Pascal Coin: an introduction

Pascal Coin – deletable blockchain, very fast, 0 confirmation (and free) transactions, simple account numbers, no ICO, no pre-mine …. what’s not to like?

Pascal Coin ($PASC) is not a Bitcoin clone. It is not a fork from Bitcoin. It has been written from the ground up in Pascal, yes you heard me right. This is one of the things that first attracted me, Pascal is a seriously underrated and elegant language.

Pascal Coin was developed by Albert Molina and released in August 2016 to provide an infinitely scalable cryptocurrency and fast transaction times.

How is this achieved?

A deletable block chain – you do not need the full chain to operate safely – just the last 100 blocks and the latest SafeBox – more on that later. The choice is yours however, if you want to run a full chain you can. But the ability to run a validated chain on the SafeBox and a small number of blocks means that PascalCoin is quick to get up and running and will ideal where space is at a premium such as mobile devices.

An additional benefit of the approach is the addressing scheme.

When you want to send $PASC you do not use public key style addresses like Bitcoin (3MHjwfs6W2HYHWoufmps98sjvYhVqgpXqT) or Ethereum (0xA03199200CDD8AEfe81C0c9EECcd60fDe54D884f ) but account numbers (known as PASA) which look like 127501-23. In fact the last bit, -23 is just a check sum and you can use just the first part. You still have private and public keys, you just don’t need to publish them to have people send you $PASC. In fact you can make it easier by giving an account a name.

The use of account numbers is part of the SafeBox implementation. The problem with using keys is that there is pretty much an unlimited supply and this would mean the SafeBox size would be uncontrollable. Unlike keys which you can generate at will, the generation of account numbers is part of the mining process so is controlled. So how do you get an account number? Well:

  • you can mine one
  • you can buy one: the cost is dependent on the actual account numbers with, in general, the shorter numbers costing more. You can but through the wallet or from one of the PASA sites.
  • you can get one from the Discord or Telegram Bot (for both you will need a wallet – see links at the end).

What is SafeBox?

The SafeBox is a technology unique to PascalCoin and it is basically a snapshot of the balances in each PASA using a checkpointing. The SafeBox (checkpointing) is calculated every 100 blocks. So having the last SafeBox plus the blocks created since then gives you the complete state of the blockchain. The SafeBox is cryptographically secure, retaining the aggregated proof of work difficulty within the SafeBox. This means in order to create a malicious SafeBox you would need to re-mine the entire history of blocks even those blocks are unknown.

So what else is there?

If that’s not enough, each transaction can carry a payload. This is a 256 byte of user data and can be public or encrypted making it a useful element extending the transaction functionality. One use is by exchanges where it is often used as a way of identifying user holdings.

Strong 0 confirmation guarantees: Because PascalCoin isn’t based on UTXOs but a state based currency the reliability of a transaction without any confirmations is much stronger. It is virtually impossible to undertake a double spend transaction as it is a delta operation against the accounts involved and the buyer is unable to erase the transaction from the pool. This is being made even more secure by PIP-013 (see below) which allows nodes to check other nodes unconfirmed transaction pools.

Monetized APIs: The principle is that not all smart contracts need to be completely processed on-chain. In fact recent analysis has shown that contracts, on the whole, are rarely accessed.  The chain is used to secure external data and control work flows – an example is the escrow system currently in development.

Updates with Block 210000 (29th May 2018): Version 3 (V3)

The last 12 months have seen an incredible amount of activity and there are a range of PIPs (Pascal Improvement Proposal) being implemented over the next couple of months. So what are they?

Inflation reduction (PIP-10): At present the total amount of $PASC that will be created is 87,000,000. This PIP reduces that by 50%.

Developer Reward (PIP-11): This allocates a portion of the mining reward to fund future development. The aim is to provide faster time to market for improvements. PIP-18 extends this to allow for work to be commissioned on the underlying development environment (Free Pascal and Lazarus).

Pending Transaction Access (PIP-13): This allows nodes to pull some or all of the pending transactions from connected peers. This further strengthens the 0 confirmation security.

