The last year for $PAC has whizzed by, and we are ready to enter the busy Fall season. It has been just over a year since the core PACcoin to $PAC idea has successfully been relaunched into a viable cryptocurrency. Wow, what a journey! Our story so far has been riddled with many conquered problems and new opportunities with many lessons learned. The market has waves of overly speculative individuals that come and go for various reasons. But our core team and community is intact and is focused on getting $PAC on its way to the elite table of blockchain happiness. Our mission focuses on long-term value, and we frown on the reliance on short-term efforts as we believe they hinder the overall space’s growth.
Building a specific use case for $PAC like so many of the other coins and tokens is an uphill battle and an inverted approach. $PAC’s goal to be the largest Digital Asset Network will ultimately be our foundation and core use case, thus supporting our ‘Plug into $PAC’ focus. This helps support our unified strategy for $PAC’s flexible and ‘do-whatever-it takes attitude’ to be a mass-adopted digital currency.
What makes us so confident we will get there?
To date, we are on pace to be the largest masternode network in the cryptosphere. Based on our projections our goal to be the largest in the world could happen late in 2019 or early 2020. Is this goal achievable? We think so, because in six months in an apples-to-apples comparison we are the third largest already.
The cryptosphere’s accelerated innovation and content creation is currently moving at an unsustainable rate, creating confusion and killing user adoption. In my opinion, this malinvestment which is more prevalent in the ICO token space will take some time to resolve. This is easily discerned by the current market’s ICO valuations once capital is destroyed and removed from the ecosystem by these intangible players. Currently, the whole cryptosphere is restructuring around this malinvestment and capital destruction. Other coins strategies by coexisting and negatively attacking their competition in unregulated waters are whacking away at the whole cryptosphere, hindering growth. For newcomers, the cost of growing a semi-decentralized asset in this landscape without capital will be a waste of time, the cryptosphere is maturing!
In my opinion, many of the other tokens and coins posing as an alternative store of value by introducing and spinning more features doesn’t necessarily help, they only deter new users and adoption. Since the relaunch of PACcoin, we have focused on trying to keep things more straightforward and more natural to foster adoption. Our efforts are tangible, via our easy to use wallets, platforms, and mutually beneficial partnerships.
Building a more feature rich bitcoin has left many coins in the innovation graveyard with almost zero value and no buy offers. The term ‘dead coin’ and ‘dead coin lists’ will be common going forward. Isn’t it ironic how the simplest things in life that humans have used as currency such as shells, diamonds, gold, etc. all store value in differing degrees? Why overcomplicate digital assets to the point where trust, adoption and the inferred value will diminish? After all, our goal is for it to hold value, not ‘take us to the moon’ temporarily!
PACcoin was dead
Two years ago, the old PACcoin was one of the coins mentioned above; there were several points of failure that were beyond fixing, complemented by many other sorts of issues that weren’t simple to resolve. Building a path to redemption to fix the old coin’s design and trying to provide a way for older coin holders was the new focus. The other founders I was working with to relaunch PACcoin committed to the journey with me. I met Stoic and Smoker, who introduced me to Newcrypto as our development team leader.
Halfway through the year, we concluded our successful coin redemption program which had over fifty thousand individual transactions where almost 80% of the old PACcoins were redeemed. This was a MAJOR undertaking early on in our growth, and we did this ourselves. We chose to use our redemption team vs. using an escrow service like Bitcointalk which saved us a lot of heartache and expenses. The DEV team in Mexico under the direction of NewCrypto did an excellent job running this redemption of this size and magnitude. After this we watched many other coins follow suit with similar programs to refresh and renew their coin design mistakes.
Our struggle to continually educate the $PAC community is continuously evolving, and we will continue to improve our communications through our existing channels. When you look at our global footprint, our multi-language strength is visible as we have healthy communities within several large countries.
We recognized early on that the new PACcoin needed an operational team as the old skeletons of other coins dead websites proved that truly decentralized approaches would fail and falter for mainstream adoption.
Which codebase we would choose to innovate?
Forking DASH turned out to be an easy decision, as I was following DASH closely at the time and they had the beginning of a hybridized approach to their coin design with the DAO and a functioning operational and marketing arm. PACcoin’s original repurpose is focused on four C’s – Content, Community, Choice, and Charity.
We felt that this focus would align the mission of $PAC to something that was general enough to function effectively as a store of value, but not focused too specifically to warrant its future demise. The whole cryptosphere had evolved into an ICO framework where it had determined that roadmaps, websites, bitcointalk accounts were the standard requirements to be successful. I was very averse to this approach as I was tired of reading the same things over-and-over and became resistant to following the rest of the herd.
Our design for $PAC was crucial to its ability to survive in a space with huge teams getting millions of dollars to do the same thing we were doing from a bootstrapped team supported out of our own pockets. The outlook was ominous and intimidating early on. Our marketing team has done a formidable job structuring our social programs and our PR department is for our next phase of growth. I am incredibly thankful to have such strong autonomous individuals in these roles moving the ball in the right direction. My hat is off to Brad M, Millie, Koentje, Fozzy and Oobie, the mod team and the list goes on and on….Thanks, guys!
Identifying issues with $PAC/DASH & overcoming them
The $PAC DAO is currently encumbered with overcoming operational inefficiencies and shortcomings. As founders, we were always aware of how the DAO could quickly and easily evolve into a centralized organization and kill itself inadvertently. I love to hear these arguments for and against decentralization in the space but I will keep focused on the more significant problem at hand, that is mass adoption and ease of use.
Our current quest will continue to focus on supporting the core governance design with a community foundation and focusing the decisions of the general $PAC population into efforts to mitigate centralization. It is indeed a ‘hypocritical quandary’ with no exact right or wrong answers. Many will leave this argument with unresolved queries, aligned to their core belief systems which usually are disparate from the masses.
To help solve $PAC’s DAO dilemmas, wrapping social governance into a platform and augmenting the technical DAO framework with other blocks of social discovery and ultimately value exploration is critical to $PAC’s future. Ensuring larger consortiums of investors keep the core projects for $PAC supported is vital to attracting new investors to a model that is functioning and proper. PAClyfe has been launched to evolve into solving these issues. A social governance portal where even non-masternode holders can support a large block of votes is critical to offset the potential of consortium investment.
Our team is solid, and our outlook is positive, and we have our foundation in place now to take $PAC to the next level. Building a functional decentralized team will become a lot easier when asset valuations improve. Our team will be gradually introducing newer leadership and incorporating new ideas as we grow. Thanks for joining our journey and contributing to the $PAC story.
- Eric H (COO $PAC)