PAI News 📰 - May 17, 2021

PAI News :newspaper: - May 17, 2021

59th Edition

Announcements :speaker:

:tada: UPDATE! v2.3.1 is finally here! :tada:

This is a REQUIRED update for all full nodes.

This update improves vote propagation to reduce the possibility of chain stalls. Full details here.

On Linux, the update can be downloaded and compiled by running the following commands in your paicoin directory:

git pull
git fetch --tags
git checkout 2.3.1
make clean
make
sudo make install
paicoin-cli stop # if your paicoind is still running
paicoind # to restart paicoind

:warning: Attention: SOLO MINERS :warning:

:rotating_light: Please contact us if you are mining to any of the following addresses :rotating_light:

Pv4pdcHeaCG9T3AexmST7B7ER1eUeCQ1Uj
PuE74wwEsx674GiUo6BFURh6K7P4Zi7K8Y
PcnehRyFxyh1fV4aooKhLiHrepNdJu2C2x
PddKy88kfVSSBSjd2en3BQQkA2rqtJMRVx

To reach out to us for next steps, you can email the contributors at contact@projectpai.com, or reach out to a PAI Community Lead in a PAI Community Group.

You can also download the Android APK version and follow the mobile wallet links on paiup.com

PAI Coin Pool Staking Rewards Summary :chart_with_upwards_trend:

Currently pending stakes :egg:

  • Total staked amount: 80.2 million PAI (-0.5%)
  • Total pending rewards to date: 5.1 million PAI (+6.25%)
  • Average stake duration: 50.5 weeks (-0.2%)

Matured stakes :hatching_chick:

  • Total staked amount: 60.9 million PAI
  • Total rewards: 14.9 million PAI [24.5% over principal] :+1:
  • Average stake duration: 18.8 weeks (+1.6%)

Promotions :red_gift_envelope:

  • Set up a full node and earn a PAI Coin Pool bonus of 666 PAI! Set up a full node according to these instructions, then email promotions@projectpai.com from the email address associated with your PCP account. In the email, include the IP address or URL of your full node. We will reply with further instructions on how to claim your reward.
  • Create a pre-compiled binary version of paicoind for others to use and get rewarded 10,000 PAI Coin! We want to make it easier for community members to run full nodes and to solo mine and solo stake. One of the ways we can do this is by providing precompiled binaries of the PAI Coin Core software (which comprises paicoind and the paicoin-cli) so that users don’t have to compile the software from source.
    • In order to participate, email a link to download your pre-compiled binary (either for Linux, macOS, or Windows) to promotions@projectpai.com. The first three valid entries received for each platform will be eligible for the reward.

The Evolution of a Decentralized Economy

The success of any new creation is a function of many factors and moving parts. Success happens in stages and has overlapping phases, which requires and depends upon the stakeholders to collaborate at every stage. The challenges encountered and forecasted can vary depending upon the structure of the creation, its value proposition and regulation.

As applied to the PAI blockchain, the initial core developers set about contributing code to open source for a network protocol on the lines of bitcoin protocol with some differentiating features such as decentralized storage. The code is completely open source and any developer can utilize it quickly and also contribute back to open source as well. The network by itself is also completely decentralized such that any person is able to contribute computational resources in order to support the network. The open source mining consensus has also been designed in a way to avoid malicious attacks on the network. The APIs available as part of the open source protocol allows any developer to interface from any applications. The developers maintain the open source code and provide support to new developers as well.

Complete decentralization brings challenges such as a lack of any central governing body or leadership. Thus the onus is on the community of users, developers and supporters to move things forward as they deem fit for the improvement of the protocol. The community holds the key to the success of the network protocol. In fact, one could potentially argue and imply from Metcalfe’s law that the value of an open source, decentralized network is a function of the role of the community behind it.

An open source protocol is analogous to an operating system (OS). Its adoption will depend upon how users interact with it. This is typically done using application layers (commonly known as apps, which can translate to both web and native mobile apps). A good developer should not only consider the value proposition of the network protocol but also the supporting community behind it, their KPI’s, and come up with apps which not just make practical sense but are also sustainable on its own with a viable business and revenue model.

Blockchain as an OS is still in a very early stage of market adoption as part as applications are concerned. It presents several challenges such as high transaction fees, lack of easy to use user interfaces, safety of digital assets and the reason to use digital tokens associated with the underlying blockchain. But every challenge also brings with it early adopter opportunities.

