Q1: The year of 2018 is known as ‘the beginning year of public chains’, could you please describe your and PCHAIN’s year of 2018 in a word? If you have to make a score of this year, how much will you give?
A1: I am fine with 80 points under the current situation. At present, our progress is mostly beyond the plan of our white paper, all the work in the plan is completed. Yet at the same time, we all are under some unexpected pressure which caused by the entire market. If there is no external pressure, I think PCHAIN could reach 90 points.
Q2: I hope that you will deliver us some of PCHAIN’s basic data. In fact, it is a quantitative portrait of 2018. Many of the audience would like to know it.
A2:
-Development Period:
Preliminary preparation: From March to June 2018,
Official development: June 2018 - up to now
-if the MainNet is online: Not yet, but PCHAIN Testnet 2.0 is online
-PCHAIN team : 21 full-time
-Number of code commits and code rows: 1081 commit so far, 10,000+ lines of main code
-Number of Communities: Telegram 73K+, Titter 42k+, Bihu 70k+
-Number of DApps on PCHAIN and total daily activities: mainnet is not online, but we have more than 20 partners
Q3: The year of 2018 is known as ‘the beginning year of public chains’. There are various public chains in the market, which are called “China Ethereum”, “Japan Ethereum” etc. As you can see from their name, everyone wants to go beyond Ethereum to become the largest public chain and build the world's largest ecosystem in the blockchain world. However, over the last year, regardless the influence, performance, Dapps and communities, no one has succeeded. They have made their own progress certainly, but the fact is fact. And we need to face it together. In your opinion, to be better than Ethereum and to become the first public chain, what is the breakthrough of PCHAIN which you are contributing?
A3: PCHAIN is the first native multi-chain system that supports EVM in the world. As stated in the previous question, Ethereum is still the largest public chain in the world. The biggest advantage of PCHAIN is that it can seamlessly connect with all Dapps on Ethereum. At the same time, PCHAIN has the features of native multi-chain, and it means we can have a higher TPS. We can also do various parallelization better, and the number of multi-chains that we can support now is the highest one in the world. We have not yet seen any of other platform which can achieve 256 child chains. There are totally different requirements, such as stability, performance and other aspects, to settle and support several, dozens and hundreds of child chains comparing with supporting over 200 child chains, especially in the native multi-chain system. For example, if there are too many child chains, the storage pressure of the main chain is a very high and difficult for breaking through. PCHAIN’s solution of this point is that we have already 6 related patents. Beside the higher TPS, we also support cross-chain transaction. In the existing projects, the combination of high TPS and cross-chain features can bring a lot very effective and interesting blockchain applications. At the same time, we are currently developing a new standard - Smart Data. It is the trend of blockchain world. And we can see more and more clearly that the future blockchain and big data will be used as combination. We believe that Smart Data will be a very important direction. Large-scale applications also need to solve the problems with data.
Q4: When Feng Xiao, the chairman of Wanxiang Blockchain, talked about the blockchain industry may not have a "killer" application, which is a controversial point of view. I know it is because of the performance and decentralization of Blockchain, DApp could not have a centralized application like WeChat and Alipay in Internet. Do you think that public chain will be explored during the birth of a killer Dapp despite the technology and performance themselves? Do you believe that Dapp is a false proposition as all the largest Dapps are about gambling at present?
A4: I think it must be dependent on the birth of the killer Dapp. Because for a wider group of people, they do not care about the underlying technology, user friendly is the first priority. Although there are many discussions on public chain technology. In fact, not everyone has many ideas about it. Therefore, the next public chain burst development must be through the birth of a killer Dapp, or an application. Everyone will realize the development of the underlying public chain technology.
I don’t think Dapp is a false proposition. In the future, blockchain will definitely develop in the direction of Dapp, because Dapp is actually an application of blockchain technology in various industries. In the future, if we believe that the blockchain can change the world, it will definitely have an impact on all walks of life, and the result must be Dapp.
Q5: Some people don’t think that public chain does not need such a high TPS. How do you think? And except for the impossible triangle of the blockchain- the decentralization, the scalability, and the security, more and more people are beginning to notice another question: privacy. Has the importance of these four sectors changed in the past year?
A5: I think the competition of TPS speed is an everlasting demand, just like we always need a faster computer. This is just a problem likes chickens and eggs. I don’t think that there is a need for a very high TPS now, because there is not a very big scale blockchain applications there. But in the future, if we firmly say that the blockchain would have different applications in all industries. The demand for high TPS is inevitable. It is just like a car has not yet been built. People would say that the car is still not completed, don’t ask what could be transported. This is a mutual process. Privacy needs to be transparent constantly for blockchain. Just as we said before that many things shouldn’t be seen by the public, they were all private. But now the society is developing more and more transparent and open, so there will be a problem that which is private which is not. For example, making the transactions public cannot be imagined in the past, especially for the banking system. But the fact, they are transparent to all on the existing public chain system. In terms of privacy, I think it is a relative concept.
Q6: Feng Xiao also believes that the value of each DApp will be very low, but the value of the public chain will be very high, and a $5 trillion company(economy) may be birth. In fact, since last year, the public chain has been highly sought after and is considered to be “the most valuable” in the entire blockchain world. It is also because everyone believes that “a public chain may be an economy”. Looking at it now, can this story continue? In the future, how do we assess the value of the public chain?
A6: I think the value of the public chain must exist because it is an infrastructure. If there is no infrastructure, it is beyond imagination to use blockchains to change the way of life, so the infrastructure itself is with higher value. Once a public chain has a great technical innovation, more and more Dapps will be generated and aggregated based on this public chain. And the effect of this aggregation will be very large. Therefore, the future value of the public chain will be accompanied by the improvement of its underlying technology and the formation of more and more Dapps on it, which will make it more and more valuable.
Q7: Regarding the public chain, are there any concepts that you take for granted, which have changed in the past year? One of the key words in today is “rebirth”, what new attempt or transformation is being done in your public chain?
A7: At the very beginning, everyone just used the public chain to make some simple transactions. The trend now is that with more and more applications, the importance of data based on the public chain will become more and more important. At the beginning of this year, this kind of feeling is not particularly obvious when we proposed Smart Data. But now, we find that data, Smart Data, for the development of the entire public chain is becoming more and more important, and the trend is becoming more and more obvious. Before that, I will also make various predictions about the development of blockchain. For example, in 2015, I predicted that the blockchain can change the way of cloud computing. By 2017, the blockchain is the source of new social wealth. Both of these predictions have been verified. At the beginning of this year, I also made a prediction that the development trend of the public chain is multi-chain, cross-chain and Smart Data. The multi-chain and cross-chain have also been verified. All projects this year are focusing on both directions. I think Smart Data will be more reflected in 2019.
As so far, PCHAIN is still developing according to the goals and directions set by our white paper, but the trend of these directions we have developed at that time has become more and more obvious. We hope that through the development and continuous advancement of our projects, we can drive the development of the entire industry and really get a breakthrough in the underlying technology.
**Click here to view the Chinese press release from Mars Finance.
Thank you for reading!
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