We have just gone through a major change to our networks fee structure. We are one step closer to stabilizing the network thanks to more than 5,000 re-enabled masternodes on the new chain. This is just over 83% of the old network that has moved to the new protocol and fee structure. Thanks to everyone for working on this so quickly and supporting $PAC – it has been a challenging week for everyone.
Currently, our largest exchange partner Cryptopia is auditing our chain to ensure that everything is in order. We are pleased that we have established some strong communication channels with them after our Vegas event. Our DEV team is working directly with them now to ensure $PAC is stable before they open back up the trading pair. For our next largest exchange provider, Yobit we need to find a stronger path to communicate with them.
We will continue to diligently pursue communication with Yobit to upgrade their wallet. Please also submit support tickets directly to Yobit to get their attention.
IMPORTANT – please ensure you are on the latest wallet 12.5.1.
Please visit the mandatory update blog post here if you need help upgrading your masternode:
Please reach out to anybody that you introduced to $PAC and ensure they are on the latest version of code.
Here is a very useful command to ensure you are on the correct codebase & $PAC chain – we suggest you add this to a notepad file for easy access later:
On your Masternode server: paccoin-cli getblockhash 158418
On your desktop wallet under Tools > Debug Console: getblockhash 158418
You should see: 0000000000000595a2a004a27026439bbfeddcbff7200585421a7fe3a51237be
If you see something different, please refer to the blog post above.
Our network was up against a wall with a repetitious block-based TX attack that forced us to implement a fee structure to protect the network. Implementing the changes to the network without having our exchanges and mining pools in maintenance created the issue we are having today. We are investing our efforts into ensuring this process has stronger steps in place so we can ensure network stability next time.
As a digital asset, we are learning more and more that full decentralization of a digital store of value becomes more and more complex. This is justifying a more operational hybrid approach to supporting our network stability. $PAC is moving quickly from being a decentralized community-based DAO system to a hybrid network with a strong future use case to re-purpose the $PAC network. We will continue to find new ways to innovate our worldwide system with new processes, tactics and strategies as we continue to build the largest payment network in the digital asset space.
Our Current Immediate Focus:
– Stabilize the Network
– Exchange availability
– Updated Mobile Wallets on iOS and Android (in flight, more updates shortly)
The last two weeks were supposed to be focused on forging new relationships and putting a fund-raising and forward looking road-map in place. Instead it dealt us adversity and problems all at the same time. We come out of these situations stronger and more determined to protect our investment of time and more importantly our passion for why we are here – to be an integral part of the story behind building the world’s largest digital payment network