PACcoin: The First Community Governed Digital Currency
PACcoin claims to be the world's first community governed digital currency. Up until a few months ago, no one had any idea what they actually did or were planning to do. PACcoin was just a promise by some developers to do good things if the community invested in them. Now they have released a white paper and PACcoin has direction. Is this raw crypto spirit building wealth out of blind faith? It's a bit of a long shot, but if you are a whale in the making, PACcoin might do something in the long run, and you would be getting in early on a very cheap coin.
(PAC)
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Table of Contents
- 02 Cryptopia
What is PACcoin?
PACcoin was created in 2014 and based upon then-current technologies. Initially, it enjoyed a brief success as a traded cryptocurrency. However, over the years, the original developers did not maintain or upgrade the coin and subsequently, it quickly fell to the bottom of the list of the 1,200+ different cryptocurrencies on the market. PACcoin remained stagnant until August 2017, when a new community-based management team committed to re-establishing the coin. One the community took control, there was a long period of uncertainty. No one really knew that the coin was going to do. Over time a plan slowly developed in accordance with community interest. In Q1 2018 a whitepaper was released shortly after a redemption coin offering. A lot of people incorrectly called this redemption a Hard Fork, but old PAC and new $PAC are not even on the same blockchain. Old PAC is a fork of Peer Coin and $PAC is a fork of Dash. PACcoin is moving to proof of stake and setting up an investing machine that pays out staking rewards to master nodes. Because of the low value of PACcoin, there isn't a large initial investment required to become a Master node. Only 500,000 tokens are required. Masternodes and credited with $PAC for their participation in the network.
You can also mine tokens on ASICs with the same X11 hashing algorithm used by DASH. On PACcoins white paper it says " Evan Duffield, the creator of DASH and X11 chained-hash, has written on several occasions that X11 was integrated into DASH, not with the intention to prevent ASIC manufacturers from creating ASICs for X11 in the future, but rather to provide a similar migratory path that Bitcoin had (CPUs, GPUs, ASICs)." The problem with this is that there already are ASICs miners that can mine this coin.
"$PAC incentives are an informal way of motivating the community to encourage the growth and reach of $PAC, whilst rewarding them for doing so. These incentives are superfluous to the overall goal of $PAC but exist as a means to compensate active community members."
Cryptopia
PACcoin got a lot of traction in New Zealand when Cryptopia, a local exchange, crashed from the volume of PACcoin trades. At the time they handled 90% of the cryptocurrency's trading volume. Since then PACcoin has started trading on Yobit and Trade Satoshi, but Cryptopia is still around 40 -50% of the volume.
CoinMarketCap Error
The Coinmarketcap error briefly listed PACcoin as the 3rd most traded coin by market cap. This obviously wasn't correct, but it got the tiny altcoin a lot of publicity. New money rushed in and caused an amazing pump.
C.M.O veternus ran with it and reached out to the Ripple community with a self promoting apology. Because social media is strange, the forum got a lot of attention as people debated veternus's motives and denounced naysayers as if to say; Ripple has the morally superior community and we support this coin we don't understand.
PACcoin Developments and Milestones
Shared masternodes will also become available with the launch of Paclyfe in early 2018. This will further lower entry barriers for PAC staking and logically increase the amount of $PAC coins in circulation. They are also intending to implement privacy features and build anonymity into PACcoin with protocol extensions. Private$PAC is an enhanced version of the CoinJoin system. Besides just using CoinJoin, $PAC will employ a series of technical improvements such as decentralisation and a high degree of anonymity leveraging this chaining approach where there is mixing that occurs well ahead of the future transaction The Road map also talks about a PACdirect.net platform that sounds a lot like a decentralised exchange. There isn't much information on this, but it would make the cryptocurrency easier to trade. The team are currently focusing on forming partnerships and trying to make up some ground on fast moving altcoins that are further along the development cycle. PACcoin's biggest asset is its community. There are a militant army of shills and converts doing everything they can to get PACcoin moving. In their eyes the coin can do no wrong. When reddit users complained about losing money during the public redemption because the two tokens aren't equally valued, it was dismissed. When Veternus told everyone to vote to get PACcoin listed on BitZ.com through a referral link that earned him 50% commission, it wasn't questioned.
It is hard to trust anything that comes out of PAC's Reddit community with posts like this:
This entirety of Mojeans Reddit account's history is aggressively shilling PACcoin. It is either a bot or someone who's paid to do this because this isn't how people organically use social media. Maybe it is someone in the community trying to kick-start their hodlings, but it seems unlikely.
Reddit user Pac-curious created a website to detail his review of the PAC whitepaper.