent consensus protocol Avalanche.

Defining Avalanche.

Avalanche is a metastable consensus protocol developed by the Team Rocket and first introduced by Emin Gün Sirer in May 2018. The tests show that Avalanche's throughput can reach up to 1300 TPS with 4,2 ms latency, considering that there are 2000 nodes.

The metastable properties of Avalanche allow a couple of new features: decentralised management with enabled network adjustments and the possibility of simplifying a structure of a network with a unanimous consensus.

Thus Perlin network will have 3 types of participants:

  • miners that will provide computing power support;
  • validators that will take part in the consensus;
  • users that will connect to the miners' resources via ssh and end up working within the familiar Linux system, or process a prepared task with a significant amount of parallel processes for several miners.

The main features of the project:

  • there is a support for Turing-incomplete smart-contracts. Smart-contracts will be compiled via web assembly. Transactions within Perlin are async, but eventually, they are coherent;
  • diodone function is a cryptographic hash function that is able to extract data about a particular miner's CPU & RAM hardware;
  • the pool for tokens that were not mined, which will hold 5% of every miner's potential reward in case of not completing the task. In such an event a miner will not be rewarded completely;
  • Perlin's security is enhanced by the availability of various cryptographic primitives for conducting homomorphic encryption, particularly using Ring Learning With Errors, also named as Fan-Vercauteren Scheme (https://blog.n1analytics.com/homomorphic-encryption-illustrated-primer/). The verifiability and correctness of the computations is guaranteed by the binary tree of multiplications' evaluation, such as Truebit;
  • Perlin utilises parallel computing, like Pipelining method, which implies that different types of nodes do not overlap while sending queries.

The project's Whitepaper is top notch. There is no noise and the team seems to understand everything they've mentioned and how they are going to make it a reality.


The team:

Dorjee Sun - CEO

https://www.linkedin.com/in/dorjee/ - 9 417 followers

Dorjee is a serial social entrepreneur. He is a former COO of Santiment.net a token based big data cryptocurrency project that led ProjectTransparency.org and an advisor to a lot of cryptocurrency projects. Dorjee is subject of an award-winning documentary narrated by Hugh Jackman “The Burning Season”. The African Rainforest Conservancy honored Dorjee with an Earth Day Award and by naming a newly discovered blue spotted species of chameleon from the Tanzania rainforest – the “Kinyongia dorjeesuni”. TIME Magazine has named him a TIME Hero of the Environment and he was named one of Esquire Magazine’s 5 Gentlemen of Philanthropy. Dorjee has won the Asialink Leaders Program Alumni Award, been named one of Australia’s Young Leaders by The Australian newspaper, he is a World Economic Forum (WEF) Young Global Leader, an Asia Society 21 Fellow and is also the Chairman of the Nexus Singapore Philanthropy Conference. His work has been front page of Wall Street Journal, TIME magazine and covered in Fortune, Forbes, ABC, PBS, BBC, Discovery, CNBC and other media outlets. Dorjee has a law degree, commerce degree and diploma of Asian Studies (Mandarin) from the University of New South Wales, studied at Peking University.

Dorjee has a Wikipedia page about him: https://en.wikipedia.org/wiki/Dorjee_Sun

Kenta Iwasaki - CTO

https://www.linkedin.com/in/dranithix/ - 866 contacts

Kenta Iwasaki is a software engineer, game programmer, robotics engineer, and serial technical entrepreneur with a heavy research background on distributed systems, cryptography, signal processing, mathematics, statistics, and machine learning. His R&D works under Dranithix, and NAVER Corp has introduced substantial novel interdisciplinary solutions to a wide range of industrial and scientific domains. From disassembling/hacking games to implementing botnets/exploits to widely-used antiviruses/application VM’s starting at an age of 6, Kenta has won several (~20) internationally recognized hackathons at Stanford University, ETH Denver, EOS, IBM, University of Waterloo, HKUST, University of Pennsylvania, US Department of State, General Electric . He has an extensive record in independently architecting and implementing a wide plethora of technically challenging systems such as currency exchanges, distributed databases, sharded multiplayer game servers, hardware-accelerated graphic engines, cross-platform networking libraries, and distributed computing platforms.

In order to verify Kenta's high level of experience, you may visit his Github page at https://github.com/iwasaki-kenta

Mirza Uddin – Business Development

https://www.linkedin.com/in/themirzauddin/ - 7050 followers

According to his own introduction, Mirza was a part of the investment task force within the VC firm Index Capital that invested in Facebook & Dropbox at their early stages. Later on, he acted as an investor at Two Sigma hedge fund. He started his career at a famous Japanese VC East Ventures, which was an early investor for OmiseGo and Bitflyer. Mirza simultaneously attended the Harvard University and took multiple courses at Massachusetts Institute of Technology and Harvard Law School. He also acted as an advisor for OneLeger.

Trung Nguyen – Community Management

https://www.linkedin.com/in/trungnguyen1993/- 500+ contacts 

Trung is a specialist in math and engineering with vast experience in project management. Before Perlin, he acted as an engineer within Cummins, the famous engine producer. He is an outstanding mathematician with several awards in applied mathematics and engineering from UNSW Australia, particularly for climate dynamics math and mathematical optimisation.

Anup Malani – Global Lead, Research, Strategy and Partnerships

https://www.linkedin.com/in/anup-malani-a1551b2/ - 500+ contacts

Anup is a professor at the University of Chicago and the founding Faculty Director of the Tata Centre for Development at UChicago that is focused on 3 fields of development: healthcare, water, and sanitation, along with energy and environment in India. He is also the Faculty Director of the International Innovation Corps (IIC) a large social-service and social impact consulting program that trains and sends teams of young professionals to help manage and implement important development projects in India. Anup is a Ph.D. in Economics and Doctor of Law (JD).

Jo Huynh - Strategy and Finance Manager

https://www.linkedin.com/in/jo-huynh-b4575631/ - 862 followers

Jo acted as a Governance Manager within Republic Protocol. Previously she was the Executive in Company Secretarial Division of Macquarie Group and Strategy & Business Manager to the Chief Strategy Officer at Aviva Asia Pte Ltd, where her primary task was to foster the development of Digital Garage in Singapore, she also organised the working space particularly for FinTech innovators. Jo got her Bachelor of Commerce and Commercial Law at the University of Sydney.

Darren Toh – Compliance & Communications

https://www.linkedin.com/in/darren-toh-2a29885/ - 500+ contacts

Darren acted as Head of Legal & Communications at Republic Protocol. He has been a Senior Investigator and Assistant Director at the Australian Competition & Consumer Commission (ACCC) for more than 10 years. He also advises for Carbon Grid Protocol. Darren got his Bachelor of Laws at the University of Melbourne.

The team is top-tier.


Advisory board:

The advisors for the project are of the highest level, hence they do not need any additional introduction.


Summary: currently we have a very strong technological project, that is being built on top of the novel consensus protocol Avalanche, developed by Team Rockets and introduced by Emin Gün Sirer. The team of highly qualified professionals led by Kenta Iwasaki with his significant experience in blockchain technology is in charge of the product's development. In addition to that, we would like to mention the tight roadmap that projects testnet launch during this fall and mainnet launch in January-February of the next year. The Whitepaper and GitHub of this project are is of the highest quality. There were some concerns about the token's valuations, but the initial rumors have been denied by the team by mentioning the lock-up periods and a transparent pricing policy on their website.


The final score is available at https://icodrops.com/perlin/