All You Need to Know About PawChain
Very few crypto projects can boast of being an all-in-one solution, especially in this day and age when most projects focus on offering one solution to eliminate key issues facing blockchain usage and adoption (security, scalability, and speed). However, a new project seems to be standing out that offers solutions to each issue. This project is PawChain, a Layer 3 blockchain with something for everyone.
What is PawChain?
Source: pawchain
PawChain is an ecosystem of products and services designed to enhance scalability and interoperability across different blockchains. It operates as a Layer 3 solution, offering faster transaction processing and specialized functions tailored for specific use cases, such as hosting certain types of decentralized applications (dApps). This enhanced scalability contributes to PawChain’s secure infrastructure, ensuring it can meet the increasing demands in the digital assets landscape.
The project aims to facilitate network compatibility across various blockchain platforms, effectively bridging crypto networks. Through its infrastructure, Pawchain will create a collaborative environment where blockchains can work together to handle complex systems collectively instead of trying to handle them alone.
PawChain’s ecosystem includes various products such as PawSwap, PawDAO, PawScanner, and Paw Marketplace, all of which work to make DeFi and blockchain adoption more accessible.
History of PawChain
PawChain (initially founded as PawSwap) was established in January 2023 by five individuals with the help of other specialized teams. These individuals use pseudonyms to protect their privacy, and they include FAFO, the CEO, Bravo, the Chief Marketing Officer, Steve, the Chief Security Officer, Ruggz, the Chief Financial Officer and Effy, the Chief Commercial Officer.
At first, PawSwap’s functions in the blockchain ecosystem were limited to token swapping, access to liquidity pools, and token listing. However, the project has since expanded its scope to handle functions typically associated with both Layer 1 and Layer 2 solutions.
This evolution was accompanied by a rebranding from PawSwap to PawChain, which necessitated a migration process to preserve PAW tokens’ original supply and value. The PawChain mainnet was officially launched in April 2024.
Another milestone for PawChain was the introduction of the PAW token, which reached a market cap of $100 million during its peak in the previous bull run. The project has gained significant support, with the PAW token being listed on centralized trading platforms like Gate.io, alongside partnerships with platforms like CoinCover, Zypto, Donorship.io, and StealthEx. Notably, PawChain has also processed over $920 million in trading volume and has accumulated over 10,000 token holders.
How Does PawChain Work?
Source: pawchain
PawChain is a multi-layer network designed to provide a scalable system while focusing on efficiency. It leverages two consensus mechanisms: Proof of Authority (PoA) and Proof of Stake (PoS).
Using proof of authority removes the need for calculations to decide which validator approves transactions first based on the amount they staked. As such, when there is high traffic and the network has to process several transactions, the PoA validator can simply take the entire memory pool and sign all the transactions in a batch.
To ensure transparency, PawChain uses 10 PoA validators. To prove their integrity, the validators must undergo a mandatory and independent KYC validation process. The third party handling the KYC will only disclose their information in the event of any malpractice; as such, the validator is encouraged to obey all rules.
On the other hand, similar to other proof-of-stake chains, PAW token holders would be able to stake their tokens with a chosen validator. The higher the validator’s stake, the higher their voting influence. They can also override PoA validators if a problematic block is encountered.
It operates across Layer 1, 2, and 3 networks, with the blockchain serving as the core processing platform for all the utilities within the PAW ecosystem. This structure ensures smooth and secure transaction processing.
Layer 1, also known as the foundational layer, is built upon the Geth implementation of the Ethereum blockchain. It provides a secure foundation for processing transactions and simplifies smart contract deployments to Layer 3.
An upgrade to layer 1 introduced PawJS, a simple and developer-friendly scripting contract language designed to make smart contract development more accessible while boosting security and overall network efficiency.
The next layer, Layer 2, bridges Layers 1 and 3, ensuring smooth data transfer and coordination between on-chain and off-chain components. Every contract on Layer 2 must perform essential functions, including name, owner, and decimal functions, to maintain consistency in identification and asset management throughout the system.
