Here at Cryptolix.com we’ve been following Pandacoin closely. They have released some major news today (November 18, 2014) with some new and exciting stuff. See below…
New Pandacoin Update Reduces Blockchain Download Times by 5000%. World’s First Dual Mode Wallet With Inbuilt “Lightwallet”.
Pandacoin (PND) Develops World’s First Hybrid Cryptocurrency Wallet – Inbuilt Lightweight Mode, Instant Sync Technology & Rapid Blockchain Download.
Crypto-Banking Wallet (PandaBank)
November 19th, 2014: Pandacoin (PND) released a major update today to their ‘Crypto-Banking’ wallet – PandaBank, making it the world’s first cryptocurrency main storage client with the ability to switch to a lightweight version of the client, ‘PandaBank Lite’.
Pandacoin’s main wallet mode is now called ‘PandaBank Hybrid’, integrated with ‘Instant Sync Technology’ (IST) and ‘Rapid Blockchain Download’ (RBD); allowing their new users to immediately synchronize with the blockchain and utilize their Pandacoins right after installation of the client, and reducing the time to download the entire blockchain from 4 to 24 hours, down to 5 to 15 minutes.
A spokesperson for Pandacoin explained, “We as a team had identified several user experience problems with the typical main storage of cryptocurrency clients that have yet to be addressed adequately.
New users to any cryptocurrency should not need to wait for many hours and in Bitcoin’s case, sometimes even a week, for their wallet to download and synchronize with the blockchain, before being able to see and utilize their cryptocurrencies.
Using lightweight clients is a possible solution to this problem, but not ideal for any Proof of Stake based cryptocurrencies, as
users are then not participating in interest staking or helping to secure the network to prevent 51% attacks.
However, we understand that some of our current and future users will have bandwidth and hard drive storage restrictions, so we are giving them the option to easily switch to ‘PandaBank Lite’ within the same client.”
Cryptocurrency ‘Wallet’ User Experience Redesigned
PandaBank was the world’s first main cryptocurrency wallet designed with a familiar conventional internet banking interface, released on August 30th this year (2014).
It was designed with a user experience catering to those that are new to the concept of cryptocurrencies, who are familiar with their own online internet banking experiences.
The latest major update to Pandacoin’s ‘Crypto-Banking’ storage client focused specifically on making cryptocurrencies more appealing to the mainstream audience, by improving the user experience for someone new to the cryptocurrencies when they interact with their main storage client after installation for the very first time.
New User Frustrations
One of the most common and frustrating complaints with users new to cryptocurrencies is “Why can’t I see or use my cryptocurrencies after installing the wallet?”.
For the majority of current cryptocurrency wallet clients, syncing with the network involves slowly downloading the entire
blockchain from a single peer before being able to see and utilize their newly obtained cryptocurrencies.
With Bitcoin, most of their new users have to resort to using lightweight clients such as ‘Electrum’ or ‘Multibit’ to bypass downloading gigabytes of data and taking days or even a week before synchronizing with the network and being able to use their Bitcoins.
Pandacoin’s New Approach
Pandacoin’s approach to this issue is introducing ‘Instant Sync Technology’ and ‘Rapid Blockchain Download’ for their main wallet mode, PandaBank ‘Hybrid’.
‘Instant Sync Technology’ synchronizes with the Pandacoin network immediately, so users don’t have to resort to a lightweight client if they want to see and utilize their Pandacoins immediately, and still be able to earn 2.5% annual interest and help secure the Pandacoin network.
‘Rapid Blockchain Download’ uses multiple peers (up to 16) to download the entire blockchain, resulting in download times reduced to an average of 5 to 15 minutes.
Hybrid Wallets Provides Users the Best of Both Worlds
Pandacoin users can now opt to switch back and forth between ‘Lite’ and ‘Hybrid’ versions of PandaBank under the mode settings tab of the client.
This is useful for individuals that have limited bandwidth or hard drive storage space restrictions and require a lightweight client that does not store the entire blockchain on their device.
Typically, stored data withPandaBank ‘Lite’ will only be several megabytes.
The ability to switch back and forth between modes also allows users flexibility if they are travelling to a location where they have limited access to internet bandwidth, and would like to be able to access and use their cryptocurrencies on their laptop whilst away from home.
In this scenario, there is no need to download and install a separate lightweight client to remain synchronized with the network, and have your cryptocurrency all in one place with the same client and the same addresses, all at the touch of a button.
About Pandacoin (PND)
Pandacoin (PND) is the one of the first cryptocurrencies designed, developed and packaged specifically for the mainstream mass market, with a specific focus on simplicity and ease of use. It has been around since early February 2014,
with the aim to bring something new, fresh, and better than Bitcoin on the market.
Visit http://pandacoinpnd.org for more information.