Anonymity (PIP-17): This introduces anonymity via transaction mixing (phase 1) which will

“immediately provide “better-than-DASH-level” anonymity and serve as foundational component for subsequent full anonymity. It will also facilitate Layer-2 applications such as decentralized exchanges in a manner that other cryptocurrencies cannot achieve

And for the future?

Here are a couple of things in the pipeline.

Layer 2 Protocol Support (PIP-16): which will facilitate the transfer of data between account. This will allow clean enveloping of Layer-2 protocols inside Layer-1 much in the same way HTTP lives inside TCP.

Proof of Work: One of the problems surrounding PascalCoin has been the centralisation of the mining process as it has been a good secondary coin for dual Ethereum Mining. One of the current aims is to create a mining algorithm that makes PascalCoin an attractive option for a large number of people. One proposed candidate is Random Hash Proof of Work (PIP-09). This is a multi hash process that is designed to be CPU friendly giving very little benefit to GPUs and ASICs.

Website: http://www.pascalcoin.org/

White Paper Version 2 (June 2017)

Medium Bloghttps://medium.com/@pascalcoinmktg

PASA Siteshttp://www.getpasa.com/ and https://www.pascwallet.com/Market/MarketPurchase

Discord | Telegram |Twitter

 

Declaration: I hold PascalCoin and a member of the key team on Discord.

The articles on this site are opinions and for information purposes only.  It is not intended to be investment advice.  Seek a duly licensed professional for investment advice.

© copyright 2018 Russell Weetch

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DYOR, sure.

At the Consensus NY conference there was a protest by Bankers Against Bitcoin!

Here they arebankers against bitcoin protest

This has been shared a lot and the reactions quite extreme, like “this makes me really angry. I hope all banks go bankrupt”.

People read the headline and didn’t visit the site http://bankersagainstbitcoin.org/ where they would have seen that this is not all it seems!

This is satire pushed by Genesis Mining. As the site says

“This protest is representative of what will happen to those industries and companies that fail to understand times have changed. Legacy industries that have gone unchallenged for decades will soon begin to see their monopoly slip away.”

They are highlighting an attitude that has existed for centuries – just check out the Luddites. They destroyed weaving machines which they believed were being introduced to replace their role in the industry.

But this episode also highlights something else. If you didn’t visit the website and had a pop as these “bankers” then you failed the golden crypto rule – you didn’t DYOR!

 

 

Catching Up – what has been going on?

I have been very sluggish blog wise so far this year  – mainly due to work (big system going to release candidate if you really must know), so I thought I’d do a catch up post and take a look at what we ‘might’ be looking at in the next month.

The market – well what has happened here?

Bitcoin, and most other crypto currencies have taken a massive dive since December although the last week or two has seen a bit of recovery… or bull trap if you listen to the TA (technical analysis) guys. Although I’m not hugely into TA myself there are a few who get a lot of respect from me, in particular John Wilson – read his “Will The futures market do to Bitcoin what it did to gold?” from December 9, 2017.

Anyway, the market has been a bit depressing so to avoid looking at Blockfolio throughout the day I am tracking the markets by seeing what the reward is on FreeBitcoin1 – at least on the dice roll you get more as the price of $BTC drops, but that’s not much consolation.

Despite the slight volatility 🤣 in the market ICOs have been coming thick and fast. It is impossible to keep up with what is coming up. The problem is that unless you can get in on a good pre-sale deal it’s often better to wait until it hits the markets. Some that have caught my eye are Debitum, Neon Exchange, Hoard and some others.

Getting involved at Middlesex University

Had a great time giving an introductory lecture on blockchain as part of the Middlesex University Science and Tech Employability series. Giving talks is great for making you assemble your knowledge in a sensible way rather than just have all over the place in Evernote. Something I enjoy, so if any conference organisers are looking for a speaker, get in touch.

All gone quiet on the Carbon Coin Slack?

