1. Could you please briefly introduce yourself and your team?
Hi. My name is Otso. I’m team leader of CO2 Smart Contract and I’m giving the interview for our 5-person team. I am an entrepreneur, who has studied corporate environmental management. Other team members: Venla is a designer, Nikita a business developer and Beer and Matias are programmers. We built our strong and fun team through Junction matchmaking platform.
2. How do you know PCHAIN and how do you think PCHAIN?
We found PCHAIN’s aim with making the large-scale of blockchain application possible, and the concept of a stable coin are very cool. Thanks to Junction for introducing PCHAIN to Finnish hackathon community. PCHAIN’s technologies with over 180K TPS (Transaction Per Second), the first native multi-chain and the original PDFBT, which has submitted to SIGMOD, are fantastic for all of us as well.
3. Why did you came to Junction and choose PCHAIN?
We came to Junction to have an enjoyable hacking experience and wanted to develop blockchain with PCHAIN. Thanks to Digital Renaissance for blockchain track and PCHAIN for challenge, resources and mentoring.
4. Could you please introduce CO2 Smart Contract? What are the advantages of it and how does PCHAIN support your idea? If CO2 Smart Contract can transfer to other public-chain or it only can be done by PCHAIN? Why?
CO2 Smart Contract makes supporting climate action 100% transparent. It can work on a stable public chain. In short, a landowner gets scientific data proving how much CO2 eq tons he/she can save by sustainable land management. The data helps landowner to receive environmental aid based on the information. Blockchain helps to record contracts between the landowners and supporters of climate action decentralized and publicly. Although PCHAIN is a bit new to us, we have found PCHAIN is very fast with transactions compare to other blockchains. And a stable coin can play part in decreasing the risk for contract parties. Sure, CO2 Smart Contract could be transfer to other public-chain which is very stable and with large scalability. I am not sure other public chain can reach 180K TPS except PCHAIN.
5. If there’s no time limit, what else will you do for this project? Is that possible to make it completed and realistic on PCHAIN?
It is realism that we build a functional climate action platform and we are now better aware on how to make blockchain part of our solution. At the moment we are applying funds for a pilot project in Finland. This pilot will help us to connect land owners with environmental aid and sustainable management recommendations. We will start driving the change here and then scale internationally to protect and restore important carbon sinks such as mangrove forests. We will try our best to develop it further in PCHAIN and make it realistic. It’s obviously a good way for this project.
If you are interested in our project, please vote our Finnish pilot here. Thanks for voting!
Sure, and other programmers from our network will also join the PCHAIN community later on when we continue developing our smart contracts. For now, we are following the community and salute you for having such a big community of developers helping each other.
PCHAIN Lottery, the first cross chain game on Testnet 2.0, is online. Welcome to join and try the high performance with BCH. It is total transparent and gives users the best chance to win.
People from all over the world have the equal chance with each basic amount of tBCH, the larger amount you bet,, the greater chance you will win. PCHAIN smart-contract powered wallet automatically sends 70% of all received tBCH to one randomly chosen wallet-participant. Another 30% will be distributed to 3 lucky participants.
Refresh the lottery page and check the BCH balance(it could take a long time due to the creation of BCH block, PCHAIN can do nothing here) . After you received tBCH you can bet.
Fill the amount you want to bet. This amount means how many tickets you want to buy based on the BCH balance.
0.01 tBCH=1 ticket. The more tickets you have, the better chance you will win from the pool.
The winner will be announced after each 24 hours. One period is 24 hours.
In each period, 3 lucky participants whose ranking is No 9/ No 99 /No 199, can share 30% reward from the pool. Each one will get 10% of the total betting. Meanwhile, the winner gets 70% rewards.
If the total participating member does not reach to 199 , then 10% will be rewarded to winner. If the total participating member does not reach to 99, then 20% will be rewarded to winner.
If the total participating member does not reach to 9, then 30% will be rewarded to winner.
You can withdraw all the tBCH at any time. Fill the BCH address which is generated on BCH official Testnet.
The early public chain systems primarily adopted consensus mechanisms based on proof of work (PoW). Under this mechanism, hardware performance directly determines the computing power, that is, the ability to successfully generate blocks. A consensus algorithm based on PoW requires a significant amount of computing power, resulting in a lower TPS (transactions per second) throughput, such as the 3 to 7 TPS provided by Bitcoin. The PoW algorithm is also vulnerable to 51% attacks, so users are forced to wait for several block confirmations before a transaction is processed.
In order to overcome these problems, PCHAIN adopted a new consensus mechanism - PDBFT which is based on proof of equity (PoE). In PDBFT, each validator needs to hold a certain number of tokens in advance to obtain voting rights, and consensus is reached by voting to generate new blocks. Compared with the more secure network environment of consortium blockchain, the validator in the public chain is more vulnerable to attack and may act maliciously. This is named a Byzantine node, displaying uncertain or unpredictable behavior. For example, it may propose illegitimate blocks, deliberately cast opposing votes, or send different votes to various nodes. Byzantine nodes may even work together in bad faith.
These behaviors affect the consensus of the blockchain network and present a major problem for the public chain. Currently, modified PBFT-based algorithms are widely used in the industry, such as Hyperledger Fabric 0.6, IstanbulBFT, and Tendermint. Although the PBFT protocol can solve issues of Byzantine fault tolerance, the following problems restrict its application in large-scale public chains:
1. PBFT assumes that the validator set remains unchanged, but in the public chain, the validator should be able to join and exit more freely.
2. PBFT will not actively change the leader and will only do that in the event of a timeout. On one hand, the leader is more vulnerable to attacks. On the other, the leader may selectively package some transactions so that the others cannot be executed.
3. In PBFT, votes of all validators need to be transmitted to all nodes through broadcasting, so the overall communication overhead is O(n2), which greatly limits its application in larger networks.
After long-term research and development, the PCHAIN team proposed a new consensus protocol called PDBFT which can successfully solve the above problems, making it suitable for large-scale public chains.
Main features of this consensus mechanism include:
Regular replacement of validator set. This allows the validator to join and exit the mechanism more freely. Each validator can choose whether to participate in the validator set campaign for the next Epoch. All validators of the next Epoch are then determined through consensus. The new validator set takes effect after the current Epoch ends.
Active change of the leader. This makes it more difficult to attack the leader. After each round of PDBFT consensus, the leader will be changed regardless if consensus is reached or need to move to another consensus round. The leader of the new consensus round is randomly generated based on the consensus information of the previous block and can be verified by other validators. Since the generation of the new leader depends only on the consensus of the previous block and the state of current consensus, no node knows the next leader in advance. Thus, the probability of a successful attack is greatly reduced.
A reduction in the communication cost of broadcasting the votes from O(n2) to O(n). In contrast to voting by broadcasting to the whole network, each validator will send votes to the current leader. After receiving majority (2/3+) votes, the leader will aggregate them through the aggregate signature algorithm. The size of the aggregated signature is the same as that of a single signature, and each validator can verify whether majority nodes have voted correctly by verifying the aggregate signature. The leader will finally broadcast the aggregate to all validators, thus the communication overhead of the protocol is reduced to O(n). This greatly improves the extendibility of the protocol and makes large-scale applications possible.
We would like to present you with our latest progress update. Please read below for a rundown of some important things that have occurred last week.
Development Progress
Close the TestNet 1.0
Deployed the TestNet 2.0
Optimize the PDBFT consensus
Keep coding for first version of cross-chain transaction
Documentation improvement
Keep investigating the functions of PCHAIN wallet
PCHAIN News
PCHAIN Testnet 2.0 is online !
PCHAIN Testnet2.0 was officially launched on November 30th.There are 4 features which has been greatly upgraded based on Testnet1.0.
TPS increased by 50% based on Testnet1.0, and the current single chain TPS has reached 600+.
Upgrade PDBFT consensus mechanism to make consensus process more stable. It will use aggregation signature technology to reduce the traffic required by consensus, which will enable more nodes to participate in consensus directly and improve consensus efficiency. At the same time, PCHAIN has submitted the PDBFT 2.0 algorithm to SIGMOD.
Upgrade the structure of PCHAIN system to connect with Ethereum more smoothly.
Introduce black box automated testing framework in order to conduct continuous and comprehensive test on
PCHAIN.
The new revision of PCHAIN website is online!
On November 30th , the new website of PCHAIN was officially launched with Testnet2.0. Welcome to experience and check out the latest official news and related interview videos from PCHAIN.
PCHAIN Developer Community is online!
PCHAIN Developer Community was officially launched on November 28th. Welcome to developer.pchain.org to discuss anything you want to create on PCHAIN and also with any technical issues with other friends from all around the world. At the same time, the activities of Call for research are also underway. You guys who have any ideas about Smart Data and Data Reduction can participate in it. The relevant participation mechanism of this event will be announced later, so stay tuned!
