What Is Ping Chain?
Ping Chain is a decentralized application that offers smart contract execution as a service. This will allow users to more finely control the execution of smart contracts using Ethereum or ERC-20 compliant currencies. The company is also releasing its own currency, the PNG Token, which is required to use the service. While Ping Chain is introducing a powerful new feature to the Ethereum system, it's not clear if there's great demand for it, or if its currency will be a lucrative investment.
Ping Chain Team
Ping Chain is the first project to be released by a team called DApp City. (“DApp” refers to “Decentralized Application,” i.e. those running on a peer-to-peer network like Ethereum.) This group was co-founded by three software developers – Mike Khristo, Jim O'Brien, and Eddie Kim – who had previously worked together at a company called SHIFT prior to its closing in 2015. Though relatively young, these three men have years of engineering and management experience and have worked with major companies, including Snapchat and Disney. The DApp City team seems eager to continue releasing products for blockchain, particularly the Ethereum ecosystem, but it has not mentioned its plans for the future beyond the Ping CHain project.
Ping Chain's website claims that the project has received coverage from major media outlets such as CBS, ABC, FOX, and NBC; these could not be found by searching the internet, but the product has received attention from many sites devoted to ICOs. DApp City is also gaining a formidable following on social media, with over 7,000 followers on Facebook.
The company is also offering an Ambassador program, where users can be paid a commission for recruiting buyers to the ICO through their personal social media accounts.
Ping Chain Developers Smart Contract Trigger Tools Technology
Ping Chain allows users to program “Triggers,” which can be used to execute an Ethereum smart contract when a particular condition is met. Usually, the conditions that activates a trigger is a certain time, or the execution of some other smart contract. Triggers can be created on Ping Chain's website, or programmed on a separate computer and then called through the site.
To execute a smart contract through a Ping Chain trigger, users must first add a function called “pingchainTriggerCallback()” to the target contract. While this is a very simple process (essentially a copy-and-paste) that's thoroughly explained in the product's whitepaper, it could be intimidating for users with no programming experience.
Every time a trigger is used to execute a smart contract, the user is charged one PNG Token. Thus, users are required to purchase the tokens in advance and fund their account with them. Ping Chain's initial product is live on Ethereum's Main and Ropsten Test networks, but it currently supports only the most common use case: time-based triggers. Event-based triggers and more advanced notifications will be added soon.
Ping Chain PNG ICO Details
Ping Chain's PNG Tokens are being sold in a five-round ICO. The pre-sale, accessible only to those invited through the company's Ambassador program, ran in late February 2018, and the general sale will run until the end of March. During the ICO sale, buyers are entitled to significant discounts depending on which round they participate in. A total of six billion PNG Tokens will be sold during the ICO, which appears to be the entire supply.
The company offers relatively little information about its ICO as compared with many others: there is no mention of whether the token will be on any public exchanges following the ICO, dividends or other rewards for owners, or whether they will burn tokens not bought during the ICO. Even the exact dates of the sale's five rounds are not clearly mentioned.
Ping Chain Verdict
Ping Chain's triggers could be very useful to a niche audience of Ethereum enthusiasts, and this powerful technology has the potential to be used very creatively. It's hard to imagine the public embracing Ping Chain's products, but it has great potential for business-to-business transactions.
Investors curious about the PNG Token should wait for more information about its listing on public exchanges, and observe the popularity of the Ping Chain platform.