Pandacoin will perform a network swap on May 17, 1PM (UTC + 2) in efforts to modernise the project and step away from the limitations the project faces under its current codebase. In this post, you’ll find all the information you’ll need for preparing for the network swap, and what exactly the swap means for the future of Pandacoin.
To begin with, this post will answer some of the basic questions one may have in regards to the swap:
Why the swap?
Truthfully, Pandacoin is old. It takes our users days to synchronise their wallet for the first time due to seven years of network history under a one-minute block time that has led to bloat. Our current codebase limits the performance upgrades and features we’d like to pursue in efforts to shine new light on Pandacoin. In addition, our inflation rate that has no counter in our current codebase, ultimately harming the project’s discovery and the likeliness that one will join the network and build upon it.
What does the swap entail?
Moving forward, we’ll be following the Peercoin codebase: the pioneers of Proof-of-Stake. This means we’ll be utilising a number of interesting features and performance upgrades that quite drastically improve the ways in which Pandacoin can be used in the future. To name a few of these useful features:
- Reintroduction of Proof-of-Work under the SHA256 algorithm.
- Every transaction fee will have a 100% burn rate.
- Smart Contracts & Token creation.
- SegWit & Lightning Network support.
- bech32 addresses.
- Speedy synchronisation times.
- Ten-minute block time & reduction in bloat.
While most features are expected to be present out of the gate, certain features such as Smart Contracts and Token creation may need prior development and testing; naturally, we’ll be highlighting these features in the future.
What do I have to do?
As always, it’s highly recommended that you obtain regular backups of your wallets. This means storing a backup of your
wallet.dat located in
%AppData% or running the command
dumpprivkey <address> into the Pandacoin client to obtain your Private Key. Copy the key and store it somewhere safe for any future reference.
Head over to our GitHub page for our recent releases to obtain the client that supports the new network.
Note: If you download and install the new client, the wallet will not function properly until the swap date and time. This is scheduled for May 17, 1PM (UTC + 2). No blocks will be created until that date. A snapshot of the closest block to that time will take place and the new network will begin from there.
The new client will attempt to import your existing
wallet.dat file automatically. In the event that the client fails to automatically import your
wallet.dat file, on a Windows machine you can access it manually the
%AppData% directory. For Private Keys, run the command
importprivkey <key> into the client.
For Linux users,
~/.pandacoin/ is the directory.
OSX users will find the file under
Android Wallet users should refer to this page here for exact details on how to migrate to the new network.
Unnamed Exchange will kindly support the swap. You will not need to do anything if your funds are held on the exchange.
BTCPop will also support the swap, your balances will carry over into the new network without any hassle on your end.
Yobit have not responded to our attempts at contact, however, we will attempt contact in efforts to ensure holders receive their funds. Feel free to contact Yobit Support if you have Pandacoin held on their platform and encourage them to support the swap.
Telegram PandaTip is our Telegram tipping bot, which currently holds user funds. In addition to carrying over balances, we’ll be releasing our upgraded bot with new and improved features.
Issues & Bug Reporting
For joining our community, see one of the entry points below:
New Explorer: https://explorer.thepandacoin.net/