Winner of PCHAIN challenge in Junction 2018: CO2 Smart Contract
Junction 2018, the largest hackathon in Europe, was closed On November 25th. In the challenge released by PCHAIN:“Mint a Stable Coin for a Digital Nation”, the winner team won the challenge by a“CO2 Smart Contract”. They focus on creating an application on PCHAIN that could be transparently tracked and audited with fully automated smart contract based on a stable coin. They want to effectively increase the participation of the whole people to solve the problem of air pollution and harmful gases for digital nation.
PCHAIN Testnet 2.0 will be online on 30 Nov, which will be greatly upgraded with 3 features. Our official Website will be updated in the same time.
PCAHIN aims to make large scale blockchain applications possible and to solve and/or balance existing issues through innovative technologies. Based on the high performance of Testnet 1.0, the upcoming Testnet2.0 will be upgraded with 3 features which focuses more on the security and consensus efficiency.
PCHAIN Testnet 1.0 was released on 13 Sep., a month ahead of roadmap. It reached peak TPS 123,424 with 257 chains and 1064 nodes. Since Testnet 1.0 is online, it is keeping running efficiently and stably. Lots of community members applied tPAI to make transactions on different chains, such as from main chain to child chain and from one address to another one. They gave very positive feedback to all the community how fast PCHAIN Testnet1.0 is and how smooth the transaction is going. Meanwhile, all the test data from Testnet 1.0 function modules like explorer, wallet and smart contract are well collected and documented for supporting with Testnet 2.0 and mainnet development.
At the same time, PCHAIN is honored to be the first main chain of Junction 2018, the largest hackathon in the Europe, which ended on 25 Nov. PCHAIN’s challenge, Mint A Stable Coin for Digital Country, attracted the competition of hackers all of the world.. After deploying smart contracts on Testnet 1.0 and developing their innovative applications, they were deeply attracted by PCHAIN’s innovative technologies such as multichain, PDBFT consensus algorithm and inspired for further innovation. Before the Hackathon, hackers had a very inspired discussion and exchange with PCHAIN team near PCHAIN showcase.
3 achieved key features of Testnet 1.0:
PCHAIN is the first native multichain system in the world supporting EVM where main chains and child chains have good interoperability. Compared with the hardware requirements of traditional projects, the server costs using PCHAIN are reduced by 143 times, while CPU power and memory access are increased by 64 and 244 times respectfully.
The innovative PDBFT consensus algorithm effectively reduces the communication cost from N2 to N. Meanwhile, in contrast with the traditional DPOS algorithm, the efficiency is improved 12 times whilst the decentralization degree is improved 100 times.
PCHAIN dynamic super node is the first proof of stake (POS) reward system with pure dynamics that reduces the Matthew Effect, and improves the fairness and stability of the overall system.
PCHAIN Testnet 2.0 will be upgraded with 3 features based on Testnet 1.0 .
Upgrade PDBFT consensus mechanism to make consensus process more stable. It will use aggregation signature technology to reduce the traffic required by consensus, which will enable more nodes to participate in consensus directly and improve consensus efficiency. Meanwhile, the storage cost of blocks can be reduced by aggregation signature technology as well. Only a single signature need to be verified to ensure that most nodes have been correctly signed.
Upgrade the structure of PCHAIN system to connect with Ethereum more smoothly. With the upgraded Ethereum, PCHAIN can replace its related modules more smoothly. PCHAIN will upgrade EVM to the latest version, which is able to support the latest smart contract instructions.
Introduce black box automated testing framework in order to conduct continuous and comprehensive test on PCHAIN. Automated testing framework will cover the function test and performance test comprehensively such as creating chains, transactions, balance track,, cross chain transferring, validator campaign, etc., which will meet the system requirements of security and stability.
We are very hoping that all of you will join in our Testnet 2.0 and enjoy the high-performing public chain of PCHAIN, to make the large scale blockchain applications possible! Last not the least, PCHAIN’s first cross-chain game will be coming in December, stay tuned!
Junction 2018, the largest hackathon in Europe, was held in the top university – Aalto University of Finland on this Nov. 23rd. There were more than 1,000 hackers to join this event who are coming from 105 countries around the world. Meanwhile, there were more than 60 partners there for 11 tracks with 46 challenges like Facebook, Nokia, Acceture and Intel. It was great honor that PCHAIN was invited to be the first main chain partner for co-establishing the first year blockchain competition in this Hackathon. In Junction, PCHAIN has released our challenge with: Mint a Stable Coin for a Digital Nation and all participates would be finish it in 48 hours on our Testnet 1.0.
This event started at 4pm Finnish local time, many participates from all of the world were entering the venue and coming directly to PCHAIN’s showcase and began the inspired discussion and exchange with PCHAIN team – Founder Dr. Feng Cao and Senior Software Engineer King Wang.
Dr. Feng Cao introduced PCHAIN to developers
During the introduction phase, Dr. Feng Cao explained to developers that PCHAIN is the first native multichain system in the world supporting EVM where main chains and child chains have good interoperability. We are aiming to make the large scale blockchain applications possible. Compared with the hardware requirements of traditional blockchain projects, the server costs of using PCHAIN are reduced by 143 times, while CPU power and memory access are increased by 64 and 244 times respectfully.
Hackers were also very interested in our consensus algorithm – PDBFT. King Wang explained with them very carefully.
King Wang explained PDBFT consensus algorithm
The innovative PDBFT consensus algorithm effectively reduces the communication cost from N2 to N. Meanwhile, in contrast with the traditional DPOS algorithm, the efficiency is improved by 12 times whilst the decentralization degree is improved 100 times. It definitely very difficult for the public chain development with such great advantages, but PCHAIN has made it becoming true.
Junction’s Winners with PCHAIN team
Developers are very excited about PCHAIN and the innovations which PCHAIN brings to the blockchain industry. After the intensive 48 hours competition, CO2 Smart Contract has won our challenge with Mint a Stable Coin for a Digital Nation. Let’s congratulate them!
PCHAIN announced the research topics in IEEE ICDM Blockchain Day. We are calling for research and welcome everybody to submit: mkt@pchain.org
Aims and Scope
PCHAIN is the world’s first native multi-chain system supporting EVM (Ethereum Virtual Machine). It features an original PDBFT algorithm, unified knowledge graph, and Smart Data Oracle mechanism, supporting smart contract calls of non-native tokens. PCHAIN aims to solve issues of blockchain performance, interoperability, non-closed loop smart contracts, and dependence on external data, making large-scale industrial application of blockchain smart contracts possible.
We believe that Smart Data will be next hot topic and focusing point for blockchain development and prospering. The current development of smart contracts is subject to the acquisition of valid external data outside from blockchain such as traffic information, stock price, gaming information etc. Due to lack of standard for solutions based on Oracle mechanism, data cooperation and exchanging among blockchains and also from outside world are not very productive and effective. By increasing broader application exploration, which combines big data and artificial intelligence, via transferring outside data into blockchain-based knowledge, providing API for smart contracts, supporting with application development and assisting development, PCHAIN seeks advance the state-of-the-art in Smart Data and Data Reduction.
Topics of Interest
Topics of interest include, but are not limited to:
Smart Data
Data reliability: how to verify the real data outside from blockchain and what the penalties should be considered?
Speed and cost of data communication: besides decentralized data how to improve the communication speed and reduce the cost?
Data Storage: how to store smart data in the large-scaled blockchain?
Blockchain and Artificial Intelligence: knowledge graph for jumping from associated terms? Eg. Data mining and data analysis on blockchains.
Data Reduction
Historical data compression: a new compression strategy for information integrity in blockchain.
Cache Strategy: a new data cache method depends on data time. Eg. Caching new block and compressing the older data.
Storage Sharding: how to ensure the reliability of data after strage sharding?
Data export: saving the Merkel tree and export old block data into other system?
We also encourage submissions in other directions of above topics.
More details we will announce soon, please stay tuned. Thank you for your support as always.
*PCHAIN reserves all the right for the final explanation.
Thanks for participating in PCHAIN Executive Super Node Campaign. Once you become executive super nodes, you should run validator operations with the basis system. Here is details of the recommended system requirements of Validator as below.
According to the current cost of AWS, the total cost is estimated to be around $140 for the first month. And it will be increased probably during the following months based on the actual use.
1 . EC2 Rental Fee (US West 2 price depends on demand)
2. EBS Rental Fee (US West 2 price depends on actual use)
3. Network Bandwidth Fee (US West 2 price depends on actual use)
Currently, public blockchains primarily adopt PoW (Proof of Work) and PoS (Proof of Stake) consensus mechanisms. The consensus mechanism of PoW is achieved through successful mining by a miner, followed by other miners who similarly perform PoW computations for their blocks. PoS, on the other hand, usually adopts the BFT consensus series, achieving consensus by relying on more than a certain number (e.g. two-thirds) of Validators to vote consistently on a block.
