Precium

What is Precium

Onyx chain, the core of the Precium platform, is a hybrid blockchain that combines public and private blockchains. Onyx chain employs the raft consensus protocol used by Quorum, a representative private blockchain based on go-Ethereum, and simultaneously preserves blockchain’s transparency while enjoying a high transaction rate and high scalability. Onyx chain’s unique structure combining both public and private blockchains gives it differentiated advantages over other blockchains. It can also use Oracle technology more efficiently, which is a technology that calls information from an off-chain network to an on-chain network on the blockchain.

Onyx chain can secure a competitive advantage over existing blockchains through Precium’s unique and efficient hybrid blockchain structure. With this foundation, the Precium platform will contribute to the development of a robust smart contract ecosystem.

The Precium platform is a smart contract platform based on the Onyx chain for peerto-peer (P2P) transactions that allows users to create and use smart contracts simply and securely. Existing smart contract platforms require developers to code terms directly into a smart contract for users. However, this existing structure introduces a huge barrier to entry for the general public who may wish to create their own smart contracts.

Precium platform users only need to select and combine their preferred contract terms to create a complete contract. The platform then combines the selected coded terms from a template to provide a complete smart contract. Therefore, without any programming, users can employ smart contracts to engage in P2P transactions with their desired peers.

This process is also highly efficient in reusing smart contracts. In daily life, contracts made for different purposes may still share many common terms. This includes terms such as contract duration, the number of times the contract should be executed, and for what amount of time it should be executed. The Precium platform stores pre-validated code for not only the above common terms but also for a variety of contract terms specific to certain fields. This code is then provided to users in a template. As such, it is very easy to reuse contract terms. Errors and other issues are also reduced, since the same validated code is used repeatedly.