Problems with the Ethereum Blockchain
The Ethereum blockchain is one of the most popular amongst blockchain companies and cryptocurrency enthusiasts and its implementation of smart contracts have changed the way we will use blockchain technology forever. However, unless you have been living under a rock for the last couple of years, you will be aware of the issues that the Ethereum blockchain currently faces.
The transaction speeds on the Ethereum network are subpar, the average TPS is only 15 and this has really limited Ethereum in terms of adoption in recent times. It has also meant that a lot of projects that planned to use the Ethereum blockchain to run their DApps or platforms are now moving away to other blockchains such as EOS.
The PChain Solution
Problems with scalability have led to smart contracts on the ETH network not working as fluently as they were intended to. PChain hopes to change this through some of their key technologies. The four key technologies are smart contract invocation, sharding consensus, knowledge graph & smart data and finally EVM support. I'm going to try and briefly summarize all four key PChain technologies.
1. Smart Contract Invocation
The invocation technology is one of the key features of the PChain solution. What it will do is allow smart contracts written on PChain to be used on different chains through PChain's toolkit. PChain currently supports BCH and all ERC20 tokens, this means that users of PChain will have access to a variety of different public blockchains. This will hopefully increase PChain's popularity as this is a unique idea and there isn't another solution like this available on the market.
2. Sharding Consensus
The next key feature on the list is the consensus of sharding. Sharding is vital to the scalability of the PChain network because it offers the choice of PoS and this could improve the efficiency of storage on the blockchain and the expansion of different chains. It improves the efficiency because current blockchains that have implemented PoW (for example Bitcoin and Ethereum) cannot handle the level of transactions that are submitted by users of these popular chains due to the increase in the difficulty of mining. Switching to PoS will help relieve this problem.
3. Knowledge Graph & Smart Data
Currently, smart contracts require valid external data, this data includes information such as stock prices and exchange data. PChain will use Knowledge Graph which is a knowledge used by Google to generate data and become an element of the smart contracts that will be called by PChain users across different chains. The data collected by PChain through Knowledge Graph can be described as smart data because it is filtered to remove irrelevant data before it is applied to smart contracts.
4. EVM Support
PChain will support the Ethereum Virtual Machine on its network and it will be used with Solidity so existing EVM users can build DApps on the PChain network. The PChain cross-chain smart contracts will be the main part of this process and they can be developed on the main chain or on one of the side chains.
PChain is a unique project with a lot of complex intracies that will allow development of DApps and smart contracts on a variety of different blockchains. Check out the following links to read more about the PChain network.
Links
Website: https://pchain.org/
Twitter: https://twitter.com/pchain_org?lang=en
Reddit: https://www.reddit.com/r/Pchain_Org_Official/
Whitepaper: https://pchain.org/js/generic/web/viewer.html
Telegram: https://t.me/pchain_org
Instagram: https://www.instagram.com/pchain_org/
GitHub: https://github.com/pchain-org