Wuhan Phoenix Chain Technology Co., Ltd, a technology firm based in Central China, introduces Proof of Value (PoV), a brand new blockchain consensus mechanism and the first-ever PoV blockchain app called Phoenix Blockchain. Launching in China this fall, the Phoenix Blockchain network will financially reward users for processing various merit-based, financial, environmentally sustainable and entertainment activities on its digital system.
The introduction of PoV marks the third open-sourced consensus mechanism to enter the blockchain arena, following Proof of Work and Proof of Stake. “We’ve created a consensus algorithm that financially motivates ethical and honest human behavior with monetary rewards,” said Dr. Weiqi Dai, co-founder and Chief Technology Officer of Phoenix Blockchain. “Users are paid for creating ‘value’ within the network. ‘Value’ is defined in terms of conducting specific ethical activities and financial transactions within the network. These specific activities include buying and selling quality goods/services, playing augmented reality games, performing environmentally-friendly activities and donating to non-profits.”
PoV is the first-ever blockchain network that is more than a typical financial network. “This network measures and rewards more than simple financial transactions; if a merchant provides a reliable product, ethical customer service and competitive pricing, the network will reward them with free money in the form of Phoenix Points. The priority of the Phoenix Blockchain network is to encourage users to be honest and transparent during all commerce activity,” said Dr. Dai.
As China’s economy has continued to grow, so has its infrastructure, which is necessary to support mobile payments and digital financial networks. “Almost every business from taxis to restaurants, grocery stores and street vendors accept digital payments. China is practically a cashless society with paper money becoming obsolete. This makes for a great environment to launch Phoenix Blockchain,” said Zhao Jin, global strategy advisor for Phoenix Blockchain and founder of IBP, a consulting firm helping companies conduct business in China.
The PoV consensus mechanism and Phoenix Blockchain platform was developed in a tech lab in Wuhan, the capital of Central China’s Hubei province. Dr. Weiqi Dai, an assistant professor at Huazhong University of Science and Technology (HUST), led a team of technical engineers, programmers and engineering students to invent PoV and the Phoenix Blockchain. “This is the first encrypted blockchain network that rewards moral and environmentally sustainable activity. And like many blockchain platforms, Phoenix Blockchain minimizes illegitimate financial transactions through its secure, decentralized ledger,” said Dr. Dai, who holds a PhD in computer science and technology from HUST.
Nearly $1.5 million has been invested into PoV and the Phoenix Blockchain network. While Phoenix Blockchain offers new innovations like the merit-based monetary reward system, it also includes standard blockchain features including smart contracts and credit chains.
Starting in October, Phoenix Points will be accepted as payment in select brick-and-mortar businesses in Central China. This will be initiated through a strategic partnership with Yuanbo Park, a 500-acre tourist and technology destination. “Yuanbo Park, a $1 billion multi-purpose complex featuring dozens of retail shops, restaurants, museums, gardens and a movie theatre is working with Phoenix Blockchain to scale in physical retail stores,” said Tao Wu, co-founder of Phoenix Blockchain and managing director of Yuanbo Park.
Yuanbo Park is an ecological, entertainment and tech hub that opened in 2015, after being transformed from a landfill by the Wuhan government. To date, five million tourists have visited the space over the past 24 months, performing daily commerce, ecological and gaming activities. “It will be exciting to introduce the park’s visitors to a new financial network that pays them free money for ethical commerce activity. Whether visitors want to buy food and souvenirs, go to the movie theatre, visit one of our many museums or plant a tree in one of our beautiful gardens, they can process these transactions on the Phoenix Blockchain network and in return, earn free Phoenix Points,” Wu said.
Learn more about Proof of Value and the Phoenix Blockchain network on en.phxchain.com. The Phoenix Blockchain application will be available to download on Android Smartphones. Users will use Phoenix Points within the Phoenix Blockchain app to buy and sell goods and services online and in select retail stores starting in October of this year. The company plans to expand globally over the 12 months, expanding into more than a dozen more tourist destinations.
WUHAN PHOENIX CHAIN TECHNOLOGY CO., LTD
Wuhan Phoenix Chain Technology Co., Ltd is a financial technology company based in Wuhan, China (Hubei Province) specializing in blockchain technology. The firm has a global presence, with offices in North America, and a research & development lab in Central China. The company holds strategic partnerships with Big Data Technology System Lab at the Ministry of Education at HUST and Yuanbo Park. Big Data Technology System Lab manages and oversees the Phoenix Blockchain platform. To learn more information, please visit en.phxchain.com.