What is Pycoin?
Pycoin is a project by Cohomology Labs which is focused on making smart contracts more secure. The blockchain network is founded on the principle of smart contracts which are essentially mini computer programs that oversee the transfer of funds over the blockchain from one address to another. However, they aren’t as secure as they once were.
Pycoin seeks to provide a platform for Python developers to write, test, and deploy their smart contracts. Their platform would allow for advanced testing that would allow the developers to identify any runtime errors and security loopholes that hackers could exploit.
- Improved Blockchain Security: Pycoin would give developers and other blockchain companies a platform to test their smart contracts on before releasing them to the public. This would greatly reduce the instances of fraud and cyber attacks on users’ personal funds.
- Python-based: Python is one of the most diverse languages on the planet. You can write almost any program imaginable, and it’s very straightforward. These make it one of the best possible languages that developers can write their smart contracts in.
- Run By Ethereum Classic’s Co-Founder: Cohomology Labs is run by Daniel Kaminski who co-founded Ethereum Classic. He has an unparalleled knowledge of smart contracts and blockchain technology and brings all of his expertise to the table.
What Issue Does it Solve?
When Ethereum first introduced smart contracts, they were revolutionary. Smart contracts were incredibly fast, they were secure, and all of the details of the sale went onto a public ledger for the world to see. However, with the advent of supercomputers and advanced hacking techniques, the traditional Ethereum blockchain and smart contracts have become less secure.
Hackers are targeting specific runtime errors and small loops that exist within smart contract programs and using them to steal millions of dollars worth of funds. The worst part about it is that because it’s cryptocurrency, these hackers are almost impossible to track, so many people lose their money for good.
Pycoin is providing a platform for smart contract developers to write and test their code before they deploy it to the public. It’s also based on one of the best languages in the world, Python.
Token Sale Information
- Whitepaper: http://www.pycoin.io/static/whitepaper.pdf
- Token name: PYC
- Accepted payment: ETH, BTC, XRB
- 1 PYC = $0.009
- Total coins released token sale (hard cap): 62,000,000,001
Disclaimer: All information on this post is made to educate our readers. Don’t invest in any ICO unless you’re confident about its capabilities and do so at your own risk.
- Enhanced Security: Pycoin wants to increase the security of blockchain transactions which is a real-world problem.
- Experienced Team: Pycoin is a project by Cohomology Labs which is run by one of the founders of Ethereum Classic.
- Caters to Python Developers: Python is one of the most reputable programming languages in the world.
- Pycoin Mainnet Doesn’t Launch Till 2019: Investors may not see a significant return till summer of 2019 when they launch their main net with full functionality.
Pycoin has the potential to revolutionize the security of smart contracts. As computers are getting faster than ever and quantum computing on the horizon, hackers have become more of a threat than ever. They have already stolen millions of dollars from security holes in smart contracts. Pycoin is a platform made by developers for developers, and once their main net becomes fully operational, there’s no reason why the company shouldn’t take off.