Pascal Coin project purpose and description
What Is Pascal Coin?
Pascal Coin is a next-generation crypto that targets to improve the blockchain platform’s scalability to levels of the industry leader, VISA system. But this is not the ultimate goal. The development team is using the immediate target as a pathway towards infinite scalability.
- Pascal Coin cryptocurrency introduces a new cryptographic concept
The Pascal Coin system has helped extend the blockchain-paradigm by embedding a new concept of cryptographic SafeBox. The token took an interesting design because its core code was created from scratch and then launched with no ICO, now pre-mining and no centralized coin allocation.
This implies that the founders worked on the project with their own resources compared to other tokens such as EOS that raised 4 billion in its ICO. By operating without an ICO or centralized mining implies that no one can run away with investor’s funds (it cannot be a pump and dump scheme).
The project has sent ripples in the industry because of the commitment of the development team and its creative features. The community is very optimistic that a new coin with the potential to take the industry to the next level has finally been discovered.
- A closer look at the price performance of Pascal Coin
When the Pascal Coin hit the market in December 2016, the value was $$0.002. The price grew marginally to $0.008 by 21st January 2017 before shooting up sharply to $1.24 by the close of the month. Then, the price shot down to $0.1 by March 2017 before rising significantly to $1.3 in early June.
The price sank down again to $0.2 in October 2017 before rising steadily to hit $5.6 in mid-January 2018. The impressive performance did not last. The price started falling after hitting the apex and dropped to $1.8 by early February. The bearish trend continued and reached a low of $0.4 by the close of October 2018.
Though the value of the coin was on a downward trend starting from January to the close of the third quarter of 2018, the trend is not only manifested by Pascal Coin. Even the top coins such as Bitcoin and Ripple have been on a negative trend.
What is the problem that Pascal Coin Solves?
The design of Pascal Coin was aimed at helping to address the main issues in the industry. The founders were concerned that the blockchain niche was slowly sinking into a decline and the available networks were not doing enough.
The development team was especially concerned that many crypto networks are targeted at optimizing the returns from the sale of coins through ICOs or pre-mined coins. Here are the main issues that the Pascal Coin solves.
- The problem of scalability in the blockchain niche
While the popularity of blockchain and cryptocurrencies has been edging a notch higher day after day, the networks are finding it very hard to keep up with demand. The same design of decentralized networks that makes them desirable has become a serious limiting factor.
In most decentralized networks, transactions are run through consensus. This implies that before a transaction can be confirmed, the majority of the nodes have to agree.
Another issue that makes cryptocurrencies unable to handle more transactions is the fact that transactions come with data. For example, the block size of Bitcoin is only 1mb. This means that the quantity of transactions (call them data in this case) is limited.
If you take the industry leaders, Bitcoin and Ethereum, their scalability levels are really wanting. Bitcoin can only handle a maximum of seven transactions every second while Ethereum can only manage a maximum of 20 transactions every second. When these figures are compared with the conventional industry leader, VISA that can handle in excess of 20,000 transactions, it means that the blockchain niche has to go back to the drawing board. Now, Pascal Coin has the solution to the scalability issues.
- Poor adoption of cryptocurrency
Even with the fast-rising number of cryptocurrencies in the market, the uptake and use in the society are very low. Many people have indicated that the process of buying the native tokens is complicated because they are forced to go through centralized exchanges. But one might ask; “How comes that tokens released through ICOs are cleared in second?”
When an ICO is announced, the people who rush to buy the coins are mainly investors targeting to optimize profit as opposed to supporting the blockchain niche. This is the reason why they offload the coins immediately the price of the tokens increases.
How Does Pascal Coin Solve The Problem?
Pascal Coin and platform are considered among the most comprehensive efforts for helping to address issues affecting the industry. Here is a demonstration of how the coin helps to address the issues in the industry.
- The Safe Box
Unlike the traditional UTXO-based digital coins, the Pascal Coin has opted to adopt a new technology referred to as SafeBox. Under the SafeBox technology, the Pascal Coin system departs from the standard design where blocks contain transactions from address to another. Instead, it adopts 2 crucial components; the SafeBox (maintains all current balances) and the blocks that form the blockchain.
The same way it happens in other networks such as Bitcoin, the nodes are responsible for adding new blocks. However, they update their copies of the SafeBox independently when new blocks are created.
To make scaling effective, the SafeBox only stores the last 100 blocks in the blockchain without losing the security of the full-chain. The SafeBox helps to track the user account balances and retains the aggregated proof-of-work difficult in the SafeBox.
The SafeBox is considered very safe because a hacker who targets to forge it would require re-mining the entire network’s history. This includes the blocks that are no longer known. This operational design makes the Pascal Coin one of the most secure in the industry today.
