PascalCoin is a next-generation cryptocurrency that pioneers a new tier of scalability comparable to the VISA network. PascalCoin paves the path towards “Infinite Scalability“ and a new form of decentralised application coined “Monetized API’s”. Version 2 of Pascal Coin addresses shortcomings in Version 1’s account distribution model and delivers the key feature of Checkpointing (among other improvements). The addition of Checkpointing into PascalCoin now delivers the promise of true ”Deletable Blockchains“.
The blockchain in Pascal Coin V2 is now permanently deletable from the Network itself without affecting Proof-of-Work validation for new nodes. This means new nodes can join the network without the need to download the infinite history of blocks. Instead, they download the latest Checkpoint and a few dozen latest blocks in order to fully synchronize with the provably most-work-chain. This paves the path towards, what this paper coins, “Infinite Scaling”.
Introduction PascalCoin is an innovative cryptocurrency that extends the blockchain-paradigm by introducing a new cryptographic structure known as the SafeBox. The SafeBox maintains a ledger balance rather than a ledger.
PascalCoin facilitates value-transfer between users by allowing them to transact funds (PASC) to and from accounts (PASA) much in the same way as traditional banking. Unlike most cryptocurrencies, PascalCoin accounts are simple and easy-to-remember (e.g. 1234-56) and not complicated strings which must be copy-pasted or scanned. Since only the ledger balance is required for consensus and not the full ledger, PascalCoin attains exponentially higher transaction throughput per unit of storage than UTXO-based cryptocurrencies.
The design philosophy of PascalCoin is to take Bitcoin and rather than abstract and generalise as Ethereum does, simplify and refocus into a single-use-case-optimised currency. The SafeBox is the ultimate source of truth in PascalCoin and provides a ledger balance of all users’ funds. Structurally, it is like a spreadsheet where each row denotes a bank account (PASA) and each column denotes a property of that account (i.e. PASC balance, public key, etc).
The “address” of an account is simply its index within the SafeBox (with an appended checksum). In addition, every 5 rows are grouped into an AccountBlock sub-structure which corresponds to a block in the blockchain. Every time a new block is minted, the transactions/operations contained within that block are applied to the SafeBox resulting in a mutated state, and 5 new accounts are created.
The resultant hash of the mutated SafeBox must then be referenced by the subsequent block in order to qualify as the next block. Unlike traditional UTXO-based cryptocurrencies, the blockchain in PascalCoin is only used to mutate the SafeBox in a decentralised, ACID manner, not to serve as a source of funds. Whilst a Proof-of-Work blockchain is still required to facilitate Byzantine consensus (up to a checkpoint), it is not permanently required. As a result, the blockchain in PascalCoin is deletable.
The PascalCoin Value Proposition Infinite Scaling In the context of this document, Infinite Scaling is defined as “the ability of a blockchain-driven network to achieve infinite running time on finite and constant storage”. This definition defines a theoretical limit which measures an upper-limit of a “Throughput-Per-Unit-Of-Storage” KPI. Blockchain architectures with high Throughput-Per-Unit-Of-Storage result in high numbers of users with fast confirmation times and low-fees.
Networks with low Throughput-Per-Unit-Of-Storage experience slow confirmation times, high-fees and admit an inherent ceiling of users. How does PascalCoin achieve “Infinte Scaling” Simply put, the blocks in Pascal Coin will be deletable past the checkpointing height of 100. Since new blocks will be appended to the top of the chain and old blocks deleted from the bottom, only a constant number of blocks will ever be required at any time. Checkpoints occur every 100’th block and are simply compressed SafeBox archives.
When a new node joins the network, it only downloads the latest Checkpoint and a few dozen blocks. In addition, the SafeBox now contains block header information in every AccountBlock sub-structure. This makes it possible for a node to independently compute and verify the cumulative work required to construct the SafeBox structure. It does this by: 1. Checking that all block headers link transitively as a chain via the SafeBox 2. Recalculating the Accumulated Work of the SafeBox using the proof-of-work payloads 3.
Verifying that the Accumulated Work of the SafeBox is the largest known in the network. As a result, PascalCoin achieves exponentially higher Throughput-Per-Unit-Of-Storage than other cryptocurrencies, since node’s only need to store the network throughput not the aggregated network throughput. In other words, PascalCoin stores the flow of transactions rather than the history of transactions. If the flow is constant, so is the storage. A caveat here is that the SafeBox does grow negligibly with every block, but always in constant amounts and irrespective of the quantity of transactions. For example, by the year 2072 the SafeBox will always be ~6 GB in size whether 1 transaction occurred or a googleplex.
[ ✓] In-Protocol PASA Exchange
[ ✓] Deletable Blockchain
[ ✓] Checkpointing
[in progress ] OS X Wallet
[in progress ] iOS & Android Wallet (Native)
[ in progress] Ultra-high Throughput Fine-tuning & Optimization
[ in progress] V3-alpha testnet (100+ txn/sec on fixed storage)
[in progress ] Multisig (N-N Schnorr aggregate signatures)
[in progress ] Full C# Implementation (Community driven)
[ in progress] Monetized API Infrastructure For Service Providers (Community driven)
[ in progress] Double-Spend-Detection-Service (for highly-reliable 0-confirmation transactions)