Pchain — the Best Thing to Happen to Crypto in 2018!
First multichain supporting EVM (Ethereum Virtual Machine) in the world with the ability to apply large-scale block-based applications based on smart contracts and AI
WHY IS IT EVEN CALLED PCHAIN?
It’s very well thought out actually. According to the founder Dr. Feng Cao, here are some of the meanings of the letter “P”:
Pi (PChain) — Forms a foundation for a lot of math formulas and problems along with cryptography.
Parallel — To make blockchain more scalable, parallel design is important.
Poly — Polychain (Poly means many) or multi-chain design.
Partitioning — A term that has been used in databases forever. A more fancy word these days is “Sharding”. It’s nothing but partitioning data into small chunks.
Public — Public-chain.
CEO Dr.Feng(Jeff) Cao — (Vision & Science)
Dr. Feng Cao is the inventor of the 1st International Blockchain patent in China
Dr. Feng Cao co-founder ChinaLedger
The Chinese blockchain alliance, led by Wanxiang Blockchain Labs
Auto giant Wanxiang announced today that it will use blockchain technology as part of its newly announced smart cities…www.coindesk.com
Chinese blockchain alliance ChinaLedger releases white paper Wednesday, January 18, 2017 6:58 AM UTC ChinaLedger, a…www.econotimes.com
Dr. Feng Cao is the chief scientist and co-founder of the Blockchain application committee at the China Federation of Logistics and Procurement CFLP
Dr. Feng Cao is a senior fellow at the China Blockchain Research Alliance (CBRA).
Global Shared Finance 100 (GSF100) an announcement about the creation of the “China Blockchain Research Alliance” in Beijing.
CBRA consists of members of a joint forum GSF100 (China Wanxiang Holdings Co., Ltd., Xiamen International Financial Technology Co., Ltd., China Insurance Asset Management Corporation., Baoshang Bank Co., Ltd. и Yingkou Bank Co., Ltd.) and are jointly initiated.
1st blockchain-based assets earning rights transfer in the world in September 2016
Dr. Feng Cao and his team successfully accomplished the 1st blockchain-based assets earning rights transfer in the world.
Successfully connected 8 major Chinese banks via blockchain. They wrote smart contracts which have processed about 600 million RMB (Chinese currency) between these banks in september 2016
Dr. Feng Cao also works closely with two blockchain startups:
1. FinChain (Shenzhen Blockchain Financial Service Co. Ltd.)
Shenzhen Blockchain Financial Service Co. Ltd.
Blockchain is the cutting edge in the internet finance technology(FINTECH); it will have a huge impact on the financial…www.coindesk.com
Shanghai Wan Chain Information Technology Co., Ltd. one of the first companies in China, which is a pioneer and promotes the development of the industry blockchain
The most innovative CEO for Jiepu Prize 2016. He was invited to give keynotes in Lendit 2016/2017, Baidu, Tencent and Silicon Vally. He was the Chief Scientist of Internet Finance and the co-chair of the patent review board in IBM Research-China. Dr Feng Cao’s innovative achievements have been successfully adopted in China, US and other 150 countries. He achieved IBM Global Technical Achievement Awards three times. He published 22 papers in ACM/IEEE top conference and 30+ international patents.
1. HAOJING LV — (Architecture)
Haojing Master of Computer Science Tsinghua University. He is a pioneer in the field of blockchain technology in China and is responsible for several global blockchain projects as a team leader.
Technical Director of Shanghai Wanchain, also was the technical director in Nanjing Zhitongche Network Technology Co., Ltd.
He previously worked in several leading international companies such as SAP Shanghai Lab, has extensive commercial experience in product optimization and innovation, software development and implementation at the system level, distributed cluster deployment, large data storage, development and visualization, large-scale software development process quality assurance and control.
2. ZHANFENG MA — (Blockchain Storage and Optimization)
The main developer of software
He is a Master of Computer Science, graduated from Jiaotong University. He is a senior software developer in SAP Labs China (he worked there for almost 5 years). He also has extensive experience in Global Top 500 companies, focused on database systems and distributed systems (for example, Sybase). Has US patents in the database field and has extensive experience in system design and performance optimization.
