INTRODUCTION
Phyken Network is a Layer 1 app-chain on Polkadot that brings green and renewable energy assets on-chain, fractionalises them and makes them accessible to the millions of people who want to invest in Green RWAs but don’t have the access to the investment opportunities.
Phyken Network is committed towards a multi-chain interoperable future where REAL WORLD ASSETS (RWAs) on-chain become a standard rather than an exception.
BACKGROUND AND MOTIVATION
Initially, blockchain, heralded by Bitcoin, revolutionised the concept of digital currencies, focusing primarily on decentralised finance (DeFi) and virtual assets. Ethereum further expanded this horizon by introducing smart contracts, paving the way for more complex decentralised applications. However, a significant gap remained – the integration of Real-World Assets (RWA) into the blockchain ecosystem. This is where the Phyken Network steps in, marking a pivotal shift in the Polkadot ecosystem.
Phyken Network’s mission is to bridge this gap by bringing Real-World Assets on-chain and fractionalization, creating a seamless blend of the physical and digital economies. This approach enables tangible renewable energy assets like solar plants, wind farms and hydro farms to be tokenized, offering a wider audience access to investments that were once exclusive.
Our platform leverages Polkadot’s interoperable and scalable infrastructure, ensuring security, efficiency, and cross-chain compatibility. This integration not only diversifies the Polkadot Ecosystem but also brings a new level of practicality and inclusivity to the blockchain space, making it more relevant and accessible to everyday users and investors.
By doing so, Phyken Network is setting a new standard for real-world applications in blockchain, driving forward a more integrated and practical era of digital assets.
WHY POLKADOT AND DECENTRALISED FUTURES
We have decided to be an app-chain on Polkadot network after careful consideration and evaluation of different networks and ecosystems for the following reasons:
Energy Efficiency and Low Carbon Footprint
In line with the core values of the Phyken Network, Polkadot is more energy efficient and has a low carbon footprint compared to other Proof of Stake (PoS) blockchain networks. It has the lowest yearly electricity consumption among six assessed PoS networks, at just 70 MWh. This is substantially less compared to the highest, which is 1967 MWh for Solana. This lower energy consumption translates to a smaller carbon footprint for Polkadot, estimated at around 33 tonnes of CO2 equivalent annually, compared to 934.77 tonnes for Solana. These metrics show that Polkadot addresses the growing need for environmentally sustainable blockchain solutions.
ESG Compliant
In furtherance of the aforesaid quality, Polkadot also ranks highly on all fronts in relation to Environmental, Social and Governance (ESG) Goals. Polkadot’s low power consumption, at an average of 0.0001 TWh per year, and minimal e-waste generation, approximately 0.03 tons annually, are significant factors. These aspects contribute to its high environmental score of A+. Additionally, Polkadot’s governance model, featuring a robust nominated proof-of-stake consensus mechanism and a good distribution of validators, earns it a high governance rating.
High Energy Efficiency through Nominated Proof-of-Stake (NPoS)
Polkadot takes a significant step towards environmental sustainability with its NPoS model. This results in consumption of only a fraction of the energy used by traditional blockchains, equivalent to approximately 6.6 US households per year.
Economic and Transactional Scalability
Polkadot introduces unparalleled economic scalability by employing a shared set of validators to secure multiple blockchains. This innovative approach enhances transactional scalability by distributing transactions across parallel blockchains. As a result, Polkadot achieves a level of scalability that is essential for supporting a growing and dynamic ecosystem of decentralised applications in web3.
Cross-Blockchain and Seamless XCM
Polkadot revolutionises blockchain interoperability by facilitating cross-blockchain XCM transfers diverse data and assets, not limited to tokens. By connecting to Polkadot, users unlock the ability to interoperate seamlessly with a wide array of blockchains within the Polkadot network. This breakthrough extends the potential use cases for blockchain technology, making it a versatile and interconnected ecosystem.
Innovation with Substrate Framework
The Substrate framework empowers developers to create custom blockchains swiftly. By connecting these chains to Polkadot, developers immediately gain interoperability and security. This streamlined development process fosters innovation within Polkadot’s network, attracting a diverse range of projects and contributing to Polkadot and substrate’s overall growth.
In June, we became part of the Substrate Builder Program, and we’re thrilled to share that we’ve achieved Milestone 1
Shared Security
Polkadot’s novel data availability and validity scheme ensures meaningful interactions between independent chains while maintaining a united front in terms of security. This unique approach not only enhances the security posture of individual chains but also fosters a collaborative and secure environment across the entire Polkadot network. Security will play important roles in integrating our DeFi features, such as Phyken DEX, Phyken DeFi Equity Protocol, and Phyken Fi - our lending DeFi Protocol.