Layer 3 is an off-chain ledger designed to handle high-frequency transactions and complex computations. It reduces congestion and allows for faster transaction processing, enabling the system to handle more transactions efficiently without traffic issues.
To enhance its security, PawChain subscribed to CertiK, an auditing platform that awarded the project a high audit score of 93.10 as of June 28th, 2024. This makes PawChain the 18th-ranked project on the platform globally, highlighting its boosted security.
PawChain also set up a straightforward and fair structure for transaction fees. While PAW Coin transactions are always free, other transfers are charged based on the transaction amount, with fees ranging from $1 for transfers under $100 to $50 for transactions over $1,000,000. This fee system ensures that the cost of transactions remains reasonable and proportionate to the transfer size.
Main Features of PawChain
PawChain incorporates several features, including:
PawSwap
Source: pawchain
PawSwap is a platform dedicated to simplifying the staking process for new and experienced users. It offers an easy-to-use interface to guide users through staking and provides a range of options to suit different risk appetites. It also offers flexible staking durations, allowing users to tailor their strategies to their needs and maintain full control over their assets while determining potential profits.
PawSwap is committed to constant improvement, and recently revamped its staking interface to enhance its user experience. This shows PawSwap’s dedication to progress and providing the best possible experience for its users.
Paw Wallet
Source: pawchain
The PAW Wallet is a digital platform for managing digital assets, offering new features like personalized usernames ending with a .paw extension. This makes wallet addresses more recognizable and shareable, allowing users to establish a brand identity within the PAW Chain ecosystem. This approach also reduces the likelihood of errors during transactions and improves accessibility, especially for those new to blockchain technology.
The PAW Wallet also provides a multi-sig wallet, where multiple people (ranging from 5-9) must consent to a transaction before it can be executed. This approach is a comprehensive solution for protecting high-value transactions, benefiting businesses and organizations.
Paw Marketplace
Paw Marketplace is an innovative e-commerce platform that harnesses the power of blockchain technology to create a global marketplace without intermediaries like banks or payment processors. By using smart contracts, the platform ensures secure and transparent transactions, reducing costs for buyers and sellers and allowing them to trade directly with each other.
One of Paw Marketplace’s key benefits is its ability to combat counterfeit products. Due to the incorporation of blockchain technology, all product information remains verifiable and transparent, giving buyers confidence that they are purchasing authentic goods.
From a business standpoint, Paw Marketplace enables sellers to reach a global customer base without the usual complications of international trade. This is made possible by blockchain technology’s streamlined nature, reducing the complexities of traditional supply chains.
Moreover, Paw Marketplace provides a level playing field for small and medium-scale businesses, allowing them to compete fairly and equitably with larger entities within the decentralized ecosystem.
PawChain Ecosystem
PAW Scanner
Source: pawchain
Paw Scanner monitors transactions across PawChain in real-time. It offers comprehensive asset management solutions for digital assets on different blockchains and has a three-step redundant failure prevention system. Additionally, it integrates seamlessly with other blockchain networks to ensure uninterrupted asset management.
In the future, Paw Scanner plans to introduce new features such as contract validation and wallet tracking to further enhance its functionality. These additions will allow for seamless integration with multiple blockchains, leading to more efficient transactions and improved overall interoperability.
PawDAO
Source: pawchain
PawDAO is a governance system coming soon to PawChain that will allow its members to have a say in the project’s development and future. It’s a platform where users can propose ideas, discuss them, and vote on important network decisions.
PawChain’s native token, PAW, will play a crucial role in this governance system, as only holders can make decisions. They can submit proposals for technical improvements, new features, partnerships, or any other ideas that could benefit the project. As such, every token holder will have an equal opportunity to contribute their thoughts and help shape the future of PawChain.
