PACcoin (People’s Alternative Choice Coin) was launched in 2015 and claims to be the world’s first community governed digital currency.
PACcoin was launched in 2015 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.”
Obscure internet teams have proven that they can create billion dollar cryptocurrencies time and time again, but honestly, PACcoin is a long shot. The small market cap means that PACcoin is never more than one whale away from 100% returns, and the new team is starting to move the project in a direction.
It can be sent as a cryptocurrency to transfer wealth, but so can thousands of other coins. On the other hand, PACcoin investors might be getting in on the bedrock of a promising altcoin. The CMC glitch was incredible exposure for a coin with such a tiny market cap. It also has value as an investment vehicle.
There is value in $PAC coins because they are a scarce coin that is needed to stake on the network. As the value of these coins increases, it will be more valuable to stake, and this self-perpetuating confidence might drive up the price. POS pulls cryptocurrencies up by their bootstraps.
Find out how to buy PACcoin now.