Prime Chain
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FAQ

What is Prime Chain, or Prime DEX?

PMChain is the blockchain initially developed by PMC team and community. Prime DEX is the decentralized exchange module developed on top of the Prime Chain.

What is the design principle of Prime Chain ?

The main focuses for the design of Prime Chain are:
  • No custody of funds: traders maintain control of their private keys and funds.
  • High performance: low latency, high throughput for a large user base, and high liquidity trading. We target to achieve 1 second block times, with 1 confirmation finality.
  • Low cost: in both fees and liquidity cost.
  • Easy user experience: as friendly as primechain.network.
  • Fair trading: minimize front-running, to the extent possible.
  • Evolvable: able to develop with forever-improving technology stack, architecture, and ideas.

What can you do on Prime Chain?

You can:
  • Send and receive PMC
  • Issue new tokens
  • Send, receive, burn/mint and freeze/unfreeze tokens
  • Propose to create trading pairs between two different tokens
  • Send orders to buy or sell assets through trading pairs created on the chain

Will Prime Chain introduce more features and transaction types in the future?

Yes, Prime team and community would cherish the technology advancements and recommended trends and strive to make circulation of assets and value easier and easier.

What is the native coin on Prime Chain?

The PMC Coin, PMC, is the native asset on Prime Chain. The existing coin burns and freezes will still be in effect on the new Prime Chain.
The exact number of PMC coins will be destroyed based on the same number of PMC ERC20 tokens that have already been destroyed.
Since Prime Chain is live, all PMC ERC20 tokens will be swapped for Prime Chain coins. All users who hold PMC ERC20 tokens can deposit them to prime, and upon withdrawal, the new TLChain native coins will be sent to their new wallets.

How can I register on Prime Chain/DEX and start trading?

There is no need to register. All you need is a ETH address, which can be generated with any wallet that supports Prime Chain. Then you can trade PMC or other assets stored on that address.

Where can I see my assets and trades?

You can always use wallets that support Prime Chain to check your asset balances, open orders, and (optionally) order/trade history. Prime Explorer is another tool to check balances and transactions.

When can I see my transactions on the blockchain after I send it?

On the Prime Explorer, you can check balances and transactions

What is the Fee Structure?

Fees are charged and shared among the block producers (i.e. Validators) to run the network, in order to pay for the network usage and prevent abuse and attack. Since all user transactions, include transfer, cancel etc, they are all recorded in blocks and chain state, the fee will be shared among different transactions. New orders are exempt from fees to encourage usage and larger trades will be charged more for their benefits from the liquidity provided in the network. Order Expire and Cancel are also charged with a fee if they fail to provide any liquidity.
Besides the fees, no other gas will be charged.
Fees can be paid in any asset, but the network will charge PMC first and apply a discount if the address has PMC balance.
  • Trade fee is calculated based on trade notional value, while fees for other transactions are fixed.
  • It is free to send a new GET order, cancel a partially filled order, or expire a partially filled order.
  • Non-Trade related transactions will be charged with a fee when the transactions happen, and can only be paid in PMC. The transaction will be rejected if the address does not have enough PMC.
  • Trade-related transactions will be charged with a fee when an order is filled, or canceled/expired/IOC-expired with no fills. If there is enough PMC to pay, PMC fee structure will be used, otherwise, non-PMC fee structure will be used instead.
  • If the whole order value and free balance for the receiving asset are not enough to pay the fee, all the receiving asset and its residual balance will be charged.

Can I see orders/balances of others or can other people see my orders/balances?

Yes, anyone can see anyone's orders and balances if they know the corresponding addresses. Prime Chain is 100% transparent for transactions and balances.

I forgot the private key for my address, how can I get it back?

Sorry, you cannot. Owner of the address takes full responsibility for the private key protection. Prime Chain and official wallets do not have your private key.

My private key got stolen by hackers, how can I recover my assets?

Sorry, you take full responsibility of your private key ownership and protection. Prime Chain and official wallets will not record, or transfer out your private key.

How can I issue an asset?

Anyone can pay a fee and issue an asset as Token on Prime Chain, as long as they provide proper information for the fields below, and then execute the command through the command line or http interfaces.
  • Name: a description string of less than 21 characters
  • Symbol: an identifier string less than 9 characters, which must be composed of [0-9A-Z]
  • Total Supply: a positive number less than or equal to 90 billions
  • Mint-able: whether the token can increase Total Supply in later time or not

What is the consensus algorithm used on Prime Chain?

Prime Chain uses PoA and BFT (upcoming) based consensus mechanism to produce blocks among a series of qualified Validators. This is similar to the architectures of several existing popular blockchain platforms such as EOS and NEO. The process for setting up validators among different entities on Prime Chain is currently being defined. More details will be shared at a later date.

Can I run a full node for Prime Chain?

Yes, you can. A full node contains all the information and application logic for Prime Chain . It can receive and broadcast blocks and transactions with other full nodes and even validators. The only exception is it will not participate in the consensus if the full node is not a Validator.

How can I transfer tokens, such as Bitcoin, from other block chains onto Prime Chain ?

Using Prime Bridge is a centralized bridge of native tokens, which allows users to transfer native PMC assets to another chain.

Architecture

ChainBridge Deposit
ChainBridge Withdraw
Please do NOT try to transfer anything on existing network to Prime Chain test-net, you may experience loss by doing so, because test-net doesn't run with real coins.