Announcing the Pandacoin Network Swap
Pandacoin launched in 2014 as a Scrypt algorithm coin with a 3 month mining phase before a transition to Proof-of-Stake. There was no ICO, no premine, and no instamine. 7 years later, were conducting our largest upgrade to modernise Pandacoin. This starts with a swap.
Why The Swap?
At its core, the swap serves as the foundations to our development pipeline. Network upgrades that currently arent possible will soon be, leading to a wide range of feature upgrades to the Pandacoin network that ramp up both development and the ways in which the coin is used.
As of now, the Pandacoin blockchain is bloated, with a block time of 1 minute, it takes users days on an SSD to synchronise their wallets for the first time; by performing the swap, well be capable of starting fresh with a 10 minute block time, reducing network weight and thus wallet synchronisation time.
After the swap, Pandacoin will be using a new wallet. The links to the binaries and source code will be found in a future post, closer to the swap date. Our current Pandabank will then be discontinued. If youd like a glimpse at the upcoming wallet, please see the testnet segment.
What Do I Have To Do?
The swap wont be taking place until May 17. This gives existing holders, new holders, and exchanges time to prepare. However, when the time comes, current holders will not be required to do anything other than download and synchronise the new wallet.
See the full announcement here:
https://medium.com/@Pandacoin_PND/announcing-the-pandacoin-swap-dd7b63e35a1a