PawBridge
Paw Bridge is a platform that seamlessly connects different blockchain networks, making it easier and more cost-effective for projects to deploy their digital assets. With PawBridge, projects can maintain the same contract address when transferring assets across various chains, thus ensuring consistent liquidity. The platform also provides real-time monitoring to swiftly identify and address security threats, thus ensuring overall ecosystem integrity.
Moreover, security and compliance are top priorities for Paw Bridge, which receives consistent audits conducted by CertiK while adhering to the standards set by the National Institute of Standards and Technology (NIST).
Paw Bridge supports a wide range of assets because it facilitates transactions across different blockchain platforms. Additionally, it employs a flexible fee structure based on transactions carried out across connected networks.
Paw Virtual Card
Source: pawchain
Paw Virtual Card helps users efficiently manage their digital assets and improves their experience when dealing with transactions across various blockchains. It is powered by Zypto and allows users to convert their PAW and other enabled tokens into virtual cards. Users can then use these virtual cards for traditional transactions online, as long as credit/debit cards are accepted.
As a project that prioritizes security, the virtual card incorporates a three-step failure prevention system built on the Paw infrastructure to ensure that user assets remain secure during transactions.
Paw Pools
Source: pawchain
PawChain provides liquidity pools, allowing users to access and trade digital assets across blockchains. These pools are designed to facilitate efficient cross-chain transactions, making digital assets more accessible in the market.
With Paw Pools, users can access liquidity from multiple connected blockchains, enhancing their market opportunities and ensuring effective liquidity management. This improves the trading capabilities and overall performance of the PawChain ecosystem.
What is PAW?
PAW is the native token of the PawChain ecosystem. It serves various functions, including transaction payment and governance. PAW operates without any transaction fees and is deflationary, meaning it is designed to decrease in supply over time. PAW is designed to maintain and increase its value since its supply is fixed, and the PawChain ecosystem features functionalities that aim to reduce its availability even further.
PAW Tokenomics
Source: assets-global.website-files.com
PAW has a total and circulating supply of 1 quadrillion tokens and a market cap of $12.9 million. The distribution went as follows: Out of the total supply of 1 quadrillion tokens,
- 350 trillion tokens were locked in Team Finance and allocated to the ecosystem’s development and rewarding token holders. These tokens were locked on January 16, 2023, and were released periodically over one year. About 35 trillion tokens were unlocked on January 30, 2023, another 35 trillion were unlocked on April 22, 2023, 87.5 trillion were released on July 15 of the same year, and the remaining 192.5 trillion tokens were unlocked on January 16, 2024.
- 650 trillion tokens were put into a liquidity pool alongside 3 ETH tokens to ensure liquidity for the token.
News on PAW
PAW Chain’s road map indicates the development of various DApps, including systems for peer-to-peer energy trading and secure educational platforms. Future applications also include advanced point-of-sale systems to facilitate transactions.
Expected technological advancements for PAW Chain include new consensus algorithms, implementing a new burn mechanism, and developing payment cards focusing on global usability while considering regional use cases.
Is PAW a Good Investment?
PawChain aims to set itself apart as a breakthrough Layer 3 project by providing enhanced interoperability between other blockchain networks. It also provides a suite of comprehensive products targeted at everyone, from regular blockchain users to small—and even large-scale businesses, allowing a wide range of use cases and functionalities.
Despite its innovative approach, it is still important to remember how volatile the crypto market is. As such, everyone is advised to do extensive research or consult qualified financial personnel before investing in any crypto project.
Take Action on PAW
PAW can be purchased from both centralized and decentralized exchanges, including gate.io. Find your preferred trading pairs here and start your crypto trading journey.
Useful References
For the latest updates on PawChain, you can visit:
Related articles
What Is Ethereum 2.0? Understanding The Merge
What Is a Cold Wallet？
What is Stablecoin?
All You Need to Know About PawChain
What is PawChain?
How Does PawChain Work?
