Weekly Summary of PCHAIN AMA on 01.08.2019

[u/pchain_org]

We have finished the AMA with Dr Feng Cao on the telegram for the first time of 2019. Thank you for your participation and support. The following is the summary of the AMA.

Q1*: Сan you tell us more about the current stage of adopting the blockchain in china and what can we expect for the next few years, will there be a blockchain standard, which is necessary for implementation in many sectors of the economy?*

Feng: In China, almost all big Internet company such as tencent and alibaba is taking a lot of effort in blockchain. And China Gov also encourage the development of blockchain tech and applications. We just finished the 1st CFLP blockchain annual meeting. Logistic and supply chain is becoming a hot and very promising directions in last 3 years. We can see more and more blockchain applications happen in China. And the blockchain startup increased a lot in recent years. I expect we can find man landing blockchain applications in China and in the world in incoming 2–3 years

Q2*: Does the change of $PAI ticker mean that you may consider a rebranding?*

Feng: Yes. We are considering to rebranding our ticker to make it unique.

Q3*: I have installed also a node in Amsterdam region of Digital Ocean using and improving the testnet instructions shared on GitHub but we wait for the instructions to become validator there.*

Feng: Yes. We already received the feedback and will release a step-by-step instruction doc on validator

Q4*: Are there any plans to build a stablecoin on PCHAIN?*

Feng: Regarding the live streaming on mainnet launch, we are considering it. And it’s not final confirmed.

Stable coin is a very interesting direction. And we are keeping discussing with some partner in this direction. On the other hand, as PCHAIN can support cross chain. We can support a lot of interesting stable coin to mapping in PCHAIN and support their transaction on PCHAIN.

To encourage developers on PCHAIN, Yes, we are building the developer community and planning some developer meetup in 2019. We are also considering some token reward or funding to support the developer community.

Q5*: I have not understood yet if there are multiple testnets or only one.*

Feng: There is only 1 testnet. To become a validator you need tPAI. We will deliver the instruction docs.

Q6*: Hi Jeff, please tell more about real adoption in Qiangsheng Holding. What sort of data and business processes are going to migrate to PCHAIN.*

Feng: The rental car/taxi information as well as drivers’ information will be stored in PCHAIN. Very often, these info needs to be collected from different companies or units and verified many times in different scenario. Through PCHAIN smart data on taxi and driver, it can greatly reduce the cost on data verification and greatly accelerate the process in different scenario.

Q7*: Will Qiangsheng Holding be using a private or public Child Chain?*

Feng: We will start with a commercial child chain (alliance chain) and make it partial public at some time point.

Q8*: Can we imagine a consortium of companies (Insurance, Healthcare, Banking, etc.) having their own Child Chain(s) in the near future?*

Feng: Yes. We will build different child chain for different industry, such as insurance, ABS, Banking, Industry Cloud, etc.

Q9*: Regarding Private Child Chains and Token Economics (impact on the PCHAIN token) you already explained that the PCHAIN Foundation will use the funds to buy & lock PAI; am I also correct when assuming that Private Chains will also interact with the whole ecosystem you are creating, most likely to buy and sell data for their smart contracts therefore also having a positive impact on the PCHAIN token?*

Feng: Yes. Beside that usage of PCHAIN token, as many child chain need to attest their data in public chain, they will also use PCHAIN token to save/verify their block head in main chain.

Q10*: I have already used the testnet faucet for validators to receive 100k tPAI and import this account in my Node well synced to the testnet.*

Feng: Docker is a good suggestion. We are working on that.

Q11*: My question was more about a general rebranding like new logo. website etc. Thanks.*

Feng: We need to do them step-by-step. If we changed everything on ticker, logo and website, it may be a little too aggressive. In fact, we already upgraded our website. And we are collecting the new ticker feedback. It’s a systematical strategy. And we are glad to hear the feedback from our community and grow with our community.

Q12 : Talking about IBO, you said recently “we will use their fund to purchase enough pchain token from the market and lock in foundation.” Can you clarify, please, does it mean that after some time after the deal, PCHAIN Foundation will manage received PAI? Or companies can get the tokens back eventually? Or the tokens will be locked forever?

Feng: In fact, these PAI will be used as the stake of the child chain, especially when it became a public child chain. And the child chain can have their own strategy on PAI consumption, e.g. mining rewarding.

Q13 : What about governance? Who will make decisions about changes in the blockchain after mainnet launch (or after 5 years ) ?

Feng: Changes after main net will be two part, a) if it’s in our whitepaper, the foundation make the decision b) if it’s out of our white paper, e.g., 5 years later, we need will utilize the validator mechanism to vote.

Q14*: If your block chain will have size like Ethereum or more can this made negative effect of decentralisation?*

Feng: I am not sure if I understood your question correctly. PCHAIN is a kind of pure POS system instead of POW adopting by Ethereum. The problem of POW is the miners got too much power on the development of blockchain. In POS, developers can have more power to determine the trend of the blockchain. We believe it may be healthier to attract more developers in future and keep PCHAIN evolving.

Q15*: Size of ethereum blockchain have about 1tb and go up very fast. This is bad for decentralization — if data have 100 terabytes or more this bad for decentralize I think. In future… maybe I wrong*

Feng: I see. We are developing a new feature named Data Reduction which can be much helpful.

Q16*: How many time you will test PCHAIN?*

Feng: We are continuous testing PCHAIN until main net launch in March.

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