What Is PCHAIN (PI)?

PCHAIN (PI) is a multi-blockchain project that intends to provide a decentralized platform for Ethereum-based applications. 

The non-availability of a platform for application interconnection and scalable smart contract functions was a visible problem in the environment. Therefore the PCHAIN (PI) platform was developed with an aim to solve scalability and interconnection application problems for users. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.

As per the whitepaper, by transferring DApps to PCHAIN (PI), developers can get better conditions for running their applications like instant transaction verification and scalability. Moreover, the PCHAIN (PI) team uses technologies like blockchain, smart contacts, and oracles (software to connect data) to accomplish the purpose of interconnectivity. Thus, with the use of these technologies, developers managed to create a platform that can interact with EVM (Ethereum Virtual Machine) and make decentralized applications work faster. The EVM can compute a new valid state from block to block.

The oracle technology allows the platform to work with multiple blockchains and their interconnectivity. Further, the usage of an oracle helps in migrating data onto the blockchain into smart contracts. This migration of data is known as smart data, and its purpose is to sort the data and support DApps on PCHAIN (PI). 

With the intention of a high-performance and interconnectivity concept, PCHAIN (PI) has launched the way out as a new protocol that can support the deployment of large-scale DApps.   Therefore, the PCHAIN (PI) network started a public chain system that supports multichain applications and EVM technology. This setup provides a scalable and open platform for large-scale enterprise applications based on smart contracts. 

In addition, the multichain structure permits the DApps to work with their side-chains independently from one another. This independent feature ensures the equal distribution of load on the affected blockchain and does not disturb the performance of other blockchains in the system. This feature of cross-chain usage and transactions allows exchange between PCHAIN (PI) and other supported cryptocurrencies. 

To talk about the native non-refundable functional token of the PCHAIN (PI) network, the PI token acts as a key component. The token PI aims to be helpful as the exchange unit between participants on the PCHAIN (PI) network as a convenient and secure mode of payment. PI acts as fuel for using functions on the PCHAIN (PI) network, providing economic incentives, encouraging participants to contribute, and maintaining the PCHAIN (PI) network ecosystem. The PCHAIN (PI) also claims to incentivize the nodes participating in the consensus, as PI is an integral and indispensable part of the PCHAIN (PI) network.

History of the PCHAIN (PI)

The PCHAIN (PI) team has Feng Cao as director and CEO. David Chen, Bin Wang, Ywain Dow are also CEOs of the team. The team has Ken Huang, Daniel Wang, Bo (Ramble) Lan, and Henry Cao as advisors.  

On February 4, 2019, the team published the whitepaper of the PCHAIN (PI) network. The PI token’s total supply as per the whitepaper is 2,100,000,000 PI. 

How Are New PI Tokens Created/ Users Rewarded?

PCHAIN (PI) works with the proof-of-stake consensus mechanism. This consensus mechanism helps in the interaction of various applications, and it makes all this possible via the usage of its set of rules or programming language.  

The token PI uses ERC20 of the Ethereum blockchain standard and follows the same rules. Once these PI tokens disperse on the Ethereum blockchain, they migrate to the native PCHAIN (PI) chain.Moreover, PCHAIN (PI) uses the mining process along with proof-of-stake functionality. The holders mine the tokens and earn rewards, and also, the token aids in the maintenance of the network. Mining is the method of minting tokens for acquiring rewards.