Welcome to another developer blog update. The current state of the crypto market is at one of its lowest points since August 2017 – global market cap is beginning to settle at a low of $250 million. For anyone new to the crypto space (this being anyone who has come in within the last 6 months), we can understand why you’d be feeling pretty low right now, your portfolio is probably looking very red, no matter what asset you have invested in.
But, take a step back and look at the whole picture, the entire crypto market is still up over 450% from this time last year. 450% returns in a year? Who would be upset with that? And if history is to repeat itself, like it has done every year for the past 5 years, there’s no reason not to be at least a little bit hopeful that we’re due to see some global market recovery soon, but this is crypto and anything can happen. Our advice would be to focus on not what the price of your digital assets are doing but focus on what steps are being made in relation to the downturn in the market. What coins right now are making huge steps despite seeing their prices dwindle? Has Monero released anything substantial since January? Has Litecoin done much? No, not really.
$PAC? Has the $PAC team sat idly by, shut up shop and buried their head in the sand when the time are tough? No, the entire $PAC team, from the marketing department, through to the volunteer moderators on our social platforms have rolled up their sleeves and dug in for the long haul. Here’s what our team has chosen to do when other, more established projects have chosen to play it safe:
$PAC proposal systems are locked, loaded and ready to be implemented into our social governance platforms
This is a huge development for the entire $PAC project – our entire social governance structure, from ‘kickstarter’ style funding projects, marketing initiatives and charitable projects are built using our proposal generator.
We are pleased to announce that both our testnet and mainnet platforms are fully functioning and ready to be migrated to a more formal home for them. However you can access the proposal generator here:
The insight explorer and the APIs needed to run the proposal site is are also fully functioning and now running here:
And our testnet is located here:
Please, check them out and send us feedback or recommendations to or development team on discord.
The changes to the Sentinel to support the Proposals are working and are now available whenever new people are ready to upgrade. We will be putting out instructions to upgrade the sentinel to begin accepting/submitting proposals if you are running your own masternodes shortly.
Next steps regarding the proposal generator is to add SSL support for the explorer/api servers and to the proposal page. We are considering changing the domain names to reflect the standard ones for better brand coherence.
Something MEGA comes to your nodes
Our innovation team has done exactly what their name suggests and created what we’re calling MEGANODES. That’s right, Meganodes.
Meganodes are Masternodes 2.0, Masternodes+ or whatever you wish to call them, they’re an altered version of the current masternode setup designed to help add further stability to the network and give community members the opportunity to earn increased rewards for choosing to upgrade their Masternode to a Meganode.
What is a Meganode?
Quite simply, Meganodes are LOCKED masternodes, meaning you CANNOT remove your initial collateral for a set time starting from 6 months up to a maximum of 12 months at a time. At present you can remove your masternode at any time from the network should you wish to liquidate your funds or move your coins around. Meganodes will be untouchable once you commit to the time frame and your reward frequency will see a bump anywhere from 10-20%.
We will be releasing a full guide on Meganode and how to make the change (if you wish) soon. We hope Meganodes will allow long term holders to reap the rewards and see a healthy rise in truly locked coins in our network.
If you are currently on a shared masternode scheme, we are sure the host will be happy to discuss whether or not they upgrade their masternode that hosts your coins to a meganode – everyone sharing in the masternode who upgrades to a masternode will all see the increased reward frequency.
The $PAC Android and iOS wallets
The release of our $PAC iOS wallet was met some incredible positivity. It was a much needed boost for the whole community to see real headway happen on the dev side. Our livestream demo for the app has been viewed more than 9,000 times.
During the stream we announced the $PAC Android app was coming ‘soon’ and now. It’s almost here.
We are undergoing some final stage bug fixes ahead of the final release. We need to connect the Android app to electrum servers which will enable private key sweeping. We believe the android app will be downloadable from the Google Play store shortly, we will announce on all our social platforms when this becomes available.
We will be making some improvements to the iOS wallet, a full update will be released soon that allows the iOS app to connect to FoxD’s insight API.
Our Masternode Monitoring iOS and Android App
Whether this will be launched as a separate app or integrated into the existing platforms is yet to be decided, however developed for the Masternode monitoring sections for the app is underway. Control Management and SQLite database is finished, the parser, serializes data into objects and we are creating all the models next week.
We’re in the process of adding custom APIs to the electrum server for Masternodes which will be a great addition.
We have completed roughly 50% of the UI for the masternode app, once we have wrapped up the front-end and implemented the new API then we can move onto the final stages of integration to the electrum wallet linking everything together in one seamless user platform.
$PAC Paper Wallet updates
We added a new SSL configuration to the paper wallet and updated the favicon on the title page. We are in the process of migrating the paper wallet to a better server and reviewing all of the languages to ensure they’re correct and translated properly.
Addressing the issue of PROHASH
We hear our community and we unanimously agree that we as a team need to do something about it. What is happening on Prohash if you are not aware is they are targeting our coin when the difficulty rating drops,when this happens $PAC become the most profitable x11 coin you can mine and they flood our network with high hashrates scooping up large amounts of coins, spiking the difficulty to a point where it negatively affects all other miners. They are then ‘dumping’ these freshly mined coins on exchanges, forcing the price down.
Currently we are paying the miners 4,830 $PAC per reward which is equivalent to 2,656,500 $PAC daily (based on 550 blocks daily). If we were reduce it to 500 (which is doable from a development point of view) this is equivalent to 275,000 $PAC daily, that is a 90% reduction.
Our entire management team had a team meeting last Tuesday and weighed up the pros and cons for each solution, including an algorithm change to C11 or by tweaking the rewards structure like explained above. Our solution will be announced shortly once we are certain it is the correct form of action for the entire project and it’s community members, our solution could potentially open up the potential for GPU/CPU mining allowing anyone to mine $PAC instead of restricting it only to the more powerful ASIC mining rigs.
Please be patient, we acknowledge the issue and are working on a fix as a matter of priority.
Thank you once again for taking the time to visit our blog and keep up to date on the latest developments in the $PAC project. Be sure to check out twitter, reddit and discord for live updates as and when they happen.