An update from the ‘Dev Cave’ 13th March 2018

$PAC is alive! – There’s probably no better way to describe the general state of our project now other than living, breathing and functional. It’s no lie that this has been a nerve-racking time for all of us behind the scenes, launching any cryptocurrency is no easy task. Launching a cryptocurrency whilst also having to manage the expectations of thousands of investors who collectively held 3.5 trillion worth of old PACcoins was a different ball game altogether.

TRUST – Trust is something that we feel is the biggest component of this whole process that isn’t being championed enough. What cryptocurrency on the market today has ever done anything like what $PAC has achieved? We asked for our entire community to send their balance of PACcoins to us and TRUST that we, as an operation would return their balance of $PAC to them safely. That in itself is unheard of in the crypto-space. It required a great level of finesse and flawless execution to get right and judging by the numbers so far, the whole team has done an outstanding job. Here are some statistics:

  • 21,437 Successful Redemptions
  • Cryptopia & Yobit, on-site auto redemptions completed successfully
  • More than 200 IT support tickets successfully resolved

We will continue to redeem coins as the transactions come in, we have seen a drop-off in volume of redemption transactions taking place as existing holders continue to stake their old PACcoins in their wallets to complete any last minute PoS rewards before redeeming them before the 1000:1 redemption window closes on May 31st.  We are getting closer to the goal of 80% of initial $PAC mined pool being redeemed and the window will close forever.

Burning the midnight oil

As the dust settles from the redemption, it’s time once again for us to pick ourselves up and push forward the underlying projects that will ultimately add to $PAC’s core value as a currency. We successfully demonstrated and released the iOS mobile wallet and the Android version is closer to releasing that originally planned.

We are spending the next few days/weeks addressing various porting processes that need to occur to provide some of the main back end functionality for the coins future projects, this is all secondary necessities for infrastructure. These include porting a proposal generator as well as the testing/executing of additional bitpay/bitcore libs and their additional modules. Not all of the modules are required for the proposal generator so we will only concentrate on those modules that are needed.

The plan is to have this done by the end of this week or early next week.

We have also fixed an issue with the ‘top 100 rich list’ where the database was showing signs of corruption, this is what was holding up the listing of $PAC on CoinMarketCap as long as it did, this was a primary focus for us last week and has now been addressed, this was achieved by re-building and re-indexing all 4 $PAC explorers, which took us some time.

Over the next two weeks we will look into adding a new $PAC explorer using the Insight Explorer, so these issues do not repeat themselves in the future.

The Desktop Electrum Wallet

Our desktop electrum wallet is currently working as a prototype, we are spending some time at present working on various elements of the UI (User Interface) to make the platform as user friendly as possible. We have a full time digital designer modifying this as a number one priority.

Our next steps for the Electrum Wallet is to move the prototype to AWS to make it scalable.

$PAC Paper Wallet

Our marketing team has done a great job of teasing the $PAC paper wallet to the general public, we even demonstrated the look, feel and usability of the paper wallet on the live stream last week and we’re now in a position to make this available:

You can generate your own $PAC Paper Wallet here: http://pacpaperwallet.net/

The site uses an additional security mnemonic via mouse input from the user, this randomly user generated code is used to determine a portion of the private key – try it out for yourself.

If we receive any community feedback from the use of the Paper Wallets we will address these and implement them when we can.

Masternode Monitoring Feature

We plan, at some point soon to add an additional feature to the existing iOS and Android mobile wallets allowing the user to monitor their current Masternode set up. The UI for this feature is finished and we’ll share some of the mockups of this shortly to once again ascertain community feedback before integrating it as an update to the existing iOS/Android wallet.

This is sure to be a much appreciated feature that allows on-the-fly updates to payouts, queue positioning and ROI for our Masternode owners.

Incredible masternode milestone reached

The $PAC network hit an incredible milestone – 2,000 Masternodes are locking 1,000,000,000 $PAC. Transactions to and from exchanges and wallets are averaging seconds – Purchasing a $PAC Masternode currently provides ~130% ROI per year

Thank you for everyone taking the time to share in our journey and we hope to bring you more regular updates from the Development team moving forward.

– NewCrypto

This Post Has 35 Comments

  1. Hi,

    Where can I buy a masternode?
    Thanks

        1. 500k new $PAC.

          The 500 million is the old PAC equivalent, for comparison reasons. If you had 500 million old PAC, you would have 500k new $PAC.