- Instant Unconfirmed Transactions
Because Pascal Coin is a state-based digital coin, the security guarantees of 0-confirmations operations (transactions) are considered stronger than what is at Bitcoin or other UTXO-based coins.
While payments are required to always wait for a few moments, merchants using Pascal Coin are able to accept 0-confirmation Pascal Coin payments. This mode of operation is achieved through a feature referred to as Double-spend-detection-service.
The service operates by querying nodes in the entire network to check for signs of double-spend. If there is no sign of double-spend in about 5-10 seconds, the store is assured that the payment will clear.
- Commoditizing the Pascal Coin address space
In most cryptocurrencies, all the new users are allowed to come up with new addresses for their wallets. The impact is that the networks can experience an infinite address-space that can easily bloat the blockchain. To address the issue, Pascal Coin makes the address space finite to be able to commoditize it.
Note that though the accounts are limited, any public key can be associated with it. This makes the system to operate as a natural method of saving space because it is not littered with unnecessary keys. The design also helps to disincentivize the spanners.
- Support for sub-tokens and smart contracts
By supporting the Pascal Coin’s two-layer model, it is possible to create Assets, sub-tokens, and even smart contracts like the Rootstock runs Ethereum platform over the blockchain core.
Now, running EVM (Ethereum Virtual Machine) over the Pascal Coin blockchain is possible by creating a side-chain pegged to an account. The transaction into this account would be plugged into the second-layer protocol on the EVM side-chain.
Being able to create side chains implies that any business can now easily build its own network and plug it into the Pascal Coin. You do not need to look at the tokens created by others and wonder how they did it. You can create and own tokens by joining the Pascal Coin system.
What makes Pascal Coin better than it’s competitors?
The design of the Pascal Coin has made one of the top networks to watch in the industry. Here are some of the things that make Pascal Coin better than competitors.
- Though the coin is relatively young, it has demonstrated the capability to address the serious issue of scalability. Now, the industry can rest assured that it is possible to beat the industry leaders with more transactions per second. Note that the ultimate goal is making the Pascal Coin have a near infinite scalability.
- The Pascal Coin allows users to send value on a peer2peer basis without involving centralized organizations such as banks. This means that the cost of sending value is lower and the process completes faster.
- As one of the fastest cryptocurrencies, the Pascal Coin has excited the market so much. More stores have come out to support it because they are sure of clearing their clients without delays. Therefore, it is part of their customer value enhancement strategies.
- The Pascal Coin allows users to send value without worrying about third-party seizures. The system uses advanced encryption and the SafeBox only stores the latest 100 blocks. This implies that is a transaction is in the previous blocks, there is no way third parties can pull out the details.
- The Pascal Coin network is led by a tech-savvy team that progressively works on new features to help take the industry to the next level. This focus has won it support the cryptocurrency community that has been pushing up the demand for the native coin.
How can Pascal Coin be categorized?
The Pascal Coin is the next generation cryptocurrency and decentralized platform that targets to take the industry to the next level. Though the platform was targeted at addressing the issue of scalability, it has also provided a reliable solution for cross-chain transactions.
The interesting thing is that the architecture of the platform has been simplified so much so that every business can plug into the Pascal Coin system and start enjoying the benefits of the blockchain technology. Note that you can also launch own tokens on the Pascal Coin platform just like it happens at Ethereum.
What’s Pascal Coin’s vision on Security
The Pascal Coin’s vision on security is to become the most progressive and secure cryptocurrency network in the industry. The development team adopted the following strategies to help achieve this vision:
- The platform uses a SafeBox that makes almost impossible to forge. Because the SafeBox only maintains the last 100 blocks, an attacker who wants to forge it would need to re-mine the entire blockchain including those that are no longer in the record. This is nearly impossible.
- The platform uses advanced encryption that helps to cover user details to prevent unauthorized access. Even when miners follow back to confirm a transaction, they can only check the balances on the public addresses.
- The network is led by a tech team that progressively reviews the network to identify vulnerabilities and close them to ensure that attackers do not take advantage of emerging gaps.
Examples of Pascal Coin’s use cases / applications
To assess the effectiveness of a cryptocurrency, one of the top methods is looking at its applications in the society. In the case of Pascal Coin, here are the main use cases.
- Use the Pascal Coin to pay for transaction fee on the native network. The fee goes to supporting the platform’s development.
- You can use the Pascal Coin to pay for goods and services in the stores that accept the coin. Note that even if only a different coin is accepted in the selected store, it is still possible to pay by using exchanges to convert to the supported token.
- Use Pascal Coin as an investment. For people looking forward to investing in the crypto niche, the Pascal Coin is one of the top options in the market.
- Trade the Pascal Coin in the market. Check for exchanges that support Pascal Coin and pair them with other tokens such as Ripple and Ethereum.
- Use the Pascal Coin to pay for taxes in jurisdictions that support digital coins. Good examples include Arizona and Singapore.