Well, simple answer, yes. There was a lot of active flurry of activity during the coin swap (see my interview with Chris), but the promised ICO is on hold as they cover off the regulatory and legal aspects needed. Who’d have though 12 months ago that “ICO, regulatory and legal” would appear in the same sentence? Anyway, the objective is still good and we wait for the outcome of this work and the white paper. Take a look at the website and forum.

The only problem with the delay is that there are others coming into this space, a space that Carboncoin has had to itself until now. I’ll be taking a look at this area soon.

Gems – what a gem of an ICO…not!

As you have probably seen in earlier blogs, I liked the Gems project a lot. It really looked a great application of the blockchain and looks like it could reduce the cost to  consumers and increase the pay of producers. To get on the presale you had to show support for the project and the level of support dictated the level of bonus. As a nice touch they used their own app to get turkers (read the blog post linked to above) to evaluate submissions. All seemed going great guns, and then they announced the ICO structure……

That didn’t go down well at all! Just look at Reddit for some idea of the angst it caused. But fair dos to the team they listened, pulled the ICO and have come back with a different approach – an airdrop, as well as announcing the first paid task. Take a look at the update here.

On the blog soon(ish)

These are the areas I have been looking at and will probably write on them soon.

Pascal Coin: Pascal Coin ($PASC) is one of the hidden delights of the crypto world.  Launched in 2016 this is self funded without an ICO or airdrop, Pascal Coin is not a Bitcoin clone, it is written from the ground up in Pascal, providing infinite scaling (you don’t need much of the blockchain thanks to its SafeBox tech), friendly account numbers rather than wallet addresses, and reliable and instant transactions. Lots of things happening I’ll blog about this soon.

ICO Listings: Where you can list your ICO will be out lists of listing sites.

Blockchain and other animals: a brief look at the Bitcoin chain and alternatives.

Identity and the Blockchain: This is an area of anticipation and there are a few offerings here: CivicKey, CoveIdentity, SelfKey and others.

Climate Coins: as mentioned above I’ll be taking a look at coins that try to address the power consumption issues at some point.

1 referral link

The articles on this site are opinions and for information purposes only.  It is not intended to be investment advice.  Seek a duly licensed professional for investment advice.

© copyright 2018 Russell Weetch

Doing the Carboncoin Coinswap

NOTE: You cannot swap coins that you acquired after 23:59 GMT on January 22 2018. You can still swap coins bought before that time. You can no longer swap Carboncoin for CCE under this scheme. You will be able to swap them for the new Carboncoin when it is released. This article is here for historical reasons.

If you hold Carboncoin ($CARBON) and have yet to swap some for the new token, then time is running out. This isn’t a why, it’s a how. Have a look at my interview with Chris Carbon if you want to know more on the why.

I suggest read the whole article through before starting.

First some basics:

  • You do NOT have to swap your $CARBON for the new token ($CCE)
  • You can swap up to 50% of the $CARBON for $CCE. Each $CCE costs 100 $CARBON, so if you swap 1,000,000 $CARBON you get 10,000 $CCE.
  • You must hold your $CARBON in a Carbon Wallet to participate in the swap.
  • $CCE (Carbon Coin Ether) is a holding token, once the new development has been completed it will be swapped into the New Token, let’s call it $NEWCARBON. This might be on its own blockchain or running on something like EOS – deciding that is part of the development. When you swap back it will be the reverse exchange rate, i.e 1 $CCE will get you 100 $NEWCARBON.
  • The $CCE token is an Ethereum ERC20 token so you will need an Ethereum Wallet – you CANNOT use an Exchange.

Setting up your Wallet

  1. If you hold your $CARBON at YoBit you will need to transfer it to a Carbon Wallet (if it is already in a wallet, then skip to here).
  2. Download the wallet from https://carboncoin.cc/ – there are wallets available for Mac OSX, Windows and Android. The latest version is 0.9.5
  3. Install it on your computer/device.
  4. Now run it. You will need to wait while the chain synchronises. This can take a while.
  5. Now get your public key from the Carboncoin wallet.
    1. Click on Receive and then on Request – you do not need to fill in the other fields
    2. Now copy your public key / address by clicking the Copy Address button.

