How the V5 Protocol hopes to revolutionize Pascal blockchain and add more value to its traditional cryptocurrency(PascalCoin).
The Pascal network continues it strive towards achieving a perfect blockchain to support real-life experiences and offer its users the best of the attributes which describes a true blockchain, with many amazing features already in place and mouth-watering proposals. We take a look at the recent V5 protocol implementation and how it hopes to add more value to the Pascal blockchain and to blockchain technology as a whole.
The V5 protocol implementation consists of several features to be implemented on the Pascal blockchain, here we take a look at these features and what they will add to the Pascal blockchain:
Account Seal technology
The Pascal blockchain requires only the lack one hundred (100) blocks to function, hence only the previous one hundred blocks are retained and the preceding blocks are deleted and stored in the Safebox. The Safebox hence serves as a container for these deleted blocks. The account seal technology enables users to cryptographically secure and trace the blockchain history. The account seal feature queries the safebox to obtain and verify the transactions contained in the deleted blocks, hence these blocks are in essence not deleted but stored, with the account seal, users can trace transactions in the deleted blocks while the blockchain scalability is retained. The account seal technology will:
Enable the PASA(Pascal address) function as a decentralized finite state machine:transactions with the PASA can serve as a state transition and audit-log it any programmatic work flow, as the account seal allows the verification of these transactions and hence give a finite account of these transactions. This also makes it possible for the Pascal blockchain to be used in real life cases such as voting, where the aspirants PASA can receive votes in form of transactions and these transactions verified and represented as the number of votes received.
Enable the PASA function as a decentralized ledger: The PASA with the aid of the account seal functions as an immutable ledger of chronologically ordered statements made by parties to a contract.
Enable the PASA function as embedded blockchains: With the account seal technology, every PASA is a blockchain, with its blocks (transactions) being linked by the account seal. The account seal acts as the chain which connects the account states(blocks).
Safeboxroot–Light nodes
The safeboxroot proposal hopes to change the safebox hash algorithm to be a merkle-root of the account segment, this allows light clients to cryptographically prove the account segment without the safebox. This also enables many amazing features such as:
Instant wallet synchronization: With the light nodes, synchronization of blocks and validation of the safebox will not be needed, users simply needs to query other nodes for that latest safebox root and the account segments for the account they wish to know about, the other nodes will only need to provide short needle proofs that can be used to cryptographically prove that those account segments are connected to the safebox root. This action is instant, hence reducing the time required for synchronization.
Improved efficiency of layer-2: The light nodes will enable the layer-2 to rapidly synchronize and validate their chains without being burdened with other irrelevant information from layer-1, however, this also depends on the chains embedded on the layer-2.
A truly decentralized network topology:While most cryptocurrencies claim the concept of decentralization, this claim only holds in the aspect of account security and decentralized minning, however, the aspect of no third party influence is defeated in most cases as these cryptocurrency blockchains depends on third party servers to access and use the network for storing, validating and updating their blockchains, hence one depends on the third-party to get their account balances, receive payments and perform other transactions, hence they are open to censorship attempts. The safebox root solves this problem by allowing every user to take part in peer-to-peer network directly whilst retaining the user experience.
New wallets[PIP-0031
Despite wallets already available for most of the operating systems, the V5 protocol also features brand new wallets with enhanced user experience for every operating system, the wallets not only hopes to enhance user experience, it also provides support for layer-2 and its related features and also support for multiple languages and off course–better security.
This includes wallets developed with flutter —and cross-platform app development framework primarily backed by Google, this will be available for every operating system including the IOS and Mac OS. The wallet in development also includes webwallets built as Progressive Web Application (PWA) which can run on browsers or installed directly on the phone and general purpose wallets.
RandomHash handcoded table for quick synchronization of GUI wallets[No PIP]: This feature will enable a faster and lighter experience with the wallets.
Atomic swap technology[PIP–0032]
Atomic swaps are the lifeblood of decentralized exchange of cryptocurrency, it makes for secure, time-bound and non-censored exchange on the blockchain. The V5 protocol implementation also features implementation of the atomic swap feature on the Pascal blockchain to enable interchain transfer of tokens. The atomic swap technology works with a Hash-locked-time-contract. Hence the both parties encrypts and claims funds at a given range of time which is determined by themselves.
The atomic swap is an important step in the integration / listing of the PascalCoin on decentralized exchanges and also the development of the PascalDex for exchange of tokens on the Pascal blockchain.
The Account seal technology and the Atomic swap have already been completely developed and tested, new wallets will be available soon!
