PACcoin to $PAC Redemption Update & Improving Founding Member Transparency

If someone were to tell you to invest $1,000 at the beginning of December 2017 and that it would be worth $6,000 by April, you’d most likely take them up on the offer. A 6x return on an investment in a little over 5 months is better than any high interest savings account you could ever hope to achieve. This is the case with $PAC.

 

On December 1st 2017 PACcoin was trading at $8.34e-7 which is less than $0.000001 – A masternode at the time would have cost you just $67.00… allowing for the 1000x conversation after the redemption this would be the equivalent of one new $PAC trading today at a value of $0.000834.

 

$PAC price at the time of writing this article $0.00598 – that is a gain of 617.026%.

Despite being able to boast these massive growth statistics, $PAC today is still under heavy scrutiny from the public and faces an on-going uphill battle as a result of one of the longest bear markets in recent cryptocurrency history. It’s a known fact that if you purchased Ripple, Ethereum or Bitcoin on January 6th you would be at a 72% loss as of today. It’s stats like these that help quantify just how much the cryptocurrency space was affected by the exponential growth it saw during the later part of 2017. This will be the last time the $PAC team brings up the topic of price, we have done our fair share of the responsibility in educating our community and feel the best way to bring real value to the project is to focus on delivering on our promises and improving transparency as a whole.

PACcoin to $PAC Public Redemption update

The 1000:1 public redemption cut-off point is fast approaching, we have only one month left in the first round of the $PAC redemption. There are roughly ~760 million coins left from the original redemption pool.

Despite this, there are still some users (less than 1%) who have no claimed their new $PAC as a result of not inputting the return address into the correct field when sending the coins to our redemption desk. All of these transactions are on hold and pending a support ticket with their TX. Once we receive confirmation of your valid new $PAC wallet address we can release your held funds.

All redemption enquiries should be sent to [email protected]

To date we have redeemed almost ~2.7 Trillion coin over the last 3 months.

Clarification on total supply figures and allocation of funds

The new $PAC will have a total supply of just over 100 Billion coins, we estimate at current block rates this number will be hit sometime during 2043. $PAC by design is inflationary, whereby the number of coins per block released into the circulating supply will grow at key points in the future timespan of the coins history, these are outlined in the fundamentals section of the white paper.

As of the time of writing this article we have 4.171 Billion new $PAC in circulation which is just 4.1% of our total supply. When new coins launch whether it be an ICO – ERC20 token or another digital currency. Typically more than 8% of the total supply is premined, this poses a number of price stability issues and often means that the founding members hold an unhealthily large proportion of the circulating supply on launch. $PAC is at half of these typical values, meaning that the scope for growth is far larger, by design.

Out of the newly mined coins released into circulation 15% goes to our marketing/ops pool, this is the pool used to fund proposals submitted by the community and our fundamental social governance tool to sculpt and fund the future value of the coin.

People are still staking the original PACcoin, doesn’t that mean you won’t have enough coins to redeem everyone?

Yes and No… We anticipated this. Last minute redemptions from people still staking the old PACcoin will be covered out of the 15% marketing/operations pool we have set aside for this purpose up until the 1000:1 cut off. To be 100% clear the 1000:1 cut off is defined as:

ALL TRANSACTIONS RECEIVED TO THE REDEMPTION WALLETS PRIOR TO MIDNIGHT (00:00 CST) ON THE 31ST MAY 2018 WILL BE REDEEMED AT A VALUE OF 1000:1 – ANY TRANSACTIONS THAT COME THROUGH AFTER THE CUT OFF (00:01 CST) ON THE1ST JUNE  2018 WILL BE REDEEMED AT A VALUE OF 2000:1

To save any unfortunate occurrences of people getting the reduced rate of 2000:1 for their coins, please ensure you give yourself plenty of time to allow for the redemption transaction to occur and for the transaction to confirm on the blockchain. We HIGHLY RECOMMEND people still staking their old PACcoin to redeem a minimum of 48 hours prior to the cut off time to allow for any potential delays in the old PACcoin network.