3. KAI ZHENG — (In-memory Data Management)
dr. Kai Zheng is a professor at the University of Electronic Science and Technology of China (UESTC). He received a Ph.D. in 2012, a master’s degree in 2009 and a bachelor’s degree in 2006, a bachelor’s degree from the University of Queensland (on the recommendation of Professor Xiaofang Zhou), Fudan University (on the recommendation of Professor Aoying Zhou) and Tongji University. Prior to joining UESTC, he worked as a research fellow (2012–2013) and ARC DECRA (Discovery Early Career Research Award), a member of the 2014–2016 Data and Knowledge Engineering UQ.
4. Zhihong Chong — (Knowledge Graph)
Associate Professor at the College of Informatics and Engineering at Southeast University.
He headed and participated in the National Science Foundation for Natural Sciences, «National 863», national key defense projects and more than 10 business cooperation projects, such as HUAWEI, China Electronics Group and Focus Technology Co.. Ltd. He has published more than 10 articles in major conferences and journals in the field of databases and artificial intelligence.
5. ZHENJIE ZHANG — (Query Speedup and Indexing)
Senior Researcher, ADSC. He received his Ph.D. and Computer Science degree from the School of Computer Science, National University of Singapore, in 2010. He has published over 50 prestigious documents in databases, intelligent machines and machine learning areas, including SIGMOD, VLDB, ICML, VLDB Journal and IEEE TKDE, which have over 1800 Google Scholarcitations. He was co-chair of the PC of the International Seminar on Data Confidentiality (2013) and the Asia-Paci web conference (2015) and a program committee at more than 10 leading international conferences. He was awarded the President of National University of Singapore in 2008; Award for the early research of the IEEE (TCDE) in 2015 and the best award at the IEEE International Conference on CloudComputing (Cloud Computing) in 2013.
6. Ruosong Xu — CMO
Former Chief Marketing Specialist of GXS (Gong Xin Bao)
He received a bachelor’s degree in physics from Fudan University. He worked in HUAWEI, China Mobile and Tong Dun technology with extensive experience in the field of large data, credit risk management, communication and IoT.
1. Ken Huang
Huang Lianjin(Ken) , Huawei VP, Chief Blockchain Scientist and Chief Identity Management System Architect, CISSP, Commit Member of ACM, Chinese Electric Academy Blockchain Expert Committee Member, Visiting Professor of Zhejiang Normal University. Before joining Huawei in December 2015, he worked for CGI Federal office in USA for 18 years and served as its Director of Cyber Security, Director of Cloud Security. He has established CGI Federal Identity Management Practice, and Cyber Security Competence Center. While working for CGI as Executive Consultant, he has consulted the United States federal Government, financial institutions, and utility companies and provided expertise in Finance, Blockchain, and Cyber Security. He graduated from Xian Jiaotong University in China and University of Lausanne in Switzerland.
2. Danial Wang
Founder of Loopring, Google Tech Lead, Cofounder of Yunrang Tech, Senior Engineering Director at http://JD.com , Cofounder of Coinport Exchange, Cofounder of Hygene Online, Senior Director & Blockchain Researcher of Zhongan Technology
3. Howard Yuan
Partner of Fundamental Labs, EMBA of Cheung Kong Graduate School of Business. Howard acted as the venture partner of Longcapital VC, CFO of IBM China, the early investors of Binance, aelf, OmiseGO, Power Ledger, Cortex, Status etc.
4. Bo (Ramble) Lan
Chairman of SwftCoin Foundation; Co-founder and President of North America Blockchain Association (NABA); Co-Founder of Silicon Valley Blockchain Catalysts; Co-founder of BlockBull Capital; Founder of GooCoin, the world 1st mobile cryptocurrency.
5. Henry Cao
Finance Professor at Cheung Kong Graduate School of Business, Head of the Department of Finance, Founder of the first Finance MBA program in China, Member of the Finance Society of America, taught at the University of California at Berkeley, the University of North Carolina, Chapel Hill, admitted to the USTC gifted class at the age of 13, studied for doctor’s degree at Yale at the age of 18, Yale University/ UCLA PhDs.
