$PAC block reward changes, a complete guide

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 solution

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.

– Saul

This Post Has 52 Comments

  1. Fork will divide the balance into two, the old X11 and the new C11 algorithms.
    Or will replace old coins with new ones ?

    1. We are staying with x11, just changing the reward structure.

  2. Hi Saul,

    Many of us were able to set up MNs with the instructions provided in Discord, but would not be able to make the patch above without similar step-by-step instructions. Would it be possible for a team member to post something to guide us in time for the switch?

    Thx for all you do! Monte

    1. Detailed instructions will be provided.

  3. the “fork” doesn’t mean new coins will be issued, is that correct? or does it?

    1. No. It’s just a change to the reward setup.

      Even if we switched to the C11 algorithm in the future, the coin itself still stays the same.

  4. When does this become effective?

  5. Disregard, I see now.

  6. Reward daily or monthly? thank

    1. Per payout. The rate of payouts depend on the number of Masternodes. The higher the Masternode count, the longer it takes to receive your rewards. Currently, it’s right around 4 days per payout.

      1. Can you please give me some sort of idea of what 1 master note would look like vs. 10 for rewards?

        1. 10 masternodes would be 10 times the payout of 1 masternode.

  7. hi, is there a youtube guide for updating sentinel?? i don’t know how to check my version and updating it

    1. The update isn’t out yet, but there will be detailed instructions on how to do so.

  8. Hi, is there a sentinel exe for 32 bit, I was able to set up mastermode , but I did not get the pay out. since the status is alway stay as WATCHDOG_EXPIRED.

    thank you

  9. When will we receive back our shares in pac since I started with 1900000 coins I now have 1900…as if I am going to cash out will the exchange give me what same value as one point nine million or one thousand nine hundred so I would like to know if the shares will go back to the original number or stay at 1900

    1. Old coins were redeemed at 1000:1. Your 1,900,000 old PAC = 1,900 new $PAC. If you sell now, you will get the rate of 1,900 x the current BTC/DOGE/LTC value for $PAC.

      1. So basically you are saying I won’t get 1900000…in value I would get a lower value 1900 × what pac values now and not 1900000 × the current value of pac?

        1. “High daley – What I really want to know is…will 1900 pac now will value the same as my old pac of 1900000.”

          I’m going to lump your two comments into one and answer them.

          Your new $PAC will be 1,900 x current price of new $PAC. The 19 million old PAC are not worth 19 million x current price of new $PAC.

          Your 19 million old PAC are worth 1,900 new $PAC.

          1. So basically I now have 1900…coins valued at 13 usd….if I had my original one point 9 mill It would value more…so I guess the new pac devalue the old pac..so I count this as a loss…I actually believed in pac…until u told me my one point nine million shares is now valued at 13 usd..I thought it would be valued the same..never thought it wud only actually value 1900..waste of my time

          2. Your value didn’t drop due to the redemption. The value dropped due to the coins price falling below 1 sat prior to the redemption.

            BTC can only go 8 decimal places after 1 whole. (0.00000001 or 1 sat). It can not go any lower, but the price of a coin, can. Pairings such as DOGE/LTC/USD/etc show the true price of any coin that goes lower than 1 sat.

            At the time of redemption, old PAC was 0.0000000022 (which is 2.2/10 of 1 sat if BTC had 9 decimal places). We said from the beginning that new $PAC would be x1000 of the old PAC price, and that is exactly what we did. At the time, 2.2/10 of 1 sat was $0.000022. New $PAC actually listed at $0.03, which is slightly higher than x1000. The price of $PAC has since gone down from $0.03.

  10. So if our MN is through pacnode, is our reward increase automatic or will it continue at the old rate until the patch is released?

    1. You will have to talk with them. We don’t offer support, or work directly with them.

  11. Where and when will the guide on setting up the wallet be published?

    1. When the update comes out.

  12. will we have an update of the sentinel for windows ? On github there is just instructions for linux. On the first instructions for set up a masternode we had an installer with the wallet and the sentinel.exe for windows include in PAC_NODE.zip. Can we have the same thing for the update ? Because it can be complicate to update the sentinel on windows without that

    1. Yes

  13. where to get the updated sentinel patch?

    1. We will release all the guides when the updates goes live.

  14. i do not understand what should i do
    please help

    1. You will update your desktop wallet. If you run a Masternode, you’ll need to update it as well.

      Both processes are very, very easy. We will be releasing the instructions and update links soon.

  15. Will Masternodes eventually open up to Linux/Debian?

    1. We have them on Linux Ubuntu. Have since we launched them.

  16. Can some help me ..I have not receive the new coins and where I writ this problem. Have written to support but no reply.
    Status: 24398 confirmations
    Date: 3/25/2018 16:44
    To: AxqfDhAkhbna8Ft9WmqE2QwVqQUEfnNRnh
    Debit: -565754.999 PAC
    Transaction fee: -0.0001 PAC
    Net amount: -565754.9991 PAC
    Transaction ID: 690dd63d57db0f03748a3aca0107a7f47b492017abd46b37226c158402787321
    Transaction comment:
    text:PKRE6zXfKh2NVMrXWrufZkohRVscCr4QQu

    Thks Dhana

    1. Send an email to [email protected].

      Include a screenshot of your transaction ID, amount, date, time, and include your new $PAC Core wallet address.

  17. Hey, I have 168 000 paccoin in my old pacwallet, how to move it in new wallet

    1. Old wallet as in the old Paccoin? Or in the old $PAC Core wallet that needs to be updated?

  18. Can you please post another example of updated block rewards? How much will I get if I have 1,000 in my wallet? How much will I get if I have 1 masternode?

    1. Regular wallets do not receive block rewards.

      1 Masternode = 10,350 $PAC rewards per payout.

  19. hello I have tired to send one million old paccoin coin threw the redemption and it has been more then 2 weeks now but for some reason now my pac core wallet does not update it since then. is there anyone with the same issue ?

  20. i only have 3k $pac. Im not getting any rewards or anything, my wallet is not appreciating so im finding it useless to keep. Please help me understand how to get a MN so that holding this coin will become worthwhile for me.

  21. Hello,i am send pacoin from old wallet (redemption) to the new wallet. 1 step: i am send from old wallet (redemption) 10.0001 pac and in new wallet come only 0,01 pac. 2 step: i am send from old wallet (redemption) 768 472.681035 pac and in new wallet come only 768,47 pac. Why? I will back my much paccoin.

    1. Hello,

      The redemption is 1000:1 so 1000 pac becomes 1 $PAC.

      1. So instead of 768 472.681035 pac which is $ 0.003717USD / 1 pac, which is about $ 2,856.41, I now have 768.48 pac which is 0.003717USD / 1 pac, which is about $ 2,856, So instead of about 2,800 I have USD 2.8 USD? Do I understand that well?

          1. Hello,please me back my old pac. My old wallet is AhS2yv44GAUvKALRvrw5TuK4zxrWMu9GuA. My old paccoin is 768 482.681035. Thanks.

          2. Hello,

            What did exactly happen?

  22. I had sent some coins to paccoin pc wallet long before but then i forgot to open my pc wallet for sometime. today i read the news about such changes and i open my pc wallet to sync it but then it does not sync at all. It does not show any blocks remaining also. can u help me?

    1. Hello Pratik,

      please join our discord and debug with one of our moderators https://discord.gg/Bx2HKfy

      or message me on twitter, Pac_Helpdesk or sent a message to the $PAC facebook page.

      Easier to debug while chatting

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