$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.