PACcoin stands for People's Alternative Choice, and it is a form of a new cryptocurrency. PACcoin aims at offering a P2P form of exchange which means Peer to Peer exchange. It was considered as a Bitcoin alternative which means that it was designed to be highly decentralized. This makes the cryptocurrency resistant to all sorts of malicious activities and the interference of any third parties. It is also considered as a third generation cryptocurrency, and it was initially launched at the aim of becoming the first ever community governed digital currency. Although its design and working are similar to the bitcoin, PACcoin overcomes several disadvantages that Bitcoin has gone through recently. The transaction period of Bitcoin was found to be unsustainable which in other words means that it was merely slow. Whereas, on the other hand, the transaction time and the security issues are not found in the computational system of PACcoin.
PACcoin requires a wallet called PACcoin Wallet to store its PACcoin. The operation of the PACcoin Wallet has the same working concept as other crypto wallets where a user has to create a new account which will then be guided to the user that he/she must provide some personal information for account security. After that, the user will be led to a section where data security will be implemented. In this process, the storage of the PACcoin will be in question. Most of the time, it's the personal mobile phone of the respective user or storage known as cold storage. That is the final setup, and it is important to note that most of these mobile apps have been designed to be user-friendly where beginners will also have the utmost advantage to operate the tokens from their mobile phones.
The features are:
1. Proof of Work:
Proof of Work (PoW) is an algorithm in a blockchain network. PACcoin utilizes this algorithm to manage and look after transactions as well as provide new blocks to a given chain. Also, with the implementation of Proof of Work, users are rewarded with tokens every time that they can mine PACcoin. With that statement, it is only wise to add that this algorithm is programmed with nodes called miners and these miners will be responsible for mining the PACcoin as mentioned above.
2. Resistant to ASIC:
ASIC is an acronym for Application Specific Integrated Circuits, and ASIC is merely a chip that is designed with an algorithm to do a task, and that is to mine cryptocurrency tokens. However, cryptocurrency can be mined with pre-existing CPU and GPU as well. Also, when a digital currency is ASIC resistant, it means that the coin is decentralized. But it means more than that. Being ASIC resistant means that there is equality in mining the coins among the users and this makes the system entirely decentralized and accessible by the miners.
3. Charitable organization:
The backbone of PACcoin is its dedicated community which is responsible for coming together and solving the various problems that the PACcoin system undergoes. Another thing that the dedicated community believes in is its charitable environment. It functions on a charitable economy which helps in bringing people together and helping people in need.
1. Highly secure network:
With the implementation of Pow and blockchain algorithm, those qualities make PACcoin a decentralized system. The whole decentralized ecosystem provides an uninterrupted system for transactions between two parties. Users can be at ease as there will be no ‘peeping toms' overseeing the transactions. With that being said, the statement can be further supported by saying that being on a decentralized system sort of means that the network is on an isolated island while still being connected to the world. In the 21st century, when privacy has become an utmost priority, a decentralized system is a welcome benefit.
2. Faster and more efficient transaction:
As mentioned earlier, the transactions that involve PACcoin happen at the real-time and take only a short duration. Users can see and observe when they send or receive PACcoin. The central algorithm that controls the transactions provide time stamps tp transaction blocks for more organization and efficiency.
PACcoin can be purchased from any website that sells digital currencies. The general idea is to convert them to a form of cryptocurrency first. So, what does a user do? There are lots of online marketplaces where funds can be converted to cryptocurrencies. But the most reliable one is called Coinbase. A potential user can head to its official website which is the same name. Coinbase is a trusted website because it is regulated by the US government and it is also one of the most trusted methods. A user will be directed to create an account with a password. Once that has been implemented, a user has to transfer funds through a credit card or a debit card. Once that is done, the respective amount of fund will be converted to digital currency. That amount will be received in the in-built wallet of Coinbase. After that, a user has to double convert the digital currency to PACcoin using the said method of conversion in which the user will be directed to from the accounts section. Once that step is completed, the user will receive the PACcoin in the wallet again.
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