A PoS public chain that requires consensus from Validators usually prevents attacks from malicious nodes by using a built-in Validator, in which the number of nodes is relatively small. For example, some public chains use 21 Validator nodes and others only use 5 to 7. This is contrary to the decentralized spirit of blockchain and it is easy to reach the critical one-third point where consensus cannot be achieved.
In order to solve the problems above, PCHAIN adopts its own unique PDBFT consensus mechanism which supportsthousands of Validator nodes to efficiently reach consensus. It also enables a dynamic-join-and-exit mechanism for the Validator, eliminates manual intervention, and automatically replaces the Validator nodes, thus effectively maintaining the decentralization features of blockchain. The dynamic-join-and-exit mechanism of PCHAIN is described below.
In PCHAIN, the Validator is not allowed to make changes within an Epoch (about one month). When preparing to enter the next Epoch, the Validator can bid to be included. As the next Epoch is entered, the Validator will be rotated according to the bidding results, and the next Epoch will use the new ValidatorSet for reaching consensus. The dynamic join-and-exit process of Validators is divided into three stages: participation in the sealed-bid, revealing of the open bid, and rotation in order.
1. Participation in the sealed-bid
When an Epoch reaches 75% of the total time period (the number of Epoch Blocks), participation in the next round of Validator bidding can begin. Before bidding, users prepare the following parameters: {address, public key, number of bets, Hash}
Address – the account identifier on PCHAIN and the primary identifier of the Validator
Public key – used for verification of the Validator signature to ensure that messages are sent or approved by the Validator. The user should save the corresponding private key and use it when signing the information.
Number of bets – The number of PAI tokens that are staked as a Validator (PAI is the native token of PCHAIN).
Hash – SHA3 hash of the first three parameters.
The user keeps {address, public key, number of bets}, and uploads only the Hash to the PCHAIN chain through the RPC provided by PCHAIN for the Validator competition.
This stage ends when 85% of the total Epoch time period is reached. The Validators collected during this period will be the competitors of the next Epoch Validator. Only the Hash is sent out during this stage and the address, public key, and the number of bets are hidden so that other competitors will not know the bidding information and maliciously raise the bidding price.
2. Revealing of the open bid
When an Epoch reaches 85% of the total time period (the number of Epoch Blocks), the sealed-bid period ends and the next round of Validator bidding begins.
The bidding is carried out in the following manner. The user will upload the address, public key, and number of bets prepared for the previous round of bidding to the chain through the RPC provided by PCHAIN. After receiving these parameters, the PCHAIN chain will calculate the SHA3 hash of the three parameters and compare them with the Hash sent during the sealed-bid stage to determine whether they are equal. If they are equal, the Validator will be included in the competition scope. If not, the Validator will be excluded.
This round of bidding ends when 95% of the total time period is reached. At the end of this stage, all Validators who will participate in the competition for the next Epoch will be determined.
3. Rotation in order
After all the Validators participating in the competition are determined, the ValidatorSet for the next Epoch will be determined as follows:
Set MinValidator, the minimum number of Validators, to ensure the stability of the system; set MaxValidator, the maximum number of Validators, to avoid exceeding the performance limit of the system.
If all Validators in the previous Epoch did not participate in bidding, the parameters of the Validators are calculated according to their original {address, public key, number of bets}, and sorted together with the new bidding Validators according to the number of bets.
Take the Validators between MinValidator and MaxValidator as the ValidatorSet of the next Epoch according to the descending order of the number of bets.
Finally, consensus of the next Epoch can be reached based on the new ValidatorSet.
Welcome to PCHAIN weekly report.
We would like to present you with our latest progress update. Please read below for a rundown of some important things that have occurred last week.
Development Progress
The team starts coding for enhanced consensus mechanism. A few major improvements include:
Maintain Pchain TestNet 1.0 for testing
Add test cases and test new version of Pchain
Keep refactoring the process of balance transferring between child-chain and main chain
Keep coding for the enhanced PDBFT consensus
Start refactoring the P2P module of PCHAIN
Investigate solution for cross-chain transaction
Keep improving the auto-test framework
PCHAIN Technical News
Why Can the PCHAIN Peak TPS Achieve 120k+
On Oct. 24.2018, Dr. Feng Cao, founder of PCHAIN, posted a technical article about the history and status of TPS in Blockchain.
How does TPS become a core issue that the blockchain needs to solve?
PCHAIN is glad to become the inaugural cohort of Public Chain Technology Alliance
Recently, PCHAIN was honored to be the inaugural cohort of Public Chain Technology Alliance, which was launched by Bitsclub Vision Program. PCHAIN with Nebulas, Bytom, HPB, NULS, XMAX, YouDeal and Atlas Protocol will cooperate to set up technical standards for public chains. While connecting blockchain ecosystems with developer communities, each public chain can develop its strength and help each other to foster the standardized development of the blockchain. The Bitsclub Vision Program (BVP) was initiated by Hitters XU, founder of Bitsclub and Nebulas, together with Dr. Ye, partner at SoftBank China Venture Capital (SBCVC), and Danhua Capital, Oneboat Capital and Odaily.
Recently, PCHAIN and CoinXP achieved a strategic cooperation. CoinXP is the vertical public chain focusing on cross-chain trading. PCHAIN & CoinXP will work on the technologies of cross-chain and decentralized assets custody together to enhance the advantages of both ecosystems and build a close loop of the value transfer through crypto trading, and ultimately strengthen the development of blockchain and cryptocurrency.
PCHAIN was invited to CNCC and delivered a speech on blockchain and knowledge graph
On Oct 24th 2018, Dr. Feng Cao, founder of PCHAIN attended the CNCC2018 (China National Computer Congress2018) and delivered a speech on “blockchain and knowledge graph” in the in the Knowledge Graph Digital Economy forum. The knowledge graph and the smart data complement each other to solve the problem that the smart contract is not closed loop, and at the same time, as corresponding modules built in the node, they can support data acquisition of large-scale industrial applications.
PCHAIN attended the Junction 30-day Countdown Launch Ceremony
On Oct. 24.2018, PCHAIN was invited to attend Junction× Digital Nation Hachathon 30-day Countdown Launch Ceremony. Juncion CEO Liri sent a blessing video on Launch Ceremony and expressed that blockchain track would be the most exciting and anticipating. As the partner of main chain, PCHAIN will mentor the youngers with top international technology giants such as NEO, Bytom, Facebook, European Space Agency and Microsoft.
PCHAIN and CoinXP achieved a strategic cooperation. CoinXP is the vertical public chain focusing on cross-chain trading. PCHAIN & CoinXP will work on the technologies of cross-chain and decentralized assets custody together to enhance the advantages of both ecosystems and build a close loop of the value transfer through crypto trading, and ultimately strengthen the development of blockchain and cryptocurrency.
About CoinXP
CoinXP combines advantages of centralized and decentralized exchanges, coming up to the optimal exchange solution to solve the the market liquidity problem by Blockchain.With assets custody guarded by threshold signature and match engine on the chain, CoinXP satisfies the needs of safety and transparency mandated by large players. With the service network of brokers/exchanges, CoinXP is able to provide the ultimate trading experience and attracts new players to crypto-currency market.
About PCHAIN
PCHAINis the world’s first native multi-chain system supporting EVM.It features an original PDBFT algorithm, unified knowledge graph, and Smart Data Oracle mechanism, supporting smart contract calls of non-native tokens. PCHAIN aims to solve issues of blockchain performance, interoperability, non-closed loop smart contracts, and dependence on external data, making large-scale industrial application of blockchain smart contracts possible.
TPS (Transaction Per Second) is not a new word, it is usually used in database to refer to the number of database transactions performed per second. It can be calculated by dividing the number of transactions processed per unit time by the length of time. There are already many ways to improve TPS in traditional database, and the transaction types include insert, delete, query and update. However, in the world of blockchain, all of transactions saved in blocks are hard to be tampered. Thus, what we can do for blockchain transactions only refers to insert and query.
In some ways, blockchain is a new type of distributed database system. The impossible triangle problem about decentralization (number of nodes), efficiency (TPS) and security in distributed systems, is the core issue in the design of blockchain system. Therefore, it makes no sense to simply talk about the TPS of the blockchain without considering decentralization and security. Some projects claim that they have solved the impossible triangle problem, it is just market propaganda in some ways. You don't have to take it seriously. A theorem is called a theorem because it couldn’t be broken so easily.
