Ask your local blockchain dealer if you can get a better offer!

With the latest proposal, PIP 29: Account Seals: Cryptographically Secure Account Histories, PascalCoin is set to square the circle of pretty much every blockchain and DAG project to date: to achieve software services that have all the benefits of speed and ease of traditional centralized designs but with the full security and decentralization of blockchain technology. In other words, PascalCoin is set to be fully competitive with traditional software services, while adding the advantages of a decentralized protocol.

This is possible for PascalCoin because of the ingenious design of its Safebox technology running on top of the PascalCoin blockchain. With the Safebox, data is just as easily accessible, scalable and open for infinite DAPP development as traditional services - yet without the drawbacks of centralization (vulnerability to attack, manipulation, and surveillance). All that is needed is an individual PASA (PascalCoin account, which you can get for free) and the Safebox.

PIP 29 is a crucial piece in this puzzle, because the proposed “Account Seals” will allow for DAPPS to be completely independent from the PascalCoin blockchain when they track and retrieve data and operations.

Introducing Account Seals means that the exact evolution of an account can now be cryptographically verified without the blockchain (in coming proposal, without the Safebox either). It achieves this by ensuring every account state transition makes a cryptographic hash commitment to its previous state, as well as the transaction (or operation) that caused the state change.

Consequently, while all operations evidently are secured by the PascalCoin blockchain, it is now possible to track the chain of operations made by individual PASAs as well. This can be done independently of the blockchain by any user. The users can be layer-2 networks which rely on this secure track of information for its own functions and decision making on layer-2 applications.

In sum, with the introduction of Account Seals, a PASA can retrieve the account history from any untrusted peer and independently verify its correctness. This requires no blocks whatsoever, only the Safebox and PASA history for the accounts of interest.

The truly groundbreaking addition of the Account Seals means that once any data (transaction or operation) has been integrated in a block, the data can be tracked and retrieved independently of the blockchain itself. That is to say it allows for all the benefits of both decentralization and centralization. It squares the circle that has eluded the blockchain world until this very day.

Usecases:

Ok, what does this all mean in practice, then? What are the use cases?

For one, it means that each PASA now functions as an embedded blockchain. This will allow for millions of independent blockchains to run on PascalCoin. These blockchains are already secured and thus need no further computation or proof (of work, of stake, or whatever). Astonishingly, each of these embedded blockchains will be infinitely scalable as they can support layer-2 E-PASAs (see PIP 27) and as all their individual traffic is independent of the PascalCoin blockchain itself. Finally, these embedded blockchains will be fully operational on any device, because they are all embedded in the Safebox which needs no more than approximately 100 blocks to function.

Likewise, when the whole blockchain is no longer needed to track and retrieve data, DAPPS (e.g. wallets, banking, accounting, smart contract management, supply-chain-management, etc.) can be build on full and independent nodes that are of the fraction of the size of those of other full blockchain nodes (already today BTC = 200GB and ETH =1TB). You could literally run your own bank from your telephone with PascalCoin. That is internet banking taken to a new level!

A third example, is that a PASA can function as a finite-state-machine, which practically means any DAPP that relies on tracking and retrieving data (and that is pretty much any DAPP and APP thinkable) can be build upon PascalCoin. Examples, other than the just mentioned, could be smart contracts, decentralized exchanges, voting, token-economy management, gaming and platforms (ex. decentralized Uber or social medias). All in your pocket of course!

Finally, it is worthwhile highlighting that the Safebox structure has already solved the crucial challenge of scalability vs. decentralization otherwise maring the blockchain world. Currently, PascalCoin has an actual tested maximum speed of 1600 tx/s, but has a theoretical limit of whopping 72.000tx/s. In comparison, VISA generally handles 1700 tx/s with a theoretical maximum between 24 and 56.000 tx/s). All this is supported with a CPU friendly and ASIC resistant mining algorithm (Randomhash), which secures the decentralization of PascalCoin.

Finally, PascalCoin support almost instant transactions, extremely low or no fees, strong privacy options, and no restrictions on format and coding language.

You can find more info on https://www.pascalcoin.org and join the discussion of this also extremely democratic project at Discord.

For PIP-29: See https://github.com/PascalCoin/PascalCoin/blob/master/PIP/PIP-0029.md

Author: @gynther