Main Features of PawChain
PawChain Ecosystem
What is PAW?
News on PAW
Is PAW a Good Investment?
Take Action on PAW
Useful References
Very few crypto projects can boast of being an all-in-one solution, especially in this day and age when most projects focus on offering one solution to eliminate key issues facing blockchain usage and adoption (security, scalability, and speed). However, a new project seems to be standing out that offers solutions to each issue. This project is PawChain, a Layer 3 blockchain with something for everyone.
What is PawChain?
Source: pawchain
PawChain is an ecosystem of products and services designed to enhance scalability and interoperability across different blockchains. It operates as a Layer 3 solution, offering faster transaction processing and specialized functions tailored for specific use cases, such as hosting certain types of decentralized applications (dApps). This enhanced scalability contributes to PawChain’s secure infrastructure, ensuring it can meet the increasing demands in the digital assets landscape.
The project aims to facilitate network compatibility across various blockchain platforms, effectively bridging crypto networks. Through its infrastructure, Pawchain will create a collaborative environment where blockchains can work together to handle complex systems collectively instead of trying to handle them alone.
PawChain’s ecosystem includes various products such as PawSwap, PawDAO, PawScanner, and Paw Marketplace, all of which work to make DeFi and blockchain adoption more accessible.
History of PawChain
PawChain (initially founded as PawSwap) was established in January 2023 by five individuals with the help of other specialized teams. These individuals use pseudonyms to protect their privacy, and they include FAFO, the CEO, Bravo, the Chief Marketing Officer, Steve, the Chief Security Officer, Ruggz, the Chief Financial Officer and Effy, the Chief Commercial Officer.
At first, PawSwap’s functions in the blockchain ecosystem were limited to token swapping, access to liquidity pools, and token listing. However, the project has since expanded its scope to handle functions typically associated with both Layer 1 and Layer 2 solutions.
This evolution was accompanied by a rebranding from PawSwap to PawChain, which necessitated a migration process to preserve PAW tokens’ original supply and value. The PawChain mainnet was officially launched in April 2024.
Another milestone for PawChain was the introduction of the PAW token, which reached a market cap of $100 million during its peak in the previous bull run. The project has gained significant support, with the PAW token being listed on centralized trading platforms like Gate.io, alongside partnerships with platforms like CoinCover, Zypto, Donorship.io, and StealthEx. Notably, PawChain has also processed over $920 million in trading volume and has accumulated over 10,000 token holders.
How Does PawChain Work?
Source: pawchain
PawChain is a multi-layer network designed to provide a scalable system while focusing on efficiency. It leverages two consensus mechanisms: Proof of Authority (PoA) and Proof of Stake (PoS).
Using proof of authority removes the need for calculations to decide which validator approves transactions first based on the amount they staked. As such, when there is high traffic and the network has to process several transactions, the PoA validator can simply take the entire memory pool and sign all the transactions in a batch.
To ensure transparency, PawChain uses 10 PoA validators. To prove their integrity, the validators must undergo a mandatory and independent KYC validation process. The third party handling the KYC will only disclose their information in the event of any malpractice; as such, the validator is encouraged to obey all rules.
On the other hand, similar to other proof-of-stake chains, PAW token holders would be able to stake their tokens with a chosen validator. The higher the validator’s stake, the higher their voting influence. They can also override PoA validators if a problematic block is encountered.
It operates across Layer 1, 2, and 3 networks, with the blockchain serving as the core processing platform for all the utilities within the PAW ecosystem. This structure ensures smooth and secure transaction processing.
Layer 1, also known as the foundational layer, is built upon the Geth implementation of the Ethereum blockchain. It provides a secure foundation for processing transactions and simplifies smart contract deployments to Layer 3.
An upgrade to layer 1 introduced PawJS, a simple and developer-friendly scripting contract language designed to make smart contract development more accessible while boosting security and overall network efficiency.
