It has come to the point where it seems there is a new altcoin created every day, and many of them are simply copies of copies released by people hoping to capitalize on the innovation of others. So when new information comes out about an altcoin actually offering something new to the table, it’s quite exciting.
The Proof of Stake coin is called Pandacoin (PND) and it has been operational since February 16. The developers have claimed for some time now that they plan to release major announcements on August 30; announcements that will “change the way that the world views cryptocurrencies.” Sounds like quite a grand claim to make.
But two days ago, someone beat the developers to the punch, and the highly sensitive Pandacoin information was leaked in the form of what appears to be a website template titled, “Test Homepage 2,” which provides specific and thorough details regarding the revamping of the coin.
“Pandacoin is positioned to reach mainstream users from multiple market segments and cultures (in particular China and South East Asia) by removing high barriers of entry to the fast paced and complex world of cryptocurrencies,” says the leaked template.
The developers commented on the leak and, while neither confirming nor denying the authenticity of the leak, said that their August 30 release date is still in effect. By the looks of the leaked information, Pandacoin’s new and innovative implementations (as well as flashy new site) really stand to shake up the altcoin world.
Let’s take a look at some of the information leaked.
Perhaps the biggest development shown in the leak is that of PandaBank, the coin’s own bank which will allow users to store their Pandacoin and earn 2.5% interest per year.
PandaBank comes complete with password protections for logins and transactions, individual account balance and transactions tracking, quick transfer and annual interest stats for each account.
It seems that users of PandaBank will also have access to multiple accounts for various purposes along with a portfolio summary.
Also seen on the leaked website template is the PandaWallet, which is a mobile wallet app to be released for both iOS and Android phones and tablets.
And because the general public hasn’t the slightest idea how to mine cryptocurrencies (or what mining even is), in an attempt to appeal to the largest amount of people possible, Pandacoin will release the Pandacoin Browser Miner.
This will allow anyone to mine the coin straight from any web browser without the need to install additional software. No confusing configuration is necessary; all that’s needed is a wallet address for your mined coins to be sent to. No details on how the miner will actually work have been released, but JP Buntinx of cryptoarticles.com speculates that it’s likely a Javascript implementation running in the background. And if you don’t want to mine Pandacoin, you can buy them via PayPal – no need to deal with exchanges.
For the more advanced miners, Pandacoin has a desktop mining client as well as step-by-step advanced mining tutorials demonstrating how to get the most out of your mining hardware.
Pandacoin currently has around 32 billion coins in the wild, it’s ASIC resistant, and has a confirmation time of less than 1 minute. There’s no IPO, no pre-mine, no fast mine and no insta-mine.
The template states: “Pandacoin is one of the rare honest and fair Proof of Stake algorithm cryptocurrencies with such a long mining and distribution phase, a duration of more than 3 months. No more dealing with the past trends of mining and distribution phases of under 2 weeks.”
Any coin that targets the general public by lowering the barriers of entry is a good thing in my mind. It seems that August 30 will be an exciting day in the world of cryptocurrencies — hopefully Pandacoin will live up to the hype.
The entire screen shot of the website template can be viewed here.
From the Pandacoin FAQ:
“The Origins of Pandacoin (PND) stem from the the great need to counter the manipulation we see taking place all too often within the decentralized digital currency community. Pandacoin (PND) was created as a solution to this problem and provides a platform designed to resist these manipulative forces. The original goal of Pandacoin (PND) is to bring honesty, integrity and a strong sense of community into the ever-growing world of decentralized digital currency. The Panda is a symbol of peace, positivity and compassion. It is these traits that we feel are most important in the development of a successful decentralized digital currency.
In order to achieve these goals, Pandacoin (PND) was built to have a fair launch with no insta/fast/premine with absolutely no IPO. We believe these features, in addition to being the only 100% PoS coin with more than 3 months of a PoW distribution phase, will allow Pandacoin (PND) to grow in the most fair and sustainable fashion as possible.
The founders, developers and architects of the Pandacoin Project have sought to make Pandacoin (PND) a decentralized digital currency that is geared towards use of the coin to bring liquidity to commerce interchange as opposed simply be another abstract commodity. Many new decentralized digital currencies are simply ‘yet another’ micro commodity with no vision beyond that with an attempt to derive value into an abstract commodity through complex regulations of minting of coin(s). These coins do not seek any utility beyond becoming an alternative form of commodity. Pandacoin (PND) is different – it is designed from the ground up to be used as a currency, not a commodity. The Pandacoin (PND) development team will develop services, applications and content to ensure Pandacoin (PND) would be used as a form of currency.
The Pandacoin (PND) development team aims to bring the entire decentralized digital currency market forward by adopting a philosophy of simplicity and ease of use in order to lower the current perceived high barriers of entry to the world of decentralized digital currency by the mainstream public. We endeavor to redefine the space and become the gateway decentralized digital currency and reach as much of the mainstream population as possible.”
