Pandacoin (PND) official statement regarding future switch from 100% Proof of Work (PoW) to 100% Proof of Stake (PoS).
The Pandacoin (PND) development team are keen to keep up with technological innovations in the alternative currency space in order to remain relevant and have a viable and successful future that is in line with our vision for the coin. We, the developers, as a team often take a collaborative approach to Pandacoin (PND), by interacting and taking feedback from our community on what they want to see for the coin in the near future. As such, we recently held a poll the Pandacoin (PND) community to vote on either switching to PoS from PoW or have Merged Mining with Dogecoins. The poll concluded and the Pandacoin (PND) community has voted in favor of PoS (url of the community poll:
https://bitcointalk.org/index.php?topic=572462.0).
Well, the Pandacoin (PND) community has spoken and now we are proud to reveal these PoS specifications and a FAQ so that you have something to look forward to! When we switch over to PoS, Pandacoin (PND) would become one of the rare PoS coins with a such lengthy PoW phase of 3 months to fairly distribute the coins towards the community.
Specifications
Proof of Stake (to be implemented)
Symbol: PND
Block time: 1 minute
Difficulty retarget: every block
Nominal stake interest: 2.5% annually
Min transaction fee: 0.1 PND (Fees are paid to stakeholders)
Confirmations: 3, maturity: 720
Min stake age: 72 hours, no max age
P2P port: 22444, RPC port: 22445
Proof of Work (to be phased out after total of approximately 3 months of PoW)
Symbol: PND
Algorithm: Scrypt
Premine: 0%
Max coins: 32,000,000,000 (See FAQ)
Block Rewards: 1 Minute Block Targets, KGW
Reward system: 50,000 per block until we switch over to PoS.
FAQ When can we expect PoS to be implemented?Our devs that are currently responsible for making it happen are already at the stage of doing thorough testing, making sure that when we make the switch from PoW to PoS, it would be a smooth transition with no bugs or errors. That being said, the switch from PoW to PoS will happen when we hit our new PoW phase maximum coin cap of 32,000,000,000, which would happen in
approximately 15 days (or around 21st of May, 2014).
How long has the PoW phase been running so far?Pandacoin (PND) had begun their PoW phase since Feb 16, 2014 and has been mined for 78 days as of this post. When we switch over to PoS, we will be one of the rare PoS coins with such a long PoW phase (Approximately 3 months of PoW) to distribute the coins fairly out towards the community.
How many Pandacoins (PND) are currently in existence?At this time of the post, there are 30,887,898,841 Pandacoins (PND) that have been mined so far with our PoW stage in the last 78 days. You can check it here:
http://pandachain.net/chain/PandaCoin/q/totalbc What will the maximum number of Pandacoins (PND) be?Not fixed nor limited when we switch over to PoS. The 100,000,000,000 Pandacoin (PND) coin cap from PoW stage would no longer be relevant since we are switching to PoS. We are switching to PoS when 32,000,000,000 Pandacoins (PND) are mined, which marks the end of the approximately 3 months of PoW phase.
How could I start PoS mining when it rolls out?Once we have finished testing the PoW to PoS conversion and have it implemented, you will have to download our new wallet, have it unlocked and leaving your wallet open with an online connection to start mining!
Do I need to exchange my current Pandacoins (PND) for new ones when we switch to PoS?No, you keep your existing ones. All you have to do is to download the new wallet, unlock it, keep the wallet open, stay connected to the internet and start mining coins from your wallet!
Can I still mine Pandacoin (PND) directly with my mining rig?With Pandacoin (PND) switching to a pure PoS coin, you would not be able to mine it directly. Instead, you will mine other alternative cryptocurrencies and exchange them for Pandacoin (PND) through our 450+ mhs multipool. This way, you will be able to still mine Pandacoin (PND) from the multipool, and help increase the value of Pandacoin (PND) at the same time.
Website:
http://multi.pandapool.info Subreddit:
http://reddit.com/r/multipandaBitcointalk thread:
https://bitcointalk.org/index.php?topic=552464.0Email: admin at pandapool dot info
How does the Pandacoin (PND) multipool work? The Pandacoin (PND) multipool automatically switches between coins to mine based on difficulty and price variations in order to be as profitable as possible for the miners. For payout, the multipool computes the proportional share of each miner over rounds that last four hours. Once a round is complete, and after the mined blocks become mature, the multipool exchanges all coins for Pandacoin (PND). Please note that due to the time required for block maturation, deposits and withdrawals on exchanges, payouts for a round are processed one hour after the end of the next one. The multipool also apply a fee of 1.25%, in addition to the exchange and transactions fees required by the operation
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