May 6, 2020
PCHAIN Hybrid Ecosystem and Commercial Child Chains (CCCS) — Part 3
Intro:
PCHAIN mainnet was launched on March 30th 2019 with a unique multi-chain framework enabling large-scale industrial applications of blockchain smart contracts in a hybrid and fully interoperable ecosystem with PCHAIN public permissionless main chain at its core.
As the foundation of its multi-chain design, 6 patents including (but not limited to) a patented PDBFT consensus algorithm, unified knowledge graph, smart data Oracle mechanism, and cross-chain transactions. PCHAIN is also committed to supporting non-native token smart contract calls while solving the blockchain trilemma (scalability, security, decentralisation) and never-closed smart contract loops relying on external data.
PCHAIN takes advantage of both types of blockchain: public permissionless and private permissioned. By making public and private blockchains interoperable, organizations can isolate and control sensitive data on a private blockchain while still safely interacting with the world at large through an interoperable public blockchain.
PCHAIN provides best-of-breed implementations for both via a hybrid multi-chain framework constituted of a public permissionless main chain at its core and Commercial Child Chains (CCCs) which can be either public permissionless or private permissioned:
● The main chain is responsible for the balance/transfer/record of PI in the main chain and for any cross chain transaction;
● The CCCs are responsible for running and executing smart contracts;
● The CCCs manage their internal balances, transfers and records;
● All the CCCs automatically inherit the features, tools, improvements, and upgrades that will be added to PCHAIN’s public permissionless protocol;
● If public permissionless a CCC is integrated by default to all PCHAIN public permissionless chains:
Uses the PI coin for internal and cross-chain transactions, the latter being managed by PCHAIN main chain;
Sets-up its own governance logic: consensus, transaction fee, POS mining budget, and block reward;
● If private permissioned a CCC:
Transactions are anonymous to the general public, chooses its own validators, and runs its own PCHAIN consensus algorithm;
For internal transfers of assets Private CCCs use a coin or not, for cross-chain transactions with the PCHAIN ecosystem they need the PI currency;
● All the CCCs Interoperate with PCHAIN public permissionless main chain to transact with other CCCs, via PCHAIN currency, PI.
1. Scaling PCHAIN Multi-Chain Hybrid Network:
As shown in Fig.1, the blockchain in the horizontal direction is PCHAIN main chain and the vertical chains are PCHAIN Commercial Child Chains (CCCs). When someone creates a new DApp, a CCC will be created.
Taking Fig.1 as an example, the current block in the main chain is Mp-1, and now a request for creating one or several smart contracts is received. The main chain will execute the request and generate a block MP. At the same time, a new CCC P is created. The first block of this new CCC P1 contains the binary code of the smart contract(s). Everytime a smart contract is executed, or PI transferred, it will be processed by the PCHAIN CCC and the data (balance and record) updated in the newly generated blocks.
As the PCHAIN ecosystem grows the main chain will enable all the cross chain transactions while keeping an up to date record of the transfers of PI. PCHAIN cross chain transactions are further developed in the fourth section of this paper.
2. Public Permissionless Commercial Child Chains (CCCs) Token Economics:
● A 100k PI deposit is mandatory to create a public CCC;
● The CCC owner selects the transaction fee: 0<= tx fee <= 1 PI;
● Smart contract deployment fee: 0<= SC fee <= 1 PI;
● The CCC owner selects the POS mining budget and block reward:
All the PCHAIN nodes can join the public permissionless CCC ecosystem governance;
The nodes need to deposit PI to compete for a spot
If elected, they will participate in the governance of public chain(s), mine blocks, and receive the associated PoS mining rewards.
Public CCC owners can have different types of nodes and enable public delegations.
System requirement for Validator Nodes: 8GB RAM, 2xCPU, 2TB.
3. Private Permissioned Commercial Child Chain (CCCs) Business Model:
● Compensation for delivering and launching a private CCC:
Option1: both parties agree on a fixed fee to develop and deliver the CCC;
Option 2: both parties agree on a % profit sharing after the CCC has been launched and starts generating revenues;
● Buybacks to close the loop with the public chains token economics:
Starting from Q2 2020 PCHAIN will use the profits coming from the private permissioned CCCs to buy back native PI on exchanges;
The PI bought back on exchanges will benefit PCHAIN ecosystem on several fronts:
#Token burns: to reduce yearly inflation and increase the scarcity of the native PI;
#Financial support: to projects building on PCHAIN blockchain and to attract external developers and applications;
#POS Mining: increase the profitability of mining for the quarter following a given buyback;
● Important:
Native PI obtained through this buyback program will be sent to the following address: 0x7414a0d34243bf90ee0e002b3a23782e1606e0ab;
You can track it via https://piscan.pchain.org/index.html;
The information related to each buyback (amount and use case) will be disclosed on our official media, post-completion;
In the future PCHAIN will consider making these buybacks regular events, and their usage voted by the Community with a dedicated online decentralised governance tool.
4. Cross Chain Transactions in PCHAIN Hybrid Multi-Chain Framework:
○ The main chain is responsible for the balance/transfer/record of PI in the main chain and for any cross chain transaction;
○ The CCCs are responsible for running and executing smart contracts;
○ The CCCs manage their internal balances, transfers and records;
○ Currently PCHAIN can support 256 CCCs;
○ PI is used for all the cross-chain transactions;
○ A cross-chain transaction can occur between the main chain and a CCC, or between two CCCs;
○ Cross-chain transaction between the main chain and a CCC:
User X wants to send 1k PI from the main chain to the CCC-10
A first transaction will be generated on the main chain once its nodes have reached consensus meaning the transaction is authorized by a digital signature of the public key;
A second transaction will be sent from the main chain to the CCC-10, which is certified by the validators of the CCC-10;
If both transactions are successful, User X will receive the 1k PI on the CCC-10, and the total balance on the main chain will decrease by 1k PI.
○ Cross-chain transaction between two CCCs:
This time User X wants to send 1k PI from CCC-10 to CCC-11;
Same mechanisms as above, with an extra step:
#The 1k PI will be transferred from CCC-10 to the main chain;
#Then from the main chain to the CCC-11;
Conclusion:
While many early blockchain platforms are currently being adapted for enterprise use, PCHAIN Commercial Child Chain (CCC) hybrid framework has been designed for enterprise use from inception: technology and economy.
This led to the signing of 4 permissioned CCCs: Qiang Sheng Smart-e (launched), KINGGRID (delivered), Weida Group (signed) and GAC-INTERBEING LAB (signed), one year only after launching its mainnet.
As the PCHAIN public ecosystem grows with more public CCCs the main chain activity will increase and its token economics (CCC creation, POS mining, cross chain transactions, etc.) start flowing to PCHAIN economy of users, nodes, delegators and investors. The private CCCs will also contribute directly to the main chain activity via cross chain transactions and indirectly to the whole PCHAIN economy via future buybacks financed by the private CCCs profits. A first buy back to strengthen the public side of PCHAIN was executed over the last weeks and will be announced and credited to the above PI wallet address in a couple of days.
Relevant information:
2. PCHAIN Hybrid Ecosystem and Commercial Child Chains (CCCS) — Part 2
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