The PAC Token release announcement in Manila. Source: ABS-CBN news

 

Pacquiao-Powered PAC Token is the First Celebrity Centered and Backed Crypto

Boxing superstar Manny Pacquiao is set to launch a cryptocurrency centered around his likeness, he announced at a concert held in Manila on Sunday. PAC Token has been in the works for well over a year, finally finding an exchange to host it, the Singapore-based Global Crypto Offering Exchange (GCOX). PAC Token will be used as the primary means to purchase merchandise and memorabilia from an official website, as well as to pay for live streaming one-on-one interactions with fans. GCOX also plans to launch other celebrity-based cryptocurrencies, including tennis champ Caroline Wozniacki, English football striker Michael Owen and singer Jason Derulo.

Over 2,000 fans were in attendance at the free concert hosted in Manila, where Pacquiao serenaded fans with Filipino standards, selections from his album, and performed a duet with his wife, Jinkee. It was at this concert that plans for the release of his PAC Token were announced to the public.

The PAC Token coin logo.

The 40 year old Pacquiao, or known as his boxing moniker “Pacman,” has earned over $500 million in fights during his 20+ year career, most recently defeating Keith Thurman in July to claim the title of Super Welterweight WBA champion. He is easily one of the most recognizable and accomplished professional boxers of all-time and a household name around many parts of the world. In addition to being a champion fighter, Pacquiao is also a sitting senator, professional basketball player, actor, singer, philanthropist, and now cryptocurrency spokesman.

PAC Token is being called the “first celebrity crypto coin,” as it is the first cryptocurrency of note to be launched with the approval of the celebrity using its name. There have been a slew of other celebrity-based cryptocurrencies to be launched in the past, but none of them were launched with the expressed consent of said celebrity. Among the more famous celebrity coins are Coinye, the now-defunct coin that was sued out of existence by Kanye West, MurrayCoin, another dead coin that was based around Bill Murray, and TrumpCoin (TRUMP), which still exists with a half-million dollar market cap.

Though not many technical details have been released, the token will likely run on GCOX’s own Acclaim Blockchain, which is loosely based on the NEO (NEO) blockchain. Like NEO, Acclaim requires its own separate cryptocurrency (called Applause) in order to pay for gas (transaction) fees. GCOX describes themselves as being specially centered around celebrities in a Medium article:

“Unlike the mainstream crypto exchanges which have hundreds or thousands of trading pairs and listing of various projects, GCOX Exchange specialises in supporting the entertainment industry, listing exclusive Celebrity Tokens issued by globally-renowned celebrities themselves.”

GCOX raised funds to develop their exchange via an ICO that ran for three weeks in August 2018. On the GCOX website itself, it offers the following descriptions of the Acclaim platform:

“The Acclaim blockchain is a consensus network that uses the Delegated Byzantine Fault Tolerance (dBFT) consensus protocol. The dBFT consensus protocol was designed to overcome the Byzantine General’s Problem in game theory to protect against malicious actors within the network. Consensus is achieved as long as 2/3 of the Consensus nodes are in agreement. The dBFT consensus protocol allows for better scaling and performance as it was developed with perfect finality, ensuring that all transactions are final after the first confirmation.”

As outlined on the PAC Token official website, celebrity coins (including PAC Token) launched through GCOX will have four main uses, consisting of the following:

Celeb-Connect. Manny Pacquiao can now share his personal success stories, connect with his fans via personalised video greetings or live-streaming.

Fan-Connect. Fans can also partake in unique bespoke challenges by Manny Pacquiao and contests to win attractive prizes and rewards.

Celebreneur. Fan can redeem products such as an autographed glove of Manny Pacquiao or bid for an exclusive VIP box seat for a boxing match using PAC Tokens.

Celeb-Charity. Fans can now support Manny Pacquiao in his philanthropic mission by making donations using PAC Tokens, working together towards achieving a more meaningful and sustainable outcome.

If PAC Token finds its way outside of GCOX and onto other exchanges, encountering success among cryptocurrency users, it could then take on a variety of other uses. Probably the most lucrative use case scenario for PAC Token would be acting as a crypto intermediary for cross-border cash remittances from Filipino overseas workers back to their family. Overseas workers currently comprise about 60% of the Philippines national income, and there is a huge demand for cost-lessening solutions for international remittances. Bitcoin has already made a great deal of headway in the area, with bitcoin exchange services like Coins.ph and Rebittance servicing millions of Filipinos nationwide.

Though it remains to be seen if the launch of PAC Token will prove to be just another blockchain-related money grab or if it will go on to meet any measure of success, centering a cryptocurrency around Pacquiao is probably one of the best possible ideas as far as launching a celebrity-backed coin is concerned, as his fan base is widespread, unflinching in their loyalty to the boxer, and ready to help support or connect to their hero in any way that is possible.