Decentralized Future : Advance On-Chain Governance & Fellowship
Polkadot’s governance system stands out for its inclusivity, giving all stakeholders a voice in decision-making processes. Network upgrades are seamlessly coordinated on-chain and implemented autonomously, eliminating the need for contentious forks. This user-driven governance model ensures that Polkadot remains adaptable, future-proof, and firmly rooted in community values. It exemplifies a democratic and collaborative approach to the vision of a decentralized future.
Polakdot 2.0 & Blockspace
Polkadot 2.0 lies in its approach to blockspace resource allocation—a more flexible system departing from the rigid lease model of Parachain. The ability to access the core and blockspace will be important for us to have the flexibility to access extra core time in the future if needed. Introducing adaptable computational capabilities to the Phyken Network is an advantage and adapts to the market demand
INTRODUCING PHYKEN NETWORK
Phyken Network is building both the infrastructure and the application layer protocols to bring renewable energies real world assets on Polkadot
KEY MODULES OF THE PHYKEN ECOSYSTEM
Phyken Ecosystem is the umbrella term for all the products and services that will be required to build or partner with to solve the problem of RWAs.
PHYKEN BLOCKCHAIN
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Phyken Core Blockchain - This is our core blockchain which is essentially the Parachain Mainnet which is connected with the Polkadot Relay chain and enjoys the decentralized and shared security of the Polkadot ecosystem.
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Tundra Blockchain - This is our which is geared towards primarily developers who want to build RWA applications on top of our blockchain and infrastructure.
PHYKEN MIDDLEWARE/INFRASTRUCTURE
- Phyken ID - Ensuring asset authenticity and traceability using decentralized identities and verified credentials
- Attester Infrastructure - Regulated professionals and entities to ensure the authenticity of the assets
- AI-based compliance engine - AI-powered rule enforcement engine to ensure regulatory compliance
- Permissionless Party Audit framework - 3rd party audit framework to ensure transparency in custody of assets
- Fractionalisation - Fractionalisation enables further tokenization of tokenized RWA’s ensuring liquidity, and traceability
- Harmonization - Risk mitigation by creating harmonized pools of asset classes, in which different RWAs are bundled up together.
PHYKEN DECENTRALISED APPLICATION LAYER
- Phyken DeFi Equity Protocol
- Phyken DEX
- Phyken Fi - Our lending DeFi Protocol
ROADMAP GOING FORWARD
TEAM COMPOSITION
We are a team of 6 people in our core team and overall 10+ people in our extended team who believe in our mission of bringing Real world assets on-chain in a regulatory compliant manner.
Founders
Arko Ganguli (Co-founder):
- Lawyer turned Entrepreneur
- Extensive experience in capital markets and renewables regulations space.
- Has successfully built and scaled various companies in the fintech and the legal tech space.
Abhishek Chatterjee (Co-founder):
- 3x founder with one previous exit
- 16+ yrs exp Web 3.0 technologist & Product management
- Exp in building B2B SaaS solutions in diverse industries like logistics, e-commerce analytics, fintech, and travel
Rajiv Krishnan (Co-founder):
- 25 years of leadership across industries
- Launched New Amsterdam in 2008, the most successful white spirit launched in the US
- 10 years CFO & Head of Corp. Transformation in Renewable Energy with startups and global market leaders
- Investor in startups and bridging technologies to solve real-world problems
Core Team Members
Abhishek Sira Chandrashekar - Developer/Evangelist
- A full-stack Software developer with 4+ years experience.
- Master’s degree in Computer Science with AI/ML as the main track from Leiden University, Netherlands.
- Passionately curious about working in DID, SSI, and ZK.
- Multiple years exp working in Polkadot ecosystem in Litentry parachain
Alisher Khassanov - Blockchain Engineer
- Blockchain developer with 10+ years of both development and leadership experience.
- Proficient in RUST and Substrate with prior experience in working in the Polkadot ecosystem.
- Single-handedly building Phyken’s core blockchain components.
- Extensive experience working with other parachains in the Polkadot ecosystem
Remy Bien Bao Peretti - Head of Community
- An experienced community and ecosystem builder, Remy takes on the role of supporter in the expansion of several different project aspects such as; Marketing, Events, Social Media, and Community Outreach.
- Remy is currently based in Vietnam, He has been head of the ecosystem at Litentry for over 2 years.
Link3: https://link3.to/phyken
Website: https://phyken.network/
