PascalCoin is an innovative cryptocurrency that introduces fundamentally new concepts. One major enhnacement is that users use accounts with easy-to-remember account numbers instead of complicated strings which cannot be remembered. Users can also name their accounts after their email, domain name, etc which makes transacting in PascalCoin more natural.
Also, PascalCoin only keeps a ledger balance of users funds rather than the entire ledger without compromising cryptographic security. As a result, PascalCoin attains exponentially higher transaction throughput per unit of storage than traditional UTXO-based cryptocurrencies.
The design philosophy of PascalCoin is to improve on Bitcoin in the opposite sense of how Ethereum does it. Ethereum generalises and abstracts Bitcoin at Layer-1 whereas PascalCoin massively simplifies and optimises it at Layer 1. This way, Layer-2 protocols capable of providing smart-contracts and decentralised applications can be built over PascalCoin with the capability of scaling globally for real-world use (unlike other platforms).
It’s as anonymous as other crypto’s like Bitcoin and major altcoins.
Pascal Coin wasn’t designed to be “more anonymous” than Bitcoin, just “easier to use” and “easier to understand”
Other altcoins claim to be anonymous, perhaps they are more difficult to control, but no doubt everything that happens in the real world (for example, exchanging a cryptocoin for fiat money) is not anonymous. If you want to stay anonymous forever, you’re better to trade with fiat and only fiat money, saving it at your home.
In May 2016, the concept was designed and coding began, writing the White Paper while writing the Pascal code.
In July 2016, the first beta version was released. Pascal Coin creator published a White Paper explaining the concept.
On August 11, 2016, Pascal Coin genesis block was generated and Albert published the source code and wallet installer on GitHub and SourceForge, and explained it at Bitcoin freenode forum. A few hours later he started a thread at BitCoinTalk explaining it.
Pascal Coin was created by Albert Molina as an implementation of the SafeBox model he invented. After the initial V1 release, new developers joined the project forming what is loosely known as The PascalCoin Developers.
The PascalCoin Developers delivered Version 2 which among many improvements, significantly innovated the SafeBox model by providing the “missing piece of the puzzle” – making the SafeBox independently verifiable without the need for blocks, even for new nodes.
To avoid issues detected with bitcoin, Pascal Coin proposes:
A safebox with a safebox hash:
-Safebox has accounts inside, each account has a key and a balance. (Only the account key’s owner will be able to make operations with this account.)
-Every new block of the blockchain adds 5 accounts to the blockchain, the first one includes the mining reward, the other 4 are empty accounts.
-On each block of the blockchain, a new safebox hash is generated. This allows us to be sure the safebox hash has not been corrupted or manipulated.
Thanks to safebox and accounts included in it, size of safebox is controled, increasing a few bytes each block.
Thanks to the safebox, the balance is included in each block, so the blockchain can be deleted and still work. No need to check past operations to control double spend, just look at the accounts balance. (Like a bank)
No, sending PascalCoin is visible in the block explorer. If you delete the blockchain -as PascalCoin is the first cryptocurrency to allow that- you won’t be able to see history of transactions. However, anyone with the full blockchain will still be able to see any transaction.
That having been said, PascalCoin allows account transfer by changing an account’s key. Whether that account contains coins or not, only the account key change will be visible in the block explorer. So, in the end, you could indeed obfuscate a transaction in this manner.
One account can do 3 kinds of operations:
-Send transaction to a destination account.
-Change key of an account. Key can be either from your wallet or to a new owner’s.
-Recover coins (lost keys).
When an account has not made any operations for previous 420480 blocks, it is considered that this owner has lost their account key.
To prevent lost coins from being kept out of circulation, this method allows a miner to recover an inactive accounts balance like a mining fee.
This will only happen if in the previous 4 years (estimation) an account with positive balance (>0) has not made any operations.
Account key will remain equal, only balance is recovered (so, account will be lost forever until it’s owner recovers it’s private key).
When you send a transaction, there are 2 steps:
-Send the order to other nodes. This step is quick, in few seconds all the networks nodes will receive transaction and show it on “pending operations”. There is NO guarantee that this operation will be included in the wallet.
-Generate a new block with transactions. When a miner’s node receives a transaction, it works to include it in a new blockchain. On average this process takes about 5 minutes. Due to blockchain technology, it’s safer to wait 10, 20 (or more) confirmations prior to considering that this transaction can’t be undone.
In other cryptocoins you can generate an “address” to receive coins. In Pascal Coin that’s not possible, addresses are like accounts and accounts are generated by the blockchain.
So, the main difference, is that if you don’t have a Pascal Coin account (mined by yourself or received from another account’s owner) you cannot have receive Pascal coins.
An account can only be operated by a private key. Account’s owners can change the account’s key to a new one.
-You can generate a Private/Public key with your wallet application.
-You send the PUBLIC KEY (Note: private key must always be kept private and only for you!) to the owner of an account.
-The account’s owner changes the key of an account to your new public key.
-After this, the owner of the account will be you, and the old owner will not have access to operate with this account because he doesn’t know the private key.
1-Open your wallet
2-Select your account
3-Go to Operations
-Change private key: This allows you to change your actual private key to another private key.
-Transfer to new owner: This allows to transfer an account to someones public key.
-Put in the person public key. (Received public key of new owner)
-Public key can be hexadecimal or an encoded string.