The ecosystem token: PCM
A key component to the evolution of PiChain Mall into a full-blown ecosystem is the PCM token. PCM is an ERC-20 token that is native to the Optimism blockchain.
The PCM token is issued by PiChain Global and is both the currency of the PCM payment system and a utility token. Users can obtain PCM tokens by participating in ecosystem construction, trading it with third-party vendors, or by interacting with the ecosystem dApps. Within the ecosystem, users can spend PCM to purchase goods and services and to pay gas fees.
Let’s examine the user flow that supports users to pay for goods and services in the PiChain Global Ecosystem, as per Figure 1.
The storage and payment process of PCM tokens is as follows:
Registered user logs in to the PiChain platform, to gain access to their PCM wallet.
Once the user selects goods or services, the payment system verifies the payment information and performs the payment operation, deducting the corresponding amount from the user's PCM wallet. for example to:
purchase goods and services
pay transaction fees
use PCM tokens to pay order discounts
use PCM tokens to obtain merchant certification.
The payment system returns the payment results to the caller and records the transaction details for accounting and inquiry.
The current major income generation stream of the PiChain Mall is ad revenue: a Web2 model. Whereas, leveraging a cryptocurrency token within the PiChain ecosystem elevates the existing PiChain payment mechanism to enable it to be a source of income generation.
PCM token enables PiChain Global to embrace a Web3 philosophy and income model. The seller will pay a small fee for each successful transaction with customers in the PiChain ecosystem.
For a deeper examination of the distribution schedule of the PCM token, see the Tokenomics. But first, let’s understand the role of the PCM in motivating ecosystem players to build their reputation.
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