Written by: Teahouse Waiter, Chain Teahouse
Particle Network is a full-stack middleware platform whose technology unifies asset storage and transactions across different blockchain networks to support a platform for various Web3 infrastructure products and services, making Web3 more accessible.
At the end of 2021, when Particle Network was first founded, the team realized that most Web3 registration processes and technical complexities often lead to poor user experience and easily discourage new users.
For example, users need mnemonics to create a wallet, and traditional browser plug-ins and third-party wallet redirects greatly complicate the user experience and operation. In addition, after creating a wallet, users need to pay gas fees to use Web3 Dapp, which requires buying coins through OTC and then transferring them back to the wallet. For novice users, this is an important barrier to discourage them.
Therefore, Particle Network has developed an authentication and wallet-as-a-service solution that enables developers to integrate user-friendly Web2 authentication solutions into their DApp development.
1. How it works
Particle Network achieves chain abstraction through its modular L1 blockchain, providing users with cross-chain unified account and liquidity management. This design aims to simplify the user's interaction with the blockchain and make operations in the multi-chain ecosystem more seamless and intuitive for users.
Particle Network creates unified accounts that provide users with a single address and interaction point on all chains. This account structure simplifies the management and use of smart contract wallets, supporting EVM and non-EVM networks such as Bitcoin and Solana. Users can create and manage these accounts through social login or Web3 wallets, ensuring that they can easily operate on different chains.
Particle Network's unified liquidity aggregates liquidity on all chains by optimistically executing cross-chain atomic trades and swaps. This allows users to seamlessly interact with new blockchains, even if they do not hold tokens on the target chain. For example, users can use USDT to buy ETH on different chains to obtain NFTs on a certain chain. This process is transparent to users, and all operations are completed automatically in the background.
Particle Network allows users to use any token to pay for gas fees for cross-chain transactions, and all transactions are ultimately settled in $PARTI, the native token of Particle Network. This solves the problem of needing to manage multiple gas tokens in a multi-chain ecosystem, making the user experience more consistent and smooth.
2. Main services and products
2.1 Certification Services
Particle Network provides a new key management and security solution through its multi-party computation (MPC) and threshold signature scheme (TSS) technologies, combined with social login capabilities, making the user experience of Web3 more simplified and secure.
Key Management
Particle Network's key management follows three core principles: exclusive user control, secure account recovery, and elimination of single points of failure. Through MPC-TSS technology, sensitive keys and secrets are divided into two parts and stored separately by two different entities, ensuring that even if one entity is compromised, the key cannot be leaked, thus avoiding single points of failure.
Multi-party computation (MPC) and threshold signature scheme (TSS)
MPC-TSS adds an extra layer of security by requiring multiple parties to participate in cryptographic operations during the key lifecycle without combining the two parts of the key together. The key parts are updated periodically without changing the actual key, forcing a potential attacker to compromise two entities at nearly the same time to access the key material.
Particle Auth, as a project in the particle network ecosystem, supports multiple authentication methods, including mobile phone number, email, Google, Facebook, Twitter and other social logins. Users can choose the most convenient way to log in. The social login function allows users to access their accounts using familiar authentication methods (such as Google or Facebook login), and there is no need to manage complex key management processes when creating digital wallets, which simplifies the entry experience and promotes the widespread adoption of cryptocurrencies. Users can manage their key shares through familiar platforms while benefiting from the strong security provided by MPC-TSS.
In addition, users can also seamlessly integrate into any web, native mobile app or game, suitable for multiple blockchain ecosystems and encryption standards. Particle Network integrates the functions of many partners, including well-known companies such as TRON, Gameta, Biconomy, 1inch and Ultiverse, and supports Particle Auth, which can be integrated with various types of wallets, platforms, chains and social media login information.
Particle network's authentication service solves the complexity and triviality of traditional authentication solutions through its comprehensive infrastructure, effectively lowering the entry threshold for Web3 applications.
2.2 Wallet Services
Particle Network provides an innovative "Wallet-as-a-Service" (WaaS) solution and launched Particle Wallet, which supports users to conduct transactions and token conversions quickly and easily, simplifies Web3 application development, and improves user experience.
As for simplifying the development part, Particle Wallet supports cross-platform compatibility and is suitable for multiple platforms such as desktop, iOS, Android, Flutter, Unity, Unreal, React Native, etc., providing developers with a wide range of choices and flexibility.