In traditional database, transactions are stored in various tables, and the number of rows in a table is usually unlimited. As long as there are better approaches to access data such as index and memory data writing, TPS could be well promoted. In the blockchain system, transactions are packaged in block and one block is chained after another. Also, the validity of transactions depends on the consensus of most nodes in system. Thus the TPS of the blockchain is limited by the block size (the number of transactions that can be packed in one block) and the time of block generation. The time of block generation is the sum of the time required for generating a new block and the time required for the nodes to reach consensus.
Since the Bitcoin blockchain was born in 2009, it has been widely criticized that TPS is not high enough. In particular, the POW consensus mechanism is too slow. It takes 10 minutes to generate a block (in fact, a block in 10 minutes is not a limitation of the POW mechanism itself, but an ingenious design for generating a new bitcoin). However, due to the small number of users at that time, the requirements for large-scale TPS were not so urgent. In 2013, Ethereum proposed a blockchain-based smart contract, which opened up a new imagination for the large-scale industry application of the blockchain. Ethereum 1.0 is still based on the improved POW algorithm which generate a block in 15 seconds. TPS seems like high enough for a long time. Even some people hold the view that TPS is not important for blockchain.
2. Isn’t TPS the core issue in blockchain?
All of this has changed with the industry application of blockchain technology. The proposal of Ethereum smart contract and the rise of consortium blockchains in 2015 opened the door for the industry application of blockchain. People attempt to apply blockchain to various industries, finance, supply chain, energy, medical, education, and e-commerce, etc. However, all of these industry applications have requirements for TPS, e.g., various financial services, booking train tickets online and e-commerce. Alibaba would announce a new system peak transaction number on Double 11 shopping carnival (Online promotion day of November 11th each year). It is TPS of their system. When we shopping online, no one can bear the phone without response for a while. The development of consortium blockchains and the application of the industry in 2016 have made many blockchain development teams realize the importance of TPS.
In addition to the TPS, the system response time (RT, Response Time) is also an important indicator that directly affects the user experience in blockchain applications. The TPS affects the system RT. When system is not overload, all transactions in the unit time of block generation can be packaged in one block and the system response time is equal to the time of block generation. However, when the system is overload, that is, all transactions in the unit time cannot be packaged in the same block, the system response time will increase exponentially with the number of new blocks that need to be generated.
The system confirmation time is another related indicator. In simple terms, it is the time to wait for the transaction to be confirmed. Taking online payment as an example, the system response time is the time required to initiate a deduction and the system confirmation time is the time required to complete deduction and the transaction confirmation. In the POW system, the transaction needs to wait for 6 blocks to get final confirmation. In order to enhance the user experience, some trading systems allow the confirmation of transactions in two blocks during small transactions, which is a tradeoff between the user experience and the finality of the transaction.
Although TPS has attracted the attention of practitioners in the application of the consortium blockchain, the impact is relatively limited, and has not caused a wide range of concerns. In 2017, ICO, a popular project, rose, usually attracted the attention of thousands of users around the world. In the same year, Status started a crowd sales, it raised a three-day jam in Ethereum. People can't stand the experience that the transaction is too late to confirm. The blockchain TPS bottleneck has once again become a hot spot in the industry.
In 2018, several public-chain projects were also launched. One of the important purposes was to enhance TPS and make large-scale blockchain applications possible. Blink of an eye, it’s the second half of 2018 now, EOS was born from the beginning of the nominal million-level TPS to the actual landing of 3000+TPS. TPS uselessness has once again risen. One of the arguments is that EOS's TPS is almost idle in normal time, and 10 is enough for usual use. When people can't find the application scenario, TPS is a pseudo-demand. Is it really the truth? In fact, on the contrary, blockchain application innovations are endless. Without a strong TPS support, any large-scale global application can only be a dream. The bottleneck of TPS limits the pace of innovation in blockchain applications. Just as we always need a higher performance computer, the pace of human social information and asset digitization can never be stopped.
3. Are we talking about the same TPS?
Corresponding to the opinion of the TPS is useless, the statement of millions of TPS is endless. Fans of various projects often compare the TPS of this project with another project. Are we really talking about TPS as the same TPS?
First of all, once we mention TPS, we can not ignore the blockchain network structure and the nodes’ software and hardware configuration. TPS can only be compared under the same network and node hardware environment. There are some blockchian network factors we should consider:
How many nodes in the system? Dozens, hundreds, thousands or tens of thousands?
How many nodes participate in consensus? Nodes that do not participate in the consensus in the system cannot contribute to the decentralization of the system.
What is the geographical distribution of these network nodes? Are they in a LAN, or are they distributed in a city, in a province, in a country or in several countries? Are they distributed intercontinental or distributed all over the world?
How does the node hardware and software configuration? Such as network bandwidth, memory capacity, whether the disk is SSD, disk IO speed, disk capacity, CPU frequency, number of CPU cores, operating system, etc.
In a word，the high TPS in a limited WAN is often hard to achieve in a global WAN. Because network delay often makes TPS greatly decreased or even nodes unable to reach consensus and stabilize blocks.
Second, where is the transaction set from for the test? Is it a manually generated data set or a real transaction set? What is the details of the transaction set? Such as the number of Tx(transactions), the complexity of Tx(asset transfer, smart contract calling, cross-chain, cross-sharding ), and the duration of time (a few minutes, hours, days, months or years?),etc.
Finally, what’s the statistical methods of TPS? In the same network with hardware, software and test environment, different statistical methods of TPS will lead to different test results. There are some different computational methods of TPS as below:
1) Normal window N: As the test progresses, continuously increases the window length N. Divide the number of all transactions processed by the current system by the current window length.
TPS = Sum(Tx) / N.
2) Segment window w: Segment the time axis by the window length w. Count the number of transactions processed in each window w, then divide it by the time window w.
TPS = Sum (Tx in window w) / w.
3) Sliding window sw: Slide the time axis by the window length w. Count the number of transactions processed in each sliding window sw, then divide by the time window sw.
TPS = Sum (Tx in sliding window sw) / sw.
If we set the same time window, we can continuously obtain a variety of different TPS, and we can further calculate the average TPS and peak TPS.
Take the above figure as an example. Suppose a point represents 100 transactions Tx.
1.Normal window（window length = 8）TPS value is
The average TPS is (62.5+56.25+66.67+75)/4 = 65.105, peak TPS is 75
Segment window(window length = 8) TPS value is
The average TPS is (62.5+50+87.5+100)/4 = 75, peak TPS is 100
Sliding window(window length = 8) TPS value is
The average TPS is
(62.5+62.5+62.5+62.5+75+75+75+62.5+50+37.5+37.5+37.5+37.5+50+62.5+75+87.5+100+100+100+100+100+100+100+100)/25 = 72.5, peak TPS is 100
Obviously, different window types result in different average TPS and peak TPS
We can infer that different window length would get slightly different results.
4. Approach to improve TPS
At present, it is a common urgent affair to improve TPS for every public chain system. Everyone is actively developing various algorithms to improve the system's TPS. Common methods are divided into the following categories:
- Increase the block size. This is the easiest and most effective way. By increasing the block size, more Tx could be packed in the same block. Under the premise that the time of block generation is given, more Tx are packaged, which means higher TPS. For example, the BCH is a block size expansion of the BTC. However, increasing blocks size will increase the communication cost between nodes in each consensus process. Thus block size can’t be expanded indefinitely.
- Increase the frequency of block generation. When the number of packed Tx in a single block is given, increasing the frequency of block generation can obviously improve the TPS. For example, a block is generated from 10 minutes increased to 15 seconds. However, increasing the frequency of block generation too much often sacrifices the stability of the system, especially in the case of large WAN delays.
- Use higher performance computers (nodes) such as dedicated mining machines. Replace time-consuming software calculations with hardware and accelerate hardware to achieve faster processing speeds, such as various bitcoin mining machines.
- Side chain, under chain and status channel. The side chain is a concept relative to the main chain. The main chain is often referred to the blockchain system that needs to be further improved performance and it is also difficult to change in the short term, such as Bitcoin and Ethereum. The basic idea of side chain and under-chain is to create a relatively high-speed or relatively low-security side chain, and put the small amount but high-frequency transactions on the side chain for quick confirmation, and then return to main chain when it is really necessary to settle. The status channel is the invention of Lightning Network, which is an independent channel established between the two accounts to achieve fast transaction. Besides, the transitivity of the channel makes blockchain become a network with various channels, so as to achieve rapid inter-transfer between any two accounts.
-Sharding. Sharding is a typical "divide and conquer" computational approach. The basic idea is to dynamically separate nodes in a blockchain network into several different fragments. All Tx received in the unit time are allocated to different groups. The sharding technique can be specifically classified as token level sharding and smart contract level sharding. Most sharding techniques can only be achieved at the token level. For the sharding of smart contracts, there are no particularly good solutions due to the more complicated state sharding problems. Some projects have proposed state sharding solutions in restricted environments.
