Pascal coin set for ground-breaking technological advancement with V6 in the works.

A year ago, Pascal blockchain project announced its upgrade to version 5. The version 5 is till date the biggest technological upgrade for the towering blockchain project. The version 5 featured numerous exciting additions which places pascal coin in the elite echelon in terms of technological advancement. Tech-wise, Pascal coin remains a pace-setter in blockchain technology. Introducing frank technologies and algorithms which solves core blockchain issues, it takes pride in its unparalleled abilities.

The version 5 despite being a the most notable upgrade for pascal coin failed to tackle some long-lasting issues the project has. Pascal coin post version 5 upgrade is relatively ‘hard to use’ for new and existing users despite being one of the most flexible blockchains.

After developer proposals and community deliberations, Pascal coin has announced plans to commence its upgrade to Version 6. While version 5 still remains the biggest technological upgrade, version 6 is the most exciting upgrade yet. The version 6 upgrade features developments which tackles usability issues and further advances the pascal blockchain technologically while making it easier and more convenient to use.

The upgrade to version 6 features numerous, but here are some notable highlights of this upgrade:

Change in account distribution scheme and Introduction of ‘floating accounts’

From the genesis block and currently, pascal accounts (PASA) are distributed to miners just like the pascal coin. Miners on the pascal network are rewarded with pascal coins (PASC) and pascal accounts (PASA) for mining a block. Miners who receive a PASA as part of their mining reward reserves the right to sell this account to new users, donate them to free PASA distribution services, gift them or retain them for personal use. PASAs are limited, just like the pascal coins.

Easy guess, this tradition is unhealthy in every aspect. An account is the basic requirement to use a blockchain. This should be as decentralized as possible. Letting miners keep hold of account is a form of centralization, an idea which only few welcomes.

In line with PIP-0035, Pascal developers have proposed a change in the block policy which gets rid of the previous practice of awarding accounts to miners and letting them keep hold of accounts. With the new block policy as a part of the upgrade to version 6, pascal accounts are issued without the ownership of the miners. New accounts are floated — listed for public sale at a price determined by varying pre-conditions. This shifts the responsibility of account distribution from the miners to a totally decentralized process.

Details: https://www.pascalcoin.org/development/pips/pip-0035

A complete solution to the ‘First PASA’ issue

Every current user of the pascal blockchain has a long story to tell about the account obtaining process. New and even existing users detest the complicated process of obtaining a pascal account. This is even harder for new users. The current process of obtaining a pascal account is (almost) completely different from most other blockchains.

To ease the burden of obtain a PASA, a couple of solutions have been introduced, this includes; a free PASA distribution bot on the discord server, a free PASA distribution website (freepasa.org) and the recent in-wallet PASA distribution service on the new Blaise wallet.

The bot on the discord server and the free PASA website have failed to tackle the PASA distribution issue. Apart from the maintenance hardships, these facilities only reduce the hurdles of obtaining a pascal account. The Free PASA distribution website requires users’ mobile phone number to dispense accounts. This is a move to regulate account requests, but is a major turn off for users for reasons which are very understandable. A better fix is the in-wallet PASA distribution facility in the Blaise mobile wallet. This is unarguably more convenient than other improvisations, but in essence it doesn’t totally solve this issue. Moreover, this feature is only available on the Blaise mobile wallet.

To solve this issue, pascal blockchain developers have proposed a feasible protocol which completely solves this issue in PIP-0041, an integral part of the upgrade to version 6. The ‘PAY-TO-KEY’ protocol proposes an algorithm which allows new users obtain an account by using an encoded form of their public key to trigger a ‘buy account’ operation. The buy account operation allows a new user obtain an account from the floating accounts (explained above).

The encoded public key looks like @[‘user public key encoded in Base-58’] this triggers an account purchase operation. Price of floating accounts are determined by certain variables which are part of the block policy.

Details: https://www.pascalcoin.org/development/pips/pip-0041

Ten (10) years account recovery rule

Currently, to maintain the number of PASA in circulation, dormant accounts are recovered every four years period. Due to the limited number of pascal accounts, the recovery rule is a move to sustain the circulation of pascal blockchain assets, the PASA and the PASC. The recovery rule automatically changes the ownership of dormant pascal accounts after the stated period of time (currently 4years). A dormant account is an account which have not performed any transaction for the stated time interval.

This works to an extent. However, cryptocurrency is a prospective venture and many investors prefer to play the long game. There is every possibility of leaving a substantial amount of PASC locked in a PASA for over four years without caring to perform any transaction.

Sequel to community deliberations; PIP-0012, a proposal to change the account recovery to ten years rule have been approved and will be a part of the version 6 upgrade. With the change to ten years, an account which have not performed any transaction for a ten years period will be recovered to maintain the circulation of PASC and PASA.

Details: https://www.pascalcoin.org/development/pips/pip-0012

An infinite address space

In the current space, pascal accounts are limited…just like pascal coins. The version 6 upgrade features PIP-0027 which is proposed to introduce a new space in which pascal accounts are unlimited. This adds a feature peculiar to most other cryptocurrencies to pascal ecosystem. Infinite address-space will be developed via “decentralized custodial accounts” which are Layer-2 DApps governed via a Layer-2 Proof-of-Stake overlay network.

Details: https://www.pascalcoin.org/development/pips/pip-0027

In essence, the version 6 upgrade put to rest many issues leeching on the wide use of the pascal blockchain. With the limited PASA and the first PASA issue solved completely, we expect to say a total turn around in the usability of the pascal blockchain. The version 5 upgrade is a largely a technological breakthrough for Pascal, the version 6 upgrade is a breakthrough in user experience simplification.

Follow me for more!

Well, you can just catch my tweets!

--

--

--

Cryptocurrency and Blockchain technology are complicated; we simplify them. Follow us: https://linktr.ee/cryptoscripts

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

A detailed description of Nervos (CKB) supply and issuance

Blockchain technology

Aspen Labs Review and Features

XLabs — Nerds of XORD

Trading Tent: Trade Cardano Assets Live, Instantly, and in a Single Transaction

Blockchain Startup Funding: an overview.

Usechain Live Stream Part I - Introduction to Usechain Testnet and Ecosystem

What is BitCherry Blockchain? Everything You Need To Know About BitCherry Network

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Cryptocurrency Scripts

Cryptocurrency Scripts

Cryptocurrency and Blockchain technology are complicated; we simplify them. Follow us: https://linktr.ee/cryptoscripts

More from Medium

2 Top Cryptocurrencies to Buy and Hold for Decades

Cryptonoid — A guide to the Rollercoin game

How Binance recovered stolen crypto with the help of blockchain bridges

Where does DeFi survive from?