Pycoin

Pycoin uses simplicity as core language to do the computations in the smart contracts. Simplicity cannot express general computation. It can only express finitary functions, because each Simplicity type contains only finitely many values. However, within this domain, Simplicity's set of combinator is complete: any function between Simplicity's types can be expressed which is sufficient to program a smart contract. The core of Simplicity consists of nine combinator for building expressions. They capture the fundamental operations for the three flavors of types in Simplicity. The typing rules for these nine combinator.
We can classify the combinator based on the flavor of types they support.
• The unit term returns the singular value of the unit type and ignores its argument.
• The injl and injr combinator create tagged values, while the case combinator, Simplicity's branching operation, evaluates one of its two sub-expressions based on the tag of the first component of its input.
• The pair combinator creates pairs, while the take and drop combinator access first and second components of a pair respectively.
• The iden and comp combinator are not specific to any flavor of type.
The iden term represents the identity function for any type and the comp combinator provides function composition. Simplicity expressions form an abstract syntax tree. The leaves of this tree are either iden or unit terms. The nodes are one of the other seven combinator. Each node has one or two children depending on which combinator the node represents. Pycoin uses initially a directed acyclic graph decentralized network for deploying on a fork of DAG- based XRB (Nano/RaiBlocks). DAGs more reliable and efficient than traditional blockchains. DAG (directed acyclic graph) – is a finite directed graph with no directed cycles. That is, it consists of finitely many vertices and edges, with each edge directed from one vertex to another, such that there is no way to start at any vertex v and follow a consistently-directed sequence of edges that eventually loops back to v again. Equivalently, a DAG is a directed graph that has a topological ordering, a sequence of the vertices such that every edge is directed from earlier to later in the sequence.
• Since Pycoin is a decentralized platform which can be used to writing and testing secure smart contracts, a language is needed to program the smart contracts. In Pycoin simplicity is the main choice for the language as it is Turing incomplete, so amenable to static analysis and the calculation effort can be calculated prior to its execution. Also simplicity’s formal semantics can be a good choice for the testing of programs so that buggy code can be avoided in smart contracts.
• Pycoin needs a decentralized network to act upon. Here DAG based decentralized network is chosen. As it is already shown above why DAG bas ed network is better than traditional forkable blockchains.
• For implemented DAG based network a well-defined PoW protocol is needed to validate a block which basically contains a single transaction
. • Pycoin uses Python language (actually PyLegal, a Turing Incomplete interpolation of Python with Simplicity as the target language) for the development of secure smart contracts-SSCs. Pycoin uses Simplicity as its target language which has no unbounded loops or recursion. It is possible to build smart contracts with state carried through loops using covenants without requiring unbounded loops within Simplicity itself. Bounded loops needed by our Blacke2b implementation, can be achieved by unrolling the loop. Because of sub-expression sharing, this doesn’t unreasonably impact program size. We do not directly write Simplicity, rather we use functions written in Coq or Haskell to generate Simplicity. These languages do support recursion and we use loops in these meta-languages to generate unrolled loops in Simplicity.
• Simplicity has no function types and therefore no higher-order functions. While it is possible to compute upper bounds of computation resources of expressions in the presence of function types, it likely that those bounds would be so far above their actual needs that such analysis would not be useful.
• Incentives: In order to encourage Pycoin users to participate, i.e., be online when selected and pay the network cost of operating Pycoin, the system may need to include incentives in form of a reward mechanism by minting Pycoin out of the hard cap supply as per a controlled Emission rate. Designing and analyzing an incentive mechanism includes many challenges, such as ensuring that users do not have perverse incentives (e.g., to withhold votes), and that malicious users cannot “game the system” to obtain more rewards than users who follow the protocol.
• The design and implementation of PyLegal, a Turing Incomplete interpolation of Python language is undergoing.
• Building a dual synchronized Pycoin Testnet for DAG-based network (XRB/Nano fork) and realtime unforkable blockchain network DexOs based on BFT protocol.
• Developing a Lightwight Web-based Pycoin WalletTotal coins planned to be launched: 62,000,000,001 Maximum Supply(Hardcap): 62,000,000,001 Reserved for developers and founder team: 9,000,000 ,000 Reserved for Bounty Hunters: 2,000,000,000 Reserved for Controlled Emission(minting) to reward peer-to-peer random users-payment validators: 26,000,000,001
• Limited Supply, with total set by the token sale.
• Genesis allocation to fund creation, development, deployment, and reward creators.
• Backed by useful services and applications: Demand for Pycoin-powered applications e.g. privacy-preserving cryptocurrency and confidential hyperfast global payment system, scalable gaming infrastructure, unmanned DEXs, large-scale Federated IoT Networks, tokenized financial assets and derivatives contracts , crypto dark pools and automated hedge funds.
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Website- http://www.pycoin.io/
Whitepaper- http://www.pycoin.io/static/whitepaper.pdf
Twitter- https://twitter.com/PycoinOfficial
Telegram- https://t.me/joinchat/FxdrGhIDns5xms3LVtHbWA

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