Core Concepts
Get familiar with our ecosystem's core concepts and functionalities
Last updated
Get familiar with our ecosystem's core concepts and functionalities
Last updated
Public Mint is based on a multi-layer approach that enables fiat currencies to be deployed and transacted on various supported blockchains. The Public Mint protocol - created and maintained by Public Mint - connects all layers and blockchains together, to effectively create a bridge to the traditional financial system.
We believe decentralization is a spectrum, and that for the foreseeable future, fiat-based solutions will be subject to some form of regulation by central authorities. Our goal is to remove that complexity so that your fiat gets the same super-powers as cryptocurrencies.
Layers and components in the Public Mint ecosystem can sit anywhere in the decentralization spectrum. These layers work together to strike the right balance between regulatory requirements, accountability, and the benefits of a peer-to-peer, border-less, open economy.
The Public Mint Blockchain connects the two distinct domains: off-chain and on-chain. Operating in each domain has different scopes, requirements, and limitations. You can integrate or develop at either one alone - but the real magic happens when you use Public Mint to connect across both.
Domain | Scope | Integration | Use Cases |
Off-chain | Fiat only | Public Mint | Custody of funds, KYC/AML |
On-chain | Blockchain only | web3 | P2P transactions, Smart Services |
Transacting on both | Fiat-to-chain Chain-to-fiat | Public Mint | Crypto and traditional finance, programmable money, processes automation, borderless payments, and many more. |
At the network level, Public Mint combines a traditional client-server model with a bespoke Ethereum-compatible blockchain. Our system connects with custodial partners and KYC providers (thus ensuring compliance with financial regulations), minting or burning on-chain tokenized fiat to match funds held in our custodial layer.
This layer is comprised of Custodial Partners, licensed financial institutions that hold custody of fiat funds on a 1:1 ratio to the supply circulating on the blockchain. The system is designed so that Public Mint never actually touches user funds.
Custodians connect to Public Mint via APIs and a private messaging system, which in turn allows customers to initiate deposits and withdrawals of fiat funds from/into their bank accounts, without going through exchanges.
Public Mint is currently using PrimeTrust as its primary Custodian Partner. However, our system is designed to evolve into a multi-custodial layer across multiple jurisdictions and currencies, open to any regulated partner, so long as they meet Public Mint's requirements and agree with compliance/operating standards.
Our blockchain is a bespoke implementation of Ethereum based on Hyperledger Besu, an enterprise-grade Ethereum client. Although both networks remain somewhat compatible, Public Mint is completely independent from Ethereum. Most notably, our network uses a different consensus mechanism and relies on fiat instead of Ether for Gas costs. For more details, check out the blockchain section of this documentation.
Public Mint is responsible for the transactional/currency logic, as well as for deploying and maintaining the initial infrastructure of the blockchain; this includes running all validator nodes at launch. Please note, however, that opening up to other validators is part of our roadmap to further decentralising the network.
If you're new to the blockchain space, we suggest you get started at Ethereum Foundation Learn. Their library of blockchain resources (focusing on Ethereum) is a one-stop shop for both complete beginners and more experienced users.
One step up in the blockchain abstraction ladder lies the Smart Services layer. Smart Services is how we refer to smart contracts (both fully autonomous or controlled by individuals/companies) that add functionalities on top of our blockchain.
Public Mint handles state changes in pretty much the same way as Ethereum's Virtual Machine. This means smart contracts can be written in any Ethereum-compatible language (like Solidity). If you can code in Ethereum, you can start developing in Public Mint.
In addition to sending/receiving funds, you are free to build/deploy smart contracts on top of the blockchain, earning revenue from any business model you can think of - much like you would in the web.
The Public Mint blockchain is open to everyone. You don't need to ask permission or verify your identity to send/receive funds or develop services on the blockchain. However, please note that you cannot deposit or withdraw funds without creating a Public Mint account and passing through a KYC process.
