PAI News - May 11, 2020
In this sixth edition of PAI News, we’ll answer some additional questions about PAI Hybrid Consensus and Proof of Useful Work, share technical updates—and of course—celebrate the famed Bitcoin halvening.
- The Project PAI Tech Roadmap Livestream & AMA has been scheduled for Saturday, May 16 at 10 AM Beijing Time. A zoom link will be sent soon.
- PAI Coin Pool is running a promo! Starting on Friday, May 15 at 8 AM through Friday, May 22 at 11 PM, anyone who:
- Creates a stake of at least 1,000 PAI Coin for 3 months or longer, OR
- Mines 40,000 Lucky Hashes
will receive a bonus of 10 PAI Coin!
- The first PAI Pass SSO-enabled product is live at beta.paiforum.com .
Like the Olympics when there’s NOT a pandemic , every four years Bitcoin’s block reward is automatically cut in half (this happens to PAI Coin, too!). This time —at 3:23 AM Beijing Time on Tuesday, May 12—the block reward was reduced to 6.25 BTC.
Here are some interesting facts:
- This is the third halving of Bitcoin’s block reward. When Bitcoin was launched on January 3, 2009, the block reward was 50 BTC.
- In the time since the most recent halving, 4 years ago, Bitcoin’s price has increased by over 1,530%, from around $650 per BTC to nearly $10,000 per BTC as of this writing.
- In contrast to fiat currency, no more than 21 million Bitcoins can ever exist, by design. With over 18 million Bitcoins in circulation, nearly 90% of all Bitcoins have already been mined. Barring any changes to the underlying protocol (or frenetic changes in hash rate), the remaining 10% of Bitcoins will be mined over the next 40 years.
What’s PAI Coin got to do with it?
PAI Coin is based on a code fork of Bitcoin, so many of its same properties—like the block reward halving—apply to PAI Coin, as well.
- Unlike Bitcoin, PAI Coin’s initial block reward was (and still is) 1,500 PAI Coin. The first halving of PAI Coin’s block reward will occur around October 2021, when the block reward will be reduced to 750 PAI Coin.
- PAI Coin’s genesis block was mined on February 23, 2018. Since then, 134,885 blocks have been mined (as of this writing), which gives an average block time of around 8 minutes and 36 seconds since PAI Coin’s launch.
(More) Frequently Asked Questions
PAI Hybrid Consensus
As an owner of PAI Coin, how will Hybrid Consensus benefit me?
As you probably know, the goal of the Hybrid Consensus mechanism is to fully decentralize the PAI Coin network by making it completely safe to remove the whitelist on blockchain mining. Because of its inherent redundancy, a decentralized network is less vulnerable to downtime and has reduced susceptibility to malicious attacks. So, that’s one huge benefit for anyone that owns, uses, or relies on the PAI Coin network.
This additional security is compounded by the design of the Hybrid Consensus protocol. On a pure Proof-of-Work (PoW) blockchain, a network participant who accumulates a majority of hash rate can effectively control (and maliciously change) transactions. Similarly, for a pure Proof-of-Stake (PoS) blockchain, anyone holding a majority of staked funds can control things. By combining both approaches, vulnerability to so-called 51% attacks is greatly reduced.
Furthermore, facilitated by PAI Coin Pool, Hybrid Consensus gives network participants more opportunities to earn PAI Coin by incorporating both mining and staking activities into the protocol.
PAI Weekly Updates
Last week, a beta version of the new Discourse forum was made available to staff and community leaders. This beta is for testing and latency optimization purposes. It includes a fully-functional PAIPass SSO signup and signin integration.
This week, work is being done to improve the UX of the PAIPass SSO integration. Automated testing and deployment optimizations continue to be implemented on an ongoing basis. The technical staff are taking feedback and input from community leaders to ensure that the new Paiforum is fast and easy to use.
PAI Coin Pool
Last week, the PCP Referral and Sign-Up Bonus System was finalized, extensively tested, and launched! This week, as noted in the Announcements, we’ll be running a promotion and all users will have a chance to earn extra PAI!
Some other new features in the works include:
- Making it easier for you to see the details of pending withdrawal requests and modify or cancel them, if necessary
- Making it easier for you to share your referral code or link on your favorite social network
- Sending you an email summary of your recent activity on PAI Coin Pool
- Showing you more details about your Referral Rewards earnings
PAI Hybrid Consensus
Here’s a snapshot of some of the commits / PRs by our developers last week:
- Voting transactions generated by wallets https://github.com/projectpai/paicoin/commit/156b13ff0684985ee5421b93b965e1d46f8c24b7
- A test for split transaction reordering https://github.com/projectpai/paicoin/pull/293/commits/9b4ff4f1e619fbe90a67ce93134669a4047cfe69
- New difficulty adjustment algorithm complete with unit tests https://github.com/projectpai/paicoin/pull/295
Questions? Comments? Feedback?
Sound off on PAI Forum!