PCHAIN
What is PCHAIN?
The PCHAIN network is a new infrastructure-level public network system with built-in support for multi-network applications and EVM, providing an open, scalable platform for third-party developers in various industries and allowing the creation of large-scale enterprise applications based on smart contracts.
The main technologies underlying the network:
- The first is a proprietary multi-network architecture that supports EVM, with a POS consensus based on a multi-layer segmentation mechanism, better known as “Sharding,” which significantly improves transaction performance.
2. The new mechanism of Oracle, facilitates the encapsulation of smart contracts, protecting them from outside interference or misuse. The Oracle feature provides the means to transfer data to smart contracts. The main component of Oracle, designed to facilitate access to information, is Smart Data.
3. The goal of PCHAIN Smart Data is to generate valuable data that filters out unnecessary data and makes it an integral part of Oracle. Smart Data can be used in various smart contracts and other cross-chain queries on the PCHAIN network. Smart Data, on the one hand, can serve as an intermediary between the blockchain and artificial intelligence, and on the other hand, facilitates the integration of the blockchain with big data. Therefore, the technology has extensive application prospects.
4. PCHAIN plans to implement the interworking and cross-platform applications interaction by creating its own universal programming language, making it possible to provide cross-platform applications.
PCHAIN architecture will use a number of mechanisms to achieve a highly integrated scalable solution. The multi-chain structure allows DApps to work on their own side chains, completely independent of each other. This structure ensures that overloading one chain will not affect the performance of any other chain in the system.
While the side chains are separate, they are still able to interact and, if necessary, transact. Internet calls and transactions allow you to:
- exchange PI tokens and any other supported cryptocurrencies
- use other currencies to complete transactions, simplifying the exchange of cryptocurrencies and digital assets
Benefits of the PCHAIN Network
The concept of PCHAIN EVM compatible multi-purpose protocol is the highlight of the project. The protocol uses Solidity and EVM for smart contracts on both the main chain and side chains. EVM support allows you to migrate existing DApps from the Ethereum network to take advantage of the higher versatility that the PCHAIN multipurpose system offers.
PCHAIN network is the first blockchain that supports Smart Data, on the basis of which a knowledge graph is formed. Due to this, the smart contract can be executed in a closed loop. The goal of the PCHAIN network is to include well-proven tools for the blockchain community and the design of applications in the ecosystem.
Each DApp has its own chain, which makes it easy to view and restore transactions. For the necessary DApps, all relevant data can be obtained by traversing the corresponding side chain from the source block to the last block, thus transactions can be restored to provide a view different from the only chain that still has to scan all unrelated blocks. Thus, the efficiency can be significantly improved.
Consensus Computing parallelism. In accordance with the original POW mechanism of the public blockchain, each node is involved in mining and, thus, there is a high probability of producing new blocks at the same time. However, the probability of a fork is also high. Under the new consensus mechanism, a group is formed to reach a consensus and the likelihood of the fork is reduced. Meanwhile, with the new mechanism, when the group reaches a consensus, intensive processor work is no longer required, which can save a lot of energy. All nodes can be divided into many small groups, and each group has a consensus on one chain, which is a parallel consensus. In addition, the groups have an intersection, that is, a node can join the consensus of many chains. Thus, the computing power is fully utilized, and the growth of the PCHAIN network runs smoothly. Support smart contract update. The PCHAIN network supports smart contract renewal using the methods described above.
High fault tolerance. When building the PCHAIN network, the main chain only writes and in theory errors are excluded. When some error occurs in the side chain, the main chain and other side chains are not affected, and only the corresponding side chain has to be corrected.
