(Z)ICO Analysis: PCHAIN
PCHAIN is a relatively new blockchain project and it’s one of the most unique ideas in the space. The idea behind PCHAIN is to create a Smart Contract Virtual Machine (SCVM) which will be available for all blockchains. The SCVM will allow for easy exchange of data between those different blockchains and develop DApps. The project has raised a total of 1.5 M USD in its crowdsale, with its second round selling out just as quickly as the first round. PCHAIN is the first blockchain project to create a Smart Contract Virtual Machine (SCVM), which, according to the organization, will allow third-party developers to develop Apps on multiple blockchains. You can also develop this blockchain by gaining social media engagement through Socialwick. Because this platform will help you to gain social media views, likes and followers.
PCHAIN is the first native multi-chain system and intelligence contract platform to support the Ethereum Virtual Machine (EVM), making large-scale virtual applications possible.
The hottest projects out right now are the ones that will allow DApps to employ smart contracts on their blockchain. It’s early, however, and smart contracts have yet to be perfected. For example, Ethereum has over 200 DApps planning on using smart contracts on their EVM that face some serious obstacles that have yet to be solved.
The team at PCHAIN lists five problems single-chain smart contract platforms currently face:
Insufficient support for large-scale transactions.
DApps exist only on the one blockchain, when too many DApps are deployed on the main chain it becomes less efficient.
No unified or effective Oracle method.
POW with a single chain is a waste of calculation power. According to PCHAIN’s whitepaper: “… while POS avoids the waste of calculation power, the public released POS systems do not effectively solve the classic problem Sybil attack.”
Smart contract data and codes once on the blockchain cannot be modified and are immutable. If there is a bug existing in their smart contract, it will be very difficult to fix. They need a way to upgrade smart contracts while making sure data is immutable.
PCHAIN will have a main chain and many child chains. The main chain interacts with other existing external public blockchains, stores account information and transfers digital currency between accounts. The child chain is a single blockchain registered on the main chain, it mainly records the data related to the specific smart contract. According to the company’s Medium post:
“The smart contract based on EVM has become the largest smart contract ecology in the world. Therefore, PCHAIN provides the support of the original multi-chain level of EVM, which is of great significance.”
PCHAIN now uses Solidity and EVM for smart contracts in both its main chain and child chain so that existing EVM users can quickly build new or migrate existing PCHAIN DApp application.
The platform will be based on the following core technologies:
The first native multi-chain architecture that supports EVM, with a consensus of POS based on multi-layer sharding mechanism that tremendously improves the performance of transactions.
A new Oracle mechanism makes it easier to encapsulate smart contracts. PCHAIN’s endogenous W3C-compliant smart data effectively addresses the issue of non-intelligence in smart contracts and can become a fundamental element of smart contracts.
PCHAIN smart data will generate valuable data and filter out noise, becoming a valuable part of the Oracle. This smart data can be used in PCHAIN’s smart contracts and other cross-chain requests. Smart data has vast application prospects, including decentralized question and answer, forecasting markets, the construction of distributed knowledge graph, social networks, and digital identities.
The Trunked Crosschain Solution makes the exchange of digital currency and digital assets more convenient. Various tokens can be directly used to invoke smart contracts in PCHAIN.
Invocation of Smart Contract for Non-native Token: This supports cross-chain calls. With the toolkit provided by PCHAIN, the smart contract on PCHAIN can be invoked using non-native token on other chains. The toolkit currently supports BCH and Tokens following the ERC20 protocol.
Consensus of Sharding: This supports Shardings at different levels and offers a choice of POS consensus mechanisms to improve the efficiency of operation and storage and support chain expansion
Knowledge Graph and Smart Data: This is a high tech oracle. Learn all the details about this and the rest of the Multi-link consensus mechanism starting on page 9 of the whitepaper.
PCH token will be used as to pay the fees for invoking the smart contracts and combining smart contracts with blockchain. There will be a POS system that has not been detailed yet.
The allocation is as follows:
15% private sale (315m)
20% Public Sale (420m)
25% Team and early contributors (525m)
25% community and Pchain foundation building (525m)
15% POS mining (315m)
A breakdown of the use of funds is provided below:
65% – R&D
20% – Marketing
5% – Legal
The team from China is very impressive. Below, Founder Feng Cao speaks about scalability at the World Digital Assets Summit, with the Founders of Zilliqa, IOST and Aelf. The well respected, well connected Chinese team at PCHAIN have dreamed up the solution for scaling single chained smart contract platforms and now must build the thing, which they seem more than capable of doing.
