PriCEN’s approach to blockchain delivers fast transaction processing, secure data storage and safe Smart Contract deployment within the private geographically distributed network.
We redefine PRIVATE transactions.
All of your digital assets are completely PRIVATE.
Tamper-proof transactions combined with fast block times and encrypted storages.
Before we dive into PriCEN blockchain, we’d like to start with a bit of history and overview of the blockchain technology itself.
What is Blockchain?
Blockchain technology was originally developed by someone and/or a group of people under the name of Satoshi Nakamoto. The first implementation of what we know as blockchain today goes back to the year 2008 and released under the name BitCoin. Blockchain or BitCoin did not gain the popularity at once, it’s been the long hard road full of ups and downs, mainly due to the anonymity of the transactions as well as inability to regulate it centrally and numerous controversies. BitCoin – a blockchain based cryptocurrency – started gaining popularity since 2011 when other projects based on the code of BitCoin started to emerge. Today we have 1000+ implementations of blockchains (and counting) all of them serving different purposes. Let’s move on to what the blockchain really is.
Blockchain technology is an evergrowing database of transaction records which are cryptographically linked to one another, constituting a chain of tamper-proof, irreversible blocks. A typical block contains the hash of a previous block, timestamp, and transaction(s) data. Due to the linkage of all of the blocks, the chain is resistant to any data modifications by design. Each of the nodes (computers) participating in the network holds the same state of the database and have the ability to validate or invalidate the transaction before it is written to the chain.
In simple terms blockchain is:
- A distributed network of interconnected nodes (devices) running the blockchain application
- Each node contains the same chain of cryptographically linked blocks.
- Each block contains the same list of verified transactions
- Each transaction holds data.
At this point, we assume you have a general understanding what the blockchain is hence we can move on and explain PriCEN blockchain. If you’d like to gain more general knowledge of blockchain technology please refer to the Wikipedia Blockchain article.
Is the foundation of The Private Crypto-Economy Network. It is the glue between all of the services service providers and participants. Unlike BitCoin, Ethereum or other popular ledgers, PriCEN blockchain network is completely private and inaccessible from the Internet. This allows us to ensure complete privacy of the participants, accounts, transactions and associated data.
PriCEN implementation of blockchain is based on the proof-of-work or PoW algorithm to confirm transactions and write new block to the chain. It’s a form of competition between the participants (miners) who must first solve the mathematical puzzle and prove the solution. The outcome or solution is represented in the form of a hash. With the increase of the number of participants and the hash rate (number of hashes per second) of the network, the algorithm increases the difficulty of the task (puzzle) to ensure blocks are generated within the desired timeframe. Once the solution is found, the block (hash in this case) is written to the chain and winner rewarded for its work. Currently, the winner is rewarded with 2.00 xPCN units for each block.
- Block time is set to 5 seconds (ideally) on average it takes currently 6.75 seconds per block
- Proof-of-Work algorithm with difficulty auto adjustment to ensure block generation time consistency
- Flat transaction fee for non-storage transactions
- Transparent per byte or per computation cycle fees for all other types of transactions.
- Deployment and execution of Smart Contracts
- ASIC resistant mining
Our network is geographically distributed, currently operating out of three data centers in Europe and North America but soon to be deployed across all of the continents. In each of these data centers, we are running so-called management and core mining nodes. Management nodes are those responsible for facilitating transactions where core mining nodes are essentially engaged in mining and used as connectivity nodes between management and MineNET nodes (mining nodes owned by PriCEN participants/members). We do not control the node distribution as each owner must choose the location of the new node.
If you think we haven’t exhausted this topic, please get in touch and let us know what information would you like to see (there may be some reward) or check back regularly to see if there are any updates.
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The Private Crypto-Economy Network is currently available by invitation only. Click below to find ideas on how to enter.