What to do on YOBit

  1. On YoBit login and go to your Wallets
  2. Now, find your $CARBON wallet and click to withdraw.
  3. In the ‘Withdrawal Address’ box paste your Carbon Wallet Public Key (see 5.2 above).It is important that the withdrawal address is  correct, if it is not you will LOSE your coins. So first off do a small trial say 1.01 $CARBON, any amount above 0.01 (that’s YOBit’s fee) would be ok. Enter your trial amount in the Quantity box. The bottom 2 boxes will auto complete. Click “Withdrawal request”.Now wait for this to appear in your Carbon wallet – it won’t take long. If you don’t receive it, give it 15 minutes or so,  then the likelihood is that the address was incorrect. But assuming that you receive it, go back to YOBit and start the withdrawal again but instead of entering a value in the Quantity box click the ‘Max’ link as you’ll want to be transferring all your $CARBON won’t you?
  4. Now Click ‘Withdrawal Request’ and wait.
  5. If your Carbon Wallet is still open a notification will pop up saying that funds are arriving. This is almost immediate.
  6. Go to your Carbon Wallet and click on Overview. You will see the Pending transaction and your updated balance.
  7. Now wait until the Pending is merged into your Available balance.

Getting Ready for the Swap

You will Need:

  1. Your Carbon Wallet Public Key(s) that hold your $CARBON.
  2. A Ethereum Wallet – Make sure that it is a wallet that
    a) gives you control over the private keys
    b) supports tokens.Note that FreeWallet does not support $CCE only tokens on exchanges and it is highly unlikely that $CCE will be traded, at least short term.The My Ethereum Wallet (MEW) is popular and been tested with $CCE. You can access it here https://www.myetherwallet.com/ but please double, no triple, check you are in the right place. Go through the install info slideshow and then go to the ‘Setting up MEW with MetaMask’ from the link on the last slide.
  3. Your Ethereum Wallet Public Key where you want the $CCE sent.

The Coin Swap!

  1. Join the Slack group here https://carboncoin.slack.com/. If you are not already a member you will need to get an email invite so head off to the Telegram group where you can arrange that.
  2. Go to the “Coinswapping” channel and post a message to @aliblackwell, @ebenezer or @zuludykes (the admins). They will then DM you and ask for your Carbon Public Key.
  3. They will verify the amount held.
  4. They will Direct Message (DM) you with the amount you are allowed to swap (50% of your holdings) and the Carbon Address to send it to. They will also ask you for your  Ethereum Public Key where you want your $CCE token held.
  5. To send your $CARBON, open your Carbon Wallet, go to “Send”. Copy and Paste the address sent to you in the DM, enter the amount to send and click the ‘Send’ button.
  6. Once the admins have confirmed receipt they will issue you with your $CCE.
  7. To see the $CCE in your Ethereum Wallet you will need to add a custom token. To do this on MEW you go to the address that it has been sent to and click ‘Add Custom Token’
  8. Now complete the form and click ‘Save’Contract Address: 0x47f92ebf4881359469bceffe1f753fe910701024
    Symbol: CCE
    Decimals: 8
  9. Now your $CCE will display in the tokens list
    alternatively you can go to https://ethplorer.io and paste in your Ethereum Public Key

If you want to see how the swap is progressing have a look at https://etherscan.io/token/0x47f92ebf4881359469bceffe1f753fe910701024#balances where you can see the balances that have been issued by address – you should find yours in there somewhere.

Hope this has helped.

The articles on this site are opinions and for information purposes only.  It is not intended to be investment advice.  Seek a duly licensed professional for investment advice and do your own research

Disclosure: I hold $CARBON and $CCE

© copyright 2018 Russell Weetch

When the (hard and soft) Cap fits

What should you set as your soft and hard cap for your token sale?