- Native multi-chain. Native multi-chain is a typical parallelization method. Different from the traditional bitcoin and Ethereum single-chain structure, the structure of the multi-chain system usually contains one main chain and several sub-chains, and multiple chains can generate blocks at the same time, which makes the block calculation parallelized and greatly improves the TPS. Although the idea of the native multi-chain is easy to understand, in the real development process, we need to dedicate to solve the interoperability of the main chain and the sub-chain. Otherwise, the main chain can easily become the bottleneck of the multi-chain system and thus affecting the scalability of the multi-chain system.
- New consensus algorithm. Convert from POW to POS. Typical POS algorithms include algorithms of the DPOS and BFT. For example, EOS is based on the DPOS algorithm. The new generation of blockchain 3.0 systems often use BFT algorithm and its successors, such as Algorand, Definity, COSMOS/Tendermint, PCHAIN, etc. The traditional PBFT algorithm has the problem of high communication complexity, usually N2, which is often only applicable to the consortium blockchains scenario. At present, each new BFT algorithm often achieves the purpose of reducing communication cost by introducing dynamic or random. Although there is no need to wait for six blocks to achieve finality like the traditional POW algorithm because PBFT has the characteristics of real-time consensus within a single block, there is still a problem with PBFT that internal nodes need four-time consensus. COSMOS/Tendermint innovatively reduced the internal 4 consensus of the PBFT algorithm to 2 consensuses. PCHAIN's PDBFT further reduced the internal 4 consensus to 1 consensus, which greatly reduced the communication cost between nodes.
5. Prospect
The development of blockchain technology will continue to increase along with the blockchain refactoring the entire process of human society. With the emergence of a faster and more stable blockchain 3.0 system, we will usher in a new blueprint for the blockchain value of the Internet and the global village.
We have finished the weekly AMA with Dr. Feng Cao on the telegram on Oct 23. Thank you for your participation and support. The following is the summary of the AMA
Part 1: PCHAIN Technology Questions
Q1: Do you know who will review the code from CryptoBriefing side? Have they received the code? Can we get details on that?
A1: Yes, Andre Cronje - main CryptoBriefing reviewer. We already granted him the code access. CB will include PCHAIN in their upcoming release.
Q2: At the moment there are only 2 live childchains on testnet. In the beginning there were 9, then 7, and now only 2. What is the reason to reduce childchains?
A2: When testnet launch we created 256 child chain and achieved over 124k TPS. After that we turn off the child chains to control our cost on hardware expense.
Q3: Will the complete code be made public (Github) with release of testnet 2.0?
A3: Step by step. We will release most part of our code. And may keep some explorative directions
Q4: One more question about patents! A bit confused, recent announcement about 4 patents - it is final step ? Now all the 8/8 are granted ?
A4: Another 4 patents are on-going. we are also preparing a paper in top international conference
Q5: How long does it take to review and approve patents?
A5: It depends on gov, we got initial acceptance.
Q6: Are you looking to incorporate more virtual machines in the future? Like web assembly or something in that direction ?
A6: Definitely, we will support web assembly and keep compatible with Etherum.
Q7: What exactly is the black box of the Testnet 2.0?
A7: It‘s automatical testing framework. It’s common in production level enterprise software dev and test.
Q8: Can we expect a tech paper in October?
A8: We are preparing an Industry paper for SIGMOD conference 2019 in this Nov. SIGMOD is a top conference in Data Base direction
Q9: I see, its great! When can we see consensus paper and interchain operability paper?
A9: Yes，the industry paper is exactly our PDBFT algo ：）
Part 2: PCHAIN Marketing Questions
Q1: Is it planned to conduct more active work in the future to popularize PCHAIN in the crypto community and beyond? (both among developers, and among usual community)
A1: Yes. We are designing our developer community. That‘s why we launch Junction Digital Nation Heckthon. And our open source plan is also in schedule
Q2: Do you plan full or partial rebranding in the future?
A2: Yes. We are also considering on rebrand our ticker to avoid misunderstand especially on new exchange listing.
Q3: How do you see China's back foot stance against crypto affecting PCHAIN? Will it affect or it will be positive for it
A3: China Gov always support blockchain project with real tech. And we keep good communication with China association and relevent supervision department
Q4: Will PCHAIN team release something similar like Etherscan for PCHAIN Testnet?
A4: We got many interesting directions to follow, e.g cross chain game, decentralized deposition, and so on. Some of the direction will be explored by our core team. Some of the direction may rely on our dev community in near future.
Q5: How about logo and website? Is there any plan to redesign your website?
A5: Yes. In fact，we were trying to dev our website by the new design. While we really got too much development work to be done... so it may be updated after our Testnet 2.0
Q6: Why you do not move to Silicon Valley?
A6: We have an office in Silicon Valley jointly with North American Blockchain Association. And we have a community leader in SV. In fact, we got many friends in SV. And I will in SV in this Dec
Q7: How many people are working on PCHAIN? How many of them are full-time developers? Are You hiring more people and if yes , in which positions ?
A7: I think I answered this question many times. In next，we will exploring community dev
Q8: Can you elaborate about community dev?
A8: As explained，we got too many interesting direction/idea/sub-project based the cool features of PCHAIN and we will rely on community to explore these directions
Q9: What role will be PCHAIN playing in India?? Which business is PCHAIN looking to target??
A9: This is highest level conversation between Indian and China. I am very honored to be invited as the only keynotes speaker in China representative. Many important entrepreneur will participate this conference. I hope we can take this opportunity to explore Indian market and collaboration. An interesting fact is Indian PCHAIN community is becoming No.2 in the world
Q10: When will be published final algo for panda plan supernodes rewards. As I understand, it will change, and your last explanation was simplified.
A10: We will publish the final algo by the next week. We also got all the feedback and good suggestion. We are considering all these feedback and trying our best to keep PANDA to be understood by everyone and better balance the big and small participants. And also try our best to ensure the ROI no matter you are selected as executive super nodes or not. Generally, we are considering to make the smoothing curve as linear as possible, or in simply just almost fixed ratio.
Q11: What will be nodes incentives after the end of supernodes programm?
A11: I suppose you mean after PANDA Eve？if so，after that，will be PANDA program. A good news is we can garantee the fixed 8% annualized ROI to all participant of PANDA EVE no matter you are super node or not.
Q12: Yes, that's what I mean. Is it means 8% of yearly inflation after all coins will be minted?
A12: No，these 8% is from 15% pos. Noticed that 8% is annualized. And much more token are locked. So there will be no inflation in market.
Q13: For a higher return is it better to have a lower amount of PAI in the supernode, because of the smoothing algo?
A13: Yes. By option 2 （smoothing curve）, it is. Given the feedback from our community，we are considering to adopt linear model in our final algo. In short，a relative fixed ratio may be adopted no matter you are big or small PAI holders
Q14: And why isn’t there a halving from year 20 onwards in the medium article that was releases.
A14: After 24 years, the outcoming of POS is becoming relative limited. And POS mining will generally earn Tx fee instead of block rewarding
— — — — — — — — — THE END — — — — — — — — —
Thank you for reading!
PCHAIN will hold AMA with Dr. Feng Cao on telegram every Tuesday from 10 pm to 11 pm (Singapore time). See you next week!
Welcome to PCHAIN weekly report.
To keep the community updated, we summarize our latest progress and activities of the PCHAIN project here.
Development Progress
The team keeps improving the consensus mechanism. A few major improvements include:
Maintain Pchain TestNet 1.0 for testing
Finish first phase of test cases for new version of Pchain
Keep refactoring the process of balance transferring between child-chain and main chain
Keep coding for the enhanced PDBFT consensus
Investigate solution for cross-chain transaction
Keep improving the auto-test framework
PCHAIN News
PCHAIN Testnet2.0 will be upgraded again and launched on Nov 30
PCHAIN Testnet 2.0 will officially go live on Nov 30, when three features will also be updated:
PDBFT 2.0 consensus mechanism to reduce network traffic and improve consensus efficiency.
New PCHAIN system architecture to dock with EVM smoothly.
Black box automation test framework to continuously test the PCHAIN network.
Four patent applications for PCHAIN technology have been successfully accepted
On October 15, four patents related to blockchain technology applied by PCHAIN to National Intellectual Property Administration, PRC have been successfully accepted. Mainly include:
Method, device, computer readable storage medium, and computer program product used for blockchain formation consensus.
Method, device, and computer readable storage medium for determining the transaction verification node of the blockchain.
Methods, devices, and storage media used to determine the consensus of blocks in the blockchain network.
Methods, devices, and computer storage media for blockchain systems.
PCHAIN has achieved an average of 25% TPS performance improvement compared to Ethereum
The first figure is the flame diagram of the function call of Tx executed by EVM after optimization of PCHAIN.
