The old DEV of PacCoin joined us last week in the relaunching of PacCoin to a broader purpose & focus. The market and our community has re-acted favorably to this news. Our website traffic has doubled this week compared to last as well! Keep spreading the word about PacCoin before the big news is released shortly.
We have added a new windows wallet install package to the website that has all the latest addnodes and bug-fixes for a mempool error that has been fixed. We will shortly be freezing the code-base for PacCoin V1 until the official fork and relaunch on March 1st. 2018. Many people are asking what this means to their existing coins so we will attempt to explain – details are still being finalized.
Let’s explain quickly why PacCoin needs to be re-forked and relaunched. First, PacCoin was inflating itself into oblivion via it’s huge 100 Trillion supply limit. Currently approximately 3.2 Trillion are in circulation of the 100 Trillion – just over 3%. PacCoin’s individual coin value is so low that it is hard to find any other coin to trade against it – this is a huge problem as well – that was only going to get worse over time. We believe in the PAC ticker and the mission of the new coin.
Second, PacCoin has a very tight confirmation window at 60 seconds. This makes it very difficult to get all the confirmation conversations completed in-time to avoid an orphaned block. The probability of two nodes trying to create a block at the same time is very large the larger the network gets. Unsustainable design to scale.
The original choice of choosing a very short block time for PacCoin demonstrates a lack of understanding of this requirement. If you make block times very short, then the nodes will generate blocks faster than it would take for notifications to reach nodes on the opposite end of the distributed network. This will cause nodes within the distributed network to have inconsistent views of the blockchain.
The block time needs to be, at the very least, several times larger than the maximum end-to-end propagation delay across the distributed network. What does this mean? 1) Lots of orphans. 2) Very long orphan blockchains. 3) Significantly reduced security for the network. This will be fixed in the new coin fork!
To solve this we are going o refork PAC onto a new blockchain with a 3 minute confirmation time & a twenty year supply duration. The network will be hybrid POW and master-node focused to ensure PaCoin’s integrity. Vendor transactions will happen quickly. Some of the other design specifications are almost decided but the DEV team is finalizing the design shortly. Once this design is finalized – we can release more defined next steps.
We appreciate all the emails and the positive support from the PAC community as we grow PAC into the top 100 coins in an aggressive fashion.
Stay tuned for the PacCoin affiliate program – coming soon!
-Saul Wolf (PacCoin Dev Team)