Concepts
Pecu Novus Transactions
Last Updated: March 8, 2025Pecu Novus Transactions Transactions on the Pecu Novus Blockchain Network are fundamental operations initiated by accounts to modify the network’s state in a cryptographically secure manner. These transactions are essential for transferring PECU (Pecu Novus native cryptocurrency) or interacting with smart contracts deployed on the network. Here’s a breakdown of how transactions work Cryptographically Signed Instructions: Every transaction originates from an account and is cryptographically signed using the account’s private key. This signature ensures the authenticity and integrity of the transaction, preventing unauthorized modifications. Purpose of Transactions: Transactions serve various purposes, but the most straightforward involves transferring PECU from one account to another. This action modifies the balances associated with the sender and recipient accounts on the blockchain ledger. Transaction Components: Each transaction typically includes: Sender Address: The public address of the account initiating the transaction. Recipient Address: The public address of the account receiving the PECU. Amount: The quantity of PECU being transferred. Gas Limit: Specifies the maximum computational resources (gas) that can be consumed by the transaction. Gas Price: The fee paid per unit of gas to incentivize network validators (miners) to process the transaction promptly. Network Validation: Once a transaction is created and signed, it is broadcasted to the Pecu Novus Blockchain Network. Network validators validate the transaction by verifying the signature, checking the sender’s balance for sufficient funds, and ensuring the transaction adheres to network rules and protocols. This is all done autonomously as Pecu Novus validators host nodes to expand the strength of the network and Proof of Time is the protocol used on the Pecu Novus Blockchain Network, much different than Proof of Work or Proof of Stake. Transaction Execution: Upon successful validation, the transaction is executed, updating the account balances on the blockchain ledger. The transaction details, including sender, recipient, amount, and timestamp, are recorded as part of the immutable blockchain history. Transaction Confirmation: After processing, the transaction enters the blockchain as a confirmed transaction block. Confirmation ensures that the transaction is final and irreversible, providing certainty to both sender and recipient. This all happens in a matter of under a second. Transactions on the Pecu Novus Blockchain Network facilitate the secure transfer of PECU and execution of smart contract functions. They leverage cryptographic signatures and network validation to maintain integrity and reliability throughout the blockchain ecosystem. Types of Transactions On the Pecu Novus Blockchain Network, transactions are categorized into several types, each serving specific functions within the decentralized ecosystem: Regular Transactions: Description: These transactions involve transferring PECU (Pecu Novus native cryptocurrency) from one externally-owned account (EOA) to another. Structure: Sender: The public address of the account initiating the transaction. Recipient: The public address of the account receiving the PECU. Amount: The quantity of PECU being transferred. Execution: Regular transactions modify the account balances on the blockchain ledger, updating the sender’s and recipient’s PECU balances accordingly. Contract Deployment Transactions: Description: This type of transaction is used to deploy a new smart contract onto the Pecu Novus Blockchain Network. Structure: Sender: The public address of the account deploying the contract. Data Field: Contains the bytecode of the smart contract to be deployed. Execution: The transaction does not have a recipient (“to” address) because it is creating a new contract. Upon validation and inclusion in a block, the contract’s bytecode is stored on the blockchain, and a new contract address is generated. Execution of a Contract: Description: This transaction type interacts with a previously deployed smart contract on the Pecu Novus network. Structure: Sender: The public address initiating the transaction. Recipient (“to” address): The address of the deployed smart contract. Data Field: Contains the function call and any parameters required by the smart contract method being invoked. Execution: When executed, the transaction triggers the corresponding function within the smart contract. The contract’s state may be updated based on the function’s logic, and additional transactions (internal transactions) may be generated within the contract. Each type of transaction plays a crucial role in the operation of the Pecu Novus Blockchain Network, enabling PECU transfers, deploying smart contracts, and executing smart contract functions. These transactions are secured through cryptographic signatures and validated by network participants (validators), ensuring the integrity and reliability of the blockchain’s distributed ledger system. Transaction Lifecycle Once a transaction is submitted on the Pecu Novus Blockchain Network, the following process unfolds: Transaction Hash Generation: Upon submission, a unique cryptographic hash is generated for the transaction. This hash serves as a digital fingerprint that uniquely identifies the transaction on the blockchain. Broadcasting to the Network: The transaction is broadcasted to the Pecu Novus Blockchain Network. It joins a pool of pending transactions awaiting validation and inclusion in a block by network validators. Validation and Inclusion in a Block: Validators within the network autonomously select transactions from the transaction pool to include in the next block. Each selected transaction undergoes validation to ensure it meets the network’s consensus rules and cryptographic requirements. Block Confirmation: Once a validator includes the transaction in a block, the block undergoes several stages to confirm its validity: Justified: The block is initially justified, indicating it has received sufficient attestations or endorsements from validators. Finalized: Subsequently, the block is finalized, which means it has been permanently confirmed and added to the blockchain. Finalization ensures that the transactions within the block are considered irreversible and tamper-proof under normal circumstances. Security Assurance: Once a block is finalized, the transactions it contains are extremely unlikely to be altered. Any attempt to modify a finalized block would require a network-level attack of extraordinary scale and cost, making such attacks economically infeasible. This process ensures the security, reliability, and immutability of transactions on the Pecu Novus Blockchain Network, providing users with confidence that their transactions are processed swiftly and securely within a decentralized environment.
