Is Paymon the Blockchain 4.0?

May 3, 20018 Paymon completed the second round of his ICO. As mentioned in this article, the new technology is one of the main reasons to participate in the project and to believe in the company. What exactly is the innovation of the Paymon Blockchain called Hive? Why would this project pioneer more than Bitcoin, Ethereum, IOTA and EOS technologies? Here is a detailed comparative description of Hive and its processors.

Brief history of Blockchain technologies

From 2009, when Bitcoin just appeared, the Blockchain was known as its main technology. When cryptocurrency became popular for the first time in 2015, people paid attention to its technology and called it Blockchain 1.0. That same year, the world saw the Ethereum blockchain, which solved some of Bitcoin's problems and has also become popular. People called it Blockchain 2.0.

In 2015, IOTA made a major shift in decentralized technology, incorporating what is known as the Acyclic Oriented Graph (ACG). In fact, it is not a Blocklchain per se, but an improved system to replace it. IOTA called it Tangle. Some have called it version 3.0. What is the next step ?

Paymon Blockchain = DAG

The Paymon cryptocurrency, PMNC (Paymon Coin), will also be decentralized and will be based on the DAG system.

DAG is a directed graph that does not have a circuit. Such a graph can be seen as a hierarchy.

DAG is a directed graph that has a topological order, a sequence of vertices so that each edge is directed from the beginning to the end of the sequence.

 

In this case, DAG is the replacement for the Blockchain. Transactions, based on DAG, will be confirmed by the nodes. Each network user is a node , so the entire graph is filled. Nodes also send and approve transactions.
The main idea of ​​Hive is to work in the following way: when a new transaction arrives, it must approve or try to approve two previous ones.
To speed up the confirmation process, the nodes form groups (called "pools") and each of them approves its transactions. This is why all the users, by carrying out transactions, work for the security of the network.

Hive also uses the Proof-Of-ME (POM) system, based on Proof-Of-Work and a scoring system. This principle of protection assumes that the user who wants to join the system must first confirm himself.
DAG, in fact, makes it possible to create a cryptocurrency without blockchain.

No commission, and speed of transactions

Thanks to DAG, there will be no mining in the sense that miners will not only receive " free " money for confirmation of transactions. It gives three important advantages to the system.

First , DAG solves the problem of the scope. For example, the Bitcoin system currently allows only seven transactions per second. Ethereum, about 13-15 per seconed. EOS, also based on Blockchain, allows 100,000 transactions. But with DAG it is possible to carry out an unlimited number of transactions. This is possible only for Paymon Coin and IOTA.

Secondly , the speed of transactions will increase without any minor. To compare, the confirmation of the Bitcoin transaction takes about half an hour. Ethereum, from 15 seconds to minutes. The Paymon Coin transaction, however, will work instantly.

Third , the Paymon system will avoid transaction fees. In February 2017, when many people began actively using Bitcoin at the same time, commission fees were up to $ 55. This problem is still relevant in the cryptocurrency industry. EOS and IOTA transactions are now free, and Paymon Coin transactions will also be free.

Smart contracts

The intelligent contracts (smart contracts) are not the invention of Paymon. Initially, they were integrated into the Ethereum system (the Bitcoin Blockchain does not include smart contracts). As we know, smart-contracts allow transactions between users only with the prior agreement of both parties. If one of the parties does not want to confirm the transaction, the smart-contract will not be completed.

In comparison , IOTA does not have smart contracts. It is explained by the theory that there is no option to integrate smart contacts in the DAG system. In the Ethereum Blockchain, all transactions are in the correct order, whereas in the IOTA system, it is impossible to determine the order of transactions. This is because at DAG, if we can say it, they exist in different dimensions and do not intersect in the chain. However, Paymon programmers are working on this solution .

 

Algorithm resistant to quantum computers

Here's one more reason why Paymon Coin deserves attention. Hive will use algorithms that are impossible to decipher by quantum computers ( quantum-resistant algorithm ). This option is currently not of great interest, but it will be very important in 5-10 years.

"Many experts predict the arrival of the quantum computer in 10 or 15 years. I would be very surprised if it takes so much time, " says Bernard Ourghanlian, Technical and Security Director at Microsoft

IOTA is the first Block company (not to mention "Blockchain" here) that started using quantum-resistantalgorithms . However, Paymon is once again a step ahead. For example, the password of Paymon will be 256 bits, while IOTA takes 7000.

Paymon will use a modified algorithm, which is currently being tested. The size of the keys will be about the same as for Ethereum, but the algorithm is more innovative, so that the keys will not be less safe.

Rust programming language

The main program of Hive will be written in the programming language Rust . In comparison with other languages ​​(Forth of Bitcoin, Ethereum Solidity , Web Assembly of EOS, JavaScript / Python / C # / Java / Go of IOTA) Rust is very advanced and secure. It is modified, sophisticated, safer and faster than other languages ​​of other Blockchains.

"Rust is a high-speed system programming language that prevents segmentation errors and ensures thread-to-thread security. We read on the Rust site.

Business platform named "Profit"

And so, the last point about Paymon Blockchain is actually the most interesting. " Profit" is the business platform that will eventually introduce cryptocurrency into everyday life and make it more popular. Why ? All companies will be able to join the platform and each owner will receive payments for goods and services in cryptocurrency . There will be a special builder integrated into the website, which will automatically generate smart contracts after the user adds a good or service to sell. For example, when the user chooses a good or a service and decides to buy, he will have the choice:

• see a QR code, or
• pay the goods immediately (it will of course be possible to choose the delivery).

In the second case, the smart-contract will wait until the company confirms the payment, checking if the user has enough money for the purchase. Only after that will the exchange be complete. The whole process will take place instantly.

There will also be an integrated rating system within the platform to avoid any misunderstanding and conflict between customers and businesses. Each user will have the opportunity to evaluate the company's service from 1 to 5, as well as discuss any issues.
In addition, as previously mentioned, Paymon will provide high-speed, no-commission transactions . Thus, thanks to the intelligent contracts integrated on Hive and Profit, users can perform ICOs as well as create online payment requests for all needs .

In addition, Hive will include an exchange system, type Atomic Swap, which will allow users to make P2P exchanges inside the platform. This is obviously very practical, because the users will have the possibility of concentrating within the same platform all the possibilities of exchanging different crypto-currencies. Companies will be able to accept the payment of their merchandise in PMNC and exchange it for any other cryptocurrency inside Paymon. In the future, cryptocurrency will be exchangeable for fiat money. None of the exchanges will incur fees .

Another feature of the platform is the integrated Cold Wallet , which offers the highest level of protection.

" Cold storage techniques keep cryptocurrency safe by generating offline addresses inaccessible to hackers"

Conclusion

Therefore, it is relevant to say that Paymon's technologies have much in common with those of IOTA. But as mentioned before, the IOTA Blockchain is heavier, and does not have -nnally- either smart contracts.

In addition, IOTA is only for the Internet of Things (IoT), and Paymon, thanks to the Profit platform, will be used by a large number of people and will be more useful in the traditional market. The company took innovations and improved them, trying to make encryption technologies closer to people and everyday life. Thus, we may well arrive after a while to see people buy their coffee with ETH, BTC or PMNC.

What do you think of Paymon and PMNC? Tell us with a comment.