Quick jump
Hello and welcome to this blog post about Precium PCM White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Precium PCM white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Precium PCM.
I can ensue you that, you will be able to understand every bits and pieces related to Precium PCM after going through the Precium PCM white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Precium PCM White Paper
Precium PCM white paper will be going to provide you, all the information that is needed to get started with Precium PCM, including the inspiration for creating, the problem it is trying to solve and the solution proposed by Precium PCM.
Abstract
Unlike existing methods of data storage in which all data is stored in a centralized server, blockchain technology allows data to be linked together like a chain and shared among all participants, creating a distributed, immutable system. Smart contracts automatically execute according to contract terms set between the contracting parties, fundamentally eliminating the risk of contract failure without any additional administrative costs.
These characteristics give smart contracts unlimited potential. However, smart contracts have many technical shortcomings to address for real-world applications. Blockchain, upon which smart contracts are based, is still technologically inadequate in regards to economic efficiency and the reliability of decentralization. Smart contracts are also difficult for normal users to write and use.
Additionally, there is still no method to determine with certainty whether or not a smart contract has been fulfilled. The Precium platform is a new smart contract platform for peer-to-peer (P2P) transactions that allows contracting parties to create and use smart contracts simply and securely. The Precium platform provides users with a template of code for various contract terms, allowing platform users to select and combine their preferred contract terms to create a complete smart contract.
In addition, anyone can create and upload contract terms to the Precium platform. These contract terms go through a validation process to ensure users’ safety. Onyx chain, the core of the Precium platform, is a hybrid blockchain that combines public and private blockchains. Onyx chain employs the raft consensus protocol used by Quorum, a representative private blockchain based on go-Ethereum, and simultaneously preserves blockchain’s transparency while enjoying a high transaction rate and high scalability.
Onyx chain’s unique structure combining both public and private blockchains gives it differentiated advantages over other blockchains. It can also use Oracle technology more efficiently, which is a technology that calls information from an off-chain network to an on-chain network on the blockchain. Onyx chain can secure a competitive advantage over existing blockchains through Precium’s unique and efficient hybrid blockchain structure. With this foundation, the Precium platform will contribute to the development of a robust smart contract ecosystem.
White Paper Link: Precium PCM White Paper
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