Based on a groundbreaking and unique new idea in the cryptocurrency space, PascalCoin pioneers a new tier of scalability suitable for planetary-scale adoption. It is the first and only cryptocurrency to have broken the 100 transactions per second barrier!
By offering simple account numbers that can be associated to emails, company names and domain names, payments have never been easier.
PascalCoin's powerful architecture lays the strong foundation for large-scale smart contracts in the form of Layer-2 protocols.
PascalCoin achieves all this by introducing a new cryptographic data-structure known as the SafeBox. The SafeBox compliments the Blockchain in a way that allows the chain to be deleted whilst retaining its full cryptographic security.
Infinite Scaling is the ability for a cryptocurrency to run for an infinite period of time using the same amount of storage (at a constant throughput). All other cryptocurrencies will eventually fail over a long period of time since their history of transactions become so large that new nodes cannot synchronise and existing nodes run out of storage, among many other failures. PascalCoin is the first cryptocurrency to solve this major shortcoming.
Since PascalCoin is state-based currency the security guarantees of 0-confirmation transactions are much stronger than in Bitcoin and other UTXO-based currencies.
Whilst large payments should always wait for a reasonable number of confirmations, merchants will be able to accept 0-confirmation PascalCoin payments for small purchases thanks to the (planned) Double-Spend-Detection-Service. This service queries nodes throughout the planet to see if a double-spend has been detected. If after 5 – 10 seconds, no such double-spend has been detected, merchants are almost assured that the 0-confirmation payment will clear. Good enough for Coffee.
One of the key new features of PascalCoin is that accounts can have unique names which are publicly visible, much in the same way as the domain names system. This allows a user to receive funds to their email address or chat moniker.
It allows a shop to receive payments to their domain name or brand name. Payments still refer to accounts via numbers, but the name is used to lookup the account number just as a domain name is used to lookup an IP address.
PascalCoin supports Decentralised Applications such as Tokens and Smart Contracts in the form of Layer-2 protocols. These protocols are embedded within Layer-1 operations in the form of operation payloads, in much the same manner HTTP lives inside TCP. The PascalCoin Foundation plans to develop the following Layer-2 applications:
PascalCoin was launched 100% fairly without any pre-mine, ICO or investment rounds, exactly as Bitcoin. This led to significant developer and community growth.
However, as of PIP-0011, the PascalCoin Foundation will receive a portion of miner reward for the purposes of rapidly delivering the roadmap and supporting the project at large.
This funding will be used for layer-1 protocol development, layer-2 development, anonymity R&D and implementation, marketing, infrastructure support and exchange listings. In practice, budgets will be proposed by and voted on by the community itself.
As of PIP-0017, PascalCoin will support anonymous transactions in the form of in-protocol transaction mixing. This in-protocol mixing capability can be easily repeated in multiple iterations yielding indecipherable obfuscation between sender and receiver. In addition, PascalCoin is committed to funding the R&D of ZK-SNARK-level anonymity into the protocol.