On the 27th June 2019, the $PAC team held an open team meeting inviting members of the community to listen in and be involved in the process. Here are the minutes of the meeting should you have missed it.
If you are not familiar with the recent changes to the PAC leadership team, please refer to this blog post before continuing ahead.
Previous management has handed over the keys to the vehicle to drive PAC forward, this means in terms of the admin control to the main github repository. This ensures the old founders and previous management can no longer interfere in the direction of the project moving forward, already momentus strides have been taken to ensure the prosperity and success of the coin.
Drew Saunders has taken on the responsibility of operations and is the middleman in establishing a dev team who are interested in the longevity of the project for more than just a financial gain, this new dev team is dedicated to bringing multiple functions to the PAC chain for a broader range of use cases within the space as well as ensuring the chain remains stronger and faster than before.
Brad Marsh has taken on the responsibility of crafting a new, more professional, sharper image of the project (soft re-brand) as well as exploring a broader range of marketing avenues to leverage higher exposure for the project, a new marketing proposal recently was voted and approved by the global PAC community which will aid in this regard.
Koen is the language head, responsible for the global language communications within the project as well as Director and Community Chair.
Robin is still our superstar in charity attending conferences and overseeing real life #boots on the ground’ work promoting the PAC project, as well as working with key figureheads to educate them on the benefits of blockchain technology.
Blocktimes – PoS – Dev Updates
In summary we will be moving the POW elements of the PAC chain to POS (proof of stake). Essentially we are taking the 15% allocation of the block rewrads gained from mining, moving it to >1% for proof of stake. Then +14% more will go into a tighter governance system still managed by the global masternode operators.
Working with serious high end devs that have worked with top coins on CMC. Getting the code fixed and implemented into PoS to improve the designed goal of consistent 2.5 Minute block times (150 seconds).
Ramped up mining on a network that was wired incorrectly for its size has caused premature and immature block times that are leaving the existing difficulty algorithms out of sync which explain why the out of design block times are occurring. We are happy and optimistic to say we are leaving PoW and moving over to PoS. The design for the PoS implementation is on the table and in testnet as we speak and being stress tested to insure the network is reliable, tight and scale-able.
With this update, there will be a few more updates added to the chain that will be released upon the time of the official update. Drew will have more with you during his update.
One of the team members who made the official IoS wallet on the Iphone has left.
We wont name them, but in this case we will have to blanket him into the same category as the ‘old team’. What this ultimately means is that the existing Iphone app will never be updated and you will have to initiate a coin recovery process for those with coins in this wallet. Its your responsibility to write down the seed when you get the wallet, and the funds can still be withdrawn from the electrum wallet with this guide.
When the next IoS wallet comes out (for the new code) we will ensure that it is released from an official in-house account registered to an official legal business entity owned by us, rather than relying on a third party provider.
For questions on how to get the coins out of the mobile wallet, use your seed and plug it into a desktop electrum wallet with a provided guide.
Marketing Goals 2019
We have decided to conduct a soft re-brand that Brad will be leading the way on. He will be in charge of the soft rebrand. The currency will stay the same, and the transformation will happen in tandem the update to PoS so people will not have to update their wallets twice and exchanges can do everything in one shot. Brad also got a chance to answer a few community questions…
Brad mentions that the space is very emotionally driven, where a price that was perfectly fine for them before isn’t good enough for them now in market swings, he refers in an example to bitcoins volatility.
Brad mentions he will be using his budget very carefully not to put downward pressure on the market at all costs, unless there’s an ROI
for the funds being spent. Using brads new budget, we will be exploring heavier digital advertising routes, high reliance on ROI metrics and unique content creation. Marketing can be primarily broken down into the following avenues:
External Communications – External communications consist of content creation, sponsored outlets such as influencers/youtubers, technology groups and associations and educational processes.
Public Relations & Press – The budget will help us reach online and physical publications. This gives us access to a braod variety of demographics.
Digital Strategies – Youtube pre-roll advertising, Facebook targeted campaign advertisement, GDN (Google display network) positioning, sponsorship of market influencers, media, third party news/blockchain sites, community high leverage tasks and more.
Physical Strategies – Brand awareness at blockchain and fintech conferences across Europe, roadshows and
seminars, public interaction campaigns and merchant education classes.
Drew Saunders – CEO
Drew is focused on moving the coin from PoW to PoS with highly skilled devs to create the consistent block times as the original design calls for. Also the network will be using a new line of deterministic masternodes as a first of a kind network with many security measures as well as a built in penalty system to derail spam attacks on the network and
insuring only true masternode holders are seen on the network. Drew says there’s no amount of money that can create a global decentralized network like PACs, while comparing PAC to the new global Libra coin. PAC has over 8000 Masternodes online and it may not seem like it, however it is extremely powerful asset because we don’t need to be afraid of network outages, as other major competitors discussed.
