What is Pandacoin?
Pandacoin (PND) originally launched back in 2014 as a Proof-of-Work fork of Dogecoin that transitioned to Proof-of-Stake three months later. As of May 17, 2021, Pandacoin performed a network upgrade that turned the project into a Proof-of-Work, Proof-of-Stake hybrid blockchain. Pandacoin is an independent blockchain with a focus on digital currency and Smart Contracts. To deal with the inflationary nature of both Proof-of-Work and Proof-of-Stake, transactions on Pandacoin feature a 100% burn rate, serving as a counter to inflation.
Pandacoin launched with no premine, and no ICO. Remaining true to the core values of cryptocurrency as a decentralised alternative to traditional finance.
How do I mine Pandacoin?
For Proof-of-Work, Pandacoin uses the SHA256 mining algorithm just like Bitcoin. These days, this is done with intensive hardware called an ASIC.
The Pandacoin blockchain also functions under Proof-of-Stake. Users may purchase stake in the Pandacoin network and hold it in their wallet to receive a reward for their contribution towards the decentralisation of the network.
Being a hybrid blockchain, Proof-of-Work and Proof-of-Stake serve as the foundations to a decentralised and secure network, focusing on two unique layers of security.
As of May 17, 2021, the Pandacoin network will be pursuing a new direction, taking advantage of modern features and demands within the cryptocurrency industry such as SegWit & Lightning Network support, as well as Smart Contracts. This is not to forget many additional fixes and improvements to the Pandacoin network that contribute to quality of use and interaction when building with Pandacoin.
How do I keep my Pandacoin safe?
Users are encouraged to download the Pandacoin wallet in order to achieve the utmost security over their funds. Much like Bitcoin, users are fully in control of their private keys and are advised to obtain regular backups.