The next layer, Layer 2, bridges Layers 1 and 3, ensuring smooth data transfer and coordination between on-chain and off-chain components. Every contract on Layer 2 must perform essential functions, including name, owner, and decimal functions, to maintain consistency in identification and asset management throughout the system.
Layer 3 is an off-chain ledger designed to handle high-frequency transactions and complex computations. It reduces congestion and allows for faster transaction processing, enabling the system to handle more transactions efficiently without traffic issues.
To enhance its security, PawChain subscribed to CertiK, an auditing platform that awarded the project a high audit score of 93.10 as of June 28th, 2024. This makes PawChain the 18th-ranked project on the platform globally, highlighting its boosted security.
PawChain also set up a straightforward and fair structure for transaction fees. While PAW Coin transactions are always free, other transfers are charged based on the transaction amount, with fees ranging from $1 for transfers under $100 to $50 for transactions over $1,000,000. This fee system ensures that the cost of transactions remains reasonable and proportionate to the transfer size.
Main Features of PawChain
PawChain incorporates several features, including:
PawSwap
Source: pawchain
PawSwap is a platform dedicated to simplifying the staking process for new and experienced users. It offers an easy-to-use interface to guide users through staking and provides a range of options to suit different risk appetites. It also offers flexible staking durations, allowing users to tailor their strategies to their needs and maintain full control over their assets while determining potential profits.
PawSwap is committed to constant improvement, and recently revamped its staking interface to enhance its user experience. This shows PawSwap’s dedication to progress and providing the best possible experience for its users.
Paw Wallet
Source: pawchain
The PAW Wallet is a digital platform for managing digital assets, offering new features like personalized usernames ending with a .paw extension. This makes wallet addresses more recognizable and shareable, allowing users to establish a brand identity within the PAW Chain ecosystem. This approach also reduces the likelihood of errors during transactions and improves accessibility, especially for those new to blockchain technology.
The PAW Wallet also provides a multi-sig wallet, where multiple people (ranging from 5-9) must consent to a transaction before it can be executed. This approach is a comprehensive solution for protecting high-value transactions, benefiting businesses and organizations.
Paw Marketplace
Paw Marketplace is an innovative e-commerce platform that harnesses the power of blockchain technology to create a global marketplace without intermediaries like banks or payment processors. By using smart contracts, the platform ensures secure and transparent transactions, reducing costs for buyers and sellers and allowing them to trade directly with each other.
One of Paw Marketplace’s key benefits is its ability to combat counterfeit products. Due to the incorporation of blockchain technology, all product information remains verifiable and transparent, giving buyers confidence that they are purchasing authentic goods.
From a business standpoint, Paw Marketplace enables sellers to reach a global customer base without the usual complications of international trade. This is made possible by blockchain technology’s streamlined nature, reducing the complexities of traditional supply chains.
Moreover, Paw Marketplace provides a level playing field for small and medium-scale businesses, allowing them to compete fairly and equitably with larger entities within the decentralized ecosystem.
PawChain Ecosystem
PAW Scanner
Source: pawchain
Paw Scanner monitors transactions across PawChain in real-time. It offers comprehensive asset management solutions for digital assets on different blockchains and has a three-step redundant failure prevention system. Additionally, it integrates seamlessly with other blockchain networks to ensure uninterrupted asset management.
In the future, Paw Scanner plans to introduce new features such as contract validation and wallet tracking to further enhance its functionality. These additions will allow for seamless integration with multiple blockchains, leading to more efficient transactions and improved overall interoperability.
PawDAO
Source: pawchain
PawDAO is a governance system coming soon to PawChain that will allow its members to have a say in the project’s development and future. It’s a platform where users can propose ideas, discuss them, and vote on important network decisions.
PawChain’s native token, PAW, will play a crucial role in this governance system, as only holders can make decisions. They can submit proposals for technical improvements, new features, partnerships, or any other ideas that could benefit the project. As such, every token holder will have an equal opportunity to contribute their thoughts and help shape the future of PawChain.