Drew also mentions that increasing the collateral is off the table right now, because creating an update for just the masternodes and the PoS is too much work right now on top of the fact that some earlier investors may not have a masternode at all and it’s not fair to the original investors. Number one priority on the chain is to fix the block times,
and a lot of time and manpower is going into this.
Also Drew mentions that the new Proof of stake minimum/maximum input of 10,000 Coins is what it takes for a wallet to begin staking. He says it’s the perfect amount because there’s not a lot to gain from PoS so it doesn’t play the “Rich get richer” game.
The total amount of Minted coins will not be worth setting up 50 wallets at 10,000 vs. setting up a masternode at 500,000 for ROI by design.
Koen – Moderation & Translation Department
Discord Mobile Verification will be turned ON as of Monday 01-07-2019 12:00 UTC.
With this feature enabled people without mobile verification can still read the chat rooms however, they will not be able to send a DM to someone through our server or send a message in any of the channels. Effectively making your account READ ONLY in this server.
Reasons being, we have been getting more and more malicious bots joining and sending inappropriate messages or advertising third party services in private messages. Next to this it will eliminate the ability to have multiple fake accounts from one user, Yes, you can still buy accounts and still work around this by purchasing additional SIM cards but this will act as an effective deterrent moving forward.
In general, this should lead to a more civil and welcoming environment for new and existing users, this also ensures that bans (if needed) become more permanent.
Whilst it becomes more difficult for new to discord users to join here, we wills till have multiple other avenues in which people can find out information about the project and contact our support team, e.g. email, twitter, telegram, reddit.
Robin Matthes on PAC Charity
Thank you for your ongoing support during PACs start-up phase! I am sure most of you are familiar with what I do. I will go over
some of the key points regarding the charity department and get everyone on the same page. First off, we have a charity Discord channel in which most of the coordination of operations and brainstorming on projects takes place, I will paste a link to this channel into the chatroom.
In the last year we as a community have made some major progress regarding charity on many fronts. We have completed the infrastructure for our team on the ground in Cucuta, that is airdropping PAC to refugees so they can buy essential goods and medicine with the coins, as well as for our team in Caracas by ‘PACVZLA’ that is saving hundreds of children and also for our team in Africa that is led by Juwon who is aiding a refugee camp along with many other adoption activities, they are all really making some serious headway!
We have also established some major partnerships such as GlobalBoost by Bruce Porter Jr. and the Flame of Peace, which is a charitable cause that is active in over 70 different countries and is ran by the House of Habsburg! They are a Royal Family who are the archdukes of
Austria and also Royalty in Tuscany. As some of you may know we are on their website. CLICK HERE FOR PROOF
They will be organizing an invite-only event for the prince of Monaco to which they have invited PAC because Sir Habsburg wants to introduce us to the Prince of Monaco since he does a lot of charitable work.
Prior to the event we will be helping with the organization of the fourth Washington Elite summit, that we have been sponsors of since the start, hence PAC has a very strong presence at these Blockchain & A.I. events, helping with further exposure.
The next summit we will organize in Vienna right before the Habsburg event, you will be hearing more about this leading up to the event. Our charitable initiatives are getting bigger and more continuous! Continuity will significantly increase the efficacy and effectiveness of the charitable causes. The focus is on building self-sustaining charities such as the art made by refugee children, that has been tokenized and
already sold for over 0.12 BTC as tokens which is held by crypto conserje to renovate a school into an operational headquarters https://medium.com/@criptoconserje/crypto4help-inspired-art-by-venezuelan-children-refugees1c248df7c07c
As we get more continuous funding from all of our different partnerships, as charities become more settled and self-sustainable we can focus more on a continuity approach versus more of an events-based approach that we have right now. Currently the infrastructure is ready regarding our teams on the ground as well as some major partnerships and we are ready to expand and scale.
We have helped and saved countless people who will long remember us! We will keep expanding, scaling and helping out more and more lives in need.
Sean Ridgley – Regulatory Compliance Officer
Cryptocurrencies and blockchain represent a disruptive technology to, at a minimum, the world’s financial, logistical and data validation industries. Once the genesis block of Bitcoin came into existence, this technology was headed into uncharted territory and continues to explore new methods of transmitting financial information and data services.
It is a credit to every single person working in this industry that it has grown large enough to affect our established systems enough to demand some level of oversight. The international efforts to regulate digital assets are becoming more clear, but can still vary wildly from state to state, country to country. Some countries are setting themselves up to be crypto-havens, while others have regressive and heavy handed practices laid on the backs of projects like PAC. Because of the variety of environments PAC and its supporters operate in, it’s important that we stay abreast and ahead of the shifting regulations we can become subject to.