  2. Good work keep going BEST COIN OUT THERE $PAC!

  3. An update on the design of the paper wallet would be great!

    We want the look&feel of a gift card with our nice $PAC logo on it, while keeping the signature yellow on the background. Currently the “print” button actually prints the whole page. It should export a .pdf file of the paper wallet, then print that pdf file. Maybe the UI designer who’s working full-time on the improvement of electrum wallet can give us some help designing the paper wallet!

  4. Congratulations on an awesome job fellas…keep it up

  5. Great read! I love when you guys take the time to give us updates in this fashion. Looking forward to the new features and can say, $PAC is extremely unique and user friendly. Keep up the hard work guys!

  6. Go Go $PAC to Moon…..

  7. How can I get a master node? Are you going to reduce the circulation amount of coins?

    1. You obtain 500k $PAC, and setup a Masternode.

      We don’t reduce the circulating supply. The investors due, when they lock up the coins in Masternodes.

  8. good~ pac to the moon~ gazua~~~

  9. Meaning of these line i received 7-9% pac Every 720 hours receive 7-9% ??

    1. That is the estimated stake reward percentages you would earn from staking old PAC coins in the old wallet.

  10. Well done team $PAC

  11. Well done…Dev team

  12. Yo estoy exactmanete igual. tenia 918932.13572854 paccoin y ahora solo 918… que pasa?

    1. Your coins were redeemed for new $PAC at 1000:1.

  13. Why was the coin burn 1:1000 but the max supply was burned 1:35. Hmmmm Can you explain why this information was not released to us. Im sure you have a perfectly good explanation as to how you will fix this right? Thanks.

    1. 3.5 trillion old PAC = 3.5 billion new $PAC. 1000:1.

  14. Well done team! One uestion which i have never found an answervon the the max. Supply of $pac?
    On coinmarketcap it says 100b, is that correct?

    1. 100 billion is our projected max by the year 2043.

  15. Will the new $PAC still have the POS staking for wallets that are not MN?

    1. No.

      $PAC can be mined, but not staked.

  16. My old paccoin is till in tradesatoshi, please tell me what to do ?
    Or would they be auto swap to the new $pacoin ?

    1. You have until March 25th to withdraw your old PAC. On the 25th, they will swap your old PAC for new $PAC. The option is yours. Do the redemption manually to ensure nothing goes wrong, or leave it in the hands of the exchange.

  17. Not happy with pac total supply

  18. the master node looks interesting for $PAC though i i own severs about you know 6 of them i could easy enough set them up to master nodes and support the new $PAC though i do want a little support for the old PAC i do wish the DEV or DEV Team speak with me as i would really appreciate it Thank You

    1. Old PAC will no longer be supported or developed.

  19. Help setting up master node i did all the above yadda yadda in the tutorial i even tried changing the 1 to 0 but when i load up the wallet it does not show a master node MN1 wonder if i amdoing it right

    MN1 67.193.73.218

    Masternode genkey
    7s9rv9ER6fgCdFJYaiNFutuaoEb6znwKpd4cjuKmHHt8WMsfKtQ

    Masternode TXID and Index
    4665cce434e2d07c7b2bb98da0a49fa232894bcab8f0e58d3f07f2b205c90103: 0

    Masternode config
    MN1 67.193.73.218 7s9rv9ER6fgCdFJYaiNFutuaoEb6znwKpd4cjuKmHHt8WMsfKtQ
    4665cce434e2d07c7b2bb98da0a49fa232894bcab8f0e58d3f07f2b205c90103: 0

    and User Config

    rpcuser=username
    rpcpassword=userpassword
    rpcallowip=127.0.0.1
    rpcallowport=7112
    server=1
    listen=1
    daemon=1
    maxconnections=24
    masternodeprivkey=7s9rv9ER6fgCdFJYaiNFutuaoEb6znwKpd4cjuKmHHt8WMsfKtQ
    externalip=67.193.73.218:7112

      1. hi, ive tried the to set up my masternode but it keeps giving an error… im using windows, do i need VPS at all or can i just do the steps prior? excuse my ignorance but really need help with this…. please explain to the best ability? Thanks!!!

        1. If you are trying to host it yourself, you have to have a static IP address (one that never changes), and your computer must be kept online 24/7. Using a VPS solves both of those issues, and it’s usually only between $2.50 and $5.

          If you are set on hosting it yourself, use this guide: http://altcoin-guide.com/paccoin-vps-masternode-guide/

          It’s for setting up with a VPS, but it’s exactly the same process, just skip the VPS setup section.

  20. Dear PAC community I was looking at the price movement between Feb to Mar (more than 500x) and expect my old PAC coin wud make me 5 figure profit but once I redeem the new pac my potential profit will go to 50%. Am I correct to say that the switch has not benefitted the investor?

    1. The price* has not benefited the investor.

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