In addition, Particle Wallet also provides a highly flexible and customizable solution, developers can freely create a unique and tailored experience for users, making their Web 3.0 applications stand out in a competitive market. . Developers can adjust the appearance of email and SMS designs, login and verification pages, transaction pages, etc., and can also configure design elements such as background and button colors, border styles, logos, fonts, and choose light or dark mode. In addition, WaaS allows developers to configure platform functions according to user needs, choose supported transaction tokens, included chains, highlighting of specific tokens or NFTs, default currency for displaying prices, enable WalletConnect, and whether to provide multi-language support, etc.
To help users easily enter the Web3 ecosystem, Particle Wallet integrates a fiat deposit service, supporting seven different suppliers from 156 countries, covering 36 fiat currencies. Users can easily choose the best exchange rate for cryptocurrency purchases without complicated operation procedures. It is particularly worth mentioning that the KYC-free deposit service provided by Mercury allows users to purchase cryptocurrencies below $700 without tedious identity verification, greatly simplifying the deposit process and providing unprecedented convenience for new users.
Particle Wallet also integrates with multiple decentralized exchanges (DEX) to ensure that users can get the best exchange rates for tokens. Collaboration with leading providers such as 1inch ensures that users can enjoy the latest innovations and deep liquidity in the DeFi space when exchanging tokens. Developers can take advantage of the best solutions in the industry without having to create their own DEX, allowing users to complete token swaps within the application, promoting active user participation, and improving the overall success rate of DApps.
2.3 Node Service
Particle Network's node service is a powerful node infrastructure for blockchain and cryptocurrency applications. Developers can leverage the node sharing feature through the Particle Network API to improve the performance of their respective projects. Particle Network provides globally distributed node services to ensure the scalability, stability, and security of the ecosystem. The feature operates 24/7 to support participants anytime, anywhere. Startups can confidently entrust node management to the platform and focus on business development.
Particle Network's node service is highly scalable and can dynamically adjust resources according to demand to ensure the stable operation of the network. This is especially important for applications that need to process a large number of transactions and high concurrent requests. Secondly, these nodes support multiple blockchain networks, including all EVM-compatible chains and non-EVM chains such as Solana. In this way, developers can flexibly deploy and manage their applications in different blockchain ecosystems. In addition, Particle Network's node service provides easy-to-use APIs and SDKs, which simplifies the integration process for developers. Developers can easily access node services to implement functions such as data query, transaction sending, and smart contract calling.
It is worth mentioning that Particle Network's node service adopts an on-demand billing model, and developers only need to pay for the resources actually used, avoiding high upfront investment and long-term maintenance costs. For payment, Particle Network solves the problem of decentralized gas fees on the chain through its local Paymaster, allowing users to pay gas fees with any token and ultimately settle on Particle Network L1.
2.4NFT Services
NFT Services is designed specifically for businesses and caters to all NFT-related needs.
Particle Network provides a simple NFT minting function. Developers can create new NFTs through the API and store them on the blockchain. Users can buy and sell NFTs through the Particle Network platform to ensure the security and efficiency of transactions. Developers can access and query NFT-related data, including ownership, historical transaction records, etc. through the API, simplifying data management and analysis. Particle Network's NFT service supports cross-chain operations, and users can transfer and trade NFTs between different blockchain networks.
Through this product, investors can access NFTs based on collection, ownership, creator, etc. With the help of API, Particle Network can display all main chains in a simple and unique format. The super data storage system facilitates NFT request and transaction processes through the original URL, ensuring that buyers receive the full value of their NFTs and reducing potential risks during the transaction process.
2.5 Abstract Account
Particle Network introduces an abstract account based on intent-centric design: improving user experience by simplifying user operations and improving transaction efficiency. The core idea of abstract accounts is to lower the entry barrier by changing the way users interact with the network. By simplifying the process of creating and interacting with contracts, users are provided with greater flexibility and a simpler experience.
At present, the abstract account ecosystem is close to maturity, including the public chain layer, private key management layer, abstract account stack layer and application layer. Many well-known projects have adopted abstract accounts to optimize their user experience. However, although abstract accounts have achieved certain results in simplifying user operations, they have not yet fully unleashed their potential, mainly because they are still focused on solving the needs of developers rather than starting completely from user needs.