Early Investors and Supporters of PChain
- Chinaledger (http://chinaledger.com/)— is a corporation that is the leading financial blockchain open source platform in China, which is formed from an alliance of 11 regional commodity exchanges, exchanges and the exchange of financial assets. PChain is at the final stage of a partnership with ChinaLedger, which gives them great prospects compared to the new blockchain projects. ChinaLedger also cooperates with the Chinese government on several projects, providing PChain opportunities to conclude all important partnerships.
- IEEE (https://www.ieee.org/) — IEEE Institute of Electrical and Electronics Engineers) — international non-profit association of experts in the field of technology, the world leader in the development of standards for radio electronics, electrical engineering and hardware support of computer systems and networks. The world leader in the field of computer systems and networks. Cao Feng wrote 22 scientific articles, for IEEE / ACM!
- W3C (https://www.w3.org/) — (World Wide Web Consortium) is an organization that develops and implements technological standards for the World Wide Web. The consortium is headed by Sir Timothy John Berners-Lee, the author of many developments in the field of information technology.
- CFLP (http://www.chinawuliu.com.cn/english/)— China Federation of Logistics & Purchasing, the first social organization of the logistics industry in China, was established in Beijing and approved by the State Council in April 2001. CFLP is founded by the China Society of Materials Economy established in 1980, the China Logistics Research Institute established in 1984., the China Association of Materials Circulation established in 1995.
The largest association in China CFLP unites not only logistics enterprises. It consists of about 7500 participants, of which about 5000 are non-logistic industries. All together, CFLP members provide 7% of China’s GDP. The association has a strong organization status, approved by the decision of the State Council of the People’s Republic of China, the head of the CFLP is also the vice-president of the International Union for Procurement and the vice chairman of the Asia-Pacific Logistics Union.
CFLP: “In 2018, blockchain will reach a new level of development in multi-chain, sharding, smart contracts, which will allow the use of large-scale applications compatible with blockchain. Next-generation projects, such as Dfinity, EOS and PCHAIN, will further develop technologies based on on the blockchain.”
Pchain also cooperates with: North America Blockchain Assosiation, The University of Queesnland (Australia), Assosiation of Computing Machinery, CCF.
Most of the traditional blockchain systems (Ethereum, Bitcoin) are single-chain systems. It has encountered performance and scalability bottlenecks in large scale blockchain applications. In a multi-chain system, communication between each derivative chain is not required in most cases. Therefore, computation in these derived chains can be completely parallel resulting in a huge improvement in throughput.
As smart contracts or dApps are deployed on PChain, multiple side-chains will be created (one per dApp) in addition to the main chain, which will record data related to that specific dApp. This will allow PChain to scale and avoid hungry dApps from crushing overall performance (hello, Kitties!). This will also improve performance because of transaction-level sharding with a PoS consensus mechanism.
Knowledge Graph means intelligence derived from a list of things, their type, properties, and how they are linked. PChain uses an Oracle mechanism based on its Knowledge Graph module to integrate blockchain data and external data as Smart Data, which can be used by AI to generate some interesting use cases for forecasting markets, social networks, digital identities and so on.
However, PChain has taken this one step further, by providing the first multichain solution to be compatible with Ethereum Virtual Machines (EVM), which is the software infrastructure underpinning Ethereum smart contracts. What this means is that rather than just operating as a single sidechain like Rootstock, the PChain solution consists of multiple derivative chains.
This enables parallel transaction processing on a scale not possible with the kind of single-stranded structure operated by Rootstock. Whilst other blockchains have attempted such a multi-chain solution, they have fallen down due to not being compatible with EVMs. This means they have had to rely on traditional languages such as NodeJS and Java, which don’t allow for effective pricing mechanisms or traceability.
This makes PChain a truly breathtaking technical breakthrough as the first multichain solution to be compatible with EVMs. It allows it to operate at a level of speed and scalability that other blockchains cannot compete with and offers the first solution that will be able to sustainably serve large scale industrial applications of blockchain technology.
But PChain is not just solving the issue of scalability, but also the issues of interoperability as it offers cross-chain functionality to a wide array of public blockchains, including Bitcoin, Ethereum, Bitcoin Cash and a host of others. The scope of the project is therefore far beyond not just Rootstock but also more complete interoperability solutions like Polkadot, which uses a one-size fits all approach, where PChain can support the smart contract call of non-native tokens.