Because of this, the best time to be aware of these requirements is before they become a problem. Too many times in my 17 years of trade compliance work I have seen organizations get fined significant amounts, lost export privileges out of the US, or even had to recall entire product lines due to a single component. It is unfortunate that compliance concerns suddenly become very important only when a company’s bottom line is threatened and not before.
Luckily the PAC team found this to be an important piece of the puzzle to make the project grow. My work for PAC doesn’t rest on my opinion of how the regulations should behave, only how they do, and how Pac can best work within those requirements to continue our journey forward.
So far I have found no lack of work to review here. From our charitable work in Venezuela to our exploration of an OTC desk, from creating risk analysis for upcoming projects to continually reading on the various government departments’ efforts to understand and regulate an industry they don’t fully understand; I am excited to be part of this team, not only for the aggressive push to revitalize our brand and our project, but to re-engage the community in moving all of us forward.
Michael: Media & Arts server – Embassy dept
There are some coins that have ambassador programs. We want to take on step further and create an Embassy Dept. This is still in discovery mode. We are discovering:
Who is an ambassador, What region does that ambassador cover, Who approves that individual to become an ambassador and What are a ambassadors responsibilities?
There could be charity ambassadors, marketing ambassadors, even (environmental sustainability) ambassadors. The idea of a department is to network and share what works and what doesn’t, who needs help in terms of charity resources also bringing more feet on the ground to help establish cleaner environmental incentives.
As to the Media & Arts Dept.: The idea behind the is that people can express themselves with artwork, and this is a creative outlet. All the social media accounts are there and identified. We have tons of PAC stock photos there that people can share and pass around. Allowing for truly organic community driven marketing.
Jay – US Regional Ambassador
Jay is working making connections in the crypto space on the ground hosting events and pushing out the word of $PAC. Jay is working with Litecoin members such as ‘Johnny Litecoin’ and ‘Litecoin Lisa’ working on events round the US. He has just attended the bitcoin ben event and passed out 40 drinks which the PAC team helped sponsor. Jay is approaching people who had never heard of PAC, Jay is able to set the narrative at these events which is very powerful for word of mouth. Jay is an asset to the project and continues to shine and talk about PAC and its masternode network to anyone willing to hear about it. He also held numerous demonstrations for the PAC Android wallet and taught people how to use it.
PAC is exploring the addition onto the Pungo app, that was prematurely launched, but looks really great. Anyone can spend their PAC on a credit card in the EU. Jay has also been teaching users on how transact using the the PAC SMS software mixing these with the PAC paper wallets for people in countries with no internet and only cell phones.
George Tyler – Director
George is behind the scenes laying the business roots for PAC. Behind the scenes he’s trying to make the way PAC operates from a business perspective, cleaner, more professional in wake of this new exciting era for the project. He believes there will be a high level of success for PAC moving forward.
PACVZLA – PAC Venezuela
He is a superstar on social media, especially Instagram. He really brings a lot of value to the project and has a lot of content and organized multiple PAC events and conferences in the region. He works alngside Robin (PAC Charity) and with ‘Paccoin4prez’ on social media accounts to spread awareness of the network and it’s ability to bank the millions of unbanked people in poorer regions.
Juwon held an African PAC conference two weeks ago encouraging the people of Africa to edcuate themselves on PAC and blockchain technology.
Steve is behind the scenes managing social media aspects in tandem with other directors. Twitter, Pinterest, Steemit have been added to the social media department and will now be used to further expand our news reach. He’s been taking a break on mass campaigns on twitter, as we re-evaluate how best to promote the new code release and soft re-brand helping Jay and Brad as well as Drew behind the scenes on twitter/company strategy and product development.
Dijida will be working with other mods and community dev members to automate and update scripts for Masternode hosting including Masternode fleet scripts for those that host multiple instances. Dijida has been a long-long time mod of the project and pours his heart and soul into the project every day trying to find the best ways to keep the project on it’s feet and keeping the community updated on the latest developments.
Tim M. Betts – CEO at Summit Blockchain
Tim Betts states in the meeting that this is the beginning of a relaunch and turn around story for PAC with the right people now in place. He explains there’s many high net worth folks that believe in Summit Blockchain and Summit Blockchain believes in PAC. He gives his appreciation for being a part of the project.
Lostintime – PAC Web Developer
He is collaborating with Brad regarding the full relaunch of the website alongside the soft re-brand, as soon as Design and Concept has
been worked out we are going to launch a more community orientated and investor friendly website to increase uptake of the splintered sites that currently exist in the PAC ecosystem.
Thank you for taking the time to read this update from the PAC team.