PolySmartChain Introduction
What is Blockchain?
The best description of the blockchain is to describe it as a public database that is updated and shared by many computers in the network.
The "block" means that data and status are stored in sequential batches or "blocks". If you send PSC to someone, you need to add the transaction data to a block for it to be successful.
"Chain" refers to the fact that each block cryptographically references its parent block. In other words, blocks are linked together. The data within a block cannot be changed without changing all subsequent blocks, but changing subsequent blocks requires the consensus of the entire network.
Each computer in the network must agree on each new block and chain. These computers are called "nodes". Nodes ensure that all people interacting with the blockchain have the same data. To accomplish this distributed protocol, the blockchain requires a consensus mechanism.
Watch Austin take you through the blockchain at:
To see how the blockchain compresses data and how previous blocks reference all past blocks, be sure to check out Anders Brownworth's demo and watch the accompanying video below.
Watch Anders introduce hash in the blockchain:
PolySmartChain Introduction
In the PolySmartChain network, there is a normalized computer (called the virtual machine, or EVM) whose state is agreed upon by everyone in the PolySmartChain network. Each participant in the PolySmartChain network (each PolySmartChain node) keeps a copy of the state of this computer. In addition, any participant can broadcast a request to this computer to perform any computation. Whenever such a request is broadcasted to the network, the other participants on the network will verify, confirm, and perform ("execute") the computation. This command causes a change in the state of the EVM and is propagated throughout the network.
The computation request is called a transaction request; the record of all transactions and the current state of the EVM are stored in the blockchain, which in turn is stored and agreed upon by all nodes.
The encryption mechanism ensures that once a transaction is verified as valid and added to the blockchain, it cannot be tampered with afterwards. The same mechanism also ensures that all transactions are signed and executed with the appropriate "permissions" (no one can send digital assets from Alice's account except Alice herself).
What is PSC?
PSC is the native cryptocurrency on PolySmartChain. Why does the PSC exist? The purpose is to allow for the existence of an arithmetic market. Such a market provides a financial incentive for participants to validate and execute transaction requests and provide computational resources to the network.
Any participant who broadcasts a transaction request must also provide a certain amount of PSC to the network as a bonus. This bonus will be awarded to anyone who ultimately validates the transaction, executes it and submits it to the blockchain, and broadcasts it in the network.
The number of PSC paid corresponds to the amount of time required to perform the computation. This type of reward also prevents malicious participants from intentionally clogging the network by requesting the execution of infinite loops or resource-intensive scripts, since these participants will pay for their own computation time.
What is Smart Contract?
In practice, participants do not write new code every time they request a computation on the EVM. Instead, application developers upload programs (reusable code snippets) to EVM storage, and then users request execution of these code snippets with different parameters. We refer to these programs that are uploaded to and executed by the network as smart contracts.
In simple terms, you can think of a smart contract as a kind of vending machine: after invoking a script with specific parameters, some operation or calculation is performed if certain specific conditions are met. For example, if the caller sends Ether to a specific recipient, ownership of the digital asset can be created and assigned through a simple seller smart contract.
Any developer can create a smart contract and make it public on the network and pay the network using the blockchain as its data layer. Any user can then invoke the smart contract to execute its code and pay the network again.
Thus, through smart contracts, developers can arbitrarily build and deploy complex user-facing applications and services, such as marketplaces, financial instruments, games, etc.
What can I do with Poly Smart Chain?
Because Poly Smart Chain is compatible with EVM, it supports a rich set of Ethernet tools and DApp.In theory, this makes it easy for developers to port their projects from Ethereum. For users, this means that applications like MetaMask can be easily configured to work with Poly Smart Chain. Seriously,it's just a matter of adjusting a few settings. See using MetaMask for Poly Smart Chain to get started.
You can:
Send and receive PSC and other PRC2 tokens across the chain.
Explore the transaction history and blocks on the chain through Pscscan, API, and node RPC interfaces.
Mortgaged PSC to get some block rewards.
Developers can also:
Issue new tokens to digitize assets
Migrate an existing DApp
Run a full node to listen for and broadcast real-time updates of transactions, blocks, and consensus activity
Become the PSC verifier
Develop wallets and tools to help users use Dapps
Token Economy
PSC Token
PSC is the native asset of Poly Smart Chain. PSC plays the same role as ETH in Ethereum in Poly Smart Chain. However, PSC circulation on the Poly Smart Chain does not require the same fees as Ethereum.
PSC features on Poly Smart Chain include
As a handling charge on Poly Smart chain
Become the ecological verifier of Poly Smart Chain by pledging PSC to gain revenue
Undertake cross-chain function
PSC is fully compatible with Ether, BSC and Polygon standards, so PSC chain can also support ERC20 Token, BSC Token and Polygon Token.
Cross-Chain Technology
The use of cross-chain technology principles is critical to the blockchain industry. Poly Smart Chain cross-chain technology allows users to freely circulate their assets. The advantages include:
Users can build digital assets and decentralized financial products based on the Poly Smart Chain.
Projects and assets on the Poly Smart Chain can circulate freely and stably, and are more efficient, convenient and low-cost than any other public chain in the industry.
PSC can play the role of transfer in blockchain assets, and map the public chain assets to the Poly Smart chain through the asset cross-chain bridge. After the assets are locked on the chain, the corresponding number of tokens are generated in the Poly Smart chain.
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