A smart contract is a computer program which builds up trustworthy negotiations among two parties without an intervention of third parties such as lawyers. It allows the participants to exchange money, property, shares or anything measurable. Smart contracts utilize Blockchain technology in their operations and have the possibility to enforce the contracted obligations automatically. As this is a computer program, there must have a language to write. Different service providers use different languages such as EVM, Bitcoin Script, etc. Computerized nature of smart contracts obviously accompanies risks to its users such as security holes, bugs, and visibility to others. Pycoin is building a solution to buildup secure smart contracts.
Pycoin is a decentralized application for writing, testing and deploying mathematically verifiable secure smart contracts. Pycoin uses “Simplicity” as its core language which ensures no runtime errors, no bugs and no ability to steal or manipulate smart contracts. Not only that, Simplicity has the ability to static analysis. Static analysis allows the protocol to place limits on the amount of computation a transaction can have. So the protocol is not overly burdened.
Pycoin has been developed on DAG based XRB network which is more reliable and efficient than traditional Blockchain. Once received a node the DAG builds a graph of transactions which have the ability to reference older transactions and confirm them immediately without waiting for next block.
Pycoin uses Pycoin tokens as their official currency within the platform. Users and developers have required a minimum of 100,000 tokens to be held to test and power their applications. These tokens can be purchased to exchange of ETH, BTC, and XRB. Holders would be able to gain profits through price increases.
Pycoin expects to issue 62,000,000,001 coins in total. Out of that 9 Billion will be reserved for the team and 2 Billion will be distributed through bounty programs. Remaining tokens would be sold through the token sale which is to be started on 24th March 2018. Funds collecting through the ICO will be utilized for the following purposes.
- 28% to ensure the smooth flow of platform operations
- 24% – product development
- 20% for research and development
- 18% – community development and marketing
- Remaining 10% will be reserved in company reserve for future developments
Pycoin concept was born in 2017 and they have completed the planning stage. Following are few of main goals that the team wants to achieve by 2019.
- Launching main ICO
- Launching the Beta version of Pycoin wallet
- Listing PYC token on biggest exchanges
- Launching of main net comprising of Synchronized Pycoin network
- Launching synchronized light wallet
Pycoin is a project launched by Cohomology labs. The team comprises with highly qualified and experienced professionals in legal, financial, technology, online communication. Following is a small explanation about the few team members.
Daniel Kaminski de Souza – Cofounder and Technical Director
Daniel has obtained his Master’s degree from the Federal University of Parana. He is an expert in Blockchain technology and possesses years of experiences in a variety of companies.
Ren Timer works as an advisor while Nick Hicker works as marketing head.
For More Information About Pycoin-Platform: Official Website
Read Pycoin –Whitepaper: Click Here
Post by Anton De Mel ( BitcoinTalk Profile )
ETH Address: 0x10fece049ce29848445d795df2c9887af4db0e28