PChain is a project that started back in 2018. People involved in investing in ICO must have heard about it. Its crowdsale took place on the 28th of May, 2018 and since that time a lot of things have happened. Let’s take a look at what PChain has achieved since its ICO.
For those who are not familiar with PChain, here’s what’s it about:
PChain is a native multi-chain system supporting EVM (Ethereum Virtual Machine). EVM is a powerful, sandboxed virtual stack that is responsible for executing contract bytecode. Those contracts are typically written in higher-level languages, like Solidity, and then compiled to EVM bytecode. Virtual machines are essentially creating a level of abstraction between the executing code and the executing machine. This layer is needed to improve the portability of software, as well as to make sure applications are separated from each other, and separated from their host.
- Support for over 250 child chains without the pressure on the main-chain. In testnet 1.0 it was achieved with 1064 nodes globally. The peak TPS is 126K TPS and it can be scaled linearly as the number of child chains increases.
- A new Oracle mechanism based on the knowledge graph makes encapsulating smart contracts easier. W3C compliant smart data is effectively addressing the issue of non-intelligence in smart contracts.
- Safe Delegation and Blind Bidding helps to effectively avoid token transactions between delegators and candidates to make sure you avoid scams from candidates. the Blind Bidding mechanism enables the validator election after epoch switch in a more fair and secure way.
- Cross-chain capability. The smart contracts of PChain can be easily invoked with other nonnative tokens (BCH, ERC20, etc) by using the toolkit PChain provides.
Token role and Business model:
The PI token is the native digital cryptographically-secured utility token of the PChain Network. It is a major part of the ecosystem on the Pchain Network and is designed to be used as a unit of exchange between participants on the Network. PI is providing a convenient and secure mode of payment for participants who interact within the Network. It incentivizes users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on the PChain Network.
The Network can provide convenient products based on PChain technologies, such as a query platform, tech solutions for the DApp demand-side and much more (details below).
As more people use PChain services – more things start to happen. More tokens are taken away from exchanges into circulation for ecosystem purposes, more transactions are performed by nodes and more rewards are available for nodeholders. All of this is made with the intention to create a strong and healthy ecosystem where the price of the token is highly correlated with network performance.
The main team consists of 8 people who worked for more than 2 years to deliver the Mainnet. They also have 6 advisors on their team. But when talking about the team we can’t just overlook the main man behind the project, Feng Cao.
FENG CAO – (CEO) is the Godfather of the Chinese blockchain. An all-star team member, he was one of the first blockchain enthusiasts in China. He has amazing experience in the industry and a strong scientific background. His portfolio is very impressive. Here’s a glance into it:
- Co-founder, Vice Chairman and Chief Researcher of FinChain, Shenzhen Blockchain Financial Service Co. Ltd.
- Manager of Big Data Analytics department, the Chief Scientist of Internet Finance and the co-chair of the patent review board in IBM Research-China.
- Co-founder of ChinaLedge
- Senior Fellow of the Chinese Research Alliance Blockchain.
- Co-Founder of the Blockchain Application Committee at the China Logistics and Procurement Federation (1st Gov Industry Association)
The whole team consists of great professionals with a lot of working experience. We want to point out two more just as an example.
Steven Lv (CTO) – has a great experience in CTO positions in blockchain-related companies. Master of Computer Science from Tsinghua University. Previously worked at:
- Nanjing Zhitongche Network Technology Co., Ltd,
- CTO at Wanchain, CTO
- CTO Shanghai Zhaoqing Information Technology Co., Ltd
ZHANFENG MA – is an experienced Database Specialist from SAP with more than 10 years of working experience on database storage engine, including data store and management, Btree index, logging and recovery, and much more.
As PChain positions itself as a scalability solution for Ethereum Virtual Machine, it has the same amount of applications as Ethereum. Mainly – PChain brings scalability and speed into the runtime environment for smart contract developing and execution. Users from EVM will be able to transfer existing DApps and build new ones in the protocol. The structure will have the main chain and various sidechains, as well as in Rootstock. When a DApp is created – the corresponding sidechain will be created.
This makes PChain a middleman for the whole industry.
Here are some examples of their applications:
- Distributed artificial intelligence, distributed question, and answer, big data transaction;
- Digital asset transactions, providing reliable records for digital asset transactions;
- The game, rule set for the game to avoid cheating;
- Notary system, provide a basis for the promise that cannot be tampered with;
- Full cycle collaboration system, it works on the whole process, from planting and harvest all the way to supply chains and marketing;
- Trackable social networking, recording all the words that have been said.
There a lot of examples of PChain Network commercial use in China.
Let’s look at one of them. PChain and Johnson&Johnson have created the first commercial Chain for Shanghai Taxi. In this case, the PChain Network provided partners with reliable and transparent data about vehicles and drivers and, in accordance with different regions’ requirements of the State Department’s vehicle management and control policy, it generates new logistics solutions bases on that data.
First working cross-chain solution
The PChain Network can access a variety of external public blockchains and consortium blockchains. About a month ago they announced the cooperation with the Binance chain.
Now you can have access to Binance and PChian functions via bilateral swap. The relationship between ERC20.PI, native PI, and BEP2.PI is illustrated in the picture below.
1 PI = $0.0533
1 PI = 0.00000736 BTC
1 PI = 0.0001 ETH
PChain product development has advanced very far since the ICO. They have released the mainnet, partnered with a lot of big companies in China, released their token and provided a token swap. Overall, the PChain team demonstrated hard work on their project during the year and released everything that they promised in the roadmap. We should expect a growth in product development and adoption in the near future. We are glad to be early supporters of PChain and think that PChain has a good perspective in the long term growth.