It’s a tricky question. If the soft cap is costed well and is the amount needed to get your project off the ground, then why isn’t that the hard cap with remaining tokens reserved for issuing in a secondary and tertiary coin offering tied to milestones? It is, after all, an Initial Coin Offering. The feeling that you only have one bite at the apple is the same as a token investor’s FOMO.

I often hear investors backing away from ICOs with what are considered high caps in general terms – “I only participate if the cap is below $25m” or the like is common. When you think about it even $25m is a considerable sum for most start ups. That said, this is a much too simplistic approach. For a start it is the overall token capitalisation that you need to look at. $25m for 20% of the issue is very different to $25m for 50% after all.

What is important is what amount is right for the project. Can you justify the need for raising the amount you are asking for. How much do you really need to get you to the next stage? How many stages is realistic to ask investors to cover? Do you need a pre-sale or even a pre-pre sale? (another blog coming there I think). What will you do with your stash before you need to spend them?

Some will buy tokens because they are interested in your product and see the benefit of future use most will be looking for a return on their investment -probably quickly. As they are not buying a stake in the business that return needs to come from an increase in the value of the tokens. In most cases this will be driven by the demand to use them (or in the short term the perceived future demand for them) to use your product.  In turn this will be affected by the number in circulation, which is why burning unissued tokens is popular amongst investors.

Both groups need convincing if your ICO is to be successful.

As I said earlier,  it is an ‘Initial’ coin offering, the implication being that you’ll be back for more – everyone seems to get that with IPOs, not so much ICOs – probably because you have to be a competent investor to take part in an IPO.

However, so many people are looking for the issued tokens to be finite and won’t want to see a flood of new tokens at a later date. Just my opinion but probably the best way is to announce the full amount that will ever be issued with only a percentage released in the ICO and keep the rest in the contract with the right to do further sales in tranches at certain dates or milestones.

Cove Identity ICO

Update: Cove Identity have delayed their ICO, see: https://medium.com/coveidentity/we-are-delaying-our-ico-e85120997cdf

Cove Identity published it’s white paper this week and their token pre-sale kicks off on September 21st.

Cove Identity looks after your identity by providing a secure store for your digitised documents and a scheme to provide verification both of their integrity and validity.

What seems unusual about this project, in theses heady days of ICO pick and pack, is that the app, at least the MVP (minimum viable product), is already available for both Apple iOS and Android. You can install and start using it right now – it’s straightforward, I’ve tried it. At the moment it is just a store for you to store scans of your documents securely.

The team (founders and advisors) look strong with lots of tech startup experience on both the technical and business side (often missing).

The tokens utility is in their use for the verification processes of which there are several: Offline/Traditional; Peer-To-Peer; Digital; Video; Automated; agents and Business Partners and Document Issuers (the highest level of verification). The process allows for cross verification too.

The system offers a granular sharing system so you choose how much you share and allows tracked sharing and the ability to retract a shared document after it has be validated. Also the ability to sign up to services without sharing your data.

The Token Sale

Interesting that the split between development and marketing in use of funds is about the same (39%/33%) which shows a realistic outlook.

There will be 1 billion tokens (Shells). Up to 100m (soft cap 5m) will be available in the pre-sale with discounts of up to 40% and 410m available in the Crowdsale – no details yet, but terms won’t be as good as the pre-sale – and this may be limited and some held for a further crowd sale in 2018. Team and advisors get 200m (20%) with a 2 year lock in and phased release after that. There is 1% set aside for bounties.

The remaining 280m are set aside for the Eco Fund: “This fund can be used by Cove team for incentivising new participants and token holders, early participants, running developers hackathons, and other contests required for marketing purposes”.

The target they are looking at raising is $10-$15m in this sale, although the crowdsale hardcap is $41m, which maybe a little ambitious in the current climate. However, holding some back (or not selling all of them) and going for a further round in 2018 with a market related price, after the product has had more proving and some of the verification deals are in place, maybe a successful approach.

https://coveidentity.com/

The above references an opinion and is for information purposes only.  It is not intended to be investment advice.  Seek a duly licensed professional for investment advice.

