What Is PAC Protocol (PAC)?
PAC Protocol (PAC) is a digital payment network connecting merchants, consumers, and commercial enterprises globally. The protocol enables users to conduct frictionless transactions fast, secure, and inexpensive blockchains. As its website describes, the blockchain technology powering the PAC Protocol combines masternodes and Proof-of-Stake (PoS) mechanism to ensure prompt and secure transactions anywhere in the world. The protocol seeks to eliminate the need for expensive third parties while conducting transactions or transferring data across chains.
PAC Protocol functions use a decentralized network of masternodes. The masternodes play a crucial role in governing the cryptocurrency network and validating transactions on the blockchain. However, masternodes operate on a collateral-based system. PAC Protocol employs PAC as the network’s native coin. According to its whitepaper, the protocol requires 500,000 PAC coins to run each registered masternode. By setting up collaterals, the protocol intends to provide participants with an equal share of network rights. PAC Protocol includes a built-in penalty system to track and validate trustworthy masternode hosts. The system also ensures that the network is secure and reliable to proceed with fair transactions.
The protocol utilizes an upgraded Proof-of-Stake (PoS) mechanism or POSv3 to optimize network support and provide better scalability. The staking consensus primarily focuses on environmental sustainability and encourages carbon neutrality. Hence, PAC Protocol uses minimum resources to mine crypto-assets and schedule block verification. The protocol consistently endeavors to increase the use of renewable energy for validating blockchain transactions.
POC Protocol allows users to stake PAC coins and participate in the network. PAC tokens are also utilized for distribution purposes as rewards to appreciate users for utilizing minimum resources to create new blocks on the chain. Users can store the encrypted PAC token rewards or promptly trade the tokens across the network. However, trading the PAC tokens does incur a minimum transaction fee. The protocol features PACSquare, a community-based decentralized web store trading goods, charity, services, and more.
PACapp is the mobile application of the PAC Protocol. The application plans to enable users to transact PAC crypto-asset securely and quickly.
History of PAC Protocol:
Drew Saunders is the chairman of the board at PAC Protocol. The PAC Protocol litepaper was published in mid-2021.