PChain is one of the first along with the likes of Zilliqa to pioneer the technique of sharding to improve performance. However, again, its secret-weapon of having a multichain structure gives it an unfair advantage that such single-chain projects cannot compete with.
Dr. Feng Cao: “It‘s the 1st multichain supporting EVM in the world. A number of performance-enhancing efforts are designed from the perspective of improving Transaction Processing and stochastic consensus, such as Dfinity , Zilliqa  and Aelf . Different from these work, PCHAIN improves the overall performance of the blockchain from the perspective of Data Processing and Sharding through a multi-chain structure, and designs a new consensus approach based on multi-chain structure. “
Multiple Applications already agreed to be built on the PChain blockchain, with many further projects in the pipeline
Unlike a lot of new blockchain projects, PChain has not just partners but has also already negotiated for several exciting applications to be built on it. The details are not yet ready for public consumption, but we can give you a sneak preview by telling you that a major cultural blockchain project recognised by Japan’s Blockchain Association will be one of the first projects to be implemented on the PChain blockchain.
A very exciting anti-quantum blockchain project created in collaboration with Tsinghua University, China’s leading research university will also be using PChain due to it being the only blockchain with the advanced features required for this kind of project. Other applications are also in advanced negotiations.
This demonstrates that big players in Asia are already willing to use PChain instead of the likes of Ethereum and NEO, due to the scalability and interoperability benefits and the trust they have in China’s biggest blockchain superstar. It also hints at the regional advantage that PChain will enjoy over the likes of Rootstock, Polkadot and Zilliqa when it comes to Asian applications interested in sidechain, interoperability and sharding solutions.
Road Map and Token Metrics
testnet = October 2018
mainnet = December 2018
ERC-20 Token Symbol: PCH
Hard Cap: 50,000 ETH
Total supply: PCH 2,100,000,000
Investors — 35%
Team & early contributors — 25%
Community — 25% (Pchain foundation and community building)
POS mining — 15%
by ZebraCrossing This article will analyze PChain MVP (or better known as prototype, because Dr. Feng do not consider…steemit.com
Dr Feng shows us a live prototype of PChain working flawlessly with very fast transactions with one main chain and two child (side) chains (PChain explorer). A total of 32 validators (nodes) are used using a novel PDBFT consensus algorithm which is a lot more efficient than PBFT algorithm. N vs N-Square. A live demo was shown how to build a simple smart contract which can feed data from external source, www.fifa.com, in the example shown. And show in details how the debugging of the smart contract and how the results is derived. Do note that the very hype Quarkchain only has 5 nodes in their private testnet demo.
Hi admin just wondering how you’re tech is different from quarkchain
you can count how many different nodes between the demo of these two projects ：）
Hi Jeff yes isn’t it because you do transactional sharding that’s why you have more nodes and quark does state sharding? Sorry I don’t really understand how the number of nodes could affect transaction process 😅
the number of nodes is an important parameters on decentralization，which is one of the key feature of a good public blockchain
or we can say it will be much easier to have a demo on 5 nodes than on 20 nodes，let alone 32 nodes. The meaning of 32 nodes is larger than 20 nodes which is the bottleneck of traditional pbft algo
This live demo is actually 100% qualify to be called a live private testnet and much better than many other projects’ testnet. It shows how solid is the PChain team. Their prototype already a lot better than many MVPs.
PChain will be a game changer for blockchain with the smart data extension, and the ability to support native EVM, and cross chain capability of BTC, BCH and ERC20 tokens (do note cross chain capability is not implemented yet in the demo).
- mvp test (demo) https://www.youtube.com/watch?v=-yKzLNJA7Ao
- PChain MVP Review https://steemit.com/pchain/@bitcoinstartrek/pchain-mvp
PCHAIN- The Most Promising Infrastructure/Protocol of the Year Award — Awarded by Global Blockchain Technology Expo 2018
This material and opinion above has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, investment, legal or accounting advice.
Material used to write the review:
Join PChain’s ever growing community at the following links:
Telegram(Chinese Community): https://t.me/pchain_CN
Telegram Announcement Channel: https://t.me/pchain_org_ann
Founder/CEO’s Twitter: https://twitter.com/jeff_fengcao