PCHAIN ICO Analysis
What is PChain?
In a nutshell, PCHAIN = Zilliqa +Polkadot + Rootstock+ Matrix. The idea of PCHAIN is really novel and amazing! The main idea is that rather than only one blockchain to handle all transactions and thousands of smart contracts, PCHAIN idea is to make a side chain for each Dapp (think thousands of Rootstock), and thus even with millions of Dapps, it will not burden the main chain since each side chain operate on its own (semi-independent), see Figure 1. Each Dapp is like a small autonomy for each state, where each state has its own governance and control, and all the states then form a country. Not only that, PCHAIN will apply AI and Big Data (think Matrix) into its blockchain to generate smart data. The speed of PCHAIN is improved by using sharding (think Zilliqa).
It is also the first public blockchain with EVM support. ERC20 tokens and BCH (and BTC) will be supported by PCHAIN as Figure 1 shows (think Polkadots)
While the idea is really novel and great, and to be honest, very very ambitious, is the project already develop an MVP or testnet? No. No MVP/testnet yet. This is the most ambitious project I have ever seen, if it succeed, it will be a game changer for the cryptocurrency ecosystem. Will PCHAIN able to deliver its ambitious plan? The key question whether PCHAIN will be able to deliver or not depends highly on its team, which we will look at it later.
Core Technologies
From the White Paper
The core technologies underlying PCHAIN include:
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 based on the knowledge graph 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, just like the market exchange rate data from the external.
The goal of PCHAIN Smart Data is to generate valuable data that filters out noise and make it an integral part of Oracle. These smart data can be used in various PCHAIN’s smart contracts and other cross-chain requests. Smart data, on the one hand, can serve as an intermediary between blockchain and artificial intelligence, and on the other hand, facilitates the integration of blockchain with big data.
Therefore, it has a vast application prospects, including decentralized question and answer, forecasting markets, the construction of distributed knowledge graph, social networks, digital identities and others.
The trunked cross-chain solution makes the exchange of digital currency and digital assets more convenient. Various Token (e.g. BCH, ERC20) can be directly used to invoke smart contracts in PCHAIN.
PCHAIN Founder
The founder of PCHAIN is Dr Feng Cao, also known as Jeff Cao. Dr Feng Cao is touted as China’s Vitalik Buterin. He has published 22 papers and 30+ patents.
Dr Feng Cao (Jeff Cao)
The inventor of the 1st International Blockchain patent from China, the Co-Founder of ChinaLedger, the most influential blockchain alliance of China.
The Chief Scientist of Blockchain Application Committee in China Federation of Logistic and Purchasing (The 1st Gov Association in Industry), the Senior Fellow of the China Blockchain Research Alliance.
Successfully accomplished the 1st blockchain based assets earning rights transfer in the world in September 2016, which is also the 1st Financial Blockchain Transaction in China.
Ex-Chief Scientist of Internet Finance and cochair of the patent review board in IBM Research China，IBM Global Technical Achievement Awards three times.
Summary
Do read their White Paper, (Position Paper) and understand the technology and their idea of implementing PCHAIN, and join their telegram channel for more discussion. Whitelist for crowdsale is open now, go to their website https://pchain.org/ to register. You need a valid passport and proof of address (Bank Statement or Utility Bills under your name) to pass the KYC.