Last week we acknowledged the issue with Prohash whereby they would monitor the mining difficulty of our network and then jump in when it suited them to turn a quick profit. $PAC in its current state, still remains one of, if not the most profitable X11 coin on the market. The speed at which they can mine $PAC and liquidate in the market poses an immediate risk to the price stability of the coin whilst the mining rewards remain at the current percentages.
The team proposed two solutions, the first was to remain on the X11 algorithm and alter the block reward percentages to a more reasonable mining level, whilst raising the Masternode rewards. Doing this would take $PAC off the radar for Prohash and allow our community miners a chance to benefit from a more stable network. DASH did a similar payout modification as well early on and it worked out well for them.
We also proposed the option to move to C11 which would open up mining to CPU/GPU’s and, theoretically, a larger mining population and making the coin more accessible to the community.
Being able to mine from more devices means we could attract the crowd who enjoyed staking their old coins on their PC lowering the entry level barrier for ‘mining’. This, however, would require updates to the web wallets, mobile wallets and all mining pools.
New $PAC block rewards
After holding an open forum for discussion across our social platforms and a 48 hour vote to monitor community feedback we came to the decision that sticking to X11 and altering the rewards was the best immediate solution, whilst we value the feedback from the community who were in favour of switching to C11, keeping X11 was the ‘path of least resistance’ and posed no need for software updates on the wallets, which would provide less disruption to the community.
Here are the updated block rewards:
- 15% to Operations/marketing
- 5% to Charity
- 5% to miners (690 $PAC, was 4,830 $PAC)
- And 75% to Masternodes (10,350 $PAC, was 6,210 $PAC)
Newcrypto and his team are testing Breakcrypto’s code on the test net and we estimate that the fork will take place at block 55,009 (Approximately April 28th). All testing should be completed by Tuesday 10th April.
The pull request is live on our github: https://github.com/PACCommunity/PAC/pull/27
This change is basically a soft fork as long as SPORK_8_MASTERNODE_PAYMENT_ENFORCEMENT is not active. Any pool/miner that is using the old client will generate rewards using the old scheme, these blocks will not be rejected from the network unless SPORK_8 is active. If SPORK_8 is active, nodes generating blocks with the wrong miner/node reward will be banned very quickly.
Sentinel fix for Masternode owners
The sentinel change updates the local sentinel code to require a minimum sentinel version number. If this version is not correct the Masternode will eventually go into the WATCHDOG_EXPIRED state.
This code also adds a local change that will prevent the vote-conf command from working if the node is in the WATCHDOG_EXPIRED state. This is important as out of date nodes will not function properly and rewards might not be paid out.
Do I have to do anything?
If you own Masternodes you will need to do a patch to bring the sentinel up to date with the latest version as explained above.
If you do not run a masternode you will need to run a hot-fix update to your pac core wallets.
This will be very easy, your current balances will not be affected during the update but to be safe, please ensure you create a backup of your wallet.dat file. That’s it.
Thank you all for helping us reach a timely solution and we appreciate the community feedback, we’re looking forward to progressing with the project and releasing timely updates to hit our milestones.