Precium on STS&P 2018
Precium team participated in this year’s Smart Technology for Sustainable Development & Procurement 2018(STS&P 2018) conference on the 28~ 30 of 2018 November...
- A hybrid blockchain that combines the advantages of the public and private blockchains.
- An Onyx Chain which has been developed in Precium will be aimed at maintaining the safety of the public blockchain, high trandsaction rate and scalability of the private blockchain.
- Anyone can create the codes for the terms of smart contract in Precium platform.
- The contract terms go through a validation process and can be uploaded to the platform.
- If platform users use the template to create a smart contract, the Onyx coins are dispensed to the corresponding template creator as compensation.
- The platform users can easily make the smart contract by combining the validated contract terms.
- The Onyx chain which has highly efficient structure for using smart contracts supports Precium platform.
- The Onyx chain employs a new consensus protocol which is optimized for hybrid blockchain to preserves blockchain’s transparency while enjoying a high transaction rate and high scalability.
- Oracle technology supports bringing external information onto the blockchain and determine whether
or not a certain smart contract’s conditions have been fulfilled.
- To increase reliability and provide developers with optimized APIs, Precium consistently seeks to partner with organizations and research institutes that develop the APIs that provide external information to Oracles.
The Precium platform is a smart contract platform based on Onyx Chain, a Hybrid blockchain that combines the advantages of a Private blockchain with a Public blockchain. There are two parties involved in the Precium Platform, the Contract Users and the Contract Creators. Contract Creators provide a validated contract conditions or templates to Contract Users, and Contract Users can build a new Smart Contract in the Onyx chain using the conditions provided by the Contract Creators. In this process, the Contract Creators are rewarded for every time whenever the contract conditions are used. In addition, Precium Platform provides a secure and versatile form of smart contract for contract users by building a reliable Oracle solution that connects on-chain and off-chain.
Onyx Chain of Precium Platform is a Hybrid Blockchain in which each private block is attached to a public block chain. The content in the public block is freely available to all nodes participating in the Onyx chain. A private block is associated with a public block having its own hash value, and only the node which is directly related to the public block can view the corresponding private block. In addition, private blocks can access to external information on the Onyx Chain through Oracle technology and build smart contracts based on them.
Oracle is a technology that imports information on a blockchain from off-chain network into an on-chain network. In other words, Smart Contracts within a blockchain network will be able to collect information from outside of the blockchain through Oracle and use this information to determine whether the contract’s conditions are fulfilled. Therefore, the information that comes into the block chain through Oracle is directly linked to the reliability of the smart contract. Precium Foundation is working with institutions and laboratories to prepare a reliable Oracle API configuration, and is planning to make more partnerships as the usage contract expands. We will also reward for the usage of partner’s API on the platform. This will allow everyone to receive reliable information and expect healthy development of the Oracle ecosystem.
Precium’s token economy consists of Precium tokens (PCM) and Onyx coins (ONX). PCM is based on
ERC20, a token standard that ensures the compatibility of tokens that can be distributed over the Ethereum
network. This means that PCM will be interoperable with a number of use cases and will be used in a variety of
projects to vitalize the Precium platform.
ONX is the key currency of the Precium platform; it is a stablecoin pegged at one U.S. dollar. On the Precium platform, ONX is used in Onyx chain smart contracts and as compensation for Contract Creators and Oracle API providers. Additionally, PCM can be exchanged with ONX on the Precium platform; their exchange rate depends on the external trade value of PCM.