For high-coin holders, PAC has already begun to allow redemption of the newest version of their community-driven coin: $PAC. A fork has been implemented to enhance their algorithm that was originally released in 2014 with the introduction of PACcoin.
Ever since the popularity of the coin has risen to 3.5 trillion PACcoins mined and over 100 trillion in supply, an upgrade was needed to reduce the strain of data and improve usability.
What does the redemption mean to you?
Redemption simply means a conversion of currency to lower the amount of coins on the market while increasing their value. Each new $PAC will equal 1,000 of the old PACcoin. This will in-turn lower the supply of coins to 100 billion and the coins in use to 3.5 billion.
How do you redeem your new $PAC?
If you do not run a masternode, then you will be able to redeem your coins beginning on March 1st.
To exchange your old coins to the new version is easy. Follow these steps to ensure proper redemption:
- Download both the old and new PAC wallets from their web site here.
- Transfer all your old PACcoins from all exchanges to your old PAC wallet. Do not transfer old coins into your new wallet.
- After your old coins have been transferred to your old PAC wallet, you must then send your old coins to one of the redemption addresses that will be posted on the PAC web site beginning March 1st. Be sure to save your transaction ID so that any errors can be tracked.
- PAC will then send your new $PAC coins to your new PAC wallet once they have been converted.
What makes $PAC superior to its former PACcoin?
As a spawn of Bitcoin, PAC was formed with the user in mind to provide a truly anonymous, self-run coin. It also supplies rewards both individually and on a communal scale while protecting its network with enhanced security and privacy measures.
The latest version of $PAC proves their devotion to all of the above in the following ways:
- Only 6 confirmations needed to complete a transaction
- 7 second Instantsend and Privatesend options
- Upgraded x11 algorithm– hashes 11 different algorithms that increases CPU security, provides fast, long-term mining while keeping your GPU cool and electricity low
- Live transaction fee of 10.00 μ$PAC/kb (μ=micron, divide value of $PAC by the amount of data being transfer)
- 35% mining reward
- 45% full node reward (masternodes)
- Gives 5% to community charities
The Future of $PAC
Focusing on a socially-driven medium, $PAC hopes to grow through affiliate programs, a social media currency, employee rewards incentives, and community ventures that motivate sharing. This is all done through the launch of Paclyfe, a marketplace for community sharing, buying, and governing $PAC.
Another change to secure the future PAC is the transition from the old POS system where large wallet holders were able to mint new coins at a much higher rate that other nodes. The new way includes a masternode system that has many benefits without the uneven distribution of rewards. Once you own 500,000 $PAC you can set up a masternode and be given 45% of the blockchain reward. This makes full nodes less frequent thus more secure as masternodes have large stakes in the system. This then provides:
- Increased security through trustworthy nodes
- Faster and instant transactions
- A small majority governing a majority of the coins in a decentralized manner
See PAC for white paper for more details.