Pre-allocated funds to cover marketing and operational expenses by the founding members

We have also pre-allocated 0.16% of the total coin design (160 million $PAC) for operations and marketing expenses that have been paid for by the original four founders since the re-birth of the project in August 2017. Funds covered such as on-going hosting fees for the multitude of platforms we have available, dev team salaries, large scale marketing spends such as the London Cryptocurrency Show.

These funds also contribute to the founding members stake in the project and are currently locked down in Masternodes. The rewards/payout from these Masternodes will be used to grow $PAC and fund ADHOC initiatives not covered in the DOA aspects of the coin, such as exchange listing fees and much more in the future.

 

The founding team to date has paid almost every operating expense over the last 9 months to get $PAC where we are today. Going forward this will change 100% to the DAO proposal system – The hard switch for this will be at the end of May.

We will pre-pend our social governance into this process as well. If done properly MN voting becomes a rubber stamp vs an inherent power play, which some users are concerned about.

At the end of the first redemption window on May 31st we will have to re-evaluate the 2000:1 window, and what is left-over from the original pool. We will decide together via social governance on whether we compress the window or carry the liability forward.

Closing statement

We have had a lot of turn-over in our ranks in the last few days, both from the operations team and on the volunteer moderator side of the team.

We wish those that have left us best wishes, and we are grateful for their contributions to date. Our proposal system is still work in progress, at present it works but we still have some major work to do to fine-tune the process so that only good quality project, determined by the shareholders get put into motion and received $PAC funding.

There are more conversations to have in order to make this system work optimally for $PAC and the result of these conversations and various feedback cycles will result in what you see on PAClyfe.

Moving forward we are discussing some new key management positions to compliment Brad’s role as C.M.O. Against his wishes, he has become a ‘face’ of the coin and to further support him and to add a much needed layer of transparency to the project, we will be recruiting various C-level roles that will ultimately become public facing and transparent.

We are excited to discover the definition of these roles with the community and will use a large portion of the Operations/Marketing pool to incentivize fresh talent to emerge and the acquisition of industry professionals who can move the project forward for the long term success of the project.

Thanks for everyone’s hard work, and dedication to the $PAC story, please contact myself directly if you have any questions.

Thanks,

Expos & the founding members.

This Post Has 10 Comments

  1. Thank you all for the great work! I can imagine that it is sometimes difficult to remain positive with so many negative reactions. But you are doing well! Just keep on going 🙂

  2. Great to hear that Brad will be supported in the marketing role. In relation to ‘The Face of $PAC’, It would be awesome to see a professional weekly/fortnightly video presentation providing updates on the development of the project, interviews with team members explaining future development & use cases for $PAC. Routine segments that include reviewing the current community proposals, maybe a presenter can go into the field & provide information on where $PAC is currently being utilised, for example an expos’e and updates with David Hay & how $PAC & crypto is making a difference in Cucuta. Thank you for the hard work completed so far.

  3. $ PAC is now challenging very high walls. The fact that the $ PAC team is energetically working on development and that Brad is committed to public relations activities relieves our $ PAC holder. There is one thing to worry about. That is that we can not do what we declared on time. $ PAC has infinite possibilities and we also know it. That’s why I keep $ PAC. It is good to raise the value little by little. So please do what you declared without hopelessly doing on time.
    And after several years it will become famous worldwide and we will be pleased with our $ PAC holder with a smile.

    1. So go out there and tell people about how amazing this team and this project is!

  4. How do u get the pacoins from the 12.23 version wallet to the 12.3 wallet and how to open the back up wallet as I am having issues with transfering my coins

    1. Hello,

      To update your wallet you first need to backup your wallet.
      You can do this with the backup function or copy the wallet.dat out of the Paccoin core installation folder to a thumbdrive.
      When you have backed up your wallet you need to download the latest version on https://github.com/PACCommunity/PAC/releases
      Run the program and open the wallet again. check at help > paccoin core if the version is updated to 12.3.1

      To restore your backup you will need to copy the backed up wallet.dat from the thumb drive into the paccoin core intallation folder. On Windows that is in the %appdata% folder.

  5. Just trying to find out where the addresses are listed

  6. Who are the 4 founding members?

    1. Expos, Smoker, Newcrypto, Stoic

      Those 4 are the founding members

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