Home Tech Cryptocurrency news: What is PacCoin? What happened on Coinmarketcap?

Cryptocurrency news: What is PacCoin? What happened on Coinmarketcap?

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Ripple’s XP was pushed down into fourth position for a period of time on Friday, after an error in the circulation supply listed on CoinMarketCap.This meant PacCoin was listed as the third cryptocurrency on the market trading platform.

Speculation mounted online as crypto enthusiasts turned to social media to find out what had happened, with many people asking if the new listing was a bug.

Emin Gun Sirer, co-director of the Initiative for Cryptocurrencies and Contracts, asked: “Anyone know what PacCoin is.”

However the listings on CoinMarketCap.com returned to normal at around 6.15pm GMT, and Ripple resumed its position as the third cryptocurrency on the trading platform.

The price of PacCoin was listed as $0.014 and it had a market cap of $36,304 billion compared to Ripple’s $32,388 billion, prompting the change in position on CoinMarketCap.com.

It was listed as having a circulating supply of 2,568,973,866,070 $PAC. In comparison the circulating supply of XRP is 39,091,956,706 XRP.

CoinMarketCap now shows it has 3,880,657,660 $PAC circulating currently.

PacCoin CoinMarketCap.com

PacCoin was listed as third on CoinMarketCap for a time on Friday

Reddit threads said CoinMarketCap was using the old PAC circulation data for its circulation supply and the amount should have been divided by 100.One post said: “CMC is apparently using the old pac circulation as the multiplier — this is incorrect. Trying to get this posted in other places to avoid any confusion.”The cryptocurrency recently launched on Lescovex – a cryptocurrency exchange and trading platform.

Lescovex said on Twitter on March 7: “PACCOIN is going to be listed on Lescovex!

“We’ve checked the community demand, the quality, philosophy and technical aspects of  $PAC n [sic] we believe that it’s a good coin to be listed in our exchange.”

PacCoin was originally founded by William Corliss back in 2013 and was known as Pacifica Nation’s official coin.However since then it was rebranded and relaunched as PacCoin, which stands for the People’s Alternative Choice Coin.

The PacCoin is based on blockchain technology, just like Ethereum and Litecoin.

PAC launched with a total reduced supply on March 1 this year – it previously had a total supply of 100 trillion PacCOIN but it was reduced via a RCO (Redemption Coin Offering) which offered one new $PAC for each 1,000 old PacCoin coin.

According to a post on BitcoinTalk each new $PAC is worth 1,000 times more than the original PacCoin.

The total supply of coins in circulation is now 3.5 billion, however the old circulation supply was initially listed on CoinMarketCap when it launched on the market platform, which was the reason it appeared third on the market platform earlier today.

Source: www.express.co.uk