PawBridge
Paw Bridge is a platform that seamlessly connects different blockchain networks, making it easier and more cost-effective for projects to deploy their digital assets. With PawBridge, projects can maintain the same contract address when transferring assets across various chains, thus ensuring consistent liquidity. The platform also provides real-time monitoring to swiftly identify and address security threats, thus ensuring overall ecosystem integrity.
Moreover, security and compliance are top priorities for Paw Bridge, which receives consistent audits conducted by CertiK while adhering to the standards set by the National Institute of Standards and Technology (NIST).
Paw Bridge supports a wide range of assets because it facilitates transactions across different blockchain platforms. Additionally, it employs a flexible fee structure based on transactions carried out across connected networks.
Paw Virtual Card
Source: pawchain
Paw Virtual Card helps users efficiently manage their digital assets and improves their experience when dealing with transactions across various blockchains. It is powered by Zypto and allows users to convert their PAW and other enabled tokens into virtual cards. Users can then use these virtual cards for traditional transactions online, as long as credit/debit cards are accepted.
As a project that prioritizes security, the virtual card incorporates a three-step failure prevention system built on the Paw infrastructure to ensure that user assets remain secure during transactions.
Paw Pools
Source: pawchain
PawChain provides liquidity pools, allowing users to access and trade digital assets across blockchains. These pools are designed to facilitate efficient cross-chain transactions, making digital assets more accessible in the market.
With Paw Pools, users can access liquidity from multiple connected blockchains, enhancing their market opportunities and ensuring effective liquidity management. This improves the trading capabilities and overall performance of the PawChain ecosystem.
What is PAW?
PAW is the native token of the PawChain ecosystem. It serves various functions, including transaction payment and governance. PAW operates without any transaction fees and is deflationary, meaning it is designed to decrease in supply over time. PAW is designed to maintain and increase its value since its supply is fixed, and the PawChain ecosystem features functionalities that aim to reduce its availability even further.
PAW Tokenomics
Source: assets-global.website-files.com
PAW has a total and circulating supply of 1 quadrillion tokens and a market cap of $12.9 million. The distribution went as follows: Out of the total supply of 1 quadrillion tokens,
- 350 trillion tokens were locked in Team Finance and allocated to the ecosystem’s development and rewarding token holders. These tokens were locked on January 16, 2023, and were released periodically over one year. About 35 trillion tokens were unlocked on January 30, 2023, another 35 trillion were unlocked on April 22, 2023, 87.5 trillion were released on July 15 of the same year, and the remaining 192.5 trillion tokens were unlocked on January 16, 2024.
- 650 trillion tokens were put into a liquidity pool alongside 3 ETH tokens to ensure liquidity for the token.
News on PAW
PAW Chain’s road map indicates the development of various DApps, including systems for peer-to-peer energy trading and secure educational platforms. Future applications also include advanced point-of-sale systems to facilitate transactions.
Expected technological advancements for PAW Chain include new consensus algorithms, implementing a new burn mechanism, and developing payment cards focusing on global usability while considering regional use cases.
Is PAW a Good Investment?
PawChain aims to set itself apart as a breakthrough Layer 3 project by providing enhanced interoperability between other blockchain networks. It also provides a suite of comprehensive products targeted at everyone, from regular blockchain users to small—and even large-scale businesses, allowing a wide range of use cases and functionalities.
Despite its innovative approach, it is still important to remember how volatile the crypto market is. As such, everyone is advised to do extensive research or consult qualified financial personnel before investing in any crypto project.
Take Action on PAW
PAW can be purchased from both centralized and decentralized exchanges, including gate.io. Find your preferred trading pairs here and start your crypto trading journey.
Useful References
For the latest updates on PawChain, you can visit:
Related articles
What Is Ethereum 2.0? Understanding The Merge
What Is a Cold Wallet？