$PAC is the third-generation cryptocurrency that is poised to change the way we interact online. Deriving from “People’s Alternative Choice,” $PAC is a rising phoenix – a blockchain-powered coin that has been developed on the ashes of an outdated analog referred to as PACcoin.
PACcoin was initially launched in 2014 with the goal to unite developers, marketers, and all crypto enthusiasts in a single network. However, given that the cryptocurrency project had not been updated for years, the coin’s rate fell and interest in the project faded.
In August 2017, a new community-driven management team started the meticulous task of rebranding and re-launching the cryptocurrency. This is how the current third-generation digital coin was born. $PAC is based on DASH code, suggesting that it provides more advanced anonymity features when compared to Bitcoin. In November 2017, the code was entirely upgraded, and the project had already had a new webpage and coin wallet. The project was officially re-launched on February 1, and now the team has many challenges ahead.
$PAC’s primary goal is to turn into the most efficient and user-friendly digital currency out there. It plans to cover the majority of the countries across the globe. The digital currency leverages blockchain technology and relies on the Proof-of-Service (POS) consensus algorithm to maintain the network. The latter revolves around masternodes and represents an excellent opportunity for users to generate decent profits.
When looking into $PAC’s performance in comparison with other digital currencies, we can see that the coin has great potential, as it beats the largest cryptocurrency by market cap in terms of features.
$PAC Development Updates
Since the moment of the official launch in February, the team behind $PAC has released a wide range of technology and development updates, to make the project feasible during any market conditions. For example, the $PAC woocommerce plugin was introduced to allow the coin’s compatibility with any online retailers that rely on WordPress sites. Currently, the team is working on other payment gateways as well.
The team has already released the electrum-lite wallet for all MAC, Windows, and Linux users. The wallet versions for Android and iOS have also been released a few days ago after the team has addressed the final bug fixes. There is also a “PAC vault” hardware wallet, which is currently under development. The latter will be a much safer method to hold the new $PAC coins. The available wallet versions can be downloaded on the coin’s website.
$PAC’s Projects and Initiatives
Despite being at its very nascent stage, the newly rebranded project has been already explored for several use cases and is expected to be used in many projects to be deployed soon.
To consolidate its position in the crypto community, members of the PAC team attended the London cryptocurrency show in April, discussing the project and the masternode opportunities.
$PAC is all about social responsibility and active involvement. The crypto project revolves around the so-called four C’s, which refer to the alternative choice, content, community, and charity.
At the moment, the $PAC team and community are keen to focus on the hyperinflation problems of Venezuela’s national currency Bolivar and to help the economic rehabilitation of Cucuta, Colombia.
Currently, Venezuela’s government increases the minimum wage three to four times a year to keep up with the hyperinflation craze. President Nicolas Maduro even launched a national cryptocurrency called El Petro to fight the inflation and monetize the natural reserves of the country. In these conditions, $PAC ecosystem would be like fresh air, as it can act as a great economic rehabilitator with its in-built funding pool for Social Programs. $Pac’s funding pool is perhaps the largest one, as 20% of all newly mined tokens are reaching the pool to be used for marketing, operations, and charity purposes. Besides, the fact that only about 3% of $PAC coins have been mined until today makes the ecosystem relevant in the long-term perspective.
According to $PAC’s plans in Latin America, 300,000 citizens in the city of Cucuta should receive wages in $PAC for about two weeks, which would keep them protected against the never-ending inflation and would help the city rehabilitate its economy. $PAC is much more stable given that it is backed by the value of USD/EUR pair. The team also wants to educate the Colombian population on the use of cryptocurrency and teach English lesson in the country’s schools.
To achieve its goals especially in Venezuela, the $PAC team plans to collaborate with cryptocurrency-oriented project Cashaa. The two entities plan to develop a donation system leveraging $PAC. The system will help people around the world donate their fiat money with zero transaction fees.
However, $PAC is not focusing only on Latin American countries. The project’s charitable initiatives are widespread around the world. Today, the team is helping to improve the quality of life of the people in Detroit by partnering with Reclaim Shoppe. Under the plan, derelict buildings are demolished, and the reclaimed materials are used to develop resell-able products, such as furniture units, pool tables, and even musical instruments.
$PAC is an ecosystem that focuses on real-life services and wants to transform the way we interact. The team’s active involvement in several projects proves the cryptocurrency’s utility and game-changing potential.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of norsez Oh via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
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