Over the past quarter, the $PAC network, along with multiple other projects within the blockchain space have been strained, both technologically and operationally. In recent months we have seen projects like Steemit lay off 70% of their workforce and the Ethereum Classic (ETC) chain be exposed to vulnerabilities that accounted for losses worth over $1mil USD in tokens. This is a side effect of an industry undergoing a long period of consolidation resulting in a ‘survival of the fittest’ mentality from the masses where due diligence, transparency and utility are quickly becoming the major pillars for a digital assets true value.
Gone are the days that an illegitimate ICO could raise millions in funding as a result of a clever marketing campaign and empty promises.The space as a whole is slowly maturing and the people involved in blockchain and continuing to back this technology as a solution to a dated financial system are not as susceptible to the dishonest schemes of previous years. This is a much needed change, a cleanse of under performing projects from the industry and a reallocation of wealth to the companies and projects really pushing for adoption.
This is why $PAC and its team are spending this time BUILDING and releasing v0.12.6.0 protocol 70215.
The current state of the $PAC network
As of the 7th Feb 2019 $PAC moved into phase 2 of it’s lifespan, if you missed our article on phase 2 and what this means for you. You can read about it here.
In short, phase 2 is simply an increase in the amount of $PAC released by the network per block mined. Currently 13,800 $PAC is created per block with 75% going to the Masternodes, 5% going to the miners, 15% going to the treasury (proposals) & 5% to charity. Phase 2 see’s the block payout increase to 18,400 $PAC instead. An increase of 33.33%.
The upcoming hard fork to protocol 70215
The hard fork to the $PAC network will aim to: provide a 51% attack prevention procedure, alter the block rewards to incentivize more natural mining to the network this creating consistent blocks & further contribute to 51% attack prevention. The hard fork will also include a whole host of multi-platform wallet upgrades across iOS, Android, Electrum & Core wallets. This is one of the largest development updates the $PAC projects that has been done. Extensive testing was implemented ahead of this release to ensure a smooth operational transition to the new chain which contributed to the delay in release.
Major adjustments to the $PAC network include:
- Increased Fees for proposals to 50,000 $PAC (This change, is to ensure sincere and legitimate proposals only will be submitted to the network, we want to see an improvement in quality of the active proposals on the network, DAO funding is an important part of our governance system and should not be abused and taken seriously by our community, an increase in collateral commitment to issue a proposal will increase the time and effort put in place by the submitter).
- Increase mining rewards from 5% to 15%
- Reduce Masternode payouts from 75% to 65%
- Mitigate 51% attacks by implementing the $PAC Block Delay Penalty System (explained below)
- Auto send logs to the Debug.log file when the network detects an attack is happening, this query allows the network to issue an ‘early warning system’ which will notify the core team and allow us to take preventative action on the chain, thwarting 51% attacks further. This will permit us to develop a simple web service that will constant query the network for a 51% attack. If an attack is detected then we should be able to notify people in any way we want (email, discord bot, post to website, etc).
Desktop Wallets (Mac, Windows, and Ubuntus)
- Desktop Core wallets updated to a brand new skin theme, new icons, new launch screen, background, completely re-structured CSS styles to improve usability, a more efficient code base ensuring the wallet is less resource intensive improving functionality on all devices. We have moved the Private $PAC feature of the core wallet to its own separate tab.
- Users can now set a profile picture on their own wallet, a feature that will enable professional organisations and business primarily to have the wallet as a professional, customer facing product when accepting $PAC payments.
- Brand new, important messages and communications tool implemented into the main wallet. $PAC core team members and department leaders will now be able to communicate with our global $PAC community through the core wallet ensuring improved dialogue and transparency with our users. This is a way for us to communicate with $PAC owners who do not frequent social media channels or our web platforms.
- The $PAC wallet now features an automatic $PAC>USD (American Dollar) conversion tool to enable merchants and individuals to easily transact $PAC for USD value products. We will be exploring the addition of additional currencies in a future release.
User interface redesigned according to design team to include: Splash Screen, First step screen (To create or restore the wallet), Updated source to convert from $PAC to the current currency, Transactions screen, QR Screen to pay to our own address, Request payment screen, About screen, Settings screen, Share app analytics screen, Modal screens were redesigned, App Translations & New Icon/image sets.
User interface redesigned according to design team to include: Splash Screen, Main screen, QR Screen to pay to our own address, Request payment screen, About screen, Settings screen, Share app analytics screen, Modal screens are totally redesigned, Left-side menu was redesigned according to the design guidelines, Transaction list screen, Changed the camera square color when trying to scan new address & uploaded new icon/image sets.
The electrum wallet has been back ported to version 220.127.116.11 of the Dash electrum. This results in key performance improvements with the wallet taking far less time to load and be usable. The platform was migrated to Python3 and Qt5, Transactions are time-locked to the height of the current block, The initial download of a headers file was replaced with hard coded checkpoints.
- Qt GUI: seed word auto-complete during restore
- Renamed to Pac-Electrum.
- Add “Use Tor Proxy on startup” option, add Tor Proxy setup to Win builds, add docs to setup Tor Proxy on other platforms. Warning if run without Tor.
- For details go to RELEASE-NOTES here: https://github.com/PACCommunity/electrum-PAC/releases/tag/3.0.0
Returned functionality to our Exchange partners
The primary focus on this fork is to return the functionality of our major exchange partners, it’s been a frustrating and tough time for both the community and the $PAC team whilst our project has been unavailable on 90% of all of our trading platforms. The hard fork on Feb 20th will ensure that most, if not all of our exchange partners re-enable the trading of $PAC and reduce confirmation times for deposits/withdrawals on all platforms.
To improve relationships with our exchange partners the $PAC team will be opting for an independent third party code audit which will provide a benchmark security document and peace of mind statement to our exchanges, active merchants, business partners and hopefully the community that the $PAC network has never been more secure. This is an exciting and much needed update to the project and will solidify $PAC as one of the premium payment networks in the space, we will hopefully see rejuvenated interest in our brand and our payment network as a merchant-focused solution. With the release of this new chain, increased marketing efforts and awareness campaigns around these major improvements will occur.
All that is left to be said is to please ensure you update to the newest wallets upon release and ensure you spread the message to your friends, family, colleagues and business partners that the network is updating on this date to ensure a smooth and trouble-free transition. Masternode owners will need to update to 70215 and ensure they are active and running before being rejected by the network.
Thank you all for being with us on this journey, enjoy the update.