Pandacoin Update Reduces Blockchain Download Times by 5000%

Pandacoin, a cryptocurrency designed specifically for mass market adoption, has released a major update for their Crypto-Banking wallet. Users of Pandabank will be able to switch the main client to a lightweight version called Pandabank Lite. The main wallet will now be called Pandabank Hybrid and now has Instant Sync Technology (IST) and Rapid Blockchain Download (RBD). IST and RBD will allow new users the ability to rapidly synchronize with the blockchain and access their Pandacoinsright after client download. With the new technology, users will be able to sync with the blockchain in 5 to 15 minutes, a significant improvement over the 4 to 24 hours the old client took.

A representative of Pandacoin explained the reasons for the recent innovations:

“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.”

Pandabank was designed with a conventional internet banking interface that makes it easy for users that are new to the concept of cryptocurrency to quickly learn how everything works and utilize their Pandacoins from the start. The new update for the client makes Pandacoin even more appealing to a mainstream audience by making it simple for new users that have no experience with cryptocurrency. Many new cryptocurrency users get frustrated with not being able to see their coins after they install their wallet, with the new Pandacoin update; users will be able to see and interact with their coins within seconds. Desktop wallets such as the standard QT wallet for Bitcoin are highly burdensome to download, taking days to completely download the 30+ GB blockchain. Most Bitcoin users decide to go with a hosted wallet or a lightweight wallet to avoid days of download. Pandacoin solves this issue with IST and RBD technology, making it so that users do not need a lightweight wallet to quickly get in the game. Users of Pandacoin are entitled to a 2.5% yearly stake on their coins. You can watch a video of a user quickly syncing to the blockchain here.

The Pandabank Hybrid wallet will allow users to switch the client from ‘Lite’ and ‘Hybrid’ under the settings tab. This setting is very useful for users with limited bandwidth or device storage, as the Lite client does not store the Blockchain. The ability for users to switch the wallet makes it ideal for traveling to locations with limited internet access. By switching the client to ‘Lite’ mode, users do not have to worry about internet bandwidth while still having full access to their coins.

Pandacoin’s unique innovations make it extremely easy for new users to pick up the currency and get started, even if they know nothing about cryptocurrencies. Their homepage includes a ‘Crypto Crash Course’, which consists of 35 articles and tutorials on all aspects of cryptocurrency, providing all the information that someone new to cryptocurrency will need to know. A beginner can also start mining Pandacoin with just their internet browser, or use PandaMiner, a desktop mining application which simplifies the complex mining process with one of the easiest to use interface out there today.

With the new wallet updates, the Pandabank Hybrid wallet is one of the most versatile wallets available for any cryptocurrency. The user-friendly interface makes Pandacoin an ideal coin for new merchants to pick up and use. The developers of Pandacoin had made a teaser announcement regarding their next major release, which will allow their community to spend Pandacoins at over 100,000 merchants and retailers worldwide. By minimizing the complexity and learning curve of Cryptocurrencies, and by constantly innovating, Pandacoin is in a great position to foster future growth and acceptance.