Particle Network's V1 product simplifies the process of users entering Web3 products and improves transaction efficiency through social login and multi-chain signature calculation. With the launch of V2 products, Particle Network introduced the Intent Fusion Protocol to further enhance the user experience. The Intent Fusion Protocol includes a unified language and framework for expression to the intent conversion layer, a development toolkit for the composite demand coordination layer, and Particle Network's proprietary zkEVM for full-chain abstract account management and calculation. The protocol enables users to access application layer products through zero-knowledge login while maintaining privacy.
Based on this, users can easily invest ETH into any income product on L1/L2 through the intention fusion protocol, and automatically redeem and invest in Lido to obtain risk-free income after the income reaches a certain amount. This design prioritizes user needs and ensures that they realize their true intentions with minimal understanding and operation costs.
2.6 Testnet Points Tasks
In May this year, Particle Network launched its modular L1 blockchain testnet, which aims to achieve chain abstraction for a multi-chain ecosystem by introducing universal accounts and universal gas functions. Users can complete testnet tasks and earn $PARTI points to receive airdrops and other rewards.
Visit Particle Pioneer
Visit Particle Pioneer and register an account. Users can register through social accounts, Web3 wallets, or native Bitcoin wallets.
Get invitation code
Invite codes can be obtained through friends or official Particle channels such as Discord and Twitter. After completing account creation, connect your Twitter and Discord accounts and join Particle's channel.
Deposit General Gas
Deposit native tokens (such as ETH, BNB, BTC) to obtain universal Gas (USDG), which can be obtained for free through public faucets. The deposited test coins will be automatically converted to USDG, and users can use USDG to trade on any chain.
Ways to earn points
Invite friends to take part in the test.
Sign in daily and send a transaction.
Deposit general Gas.
Use common Gas for transactions (up to 100 per day).
Get extra rewards
Holding $ALLY or Capybara NFTs will earn you additional rewards. These rewards are available on the Peoples Alliance’s official marketplace.
3. Team/financing situation
Particle Network co-founder and CEO Wang Pengyu holds a bachelor's degree from Tsing Hua University, one of China's top universities. He previously served as an investment director at Softbank SAIF Partners, focusing on early-stage startup investments in Asia, and served as CEO of MiniJoy.
Another co-founder and CTO, Pan Tao, was formerly the CTO and head of overseas business of Tongzhuo Games. He graduated from Tsinghua University. He once established a social gaming platform Minijoy and successfully raised US$15,000,000 from Alibaba.
Particle Network has successfully raised three rounds of financing. The first round was a seed round completed on May 5, 2022, which raised a total of $1,500,000. Participants included Insignia Ventures Partners, CyberConnect, BitCoke Ventures, 7 O'Clock Capital, FSC Ventures, Monad Labs, etc. The second round was completed on March 29, 2023. The project conducted a seed round of financing and raised $7,000,000, led by various investment funds such as ABCDE, Animoca, Longhash Ventures, GSR Ventures, HashKey, etc.
On June 20 this year, Particle Network completed a US$15 million Series A financing round. Spartan Group and Gumi Cryptos Capital jointly led this round of financing, and SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital and others participated in the investment. This round of financing was completed through the Simple Agreement for Future Tokens.
4. Project Evaluation
Particle Network belongs to the blockchain infrastructure and chain abstraction track. The goal of this track is to provide a better user experience by simplifying the interaction between users and blockchains and solve the interoperability problems in the current multi-chain ecosystem.
There are projects such as Polkadot, Cosmos, and Avalanche in the same track. Specifically, Polkadot provides cross-chain interoperability and shared security, and achieves seamless communication between multiple chains through the architecture of relay chains and parallel chains, but its complex architecture and high development costs may create a certain entry barrier for new projects. Cosmos achieves interoperability between different blockchains through IBC (inter-chain communication protocol), and its modular architecture enables developers to easily create independent blockchains. But although Cosmos emphasizes decentralization, its security model relies on the security of each blockchain itself, which may lead to certain risks.
In contrast, Particle Network's strong technical foundation and market support give it great development potential. In particular, its modular L1 design and zero-knowledge EVM technology demonstrate its leading position in blockchain technology innovation. And Particle Network's efforts to simplify the user experience through universal accounts and universal Gas functions also make it easier for ordinary users to enter and use blockchain technology. In addition, a strong investment background and partnerships are important guarantees for Particle Network's success. These collaborations and financing provide strong support for the long-term development of the project.
However, as a relatively new project, Particle Network’s ecosystem and developer community have not yet been fully established. My suggestion is to seize the opportunity to participate in the testnet, which is an excellent opportunity to get future rewards and early participation in the project.
