Some days ago we've been contacted by the PandaCoin team, they announced a network swap and shared an article at Medium regarding their plans:
Pandacoin launched in 2014 as a Scrypt algorithm coin with a 3 month mining phase before a transition to Proof-of-Stake. There was no ICO, no premine, and no instamine. 7 years later, we’re conducting our largest upgrade to modernise Pandacoin. This starts with a swap.
Why The Swap?
At its core, the swap serves as the foundations to our development pipeline. Network upgrades that currently aren’t possible will soon be, leading to a wide range of feature upgrades to the Pandacoin network that ramp up both development and the ways in which the coin is used.
As of now, the Pandacoin blockchain is bloated, with a block time of 1 minute, it takes users days on an SSD to synchronise their wallets for the first time; by performing the swap, we’ll be capable of starting fresh with a 10 minute block time, reducing network weight and thus wallet synchronisation time.
After the swap, Pandacoin will be using a new wallet. The links to the binaries and source code will be found in a future post, closer to the swap date. Our current Pandabank will then be discontinued. If you’d like a glimpse at the upcoming wallet, please see the testnet segment.
In preparation for the big event, we've put our PandaCoin wallet in maintenance mode while we update the daemon and resync the blockchain.
On next Monday (May 17th), we'll switch maintenance mode off and all deposits and withdrawals will go over the new network.
Until then, please stick to your balances. You'll be able to deposit or withdraw after the new network kicks in.
Don't hesitate on asking us if you have any doubt.