PCHAIN Monthly Report — — February 2021
Please find below the key highlights of the last four weeks.
1. Updated PCHAIN mainnet V1.3.07 and released a new system caching mechanism. This significant upgrade will reduce the impact of global network instability on POS systems (prone to bad blocks), and better balance the system storage space, time complexity, and network synchronisation recovery.
2. Resumed all functions of child chain & cross chain.
3. Updated Ptruffle.
4. Test and optimize PIwallet App Staking section, including application for candidate nodes, node voting, etc.
5. Debug interface of the PIwallet App Staking functions.
6. Other PCHAIN mainnet operation and maintenance.
- On February 15th, PCHAIN completed its 7th Burn of 50m PI! 25m PI from the Team and Foundation wallets.
→ PCHAIN Total Supply is now 1.67bn PI, from 2.1bn originally.
→ PCHAIN will burn up to 500m PI as part of PCHAIN 2.0 expansion plan (50m PI per month), 350m PI from this plan have been burned to date.
2. PCHAIN mainnet transitioned successfully to v1.3.07 when reaching 20,970,000 block height on PI main chain at 5:45pm (UTC+8) on February 22nd. All the functions of child chain as well as crosschain have resumed on February 24th.
3. This upgrade on-boards a new system caching mechanism fixing problems related to bad blocks. It will avoid 99% of the previous bad block scenarios.
4. To all the PCHAIN node runners, please follow the steps in this tutorial to make sure your node is correctly set-up after the new mainnet upgrade: https://medium.com/@PCHAIN/mainnet-upgrade-tutorial-for-pchain-node-runners-a5dd0f722973
5. Quotation from PCHAIN founder Dr. Jeff Cao twitter:
The significance of PCHAIN V1.3.07 is its new caching mechanism. Why？1. Better balance between storage, time complexity & network sync. 2. It’s a foundation for DeFi scalability. — — Feb. 22nd
Bad blocks widely exist in all blockchains even in Bitcoin and Ethereum. It became worse in cross chains. We will fix almost 99% prev bad blocks in our incoming upgrade（V1.3.07）. The new mechnism is also helpful to all other blockchains. — — Feb. 12th
PCHAIN is at the forefront of POS tech. And that‘s why we met many problems in 2020. All these tech issues will occur to the other POS blockchains when they generate more than 30 million blocks or when they (really) start achieving cross chain transactions. So this is just an example. — — Feb. 12th
Join the discussion on Telegram or follow us on Twitter. Learn more about PCHAIN in our White Paper and our website. Looking to launch a node or stake on PCHAIN? Join our our Tech Telegram and check our Docs.