PChain (PCH) ICO: Multi chain protocol for the Ethereum Virtual Machine (EMV)
Youtube review: https://www.youtube.com/watch?v=WQTjCjOgSGc&feature=youtu.be
ABOUT PCHAIN PROJECT
The blockchain technology, although being recognized as the backbone of a new type of Internet has also faced some issues to be solved or better to say upgrades to be made.
Single chain systems like Bitcoin and Ethereum have made a very good foundation for efficiency, security and synchronization of blockchain data. On the other hand the emerging needs of the complex requirements of the applications from multiple directions have encountered performance issues. It has been recognized that blockchain systems and subsequently smart contracts are lacking cross chain support but also that they are facing issues with effectiveness and unification of the Oracle method and large scale transactions. Today’s existing systems are struggling with scalability and cannot handle the large scale decentralized applications.
The PCHAIN project is promising to address these issues using native multi chain systems that support EMV (Ethereum Virtual Machine) and by using POS consensus based mechanisms. This project is aiming to enhance smart contracts and blockchain performance combining partitioning and sharding, multi chain and cross chain.
There are many projects that have already developed multi chain platforms but none of those have been supporting EMV and none of those have managed to combine all of the above mentioned elements into one chain. Not until the emergence of the PCHAIN project.
Subsequently, the PCHAIN project’s goal is to increase transaction processing speed, solve the problem of scalability, interoperability, offer cross chain functionality and provide a better platform for developers to hold different currencies. The ultimate goal of PCHAIN is to enable global, large scale blockchain applications accessible to people in all aspects of their lives just like the Internet does.
The question is how do they plan to do so? And the answer is through key technologies that include:
· Smart Contracts for non native tokens,
· Sharding consensus
· Knowledge Graphs and smart data
· Supporting the EVM.
The PCHAIN project is providing dapps a platform that contains multiple side chains in its design. This could reduce congestions of heavy smart contracts or dapps off to a side chain. At the same time all the relevant data can be obtained and restored due to the fact that every dapp will be assigned its own chain and various sub chains. According to the project whitepaper, the „side chain has a growth way” meaning that smart contracts on the chain could be upgraded.
Since the Smart contracts’ effectiveness and security is very much affected by external data, PCHAIN has introduced their own designed Smart data oracle based off of Knowledge graphs in order to eliminate the „noise“. Smart contracts that are based on this kind of concept of smart data can obtain external data in a stable flow and in a unified manner.
PCHAIN introduces sharding mechanisms which are intended to improve operation performance and expand the chain structure on all different levels. PCHAIN supports POS mechanisms enabling more efficient transactions and reducing energy consumption of mining time.
It is stated in the project that it will support cross chain calls using smart contracts for non native tokens on the other chains. Their toolkit is intended to support BCH and ERC 20 tokens.
Founders and team members of the project are stating that PCHAIN would be applicable in many scenarios based on smart contracts such as digital asset transactions, digital artificial intelligence and in the notary system.
So far PCHAIN is a project without a prototype. According to their reports PCHAIN is about to launch the prototype sometime in April and the official network will be launched towards the end of 2018. Although a bit vague and general, the roadmap presented on their website says that the final milestone called the Ocean stage is to be reached in the period of 18 months.
FUND RAISING AND TOKEN METRICS
The PCHAIN token’s ticker is PCH and they are issuing a total of 2,1 billions of tokens, allocated as follows: 35 % investors (15% presale and 20% main sale), team and early investors 25%, Community 25 % and POS mining 15%.
Price per token is yet to be announced. The dates for presale and crowdsale are not determined yet but whitelist registration is open at the following link: https://pchain.org/register
Hard cap is 50.000 ETH and these funds are going to be distributed as follows: 60% goes to the research and development team, 20 % is allocated for the marketing campaign, 10 % for carrying out operations and 5 % for conducting legal compliance.
TEAM MEMBERS
It is not exaggerated to say that the team is the main feature of this project. Currently, the PCHAIN team has 7 people and it is headed by Dr. Cao Feng who is often described as the „Godfather of Chinese Blockchain“ and „Chinese Vitalik“. He founded several blockchain startups, won the IBM Global Technical Achievement Award 3 times, published 22 papers in ACME/IEEE top conferences and has 30+ international patents to his name.
Other team members are:
-Haojing Lv, Architecture, Master of Computer Science with Tsinghua University,
-Zhanfeng MA, Blockchain Storage and Optimization, Senior Software Engineer
-Kai Zheng, In-memory Data Management, Professor of Computer Science
-Zhihong Chong, Knowledge Graph, Associate Professor at the College of computer Science and Engineering at Southeast University
-Zhenjie Zhang, Query Speedup and Indexing, Ph.D. in Computer Science
-Ruosong Xu, CMO, Former chief marketing officer at GXS, worked for Huawei, China Mobile and Tong Dun Technology.
CONCLUSION
The PCHAIN project is building a very ambitious and powerful platform that is becoming the next generation scalable, interoperable and sharding solution.
The PCHAIN is a very promising project and has several strong points on its side:
Firstly, it is established and launched by Mr. Feng Chao, the Chief Scientist and Co-Founder of Blockchain Application Committee in China Federation of Logistic and Purchasing, inventor of the first International Blockchain patent in China, and the team he gathered is visionary.
Secondly, it promises to enable global, large scale blockchain applications accessible to people in every aspect of their lives just like the Internet. It aims to solve problems of scalability and interoperability, to offer cross chain functionality and has the ability to support EVM.
Thirdly, according to their project whitepaper there are several applications already agreed upon to be built on the PCHAIN infrastructure and they have strong partnerships such as China Ledger, Harvard innovation lab, World Wide Web Consortium, China Federation of Logistics and purchasing (government partnership).
Fourthly, the PCHAIN project is, so far, the only platform solving the scalability problem with Ethereum smart data integration so there are no direct competitors.
Finally, there has been a lot of hype in China whilst in the west the PCHAIN project has gone under the radar. This is an opportunity for the team to improve marketing strategies and develop a strong brand name.
Because of this, the PCHAIN project has much potential to become a huge player in the blockchain sphere, and posit itself as the latest milestone in the history of the cryptoverse.
Disclaimer: This is not professional advisory or analysis. You should seek appropriate counsel if considering investments in ICO and/or crypto currencies.
