At 15:00 on September 13 (Singapore time), PCHAIN Testnet 1.0 will be officially released online via live broadcast on Youtube, with more than 1,000 verification nodes and a TPS peak of 123424. The release of PCHAIN Testnet is one month ahead of schedule, which is a milestone for PCHAIN, marking a new stage of PCHAIN.
The live broadcast also shows various functional modules of the test network, including the browser (query block, and support for inquiry of information about main chain block, sub-chain block and transaction), wallet (check the TPAI balance under the account and achieve transfer between the main chain and the sub-chain), TPAI transactions (achieve capital transactions between two accounts on the same chain), contracts (users can deploy and call smart contracts), multi-chain (view current data related to PCHAIN test network, such as 256 sub-chains, 1,064 verification nodes, and nodes distributed across continents) and TPS values.
As early as August 23, PCHAIN officially released a video about Testnet 1.0, which showed 35K TPS. After that, Testnet1.0 TPS continued to increase every day. Compared with the configuration, PCHAIN can achieve TPS 10 times higher than the traditional project while saving communication costs by 143 times, thus saving CPU by 64 times and memory costs by 244 times.
PCHAIN is the world’s first native multi-chain system supporting EVM and it makes large-scale blockchain applications possible. PCHAIN consists of a main chain and multiple sub-chains, and each sub-chain can be deployed with smart contracts, which does not affect the smart contracts of other chains. The entire PCHAIN is slightly similar to π (PAI) in shape, so it is named PCHAIN.
Virtual machine (VM) refers to a computer system simulated via software, which has complete hardware system functions but operates in a completely isolated environment. EVM, equivalent to a system core or node, encapsulates the instructions into the CPU to shield the underlying operating system, and the smart contract “running” on it can be deployed and operate independent of specific hardware and software environment. Transaction processing speed can increase linearly with the number of sub-chains in a multi-chain system, so the PCHAIN system can achieve an overall TPS of 10,000 or higher on a normal machine.
The concept of PCHAIN-compatible EVM multi-chain protocol is a core advantage of the project. The protocol runs smart contracts on the sidechain through Solidity and EVM. EVM allows migration from Ethereum network to existing DApps to take advantage of the increased versatility offered by multi-chain systems. Developers can also easily turn to building DApps for PCHAIN, using the same coding language they are familiar with.
Existing multi-chain platforms can increase the throughput by facilitating parallel transaction processing, but most platforms do not support EVM. PCHAIN architecture achieves highly interoperable and scalable blockchain solutions through multiple mechanisms. The multi-chain architecture allows DApps to operate on their own sub-chains, which is completely independent of each other. This structure ensures that overload on one chain does not affect the performance of other chains in the system. Although the sub-chains are separate, they are still able to interact and trade when necessary.
The unique PDBFT consensus algorithm of PCHAIN can effectively reduce the communication cost, and can provide an efficiency 12 times higher than the traditional DPOS algorithm and a decentralization degree 100 times higher than the traditional DPOS algorithm. Featured by timely finality, it can avoid long-range attacks effectively. At the same time, the Smart Data Oracle mechanism deployed by PCHAIN provides a method to migrate data to smart contracts, solving the problem of insufficient knowledge of the current smart contracts.
In addition, the PCHAIN dynamic super node is the world’s first purely dynamic POS reward system, which reduces the Matthew effect and makes the whole system more stable and fair. On August 22, PCHAIN officially launched the prequel of dynamic super node — Executive Super Nodes Campaign.
The current public chain still has bottlenecks of insufficient performance, which makes it difficult to support large-scale applications and transactions. Therefore, PCHAIN innovates and combines the technologies such as unique PDBFT consensus algorithms, intelligent data, cross-chain and multi-chain to make large-scale application of blockchain possible.
In order to achieve the goal, PCHAIN has always spared no effort to develop ecological partners. At the Testnet live broadcast conference, Dr. Cao Feng, founder of PCHAIN, announced that PCHAIN has become the first main chain partner of the world’s first Junction × Digital Nation Hackathon. The Junction × Digital Nation Hackathon will be held in Helsinki, capital of Finland in November, which is jointly organized by the Digital Renaissance Foundation in conjunction with Junction and the Estonian Digital Citizenship Community. By then, more than 1,500 senior developers around the world will compete fiercely on how the blockchain builds digital countries. At that time, Dr. Cao Feng, as a tutor, will also participate in the competition in Helsinki and jointly publish the tasks with the organizers.
