Pacio is an ecosystem for application developers. They can access Pacio services via APIs and integrate Pacio into their own applications, wherever those applications run, whether on the Pacio blockchain, another blockchain, the web, or the cloud. The motor for this ecosystem is Pacio’s own Pio-Token.
The PIO token:
- Allows use of Pacio services
- Provides a stake in the governance of the Pacio ecosystem
- Is a cryptocurrency in its own right with unique benefits
PIO Uses and Rights
- entitle the holder to a share of 25% of newly minted block PIOs as an issuance reward in proportion to the number of PIOs held, with the other 75% being the reward for block producers, akin to miners’ rewards for Bitcoin and Ethereum. At a 5% annual issuance or inflation rate this amounts to a new issuance reward for holding PIOs of 1.25% pa.
- allow optional participation in the delegated proof of stake Pacio blockchain consensus block building process by providing stake
- provide a voice in the governance of the Pacio ecosystem via voting rights as per the Pacio Constitution
- act as the default currency for payment of Pacio fees, though other currencies will be acceptable also
- be a cryptocurrency for trading, payments, value storage, and capital gain, as for Bitcoin and Ether etc, with these additional benefits:
- extensive account security and management facilities provided by the blockchain software
- speed – transaction confirmation is expected within seconds, or fast enough for real time use
- no transaction fees that, with the speed, will make micropayment systems possible
- be fully traceable in the event of theft, to help deter criminals
Thus, PIOs have clear uses making them a utility token with issuances rights. The PIO features will make PIO “safe money” and attractive as a general use cryptocurrency.
- One billion or 1,000,000,000 tokens to be minted initially
- No cap but subject to the following restrictions/rules:
- Issuance of no more than the maximum defined in the Pacio Constitution, proposed as 5% pa
- Issuance of more possible, if appropriate due to growth in use of PIO, but only if recommended by the Pacio Governance Council and agreed to by a Governance Council AGM (Annual General Meeting) or EGM (Extraordinary General Meeting)
- Smallest denomination to be one trillionth of a PIO to be called a Pico so that there are one trillion or 1,000,000,000,000 or 10^12 Picos in one PIO. The trillion factor was chosen to be small enough for micropayment use, even if the PIO value grows to be thousands of US$ like Bitcoin, but to be within human scale – well almost anyway.
By comparison there are 1,000,000,000,000,000,000 or 10^18 of the smallest Ethereum denomination, known as Wei, in an Ether, and 100,000,000 or 10^8 of the smallest Bitcoin denomination, known as Satoshi in one Bitcoin. Our view is that Ethereum has taken the smallest denomination factor further than is needed, but Bitcoin not far enough.
Pacio blockchain accounts will not be public by default, as Ethereum and other blockchain accounts are. Just as for everything else stored via Pacio, users will be able to choose whether accounts are public or private, with the default for accounts being private.
This will enable people to avoid the risk of being targeted by criminals if ownership of an account with a large balance becomes known. The Kidnapping of Bitcoin Exchange Executive Showed Importance of Financial Privacy article shows the need for this.
PIOE – The DAICO Token
For the Pacio Seed Presale, Private Placement and the Pacio DAICO an Ethereum EIP20 (ERC20) token called PIOE is being used. Once the Pacio blockchain has been launched, PIOE tokens will be convertible one for one to PIO tokens.
Trading PIOs and PIOEs
It is expected that numerous exchanges will trade PIOs once the Pacio blockchain has launched. As an intrinsic cryptocurrency, it will appear in the Currencies tab at CoinMarketCap.com like Bitcoin and Ether.
Prior to launch the PIOE would appear in the Assets tab like other Ethereum tokens. Exchanges will be approached to list the PIOE once the Private Placement is underway.
Pacio is creating a decentralised semantic data application platform and will produce the first Semantic Business Web on the blockchain.
Also published on Medium.