Pecu Novus Blocks
Last Updated: March 8, 2025Pecu Novus Blockchain Blocks Blocks on the Pecu Novus Blockchain Network serve as batches of transactions that are linked together in a chain through cryptographic hashing. Here’s how this process ensures security and prevents fraud: Batching Transactions: Each block contains a set of transactions that have been validated and confirmed by network validators autonomously. These transactions can include regular transfers, smart contract executions, or contract deployments. Hashing and Chaining: Every block includes a cryptographic hash of the previous block’s header. This hash is a unique digital fingerprint generated through a hashing algorithm (such as SHA-256) and represents the entire content of the previous block. By including the previous block’s hash in its own header, each new block in the chain effectively links back to its predecessor. Immutable Chain of Blocks: The chaining of blocks via cryptographic hashes creates an immutable record. Any alteration to the data in a block would result in a change to its hash. Since each subsequent block includes the hash of the previous block, any change to a block would cause all subsequent blocks’ hashes to change as well. This chain structure ensures that once a block is added to the blockchain and subsequent blocks are added on top, it becomes computationally impractical to alter any aspect of a block without detection. Fraud Prevention: The cryptographic linkage between blocks prevents fraud by making it evident if any block in the chain has been tampered with. If an attacker attempts to modify a block’s data, the hash of that block would change, leading to a mismatch with the hash stored in the subsequent block. This discrepancy would be immediately noticeable to all nodes in the network, prompting rejection of the altered block. This consensus mechanism ensures the integrity of the entire blockchain. Any attempt to alter historical data would require an enormous amount of computational power to recalculate all subsequent hashes, making such attempts economically and practically infeasible. By utilizing this blockchain architecture, the Pecu Novus Blockchain Network maintains a transparent and secure ledger of transactions, providing trust and reliability to its users while preventing unauthorized modifications to the historical record. How Pecu Novus Blocks Work To maintain a secure and reliable transaction history, the Pecu Novus Blockchain Network employs a structured approach where blocks are meticulously ordered and transactions within these blocks are strictly sequenced. Here’s how this process unfolds to ensure consensus and reliability across the network: Ordered Blocks and Transactions: Each new block created on the Pecu Novus Blockchain Network contains a reference to its parent block, establishing a chronological order in the blockchain. Transactions within each block are also arranged in a specific order. This sequence ensures that all participants on the network can agree on the exact history of transactions and the current state of the blockchain at any given time. Validator Selection and Block Propagation: Validators on the network are randomly selected to assemble new blocks. These validators are responsible for collecting valid transaction requests from the network and organizing them into a new block. Once a validator successfully creates a block, it is propagated across the entire network. All nodes in the network add this new block to the end of their own copy of the blockchain. This propagation ensures that every participant in the network has an identical copy of the blockchain, maintaining consistency and transparency in transaction history. Proof of Time Protocol: The specific process of block assembly, validation, and consensus is governed by Pecu Novus’ Proof of Time protocol. This protocol outlines how validators are selected, how transactions are validated, and how consensus is reached on the addition of new blocks to the blockchain. Proof of Time incorporates mechanisms to ensure fairness in validator selection, efficient block creation, and secure propagation of blocks across the network. Commitment and Consensus: Through this structured approach, Pecu Novus ensures that all nodes in the network agree on the validity and sequence of transactions. This consensus mechanism prevents double-spending and ensures the integrity of the blockchain. Validators play a crucial role in upholding this consensus by validating transactions, creating new blocks, and participating in the decentralized governance of the network. By adhering to these principles and protocols, Pecu Novus maintains a robust blockchain infrastructure that supports secure and transparent transactions, providing reliability and trust to its users.
Pecu Novus Gas
Last Updated: March 8, 2025Pecu Novus Gas Gas plays a crucial role in facilitating the operations of the Pecu Novus Blockchain Network, serving as the equivalent of fuel that powers its transactions and computational processes. Similar to how a car requires gasoline to operate, transactions on Pecu Novus require gas to execute specific operations effectively and securely. Definition and Functionality Gas is a unit that quantifies the computational effort needed to perform operations within the Pecu Novus Blockchain Network. Every transaction on the network consumes a certain amount of computational resources, and this consumption must be paid for to prevent the network from being susceptible to spam attacks or infinite loops that could potentially halt its operations. Calculating Gas Fees The gas fee for a transaction is determined by multiplying the amount of gas required to execute a particular operation by the current cost per unit of gas. It’s important to note that this fee must be paid regardless of whether the transaction ultimately succeeds or fails. Payment and Denomination Gas fees are paid using Pecu Novus’ native cryptocurrency, PECU. The smallest denomination of PECU used to quote gas prices is called vinci. One vinci is equivalent to one-billionth of a PECU (0.000000001 PECU or 10^-9 PECU). This denomination allows for easier understanding and quoting of gas prices in everyday transactions. Example Instead of stating that a gas fee costs 0.000000001 PECU, it can be expressed as 1 vinci, simplifying transactions and calculations involving gas fees on the Pecu Novus Blockchain Network. Vinci serves as the fundamental unit for measuring and transacting gas fees on Pecu Novus, ensuring the smooth operation and integrity of the network’s transactions through efficient resource allocation and cost management. How are Gas Fees Calculated Typically determining how much gas fee (comprising base fee and priority fee) to pay for a transaction on typical blockchain networks. The Pecu Novus Blockchain Network has a very low flat fee for transactions to the tune of .0015 PECU (1.5MM vinci) per transaction no matter how small or large the transaction may be. So every transaction has a a flat base gas fee that is based on a compute level not on a volume level. Here’s a breakdown of how other networks work and how Pecu Novus works: Base Fee Most Networks The base fee is a non-negotiable component set by the protocol. It represents the minimum amount you must pay for your transaction to be considered valid by the network. Transactions that only pay the base fee are technically valid but may not be prioritized for inclusion in the next block because they offer no additional incentive to validators. Pecu Novus There is one flat fee regardless of the size of the transfer, this allows for a fair environment and no one able to jump to the front of the line. Due to the extreme speed of the network, there is never a need to expedite a transfer. Priority Fee Most Networks The priority fee is an additional amount you add to the base fee. Although validators autonomously validate blocks, this serves as an incentive for the network to automatically prioritize your transaction over others when selecting transactions to include in the next block. The correct amount for the priority fee depends on the current network conditions: High Demand: If there is significant demand for transactions on the network (many pending transactions), the network’s validators are more selective about which transactions would be included in the next block. In this case, you should set a higher priority fee to increase the likelihood that your transaction is picked up quickly. Low Demand: When network activity is low (fewer pending transactions), you can afford to set a lower priority fee. The network’s validators are more likely to include transactions that offer lower fees because there is less competition for block space. Pecu Novus There is no need for a priority fee due to the speed of the network. Optimizing Your Gas Fee To determine the appropriate gas fee for most networks: Monitor Network Conditions: Check the current state of the blockchain network you are dealing with to gauge the level of transaction activity. Websites or blockchain explorers often provide real-time information on pending transactions. Adjust Accordingly: Based on the network conditions: If the network is congested (high demand), increase your priority fee to ensure timely inclusion. If the network is less busy (low demand), you can reduce your priority fee to save on transaction costs. Consider Timing: Gas prices can fluctuate throughout the day due to varying demand patterns. Sending transactions during periods of lower network activity might allow you to pay a lower fee while still achieving timely execution. By understanding and adjusting your gas fee components (base fee and priority fee) based on current network conditions, you can optimize the cost-effectiveness and efficiency of your transactions on most networks. As stated due to the extreme speed and scalability of the Pecu Novus Blockchain Network there is no need for priority fees or high fees in general. Basic Economic Design Whether it’s Bitcoin, Ethereum, Solana or other blockchain networks, most rely on inflationary protocol-based rewards for short-term security, gradually shifting to transaction fees as a long-term sustainability model. Pecu Novus follows a similar approach. Initially, 50% of each transaction fee is burned (permanently removed from circulation), while the remainder supports network maintenance and innovation. With its Proof of Time consensus mechanism, Validators earn direct PECU rewards, enabling the network to maintain exceptionally low gas fees based on compute levels. Additionally, a structured global inflation rate ensures a future stream of rewards distributed to Pecu Novus Validators for decades to come. Fee Collection The sender incurs the base gas fee for each transaction, meaning that the sender and not the receiver must pay the gas fee for the transaction. This ensures fairness and low gas fees in general. Before a transaction is processed, the sender must have enough PECU balance to cover both the transaction amount and the required gas fee. If the sender’s...
Pecu Novus Accounts
Last Updated: March 8, 2025Pecu Novus Accounts A Pecu Novus account is an entity with a PECU balance that can send transactions on the Pecu Novus network. Accounts can either be user-controlled or deployed as smart contracts. Pecu Novus Account Types Pecu Novus supports two distinct types of accounts: Externally-Owned Account (EOA): Controlled By: Individuals with private keys. Capabilities: Receive, hold, and send PECU and tokens. Interact with deployed smart contracts on Pecu Novus. Contract Account: Controlled By: Code in the form of a deployed smart contract. Capabilities: Receive, hold, and send PECU and tokens. Interact with other deployed smart contracts on Pecu Novus. These functionalities allow both account types to participate fully in the Pecu Novus ecosystem, enabling a wide range of transactions and interactions. Key Differences Between Externally-Owned Accounts (EOAs) and Contract Accounts on Pecu Novus Externally-Owned Accounts (EOAs) Cost: Creating an account costs nothing. Transaction Initiation: Can initiate transactions. Transaction Types: Transactions between externally-owned accounts can only involve PECU/token transfers. Control: Made up of a cryptographic pair of keys: public and private keys that control account activities. Contract Accounts Cost: Creating a contract incurs a cost due to network storage usage. Transaction Initiation: Can only send transactions in response to receiving a transaction. Transaction Capabilities: Transactions from an external account to a contract account can trigger code, which can execute a variety of actions, such as transferring tokens or creating a new contract. Control: Contract accounts have private keys on the Pecu Novus Blockchain Network. This is different from Ethereum, where contracts are controlled by the logic of the smart contract code. EOA’s and Key Pairs An account on Pecu Novus consists of a pair of cryptographic keys: a public key and a private key. These keys are essential for verifying transactions and preventing fraud. The private key is used to sign transactions, thereby proving the authenticity of the sender and providing control over the associated funds. It’s important to note that cryptocurrencies themselves are not held directly; instead, ownership is established and managed through possession of these private keys, with the digital assets recorded on Pecu Novus’ ledger. The use of public-key cryptography ensures security by enabling verification of the transaction sender. For instance, if Joseph wishes to send PECU from his account to Jenny’s account, he initiates a transaction request and broadcasts it to the network for verification. Pecu Novus employs cryptographic mechanisms that allow Joseph to demonstrate he initiated the transaction request through his private key. This process prevents scenarios where malicious actors, like Anthony, could falsely broadcast a transaction request, claiming it originated from Joseph’s account. Without cryptographic safeguards, such fraudulent actions would be indistinguishable from legitimate transactions, posing significant security risks to the network. Account Creation When creating an account on Pecu Novus, a random private key consisting of 64 hexadecimal characters is generated for the user. This private key can be optionally encrypted with a password for added security. From this private key, the corresponding public key is derived using the Elliptic Curve Digital Signature Algorithm (ECDSA). To obtain a public address for the account, the last 20 bytes of the Keccak-256 hash of the public key are taken, prefixed with ‘0x’. This public address serves as a unique identifier for transactions and interactions within the Pecu Novus network. It’s important to note that while new public keys can be derived from a private key, the reverse is not possible. This underscores the critical importance of safeguarding the private key, as it grants control over the associated account and digital assets. Hence, the private key must be kept secure and confidential at all times to prevent unauthorized access and misuse. In practical terms, the private key is used to sign messages and transactions, producing a signature. Others can verify the authenticity of these messages by using the corresponding public key derived from the signature, thereby confirming the identity and authorship of the sender. This cryptographic process ensures the integrity and security of transactions on the Pecu Novus Blockchain Network. Contract Accounts Contract accounts on the Pecu Novus Blockchain Network are assigned a unique 42-character hexadecimal address. This address is typically generated when a smart contract is deployed onto the network. The contract address is derived from the creator’s address and the number of transactions sent from that address. This derivation ensures that each contract deployed on Pecu Novus has a distinct identifier, which helps in tracking and interacting with specific contracts on the blockchain. When a contract is created and deployed by an externally-owned account (EOA), the Pecu Novus protocol calculates a deterministic address based on the EOA’s address and the nonce (the number of transactions sent from that address). This process ensures that the contract address is predictable and unique to that specific deployment instance. Having a unique contract address is crucial for identifying and interacting with smart contracts on the blockchain. It allows participants to send transactions to the contract, query its state, and invoke its functions according to the rules and logic encoded within the contract’s bytecode. Overall, the contract address plays a fundamental role in the decentralized execution and management of smart contracts on the Pecu Novus Blockchain Network, providing a reliable means to differentiate and access specific contract instances within the blockchain ecosystem. Distinction Between an Account and a Wallet An account on the Pecu Novus network refers to the cryptographic keypair used to manage and access a user-owned account. It consists of a private key, which is securely stored and used to sign transactions, and a public key, derived from the private key, which generates the corresponding public address on the blockchain. However, a wallet in the context of Pecu Novus is distinct from an account. A wallet serves as an interface or application that facilitates interaction with your Pecu Novus account. It provides users with the ability to view their account balance, send and receive transactions, manage tokens and assets, and generally interact with the blockchain network. Here’s the distinction Account: Refers to the cryptographic keypair (private...
