Reduce costs and improve efficiency: smart contracts help PACIFIC operate efficiently

 

In recent years, benefiting from the rapid development of information technology in the digital age, the scale of the global digital economy has continued to expand. The emergence of the new crown epidemic in 2020 has made global economic growth weak, but even in the situation of insufficient development momentum in emerging economies, the digital economy is still in a stage of rapid growth, setting off a wave of global digital economy, in order to drive the global economy back to its original level contributed a great deal.



 

PACIFIC "value decentralization" digital asset trading platform

Pacific Trading Platform (PACIFIC) is committed to building a world-leading digital asset trading platform with "value decentralization", with "trading as mining, promotion as revenue, and contribution as value" as the construction guide, making full use of blockchain, intelligent A technical system composed of contracts, AI, big data, 5G, Internet of Things, cloud computing, edge computing, etc., has built a set of one-click trading, spot trading, block trading, contract trading, leveraged trading, Staking, Launchpad, DEX, investment research The digital asset ecology integrating the center, innovation system and asset security system.

 

What is a blockchain-based smart contract?

Smart contracts are assembly language programmed on the blockchain. Usually people don't write bytecode themselves, but compile it from an advanced language, such as Solidity, a specialized language like Javascript. These bytecodes do guide the functionality of the blockchain so that code can easily interact with it, such as transferring cryptocurrency and recording events. The execution of the code is automatic: either it executes successfully, or all state changes are undone. This is important because it avoids situations where the contract is partially executed (for example, in a security purchase transaction, the security owner has transferred the security, but the cryptocurrency payment transfer has failed). This is especially important in a blockchain environment, as there is no way to undo the bad consequences of an execution error (and there is simply no way to reverse a transaction if the adversary doesn't cooperate).

Blockchain-based smart contracts can not only take advantage of the low-cost and high-efficiency advantages of smart contracts, but also avoid malicious behaviors that interfere with the normal execution of contracts. Write the smart contract into the blockchain in a coded form, and use the blockchain technology to achieve traceable, transparent and non-tamperable data storage, reading and execution processes. In addition, the state machine system constructed by the consensus algorithm of the blockchain can make smart contracts run efficiently.

 

PACIFIC - Pacific Smart Contract Chain

The smart contract used by PACIFIC is a computer protocol that is disseminated and executed in the form of electronic data information, which is different from traditional contracts. Pacific Smart Contract Chain is a smart contract chain based on the PPoS consensus protocol that supports up to 101 verification nodes. PACIFIC has the advantages of shorter block time and lower handling fee. While supporting high-performance transactions, it is fully compatible with the Ethereum Virtual Machine (EVM) and protocols. At the same time, adhering to the principle of decentralization and permissionless, anyone can become a verification node by staking.

Smart Contract Chain Features

(1) Decentralization: Without the principle of permission, anyone can become a verification node through the corresponding rules

(2) EVM Compatibility: Compatible with Ethereum Virtual Machine (EVM), which means that almost all DApps, ecosystem components and tools on Ethereum can be migrated to PACIFIC directly or with only minor changes

(3) High performance: 600+TPS, 3s block time

 

Epilogue

The Metaverse has opened the Internet 3.0 era, and the blockchain has set off a new wave of value Internet trends. NFT integrates the real world and the virtual world, provides a digital carrier, builds a new model of digital asset trading under the new ecology, and brings unprecedented experience to users around the world. The Internet of Value makes the Internet value form a value chain, and realizes the value expression and transfer of the Internet. These global hotspots will further affect all aspects of human social life in the future, promote industrial development, and accelerate the empowerment of industries.

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