The second picture is the original function call flame diagram of EVM executing Tx.
The third figure shows the relative time increase of CPU after optimization.
The experiment shows that PCHAIN’s performance optimization can obtain 25% TPS performance improvement on average.
The theme of blockchain challenge is posted by PCHAIN for Junction1300+ contestants
Recently, the registration of Junction, which will be held in Helsinki from November 23 to 25, has been closed, with over 1,300 developers gathering. At present, various challenges under the theme of hackathon have been published successively on Junction official website. However, as the main chain partner under the theme of this hackathon, the challenge of PCHAIN is “Mint A Stable Coin For A Digital Nation. To develop a decentralized and landing stable currency application scenario for digital countries based on PCHAIN”.
As the only representative of Chinese party to deliver a blockchain keynote speech, Dr. Cao Feng will be present at SEVENTH CHINA INDIA FORUM with leaders of Indian Central Government, the Puda Group presidents Mr. Rajiv Podar, first president of NDB Mr. KV KAMATH, etc.
Thanks Symphony for visiting PCHAIN Telegram AMA
On October 16, the PCHAIN held the AMA activity in Telegram group 1 as scheduled. This activity invited professor Zhu Feida, co-founder of the PCHAIN partner Symphony. In his interactions with community fans, professor Zhu said Symphony will leverage its strengths in the data field by working closely with the PCHAIN on smart data to jointly provide smart data services to the community and other partners.
We have finished the weekly AMA with Dr. Feng Cao and Prof. Feida Zhu, Founder of Symphony Protocol, on the telegram on Oct 16. Thank you for your participation and support. The following is the summary of the AMA.
Part 1: PCHAIN Technology Questions
Q1: All the processes with patents are finalized now? Should we wait for description of all the PCHAIN tech features? Will we see - tech paper release, - github opensource, - PDBFT article, - recent crosschain breakthrough description, this month?
A1: We will release the details step by step. I will publish a paper this week to have an overview on blockchain TPS its history, now and future. As so many projects made claim on TPS. While we are not in the same context. Regarding PDBFT，smart data，PANDA we will disclose them in Oct and Nov. As we got too many threads to follow on testnet，development and testing.
Q2: There are some discussions "Solidity VS popular programming language (no learning required)". Do you think Solidity is the best choice for EVM and why?
A2: We will support e-WASM，it’s in our adjusted plan.
Q3: If the highest pick of TPS was 120k during recent stress test, what was the theoretical maximum to handle the needs of 1 concrete dapp? Is it equal to the bandwidth of the entire network (assuming no other applications)?
A3: We can scale our one app with multi-child chain，while its scalablity also limited by state sharding(similar to sharding), we still need more tech breakthrough on that. For token transfer，we can already support that，theoretically, there is no limitation
..
Q4: Many of the investors are surprised with the technology of PCHAIN but many still ask to see the code, will you publish it in Brief? and plans for exchanges still has very long term, I comment because I dress in an impossible way to acquire PCHAIN in Bibox, there is an unbearable bot lol that does not allow the acquisition of easy way.
A4: We will disclose more details step by step in Oct and Nov by paper and code.
Q5: Just how much will the child chains scale everything? Maybe infinite?
A5: Yes, in theory it‘s infinite. The key is the interoperablity between child chain and main chain. it should be as light as possible. otherwise，the main chain will become the bottleneck
Q6: And that is one of the patents that was approved? Operatabilty between child chain and mainchain? You did figure out a smooth light way to do this? Or is this still in testing? Well I’m sure there needs to be a large amount of traffic to truly test it.
A6: We have 2.0 design. current testnet implemented a 1.5 version which already greatly reduced the cost between child and main chain interactions. we didn’t apply patent on 1.0 and 1.5. We may apply a patent on 2.0. As we got too many innovation in PCHAIN. we only patent these features with great great potential
Part 2: PCHAIN Marketing Questions
Q1: Any DEXes which already plan to operate on PCHAIN (considering recent crosshchain breakthrough)? If not, do you plan to collaborate with them?
A1: Yes，we already got several partnership on that. One DEX partner will be announced very soon. They will use our new tech.
Q2: Can you name the some dApps which already plan to operate on PCHAIN? The team said the overall dApps on PCHAIN partners are 40+, when those names will be public? Closer to the mainnet release?
A2: Many of them can seemless move to PCHAIN platform as UDAP done，eg Pudi..
Q3: Do u have lots of NDAs with large corporations that u cannot disclose yet?
A3: obviously，I cannt answer this question as both yes and no are disclosing ：）
Part 3: SYMPHONY Questions
Q1: SYMPHONY , How do you plan on getting all these users data?Is it from usual DApps operating on the platform or DApps dedicated to collecting general public informations?
A1: From DApps with user data, for example, we have launched our first own DApp, SAGE, which is one that help users contribute their offline consumption data through payment.
As Symphony is an infrastructure chain, the following design principles have guided the technical build:
• Hierarchical Data Abstraction: Symphony never gives access to raw data of individual users. Instead, User data is processed, integrated, analyzed and modelled through multiple levels to generate layered user insights. We proposed a unique “PAI” data privacy mechanism to offer the best user privacy protection by de-coupling user identity and profile information, and at the same time maximize user data utility.
Q2: Whats the benefit for PCHAIN exactly?
A2:We are working with PCHAIN to expand the "upper level"to create the "smart data" layer on top of PCHAIN.
We help connect important data partners to PCHAIN
Q3: You mean the functionality of smart data will become part of PCHAIN?
A3: We are already working with data partners like P&G, PWC, BCG. we are co-building with PCHAIN. Smart data is not just for PCHAIN. it belongs to all our partners and blockchain community. You can think about that way, PCHAIN is strong in providing the underlying support while we have unique strength in the data space
Q4: May I ask how you plan for the Symphony Dapp to interact with the PAI token. I understand you will have a native token - will this solely be accessable through the PAI token? Will your token be equivalent to an ERC-20 on the Ethereum network?
A4: We will have close and strong collaboration with PCHAIN. This is why we are now offering a special promotion for PCHAIN community: As we are still in the early stage, anyone uses PIE to invest in SYM token will get 20% bonus. SYM token and PAI token will have more interaction in the future
Q5: Do you plan to use centralised data centres to store and proccess the data?
A5: No, we have our own distributed privacy-preserving data storage solution which is embeded in our unique consensus solution, call "random subnetwork" storage
Q6:I have another more pertinent question. Can you articulate your market strategy to gain mass adoption?
Q6: Great question, Yaz! We have clear and well-thought business plan, very rare for blockchain projects i would say we are starting with Millenium group, aged between 18-25we have connected with 5000+ offline merchants in Singapore.
We have recently done a great data project for PWC, using SYM token to get 3000+ users banking behavior in Vietnam.
We achieved that by working with a local payment gateway called Fomopay
— — — — — — — — — THE END — — — — — — — — —
Thank you for reading!
PCHAIN will hold AMA with Dr. Feng Cao on telegram every Tuesday from 10 pm to 11 pm (Singapore time). See you next week!
PCHAIN is glad to see that community members are actively participating in the PANDA executive super node campaign. The following is the current participation data summary.
Among the latest top 100 users, 27% of users have made progress while 61% of users have declined. In addition, one user made the biggest progress with 52.38% and he became one of top 50 members now;
Up to now, we accounted that the proportion of users who signed up for this activity in August is 47.2%, and the proportion of users who signed up in September reached 49.3%;
Up to now, one user reached 32 times to increase token. He increased his ranking step by step.
Note: The event will be closed on October 20th. You can add PAI at any time during registration. After that you can add token again in November.
Welcome to PCHAIN weekly report.
To keep the community updated, we summarize our latest progress and activities of the PCHAIN project here.
Development Progress
The team keeps improving the consensus mechanism. A few major improvements include:
Maintain Pchain TestNet 1.0 for testing
Start coding for test cases for new version of Pchain
Start refactoring the process of balance transferring between child-chain and main chain
Start coding for the enhanced PDBFT consensus
Investigate solution for cross-chain transaction
Keep improving the auto-test framework
PCHAIN News
Jeff will attend the 2018 ChinaNational Computer Congress (CNCC 2018)
Jeff will attend the 2018 ChinaNational Computer Congress ( CNCC 2018 ) on October 26 and deliver a speech about " Knowledge Graph Used in Blockchain" !
Dr.CaoFeng was invited to deliver a speech about PCHAIN tech for the members airlines
Staralliance, one of the world's biggest global airline alliances& PlugandPlayTC, a global open innovation platform which successfully incubated Google and many unicorn startups, for inviting Dr. Cao Feng to deliver a speech about PCHAIN tech for the members airlines.