Dr. Feng Cao – Founder. Won the IBM Global Achievements Award three times. He invented the first blockchain patent from China, co-founded ChinaLedger and serves as Senior fellow of China Blockchain research alliance. He founded several other startups in China, published 22 papers in ACM/IEEE top conference and 30+ international patents. Here he is with The Man himself.
Ruosong Xu (CMO) – Experience includes CXS, HUAWEI, China Mobile.
Haojing Lv (Architecture) -Experience includes SAP Shanghai Lab, which is “A blockchain technology pioneer”.
They have three of the top computer scientists in all of China. Dr. Zhenjie Zhang (Query Speedup and Indexing), Dr. Zhihong Chong (Knowledge Graph) and Dr. Kai Zheng (In-memory Data Management). These guys have published thousands of papers and citations. They have contributed to projects like HUAWEI, China Electronics Group and Focus Technology to name a few.
The company recently announced three more powerhouse advisers:
Ken Huang – Well known Blockchain Expert formerly from Huawei, CISSP, Conference Commit Member of ACM Practitioner Board, Chinese Institute of Electronics Blockchain Expert Committee.
Daniel Wang – The Founder of Loopring, a Google tech lead and much more.
Howard Yuan – Venture partner of Longcapital VC, CFO of IBM China. One of the early investors of Binance, Aelf, OmiseGO, Power Ledger and Cortex.
PCHAIN is a new and unique multi-chain system. The scientific layered design enables the large-scale industrial application of blockchain smart contracts. And not just any smart contracts – theirs will have a new oracle mechanism based on knowledge graph.
25% of the tokens go to the team and early contributors. No details are known about what kind of bonus or amounts of money was raised. The entire token sale is pretty non-transparent so far. -1
This is sort of normal for Chinese projects but needs mentioning: The team’s social media is lacking. Their Twitter pages are only a couple months old. Their LinkedIn pages are not updated. It’s very hard to get info on the project if you don’t speak Chinese. -1
The roadmap is long. It seems like they won’t have any kind of tech out for seven more months. So much can happen as they build their platform.-1
The PCHAIN Foundation, a non-profit organization, plan to establish the following departments; General Executive, DApp Management, Code Review and Public Relations. The people running these departments are the real deal.+2
The roadmap is long but realistic, leaving plenty of room for growth while working towards the “Knowledge Graph Blockchain Alliance.” This is only 18 months away. +1
PCHAIN’s competitors are the multi-chain projects like Dfinity, Zilliqa and Aelf. These type projects are extremely valued by the community. The PCHAIN whitepaper does a great job of explaining what separates them. To sum it up, PCHAIN’s competitors don’t support the smart contract call of non-native tokens, while PCHAIN improves the overall performance of the blockchain from the perspective of Data Processing and Sharding through a multi-chain structure.+2
The team is the strongest part of the project. They are very well connected.+2.5
Although lots of words get lost in translation, this quote gets it:
“10Millions level investment to PCHAIN. LD Capital is one of China’s most influential blockchain investment org. Qtum, NEO, VeChain, EOS, BeeChat, ELF,100+projects. portfolio return over 100 times. The founder of LD capital, Lieu Yi was the early LP of Xiaolai Lee’s Coin Capital” (Cao Feng, Twitter) +2
The PCHAIN Team is highly capable and well connected. Being the only project out of all their competitors to support the Etherum Virtual Machine and its 200+ Apps, should give them a leg up, though anything can happen in the 18 months it will take them to be fully functional. 6.5/10.
Total Supply– 2.1 billion (2,100,000,000)
Available for Sale: 35% (735 million)
Total Supply: 2.1 Billion
Public Sale: Date TBD, will be announced soon https://t.me/pchain_org_ann
Hard cap: approx 50k ETH ($36 million)
Whitelist: Active https://pchain.org/index
Telegram: 10k members https://t.me/pchain_org
Jurisdictions Barred: USA and China
Featured image courtesy of Shutterstock.