How would a blockchain preserve the privacy of its community while complying with the laws? The answer lies with Privateum, a platform that intends to put privacy-preserving solutions and regulatory compliance under one roof by implementing a Cooperative Business Model and Consortium Blockchain Network architecture.
Let’s discuss how this model allows Privateum to bring users, businesses, and legal partners to work together:
Cooperative Model and Its Utilization Within Privateum’s Ecosystem
A Cooperative Model consists of members participating voluntarily towards meeting their economic or social objectives and creates a democratic governance system where each voice has equal weight.
Privateum leverages the cooperative model approach to create an ecosystem wherein everyone can participate, including private members, businesses, decentralized autonomous organizations, and legal partners.
Participants work together to achieve the common goal of sustainability as each of them have something to benefit from:
However, unlike other cooperative models, Privateum leverages the concept of consortium blockchain to increase the scalability, efficiency, and security of the whole ecosystem.
Additionally, it deploys an in-house Ghost Network™ to bulletproof the system. While blockchains add safety and decentralization to the network, the cooperative model of Privateum empowers the users and communities in building a more inclusive economy while protecting their information.
At the heart of Privateum’s ecosystem lies PVM, the external token that grants an opportunity to become members and, sequentially, get direct access to the private asset management resources, transaction services, and partner’s business network.
However, as the network grows, the token will function as a medium of exchange against external services and products of Privateum Initiative Network.
Cooperatives – And Their Role in Privateum’s Ecosystem
A cooperative is an autonomous association of people and/or legal entities. In a traditional model, users can participate voluntarily and become a member (of a selected cooperative).
Privateum deploys a similar approach and allows everyone to be part of the network, including retail users or traders, businesses like banks, insurance companies, as well as, legal entities, and financial institutions. However, each cooperative has to follow the necessary KYC/KYB/AML procedures and policies.
The screening process ensures the Privateum ecosystem is genuine and secure.
The role of the Privateum cooperative is to empower people to collectively realize their economic aspirations while strengthening their social and human capital.
Privateum envisions that blockchains – when used in conjunction with a cooperative model – can help add necessary privacy and meet regulatory requirements to a cryptocurrency network, the result of which can connect all its members under a legal umbrella.
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.