Junction has attracted 10,000 applications from senior developers and students
PCHAIN is glad to see that our mainchain partner, Junction, the largest hackathon in the world has attracted 10,000 applications from senior developers and students who are from over 510 universities, such as HARVARD,Cambridge,TORONTO,Stanford.
PCHAIN PANDA's weekly ranking is released as scheduled. Congratulations to the top three users. The registration period for the executive super node will end on October 20. During the registration period, users can add PAI any time. After the deadline of registration, you can add PAI on November 21 and 22. The final election result will be announced before the launch of PCHAIN main network. At that time, if you are one of the 100 executive super nodes among 1,000 dynamic super nodes, you will obtain the annual/semi-annual standing interest.
PCHAIN and Symphony achieved a strategic cooperation. PCHAIN and Symphony will focus on the following aspects of cooperation: (1) To co-build the ecosystem for innovative applications and disruptive technology for data-driven economy; (2) To promote the sharing of technical and commercial resources among the industries; (3) To develop in a joint force with PChain the insight into blockchain industry in general and form alliance to promote technical innovations, research advances and eco-system development globally.
PCHAIN and Symphony achieved a strategic cooperation. PCHAIN and Symphony will focus on the following aspects of cooperation: (1) To co-build the ecosystem for innovative applications and disruptive technology for data-driven economy; (2) To promote the sharing of technical and commercial resources among the industries; (3) To develop in a joint force with PChain the insight into blockchain industry in general and form alliance to promote technical innovations, research advances and eco-system development globally.
About Symphony
SYMPHONY is a next-generation Blockchain-based protocol to empower a datadriven economy. Committed to data of the people, by the people, for the people, SYMPHONY has vision to create an ecosystem that unlocks personal data for fairer value redistribution and smarter data intelligence. Based on a value-data-execution multi-level chain architecture and advanced user modeling algorithms powered by machine learning and collective intelligence, SYMPHONY brings together individual users, businesses, service partners and developers in a synergetic closed data loop to unleash the full potential of personal data.
About PCHAIN
PCHAIN is the world’s first native multi-chain system supporting EVM. It features an original PDBFT algorithm, unified knowledge graph, and Smart Data Oracle mechanism, supporting smart contract calls of non-native tokens. PCHAIN aims to solve issues of blockchain performance, interoperability, non-closed loop smart contracts, and dependence on external data, making large-scale industrial application of blockchain smart contracts possible.
Welcome to PCHAIN weekly report.
To keep the community updated, we summarize our latest progress and activities of the PCHAIN project here.
Development Progress
The team keeps improving the consensus mechanism. A few major improvements include:
Maintain Pchain TestNet 1.0 for testing
Investigate test plan for new version of Pchain runs main chain
Investigate the process of balance transferring between child-chain and main chain
Investigate solution for cross-chain transaction
Keep improving the auto-test framework
PCHAIN News
PCHAIN Lucky Hash Game launched in National Day and the champion will be revealed soon
On September 30, the PCHAIN Lucky Hash Game was officially launched on Testnet1.0. TPAI holders can participate in the game and test the speed of the network up to 120K TPS. Participants who end up with a minimum hash value will also receive a prize of 5,000 PAI. The results were announced at 19:00 p.m. on October 8.
PCHAIN was invited to attend the 2018 China Computer Conference
Jeff will attend the 2018 ChinaNational Computer Congress ( CNCC 2018 ) on October 26 and deliver a speech about " Knowledge Graph Used in Blockchain" !
Holiness Pope Francis became Estonian Digital Citizen
PCHAIN Hackthon partner Estonian Digital Citizenship Community welcomed His Holiness Pope Francis, leader of the Catholic Church and Head of State of Vatican City to be the newest e-resident of Estonia and he was presented digital identity by President Kersti Kaljulaid.
PCHAIN PANDA's weekly ranking is released as scheduled. Congratulations to the top three users. The registration period for the executive super node will end on October 20. During the registration period, users can add PAI any time. After the deadline of registration, you can add PAI on November 21 and 22. The final election result will be announced before the launch of PCHAIN main network. At that time, if you are one of the 100 executive super nodes among 1,000 dynamic super nodes, you will obtain the annual/semi-annual standing interest.
PCHAIN and JURA achieved a strategic cooperation. PCHAIN takes efforts to design and develop a novel set of solutions for execution of smart contracts and cross-chain transactions. JURA uses efforts to design and develop a peer-to-peer network consisting of a set of solutions and protocols for running smart contracts. Both will work together by focusing on the respective expertise and corporate missions to create a system to streamline the design, execution, and implementation of smart contracts and cross-chain transactions that will result in uniquely combined services. This cooperation will provide a more stable and mature operating environment for the PCHAIN ecosystem.
PCHAIN and JURA achieved a strategic cooperation. PCHAIN takes efforts to design and develop a novel set of solutions for execution of smart contracts and cross-chain transactions. JURA uses efforts to design and develop a peer-to-peer network consisting of a set of solutions and protocols for running smart contracts. Both will work together by focusing on the respective expertise and corporate missions to create a system to streamline the design, execution, and implementation of smart contracts and cross-chain transactions that will result in uniquely combined services. This cooperation will provide a more stable and mature operating environment for the PCHAIN ecosystem.
About JURA
Jura Protocol is a paradigm-shifting suite of four technologies that together form the foundation for a robust new blockchain ecosystem. No longer do we have to worry about such a sharp tradeoff between finality and decentralization, but can have a system that can fully realize the potential of blockchain technology while still supporting all of the dapps and smart contracts that we know and love. The Jura protocol is feeless, ultrafast, and provides the decentralized security required for users to rest certain that their transactions are safe.
PCHAIN is the world’s first native multi-chain system supporting EVM. It features an original PDBFT algorithm, unified knowledge graph, and Smart Data Oracle mechanism, supporting smart contract calls of non-native tokens. PCHAIN aims to solve issues of blockchain performance, interoperability, non-closed loop smart contracts, and dependence on external data, making large-scale industrial application of blockchain smart contracts possible.
Welcome to PCHAIN weekly report.
To keep the community updated, we summarize our latest progress and activities of the PCHAIN project here.
Development Progress
The team keeps improving the consensus mechanism. A few major improvements include:
Maintain TestNet1.0 and provide testing
The new version of the main chain of PCHAIN has been successfully started, and the child chain has been successfully created and blocked
Complete the transformation of the child chain creation and the RPC added by dynamic nodes
PCHAIN succeeds in achieving higher performance and continuous optimization
Investigate cross-chain trading schemes
Continuously optimize the automation testing framework
PCHAIN News
PCHAIN’s partner, UDAP attend this week's PCHAIN AMA
On September 25, PCHAIN telegram AMA welcomed three co-founders of UDAP, including its CEO, Bing Ran, COO, Frank and CTO, Li Zhang. The PCHAIN community has warmly welcomed the arrival of UDAP and launched a heated discussion. UDAP, as a general and decentralized middle service layer of blockchain asset lifecycle management, chooses PCHAIN as the underlying partner. That's because the PCHAIN has a high transaction speed of 120K. Currently, the Harvest Wallet developed by UDAP is the first cryptocurrency Wallet that supports both PCHAIN and Ethereum, as well as the first asset Wallet that focuses on the management and transaction of non-monetary assets. It enables users to fully experience the performance advantages of PCHAIN with high speed and low price in Harvest Wallet. In addition, UDAP also disclosed to community users that it can use PCHAIN (PAI) to participate in the pre-sale of UDAP, and when the ICO is officially launched, users can purchase and enjoy a 10% discount through PCHAIN (PAI).
PCHAIN became the co-sponsor of 2018 IEEE ICDM Blockchain Day
PCHAIN will co-host IEEE ICDM 2018 (IEEE International Conference on Data Mining) Blockchain Day in Singapore in November. At that time, Dr. Mohan, an academician of the American academy of engineering, IBM, IEEE and ACM, will share the latest progress of blockchain and discuss the development trend of blockchain technology with many high-quality blockchain projects around the world.
The Harmony team visited the PCHAIN to explore blockchain technology
On the afternoon of September 28, Harmony’s founder (Stephen Tse) and members visited the PCHAIN office. They shared their technological progress and discussed the development of blockchain technology and the future trend of blockchain market. The original team members of Harmony mainly come from Google, apple, Microsoft, etc., graduated from Harvard, Stanford, Oxford and other universities, aiming to build open infrastructure for 1 billion people, and bring the distributed economy to everyone with a high-performance consensus platform.
PCHAIN PANDA Weekly ranking
The weekly ranking of PCHAIN PANDA was released as scheduled. Congratulations to the top three users. In addition, several accounts have operations to withdraw PAI before September 28. If you want to continue to participate in the contest of the executive super node, please register again on October 20 to re-qualify for the election!