Crypto Coin Analysis Reports

Two questions seem to go together: where do I find out about Initial Coin Offerings (ICOs) and how do I know which ones to invest in?

I cover the first one in Finding ICOs.

Which ones to invest in is a harder one to answer. You should of course do a lot of your own research to establish whether you like what the project does and offers to the extent that you are happy to invest some real money into it.

However, there are just so many ICOs kicking off these days that there probably really isn’t time to investigate them all – you probably have a day job to hold down until those coins take you to the moon, right?

So it is good to have some filtering in place. If you want to do all your own research then you can limit it to projects that cover areas you have some knowledge in. Alternatively you can use review sites to narrow your search. Here are the ones I use, make sure you read their process of evaluation so you understand what you are looking at.

 Crush Crypto website link Twitter link
Analysis by Victor Lai of selected ICOs. Provides a simple rating simple for both flipping and long term potential. You can download a do it yourself ICO analysis sheet.
 ICO Bench website link Twitter link  
Well categorised list let’s you select the type of projects you’re interested in. Provides a top line score for each reviewed ICO scaled 1 – 5.
 ICO Rating website link Twitter link
A very straightforward list with links to an ICOs twitter, facebook, website et al. Shows all the top line info you need as well as a simple rating system (high/medium/low) for risk, hype and investment potential. There is an overall rating for ICOs that have been assessed more deeply.
Smith + Crown website link Twitter link
Simple list but contains a quick look at the attributes of the ICO such as whether the raise amount is auditable, it has detailed founder identities, whether it is closed to US citizens and others.
 Unbiased ICO Ratings website link Twitter link
 Provides a score out of 10. Unbiased ICO Reviews is operated by Zirra.

 

Finding ICOs – a list

One question I keep getting asked is where do I find out about ICOs. Some I hear about them in Telegram and WhatsApp channels I’m subscribed to and from a few Facebook groups I am a member of. These are usually good sources as the person highlighting them is likely to have done some research first.

There are however some lists on line that provide a really good starting point. These are my go to ones to see if anything interesting is coming up.

ICO Alert website link Twitter link
Clean layout in date order – great to see what is coming up
Top ICO List website link Twitter link
this is split between active ICOs, those coming up and the ones that have finished.
Tokenmarket ICO Calendar website link Twitter link
 a simple and easy to scroll listing
ICO Checker website link Twitter link
a good listing but large icons and fancy countdowns make it not so easy for a quick trawl
Smith & Crown website link Twitter link
Simple, easy to use list with a straightforward description, start and end dates, and a key to the attributes of the ICO ( Auditable Raise Amount  Detailed Founder Identities  New Blockchain  Project Code Available  Sale Barred to U.S. Participants)
CoinGecko (beta) website link Twitter link
A straigtforward listing with links straight to supporting info for each ICO such as web, whitepaper, twitter, Slack, Telegram etc.
ICO Index website link Twitter link
This isn’t the largest list, but it has two sections that are both worth checking out suspicious and scam ICOs. Click on ‘Details’ to see the reasoning.

 

 

 

Over the parapet

This site is/will be a mixture of comment, a set of book marks so I can find what I am looking for and massive brain dump – a lot will be stripped straight out of my Evernote.

Some will be answers to questions raised by people I know; some where my interest takes me; sometimes just so I can find things later.

As a result it’s likely to be a bit random and chaotic, maybe I’ll put some structure to it later, probably not.

Pages and posts will be updated as I find out more, better understand the topic or, more likely, am corrected by those who know better.Maybe because I think of something else to say – the number of times I have updated this first post beggars belief.

This will be slow burn as I’ll make some attempt to rewrite my scribbled notes.

While blockchain is my main theme here at the moment there will probably be spin outs to AI and other topics that take my fancy. The target is somewhere between a basic introduction and technical detail – but as a developer as well as a business owner, I might slip into the technical area more often than I should.

If you like you can follow us:

@UrbanCohort on twitter

or On Facebook

or subscribe to the Urban Cohort Blockchain Daily a part bot/part human curated set of articles on Blockchain shizzle.