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Explanation of Key Terms and Concepts
To understand the P-20 blockchain and PVT-USD stablecoin fully, it's essential to familiarize yourself with the key terms and concepts used within this ecosystem. This section provides an explanation of the key terminology related to the P-20 blockchain and PVT-USD.
- 1.Blockchain: The P-20 network is a privacy-focused and decentralized DAG-based blockchain, ensuring privacy and anonymity while providing secure and efficient transaction processing. It employs advanced cryptographic techniques such as ring signatures and stealth addresses to protect user identities and transaction details.
- 2.Consensus Algorithm: The mechanism used by the P-20 blockchain to achieve agreement on the state of the network. P-20 blockchain utilizes the Directed Acyclic Graph (DAG) structure and the Asynchronous Byzantine Fault Tolerance (aBFT) consensus algorithm. DAG allows for concurrent transaction processing, while aBFT ensures fault tolerance and security.
- 3.Directed Acyclic Graph (DAG): A data structure used in the P-20 blockchain to represent transactions as events, forming a directed acyclic graph based on causality. DAG allows for efficient parallelization and scalability in transaction processing, enabling faster and more scalable networks.
- 4.Asynchronous Byzantine Fault Tolerance (aBFT): A fault-tolerant consensus algorithm employed by the P-20 blockchain to ensure secure processing of transactions in the presence of Byzantine faults. It leverages mathematical concepts and game theory to analyze and design fault-tolerant systems. The aBFT consensus algorithm enables the network to reach consensus even in an asynchronous environment with potentially malicious nodes.
- 5.Event: In the P-20 blockchain, an event represents a transaction in the network. Each event is assigned a unique Lamport timestamp for ordering purposes. Events are stored in the DAG and form the basis of the transactions.
- 6.Popularity Score: The measure of agreement among nodes regarding the popularity of events (transactions) in the P-20 blockchain. The popularity score is determined through voting and aggregation of votes from participating nodes. It reflects the collective opinion of the network about the order of transactions.
- 7.Virtual Voting: A mechanism in the P-20 blockchain that allows nodes to vote on transactions they have not directly observed. Virtual voting enables nodes to determine the popularity of transactions based on votes received from other nodes. It helps achieve consensus on the order of transactions in an asynchronous and potentially Byzantine network environment.
- 8.Lamport Timestamp: A logical timestamp assigned to events (transactions) in the P-20 blockchain. Lamport timestamps provide a partial ordering of events based on causality, allowing nodes to establish the chronological order of transactions in a distributed system.
- 9.Scaling Factor: The percentage change in supply during the rebase process in the PVT-USD stablecoin. It is calculated based on the ratio of the total supply of PVT-USD coins to the current price. The scaling factor determines the adjustment to users' balances during supply expansion or contraction.
- 10.Ring Signature: A cryptographic technique employed in PVT-USD transactions to ensure privacy and anonymity. It allows a user to sign a message on behalf of a group, making it impossible to determine which specific member of the group generated the signature. Ring signatures enhance transaction privacy by obfuscating the identity of the sender.
- 11.Ring Confidential Transactions (RingCT): A privacy-enhancing technique used in PVT-USD transactions to hide transaction amounts. RingCT combines ring signatures with confidential transaction outputs, making it impossible to determine the exact value being transacted while still ensuring the integrity of the transaction.
- 12.Decentralized Exchange (DEX): A type of cryptocurrency exchange that operates on a peer-to-peer basis, allowing users to trade directly with each other without relying on a central authority. P-20 blockchain supports decentralized exchanges, enabling secure and private trading of PVT-USD and other assets within the ecosystem.
- 13.Cross-Chain Interoperability: The ability of the P-20 blockchain to interact and exchange assets with other blockchain networks. Cross-chain interoperability enables seamless transfer of assets between different blockchains, expanding the utility and reach of the PVT-USD stablecoin.
By familiarizing yourself with these key terms, you'll gain a comprehensive understanding of the underlying concepts and mechanisms employed in the P-20 blockchain and PVT-USD stablecoin ecosystem.