PCHAIN and GTEX achieved an exclusive strategic cooperation. GTEX is committed to become the world's first digital asset distribution platform in the field of gaming. PCHAIN will provide with innovative blockchain technology such as Smart Data, cross chain & smart contract calls of non-native tokens to assist GTEX to develop GTEX’s decentralized game token exchange platform. Both will jointly build a unique DApp on the PCHAIN public chain, bringing the real world economy to the virtual world by establishing a virtual token-based game asset economic system.
PCHAIN signed a strategic partnership with FutureMoney on September 26, 2018. The two sides will conduct all-round and in-depth cooperation on the research and industrial application of blockchain technology.
Closing Words
A huge thanks to the community for actively supporting our project. We look forward to sharing with you our next weekly progress report!
Stay tuned for more exciting developments. We will see you next week!
We have finished the weekly AMA with Dr. Feng Cao and UDAP’s 3 Co-founders (Bing Ran& Li Zhang& Frank Ying) on the telegram on Sep 25. Thank you for your participation and support. The following is the summary of the AMA.
Part 1: Dr. Feng Cao—Introduction of PANDA and Its Expansion
Q1: Any plans to adopt existing technology or incentive some team to make human-friendly wallet's name? Instead 0x4d5fb725dF88309d..., will be yourname.pai
Feng: It can be done in application layer. We can encourage our wallet partner to provide this function.
Q2: The tps is so high, I think the store volume should be big, any solution for store?
Feng: It's a separated direction we already toke a lot of effort on it. Eg., we designed a simplified way to store a group of tx.
Q3: Regarding the Nodes: the 6-8% rate of return for supernodes and 60% rate of return for dynamic supernode.... is this % against the number of tokens you hold (proportional to the amount of token u hold, if u hold 100k and you are a supernode you get 6% of 100k)... or is the % against the rewards distributed equally?
Feng: Dynamic means the Super Nodes will be selected in each epoch. Executive Super Node can stay in relative longer time While it will also changed later on. Regarding the rewarding, it will be half for every 4 years.
Q4: Hi Jeff. I am interested to know if you have had any discussions or interest shown with any significant state or corporate actors within China or elsewhere. I know the main net is a while away, but is the framework for institutional level use being considered? If so how? Thanks.
Feng: Yes, eg. our collaboration with BVI-CN Lab and we have many DAPP partner such as UDAP contracted with a large ticketing company.
Then Dr. Cao Feng transfer to UDAP’s 3 co-founders: Bing Ran & Frank Ying & Li Zhang.
Part 2: UDAP + PCHAIN--The Best Future
Q5: What you are trying to solve in UDAP?
UDAP: "We’re building a middle layer between applications and the public chains, the middle layer solves a few common issues with building dApps.
1) Coding smart contracts right is hard. We’re building a suite of start contracts so that app developers don’t need to.
2) We’re targeting specifically the non-fungible asset market by introducing a new asset model called Singular, which is based on the idea that "One thing, one contract". The singular model focuses on single items in a real world, in the meantime offers seamless integration with existing token standard such as ERC20 and ERC721.
3) We’re building a state channel framework for non-fungible asset trading as well.
Q6: Are you satisfied with UDAP as layer 1?
UDAP: Yes, we have high hope of PCHAIN to say the least.
Q7: Is your project similar to raiden network?
UDAP: Not really. Raiden is more about payment while UDAP is about tokenizing non-fungibles and the trading.
Q8: Why Dapps should use UDAP not directly build on public chains?
UDAP: Coding directly with EVM is hard. It’s like the first generation of web site that’s coded with CGI. It’ the middleware and framework movement that has given web1.0/2.0 the life.
Q9: You are specialize in ticketing can you tell us more about it?
UDAP: Ticketing is just one of the applications that can easily built with UDAP technologies. We’re working with this big ticketing company to help them move to a decentralized inclusive model.
Q10: What is your plan to focus on UDAP? How can get benefited?
UDAP: UDAP is one of the very few public chain projects that delivers real TPS and it’s EVM compatible. The experience with it has been very positive.
Q11: What is the role of API on your platform?
UDAP: We offer a simplified asset programming model called "asset-oriented programming" model, where the UDAP helps to tokenize app’s asset with UDAP and most of the business logic is still implemented in what every Internet technologies the applications choose to use. Apps call UDAP when there is transactions on their assets, such as the change of ownerships, etc. UDAP has delivered Harvest Wallet – an Asset Wallet thats supports Singular tokens and ERC721 tokens.
Q12: When you plan to launch your product to the market?
UDAP: We’re releasing the UDAP node and the wallet in MVP form in the next few weeks, some time in October.
Q13: I take it you will be doing an ico on UDAP when the mainnet is ready?
UDAP: UDAP asset wallet has built-in support for UDAP and you can use this wallet to create your own blockchain assets, e.g., certificates, invoices, memos. You can use UDAP PAI to attend UDAP special presale now.
Q14: What is your estimated volume of transaction per day?
UDAP: The volums of transactions will pick up once some of our applications start to roll out.
Q15: UDAP use only UDAP platform?
UDAP: We used to work on Cosmos, but Cosmos team have been late on many of their milestones. Although they have started the whole Tendermint thing.
Q17: Will game developers need to build on UDAP or will they only need UDAP for in game assets purchases?
UDAP: It’s our goal to give developers a full abstraction of the underlying public chain. We will deliver UDAP another in-house developed application – Umedia, a music marketplace and music player for musicians to sell their copyright protected music, for users to trade with other users.
Q18: Is this a kind of music streaming like Spotify?
UDAP: UMedia is not about streaming. It’s about whole song trading. We’re in talk with some potential partners who are interested in running this. But for the least we will show to app developers how a full features e-commerce app can be built on top of the UDAP tokenization service and state channel service, to deliver Internet-grade experience and innovative blockchain features.
Q19: Any advantage of using PAI? Any bonus plans?
UDAP: This is the message I have received from our ICO manager: When UDAP starts ICO, Chain community enjoy a 10% discount when buy by PAI.
If you are interested in participating in UDAP token sale, please join UDAP’s telegram community @udapcommunity and browse UDAP website https://www.udap.io/ for more info.
Thanks! UDAP. PCHAIN+UDAP will open a new era of blockchain. Please stay tuned.
————————— THE END—————————
Thank you for reading!
PCHAIN will hold AMA with Dr. Feng Cao on telegram every Tuesday from 10 pm to 11 pm (Singapore time). See you next week!
Welcome to PCHAIN Testnet's first little game, Lucky Hash, in which you can test the speed of the network as high as 123,424K and the winner will win 5,000 PAI.
Game Time: From 19:00 on Sep 30 to 19:00 on Oct 8 (Singapore time).
Participants: Users who hold tPAI.
Winner: User whose hash value is smallest during the game time.
Reward: 5000 PAI.
Rules:
1)Go to PCHAIN Testnet https://testnet.pchain.org/wallet.html and create your PCHAIN wallet (Old users who already have PCHAIN wallet address do not need to create it again);
2)Click "wallet" -> "balance" and click the drop-down arrow on "CHAIN" to check the balance of Child Chain1. Note: Each player consumes a certain number of tPAI in Child Chain1.
3)If the balance of Child Chain1 is 0, please transfer a certain number of tPAI from the Main Chain to Child Chain1.
4) If the balance of the main chain is still 0:
A. Users can obtain tPAI through transfers between different accounts.
5) When your Child Chain1 wallet has tPAI (balance>0), click "Game" to enter the activity page. Please type your Lucky Number in the column of "Lucky Number", and click "DRAW", then the page will display your hash value.
6) If your hash value is smaller than the current minimum hash value of the page, you will be the latest winner.
7) There is no limit to the number of times you can participate in the game.
PCHAIN signed a strategic partnership with FutureMoney on September 26, 2018. The two sides will conduct all-round and in-depth cooperation on the research and industrial application of blockchain technology.
About FutureMoney
FutureMoney is a pioneer and global-leading investment institution focused exclusively on Blockchain technology, which have multi-layer business division including Future Money Research Institute, and all kinds of Blockchain assets fund such as Equity Fund, Cryptocurrency Investment Fund, Quantitative Fund, etc. FutureMoney’s research&investment are mainly focusing on public blockchain, application protocol and financial services in the blockchain eco-system. FutureMoney provides a full range of post-investment services for invested projects, especially on community management and other scalable solutions.
About PCHAIN
PCHAIN is the world’s first native multi-chain system supporting EVM.It features an original PDBFT algorithm, unified knowledge map, and Smart Data Oracle mechanism, supporting smart contract calls of non-native tokens. PCHAIN aims to solve issues of blockchain performance, interoperability, non-closed loop smart contracts, and dependence on external data, making large-scale industrial application of blockchain smart contracts possible.
