The redemption for PAC to the new $PAC will begin on February 1st for master-nodes only. A masternode is a fully functional node on the new $PAC network that takes POS blocks on the existing PAC and puts this block creation on the second tier on the new $PAC network. To secure the network, each master-node will need to “STAKE” or lockdown 500,000 of the new $PAC (equivalent to 500,000,000 or 500 Million OLD PAC). Doing this enables a master-node to be integral in supporting features such as InstantPAC and PrivatePAC payment options. Think of it like “ATM” on the new $PAC network, where the owners share equally in the new block creation of 45% of the new coins generated amongst them. These new coins are distributed every month.
The redemption window will be supported by a redemption team and a helpdesk ticket system for individual redemption related issues. We took this approach to ensure there is transparency and trust in the redemption process. There are a host of “people” that will consistently try and instill “doubt” in the process so we will try and mitigate this as much as possible.
The steps will be as follows:
- Download a new $PAC wallet from wallets.paccoin.net – the new wallet will be different from the old and looks like the image below (not available Feb 01)
- Get your new $PAC receive ID it from the Receive button on the new wallet and then Show button – the Address ID will start with capital P and have a bunch of numbers after it. Like this: PSq47Qxhg83wWXTe9TWwUHGPz5y46NFFRD
- When you send your old PAC coins to the redemption desk you will use this new $PAC address in the comment field in the transaction – we will post a video showing this process on Youtube.
- Your transactions to the redemption wallets can be checked at:
you will be able to see your transactions to the redemption wallet
- IMPORTANT – RECORD YOUR TRANSACTION ID – THIS IS PROOF THAT YOU SENT THE COINS! WE CAN USE THIS ID AND MATCH IT TO YOUR ADDRESS EACH ONE OF THESE ARE UNIQUE
- Once recorded on the blockchain the new $PAC is yours.
- The new $PAC will be sent to your new $PAC wallet!
We expect that not all the coins or old PAC will come through the redemption window. Whatever coins are unclaimed in the redemption windows will be allocated using the same ratio as the coins generated in the future. 15% will go to operations and 5% to charity. These amounts will be calculated at the end of each redemption window based on the total outstanding supply.