PAI News πŸ“° - October 5, 2022: Tech Updates

PAI News :newspaper: - October 5, 2022: Tech Updates

131th Edition

:tada: PAI COIN CORE v3.0.0 - AVAILABLE NOW! :tada:

The v3.0.0 hard fork occurred on September 28, 2021 at approximately 11 PM Beijing Time when Block 205953 was mined.

While the update was technically successful, it did not achieve its intended goal. Please read the details here.

If you are running a full node and have not yet updated to v3.0.0, please do so ASAP.

Execute the following commands on your full node to update from source. There is currently no pre-compiled binary available.

git fetch --tags
git checkout 3.0.0
make clean
make
sudo make install
paicoin-cli stop
paicoind


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.

PAI and Wrapped PAI (WPAI)

The diagram above depicts the workflow for exchanging between PAI and Wrapped PAI (WPAI) and is based upon the existing Wrapped BTC code, smart contract and ecosystem. Wrapped PAI is an ERC-20 token which represents PAI on the Ethereum blockchain. Its value is pegged to the value of PAI. This enables PAI holders to access all of the features of the ETH ecosystem such as Dapps and DeFi, and to trade on DEXs. Many of the above mentioned parties in the diagram have to come forth and take part in this ecosystem for it to be successful.

As an example, the custodian is responsible for holding all PAI that has been converted to Wrapped PAI. Merchants are responsible for mediating between customers and the custodian when PAI <> WPAI conversions are requested. In the case of WBTC, merchants also perform KYC/AML on the customers which is also highly recommended. Developers have already been building out the code for this and testing it out. The community can play a major role in taking it forward once the code is deployed and available for use. Any feedback and suggestions are welcome.

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:

  • The first block reward halving occurred with Block 210,000 at 12:44 AM on Tuesday, October 19, 2021 Beijing Time.
    • Moving forward, the total block reward is equal to 750 PAI:
      • 450 PAI (60%) divided among staking voters
      • 300 PAI (40%) awarded to the miner
    • The next block reward halving will occur with Block 420,000, in approximately 4 years.
  • While the network upgrade to v3.0.0 was technically successful, the update does not satisfy its intended goal. You can read more details here. The development team is now working on a follow-up release to address this shortcoming.
    • The team is in the midst of evaluating various options for a follow-up v3.1.0 release which will address the issue while maintaining full decentralization.
    • For security purposes, the team cannot reveal the various options being considered.
  • PAI Up Android and iOS are available now, please update ASAP for compatibility post-fork (remember to save your 12-word seed phrase!):
  • [PoUW Portal] The implementation of the initial suite of APIs to be used for the PoUW has been completed and the APIs are now being integrated into the frontend.
  • [PAI Coin Core] Backend maintenance

Questions? Comments? Feedback?

Sound off on PAI Forum! :microphone:

Thank you for your support! :pray: