How Does The Pecu Novus Network Work?

PECU 101

There are a few ways that you may be starting out:

• You may be simply creating your Pecu Novus Mobile Wallet via your mobile phone to store your PECU and other digital assets created on the network

• Maybe someone you know wants to send you PECU or another digital asset such as an NFT created on the Pecu Novus Network, so a Pecu Novus Mobile Wallet is needed for that via your mobile phone

• Or perhaps you are involved in a business transaction that requires you to have a Pecu Novus Mobile Wallet

In any of these cases you have to set up a Pecu Novus Mobile Wallet via your mobile phone first so that you can hold PECU or any other digital assets created on the network. This will also give you access to the Pecu Terminal (desktop or laptop access only), which is a comprehensive system with many useful tools. This will automatically generate your first Public Key and Private Key, which are paired. The public keys are what is a permanent part of the public ledger, this is why its a good idea to change your public key after each transfer, for security reasons. So as with most virtual wallets, the transfer works as simply as an email would. You can scan the QR code from another mobile wallet, their computer or if they sent you an email it can be done that way as well. You can always paste their public key in the Transfer area. The Note section is optional and is where you can add a description of the transfer and have it become a permanent part of the blockchain. Just press Transfer and it’s instantaneously transferred to the other party. Its as simple as that.

The Blockchain

You’ve probably become more familiar with this word as of late and its important that you are because it will be integrated into a number of systems on government, financial and commercial levels. Since the Pecu Novus Network is a layer-one blockchain network , this is the foundation of the Pecu Novus Network and will be an integral part of the foundation of most systems built on the network in the future. In short a blockchain is a true and immutable account of something, it can be a transaction, it can prove the true ownership of an asset or property, it can show truth as it relates to a diploma or identification, it can be used to secure systems and much more.

Because there is a public account for public systems, it can be seen by any network member at any time. Each and every transfer that occurs on the Pecu Novus Network is included in the public ledger for transparency and security. All transactions are permanent on the blockchain and can never be altered, they run through a serious of independent validator nodes globally and as they are completed they form a chronological order of transfers enforced by cryptography.  On the Pecu Novus blockchain the use of Proof of History is used, so every transaction has an immutable and irreversible timestamp.

Private Keys

A private key can be simply explained, consider it like your pin code to your bank account access but a lot longer. Any wallet that is created on any blockchain produces a private key that can never be changed and a public key, on the Pecu Novus Network public key can be updated on demand after each transfer. This private key is considered your digital signature and produces a public key that is seen on the blockchain/public ledger. The private key cannot be viewed by anyone other than the person that created that wallet/account. That private key is also needed if a PECU holder should want to move their PECU to a cryptocurrency exchange or a third party digital wallet.

What Does The Pecu Terminal Do?

The Pecu Terminal is the center of all functionality beyond the actual Pecu Novus Blockchain and digital wallet. To access the Pecu Terminal you will need your mobile wallet to get access as it holds your terminal key, the Pecu Terminal is only accessible on a desktop or laptop computer.  Once access is granted then the world of the Pecu Terminal is open to you from the simply viewing of your digital holdings such as PECU, NFTs, Digital Documents and other digital assets held in your account to making transfers, minting NFTs and so much more. The Pecu Terminal will continue scale with platform integrations developed by MegaHoot Technologies.

What is the Escrow System For?

The Pecu Escrow System is a simple smart contract and is proprietary to the Pecu Novus Network. The system was created for global business purposes but it is also a very powerful tool for all network members. For instance it simply allows a network member to place PECU in escrow until they see or receive the product, this secures the digital transfer without incurring fees or going at risk transferring PECU in advance.

The escrow system has a multitude of applications that all network members have access to globally. It spans beyond PECU and will include NFT’s as well as other digital assets as Pecu Novus 2.0 is rolled out.