Some reasons that developers should consider using the PAI protocol include but are not limited to:

  • The PAI Protocol is fully decentralized
  • All code is available and open-sourced on GitHub, along with APIs for interacting with the network protocol
  • A community of users in different countries which act as the early adopter for an appropriate app and provides marketing support, thus driving down the cost of user acquisition for the app developer for their app
  • It has a decentralized and distributed storage protocol
  • It has an open source KYC system for identification purposes and single sign-on account management
  • Digital tokens which can optionally be utilized for transactions

Developers are encouraged to take advantage of current market trends in the blockchain space and create apps and interact with the community across the development process, extending to MVP launch and beyond.

Examples of upcoming applications utilizing the PAI protocol include an NFT-based art marketplace which utilizes all the above listed features of the network protocol. This application does the following:

  • Artists can create profiles using single-sign on (SSO) and list their art pieces (in both digital and physical form) for sale
  • All uploaded pieces of art are stored on a distributed and decentralized storage system
  • Collectors/Buyers can create their profiles using SSO and browse through listed artwork
  • Collectors and Buyers can interact with each other using a secure messaging system
  • Collectors can pay for art using digital tokens and/or fiat currency

Developers are encouraged to discuss on paiforum.com with the community about their ideas for new apps. The active community is looking forward to receiving more projects and using them as well.

Examples of upcoming applications utilizing the PAI protocol include an NFT-based art marketplace which utilizes all the above listed features of the network protocol. This application does the following:

  • Artists can create profiles using single-sign on (SSO) and list their art pieces (in both digital and physical form) for sale
  • All uploaded pieces of art are stored on a distributed and decentralized storage system
  • Collectors/Buyers can create their profiles using SSO and browse through listed artwork
  • Collectors and Buyers can interact with each other using a secure messaging system
  • Collectors can pay for art using digital tokens and/or fiat currency

Developers are encouraged to discuss on paiforum.com with the community about their ideas for new apps. The active community is looking forward to receiving more projects and using them as well.

PAI Developer Updates :computer:

Here’s a snapshot :camera: of development work the team has been focused on:

  • [PAI Up Android] An issue was identified with PAI Up Android causing a blockchain sync to pause prior to completion. An updated version of PAI Up Android that resolves this issue will be available this week. In the meantime, users are encouraged to use PAI Up Web (https://wallet.paiup.com) to access their funds. We thank all Android users for their patience and understanding with this matter.
  • [PAI Coin Core] An issue was identified causing some standard transactions from a PAI Coin Core command line wallet that is also purchasing stake vouchers to become stuck. This resulted in a few incidents of delayed PAI Coin Pool withdrawals, which have since been resolved on a case-by-case basis.
    • By design, stake voucher purchase transactions in the mempool are reversed and returned to the purchaser if not accepted into a block before a stake difficulty adjustment. Stake difficulty adjustments occur every 144 blocks.
    • The root cause of this “stuck-transaction” issue was that the block height at which a given stake voucher purchase transaction was to be expired was being dropped from the transaction data prior to being broadcast to peers.
    • As a result, stake voucher purchase transactions not included in a block would be accurately considered expired by the purchasing node upon a stake difficulty adjustment but would erroneously continue to be considered valid by peers.
    • If the purchasing node then tried to spend the PAI Coin originally used to fund the expired stake voucher purchase transaction while it was still considered valid by peers, the new transaction would get flagged as a double-spend attempt by peers and consequently get stuck.
    • PAI Coin Core v2.3.1 addresses this issue by ensuring that the block height at which a given stake voucher purchase transaction is to be expired is transmitted to peers upon transaction execution.
  • [PAI Coin Core] Currently, over 88% of blocks mined do not include stake vouchers. These blocks are being mined by a third party and it is unclear if the exclusion of the SVs is accidental or purposeful. In either case, barring cooperation from the third-party miner(s)—which we have called for—a mechanism to address this behavior is necessary. To that end, the team has been researching technical solutions to ensure that Stake Vouchers are included in 100% of blocks mined, regardless of origin, moving forward.
    • The team has agreed on a solution for addressing the issue of blocks without stake vouchers being mined and will begin to implement it this week barring any more urgent needs that arise.
  • As noted above, PAI Coin Core (paicoind) v2.3.1 is now available! Please update at your earliest convenience.
  • [Catena NFT Marketplace]
    • Ongoing technical documentation work

Questions? Comments? Feedback?

Sound off on PAI Forum! :microphone:

Thank you for your support! :pray: