$PAC Development Update – Jan 8th 2019

$PAC Development Update – Jan 8th 2019

The following is a structured excerpt from an internal meeting between the core $PAC team/devs. We are sharing this information with our community in an attempt to improve transparency, investor sentiment and to ensure you all that we are proactively combating all known issues with the $PAC network and prioritizing the network security from known industry-wide blockchain exploits and threats.

Dear $PAC community,

Here is a summary of key development updates for the $PAC payment network spanning late Dec 2018/early Jan 2019.

As of today the focus for our core team will be to solve the 51% attack issues that are plaguing the entire cryptocurrency space right now. To put things into perspective, $PAC is not the only project that has seen hindered exchange activity as a result of 51% exploits. Just recently ETC (Ethereum Classic) saw a 51% attack (link to article), their solution as an interim fix was to dramatically increase confirmations for deposits/withdrawals from their key exchange partners (up to 400 confirms in some cases!!).

Does this sound familiar?

The $PAC team has implemented the same interim fix for our network across some of our exchanges. Whilst this is not a direct fix, it reduces the risk for our exchanges to be targeted and bad-chain coins from being ‘dumped’ on the market.

A non-reliance on Dash

Whilst at the core, the current version of $PAC is a fork of Dash, we are increasingly becoming more focused on not relying on Dash and their devs to release updates/fixes before we can implement them. Whilst Dash provides some of the core features that compliment $PAC’s values and its larger goal within the crypto market, the long term vision for this project is to go down our own path, implementing innovative code changes that set us apart from our competitors, making us a truly user-focused and merchant friendly digital currency.

We do not know when Dash will formally release v13.0.0 and even this release would not solve the 51% attack issue. Their next release v14.0.0 is where they will attempt to mitigate 51% attacks with LLMQ-based ChainLocks. This fix could be MONTHS away, and we as a team are not willing to sit by and allow our exchange issues to continue until Dash provides a solution (which may, or may not work).

The potential solutions

We are currently looking at 2 potential approaches, plan 1 being the highest priority.

1) A Penalty System for Delayed Block Submission

2) Private mining via 10 generated keys where we select the mining pools that are allowed to mine

We want to keep this update short, sweet and to the point, so comprehensive details as to the nature and thought processes behind these two fixes will be kept internal for now. We will release more information on these in the coming weeks.

New Desktop Wallets

Rough Schedule: have them ready within 4 weeks

Back-porting

We are putting on HOLD the changes made to the new wallets using the back-porting code and going back to making the changes using the current $PAC code. We are restarting the re-skinning and implementing the functionality using the current $PAC code and not back-porting. Everything else will continue as planned.

Unit test fixes are in progress (we calculate that we still have ~3 weeks of work to complete). We will then require a further 2 weeks of internal testing to ensure our roll outs are bug-free for our community. Resources are limited, so we need to prioritize the above mentioned 51% Attack Solutions (Release Date: Unknown at this point, no enough visibility to determine this. Putting all the efforts into this).

Mobile Wallets

Schedule: have them ready within 3 weeks

We are creating new skins for both the iOS and Android wallets to match the above example of the new desktop wallet, there will be no functionality changes. The mockups and assets are ready, we’ll start implementing them asap.

Electrum Wallet

Schedule: have them ready within 3 weeks

There is an element of back-porting specifically for Electrum Wallets. We are currently working on that also, we are also creating new skins for the Electrum wallet to match the ones form the desktops, no functionality changes. Once the mockups and assets are ready, we’ll start implementing them too.

Some items for the community to think on and share feedback via social

We as a community and core team need to finalize and decide on the following points to see if we incorporate in the coming release release:

  • Mining rewards increase from 5% to 15%?
  • Should we increase the current proposal fee?
  • Should there be an element of semi-centralization by self funding hash power on the network (at a small loss) via the DAO? This could aid in the stability and security of the network, BUT cause a small amount of downward sales pressure on the project.
  • How happy is the community with the current TX fee? We might want to consider altering this to provide some longevity to the next code update. With the market starting to see signs of recovery, our current TX fee could prove to be very expensive if prices continue to improve.

Thanks for taking the time to read our update, as always we will continue to update you with the latest news and information here on our blog. Thank you all for your continued support and we’re looking forward to a productive 2019.

This Post Has One Comment

  1. Ok, let’s go. I believe in $ pac and in all who care about it in any way. I myself hold 7 masternodes. Just hodl!

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