What is PACcoin?
PACcoin is one of the older cryptocurrencies to employ both Proof of Work (PoW) and Proof of Stake (PoS) blockchain hashing mechanisms. A few of the differences between PAC and BTC is that 500 coins are always rewarded in each 1 minute block, as opposed to bitcoin’s halving mechanism that reduces the coin reward every set number of years and has ten minute blocks. This means that transaction speeds are in essence 10x faster than bitcoin, as users only need to wait 1-2 minutes for their transaction to be added to the PAC blockchain.
This has since been changed, and the coin now also rewards users via a PoS mechanism that generates new coins via sending them to user addresses in amounts proportional to the number of coins held. It also maintains a PoW mechanism to further enhance blockchain security, and is one of the few coins to do this without any mining pools. This means that any individual is free to use their own computer (or mining rig) in an attempt to add new blocks to the PAC blockchain and receive the 500 coin mining reward. There are currently over 3.4 trillion PACcoins in circulation.
History of PACcoin
PAC was first announced in November 2013 on bitcointalk.org. It was originally developed by bitcoin enthusiast William Corless, using a SHA-256d Proof of Work (PoW) algorithm (same as bitcoin), but has since undergone a number of transformations and re-brandings, as well as spin-offs and forks. It currently rewards users based on a Proof of Stake (PoS) algorithm, which issues a number of new coins to each account in proportion to the number of coins held by each account, on a monthly basis. In the fall of 2017, the PAC community took it upon themselves to re-launch the coin, promising to focus on a philosophy of “four ‘C’s: Community, Charity, Content and Choice.”
How PACcoin Works
PAC currently uses a PoS algorithm, as mentioned above. Its inflationary rate means that the number of coins in circulation will increase by about 12-fold per annum. Other than its extraordinary size, it is extremely similar to how other PoS coins work, meaning new blocks are added to its blockchain through users holdings coins in their account, rather than through classical mining mechanisms. It claims to have an average transaction confirmation time of less than 2 seconds and an average fee of less than $0.03. It also claims to offer totally anonymous transactions for its users.
Why Use Paccoin?
According to new PACcoin team’s latest release to the public:
“Governance and organization are the biggest challenges for decentralized projects. PAC has solved the problems that Bitcoin is struggling with and represents a digital currency that can be used as Digital Cash. We strive to socially transform a simple currency into a scalable (sic) and diverse network of people & transaction based systems. As the people’s Internet currency we will support block-chain technologies and give back solutions to the cryptosphere.”