In addition, after reaching a deep strategic cooperation with UDAP, which is dedicated to the intermediary service of blockchain asset management, PCHAIN demonstrated the application of UDAP’s asset management wallet, Harvest Wallet, in the live broadcast of Testnet. UDAP, as a general and decentralized middleware service layer of blockchain asset lifecycle management, provides the middleware services that are currently lacking in the blockchain infrastructure. Third-party application developers can quickly access to the underlying co-chains such as PCHAIN without knowing the underlying technical details of the blockchain, thus completing the transformation from internet business model to token economy model. UDAP’s asset management wallet, Harvest Wallet, is a bright spot. As both the first encrypted asset wallet that supports both PCHAIN and Ethereum and the first asset wallet specifically used for the management and trading of non-monetary assets, it allows users to fully appreciate the high-speed and low-cost performance advantages of PCHAIN in Harvest Wallet.
PCHAIN has been expanding its eco-partners. By the end of August, PCHAIN has reached strategic cooperation with nearly 20 partners at home and abroad, including CFLP, CerTik, IEEE Blockchain, Anbi, Qbao, Bodhi, Dex.top, etc. to build a secure, stable, and orderly DApp ecosystem together in the future.
The qualifications and strength of the team can often provide confidence and guarantee for the development of the project. PCHAIN, initiated by a team of well-known experts in the industry, includes the professors from National Thousand Talents Program, the winners of Singapore Presidential Award, the former IBM Greater China Blockchain Technology Leader and the Co-Chairman of the Patent Committee. The team published a total of 100 IEEE ACM top papers and international patents. PCHAIN scientists participated in the preparation of Technical Details and Practices of Ethereum, which was recommended by Vitalik, the founder of Ethereum.
Cao Feng, CEO of PCHAIN, Ph.D. in computer science at Fudan University, is also the first international patent inventor of blockchain in China, co-founder of ChinaLedger, China’s most influential blockchain alliance, chief scientist of Blockchain Application Committee of China Federation of Logistics & Purchasing and senior researcher of China Blockchain Research Alliance. He was the chief scientist of Internet finance at IBM China Research Institute and the head of IBM human-machine Project in China. He has won the IBM Global Outstanding Technology Achievement Award for three times, published 22 international top papers, and acted as the chairman of several ACM IEEE top international conference forums.
Currently, PCHAIN has obtained strategic investment from more than 20 global top funds such as Fundamental Labs, FBG, Liaode Capital, China Creation Capital, BlockVC and LinkVC, which is a strategic partner of the North American Blockchain Association and is evaluated by multiple foreign blockchain rating agencies, ranking top 2 in the in the world blockchain. It also won the Silicon Valley Award, “The Most Promising Blockchain Base Platform 2018”, which was selected as the best blockchain platform in 2018 by Bitcoinist.
Nowadays, various DApps projects are springing up and racing to be on the chain. However, the existing contract platforms for main chain or single chain smart are still not perfect. PCHAIN is a rare technological innovation-based basic public chain project, which has made great improvements on the basis of several existing public chains. The launch of the test network marks the maturity of PCHAIN. Although the project seems difficult to succeed, the PCHAIN team has been promoting in an orderly manner, and PCHAIN is well prepared for the future. It is expected that V2.0 PCHAIN Testnet will be released in November this year, and the main network will be officially released in March 2019.
It is believed that the technology of PCHAIN will achieve accelerated development in the world of blockchain, making large-scale applications of blockchain ubiquitous.
PCHAIN live Testnet launch video: https://www.youtube.com/watch?v=a9TOfrpNyj0
Welcome to learn PCHAIN at:
Telegram 1: https://t.me/pchain_org
Telegram 2: https://t.me/pchain_org2
Telegram (Chinese Community): https://t.me/pchain_CN
Telegram (Russian Community): https://t.me/PCHAINRussia
Telegram (Germany Community): https://t.me/pchain_org_de
Telegram Announcement Channel: https://t.me/pchain_org_ann
Founder/CEO’s Twitter: https://twitter.com/jeff_fengcao