Ethereum smart contracts have a history of repeated hacks and stolen funds. Smart contracts based on other cryptocurrencies have come under scrutiny for similar reasons. It is because they are Turing complete knowledge and not feasible to static analysis.
Pycoin, which is based on Turing incomplete programming, ensures that there are no run time errors or bugs which can’t be used as exploits to steal funds and corrupt Pycoin smart contracts.
About Pycoin PYC
Pycoin is an infinitely scalable decentralized zero-knowledge platform for secure smart contracts and decentralized applications. It is an application for writing, testing and deploying mathematically verifiable secure smart contracts in Python programming language that behave exactly as intended. It is a product of Coholology Labs which is a research, development and deployment laboratory for DApps, AI systems, network protocols, development tools and components.
Pycoin can be used as a platform for launching the next generation of decentralized applications such as scalable decentralized exchanges(DEXs), automated hedge funds and darkpools. The platform is being deployed on synchronized binary decentralized networks of DAG-based forked chain of XRB/Nano capable of processing 7,000 transactions per second and DexOS, a real time un-forkable blockchain capable of processing 2,000,000 transactions per second.
Pycoin finds its application in privacy-preserving currency and confidential global payment system and in unmanned decentralized exchanges(UDEXs). It can be also used to develop Realtime video communication-capable anonymous web infrastructure.
Advantages of Pycoin
- Improved Blockchain Security: Pycoin would give developers and blockchain companies a platform to test their smart contracts. This will reduce the instances of fraud and cyber attacks.
- Python based: Python can be used to code almost any program possible and is the most diverse language making it one of the best possible languages for smart contracts to be written in.
- Run by Ethereum Classic co founder: Cohomology Labs, Pycoin’s parent company is run by Daniel Kaminski who co-founded Ethereum Classic. He has an unparalleled knowledge of smart contracts and Blockchain technology and has a good reputation throughout the industry.
Pycoin PYC Token Sale
Pycoin us the native token of Pycoin decentralized platform for Turing Incomplete smart contracts running on synchronized binary DAG. A total of 62 Billion coins are being launched, which has a hard cap of that amount.
Out of the 62 Billion token, 9 Billion are reserved for developers and founder team, 2 Billion is for Bounty Hunters and a whooping 26 Billion tokens are for Controlled Emission which is to reward P2P random users as payment validators. Genesis allocation is done to fund creation, development, deployment and reward creators. Token Sale will start on 24th March, 2018 and 30th March, 2018.
Funds will be used as follows:
- Marketing- 18%
- Research and Development – 20%
- Operations -28%
- Reserve and miscellaneous – 10%
- Product development – 24%
Pycoin PYC ICO Conclusion
Pycoin’s enhanced security features, experiences team and the niche of catering to only python plays to its advantages. As computers are getting getting faster than ever, hackers have become a serious threat. They have stolen millions from security holes in smart contracts. Pycoin has the potential to revolutionize the security of smart contracts.
You can learn more about Pycoin and their ICO on http://www.pycoin.io/