PCHAIN applications
PCHAIN network can be applied to many smart contract scenarios:
- Make Big Data transactions between different platforms (as already understood, fast and scalable) and distributed artificial intelligence
- Ability to perform reliable and secure operations with various cryptocurrencies
- Game rule settings to avoid cheating and scam (for gambling)
- The notary system that will provide the basis for the circulation of documentation with protection against fraud
- Track social networks and keep records of various publications
In whitepaper, developers offer two main uses for the PCHAIN network:
Promotion of symbiosis of the smart contract and the blockchain. After creating the PCHAIN network, participants need to pay a certain amount of costs when combining the smart contract with the blockchain and calling the smart contract, which is calculated in PI. After the PCHAIN network is built, it is assumed that the number of applications in the chain will increase; as more and more transactions will be carried out on the chain, accordingly there will be an increased demand for the PI token.
Providing PCHAIN network services. As the PCHAIN platform platform provider, the Foundation has the leading power for the core PCHAIN technology and application development interface. The Foundation can provide convenient PCHAIN-based products, such as a query platform, and also provide technical solutions for the demand for DApp, which makes the development of DApp smoother.
Token Project — PI(PAI)
PCHAIN’s own digital cryptographically secure network token PI (PAI) is the main component of the ecosystem on the PCHAIN network and is intended for use solely as the main token on the network. PAI will initially be issued by the issuer as an ERC-20 standard token, on the Ethereum blockchain, after the launch of the main network, the tokens will be transferred to the native network.
PI is a non-returnable token that will be used as a unit of exchange between PCHAIN members. The goal of implementing PI is to provide a convenient and secure method of payment and settlement between participants who interact within the PCHAIN ecosystem. PI can only be used on the PCHAIN network, and possession of PI does not carry any rights other than the right to use PI as a means of using and interacting with the PCHAIN network.
The functionality of PI, by and large does not differ from the use of other tokens. The token will be used as a virtual crypto ‘fuel’ to use certain functions on the PCHAIN network, providing economic incentives that will be used to encourage participants to contribute and maintain the ecosystem of the network. Computing resources are needed to run various applications and perform transactions on the PCHAIN network, as well as to validate and verify additional blocks ,information on the blockchain, thus, the providers of these services ,resources will require payment for the consumption of these resources (i.e. mining in PCHAIN ) to maintain the integrity of the network, and PI will be used as a unit of exchange for quantifying and paying for the costs of consumed computing resources. When blocks are generated, PI will be provided to the accounts of all nodes participating in the consensus.
PCHAIN decided to start official Token Swap in June 2019 publicly as some of the following 2 reasons:
- we would want to protect every token holders’ benefit and make sure our Mainnet is 100% stable and secure for all of you.
- we would like to add more PI on the Mainnet step by step and check with every steps about our Safe Delegation and Dynamic Validator Mechanisms for secure everyone’s benefit.
Also I can not mention a few words about the project team. In general, Chinese blockchain experts have a fairly strong technical background. This project is no exception, and each member of the team, at least, has a professorship in computer technology. But I will focus your attention on the two most interesting personalities.
Dr. Feng Cao — the founder of the project. Inventor of the first international blockchain patent from China, co-founder of China Ledger — the most influential blockchain — China alliance. Chief Scientist of the Blockchain Application Committee in the China Federation of Logistics and Purchasing. For about 9 years he worked at IBM Research China, becoming one of the leaders in the design of Internet finance. He still has a lot of interesting regalia and merit, but I think you already understand that this is a very smart and talented person.
Ken Huang — project advisor. Huawei vice president, chief architect of identity management systems, CISSP, member of the ACM commission, member of the expert committee on the quantum circuit of the Chinese Academy of Electrical Engineering, visiting professor at Zhejiang Normal University. Prior to joining Huawei, in December 2015, he worked at the CGI Federal Office in the United States for 18 years and served as director of Cyber Security and Cloud Security.
As you can see, the project has a very strong human resource, so there is no doubt that they will be able to realize their plans.
Website: https://www.pchain.org
Whitepaper: https://pchain.org/js/generic/web/viewer.html
Telegram: https://t.me/pchain_org_ann
Twitter: https://twitter.com/pchain_org