At the beginning of this week, developers of Pandacoin have released a new addition to their wallet: PandaBank, featuring some revolutionary new features to its blockchain.
Released on Valentine’s Day this year, the Pandacoin team set out with a mission to create a cryptocurrency, designed to create global appeal through ease of use. Coined as the “Dogecoin of Asia,” Pandacoin developers have worked relentlessly to bring Pandacoin to many South Asian territories where Dogecoin and other altcoins.
Pandacoin is a PoS/PoW hybrid, so that both miners and stakeholders are able to secure the network and generate coins. Upon opening PandaBank, the wallet will automatically start syncing the entire blockchain, which takes many hours and a lot of bandwidth and storage space. Once synced, the stored coins will begin to accrue interest through PoS, where the length of time that coins are held compounds the number of coins that you will generate. Most prominently, Panda simplified the way that users obtain, hold and transfer their coins.
The Pandacoin team strives to make the coin as fair to its holders as possible with a permanent 2.5% PoS interest rate that is designed to keep inflation in the coin steady. They have also allocated some funds to its community members for giveaways, bounties hosted on the coin’s subreddit, and for casino adoption. By giving back to the community through giveaways and bounties, the team has developed a successful way of generating interest in the coin. The Reddit community at /r/PandaCoinPND has also implemented a Pandacoin tip bot, where users can tip each other coins for posts.
With its most recent v3.0.0 update, Pandacoin revealed that every PandaBank wallet will have a built-in “Lite” and “Hybrid” mode. The Lite mode requires no downloading of the blockchain, so your coins show up instantly and transactions can be made.
The Hybrid mode allows for the blockchain to download in under half an hour, as compared to days with other cryptos.
The total time of downloading the blockchain has dropped 5000% from previous versions, dropping it from 4 to 24 hours down to 5 to 15 minutes on average. The new update also features Instant Sync Technology, which allows users to see transactions and use their coins immediately. However, do note that when the wallet is in Lite mode, you cannot earn interest on your coins and are not helping secure the network.
Panda improves upon wallets by offering a fix for the lack of user-friendly features, such as the extremely extensive blockchain download and sync times. This helps give users a reason to keep coming back. Panda has a great set of focused developers, a multitude of pools, and great community backing that will allow it to excel and expand cryptocurrency to South Asian markets, and abroad!
source: http://www.coinssource.com/pandacoin-hits-v3-0-with-revolutionary-new-blockchain-features/
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