Boil water in large pot, season with salt and toss in pasta. Cook pasta to al dente (typically eight minutes or read package for exact timing). Remove pasta and leave to strain in colander.
In a medium-sized pan over medium-high heat, sauté shallots in olive oil until softened.
Add peas and sauté with the shallots, season to taste with salt and pepper.
After about a minute add in chopped panchetta, and let cook for about two to three minutes incorporating all the flavors together. Then put to the side.
Add the pasta and the butter into the wheel of reggiano. The heat from the pasta will capture all the beautiful bits of parmesan cheese, toss gently.