Pandanite is designed with utmost simplicity, performance, and user-friendliness in mind and is 100% written from scratch in C++… it’s not just another boring fork or rebranding of an existing crypto project. Pandanite is ASIC resistant by leveraging the memory hard hash function Pufferfish 2.

Implementation:

Pandanite is written in less than 6K lines of code (Bitcoin has >100K). There are a few optimizations that we have made to help further our core objectives:

• Switched encryption scheme from secp256k1 (which is used by ETH and BTC) to ED25519 – results in 8x speedup during transaction verification and public keys half the size (32 bytes).
• 25,000 transactions per block
• 90 second block time
• ASIC resistant PUFFERFISH2 proof of work algorithm

Core objectives

Pandanite coin is intended to do as few things as possible and to do them incredibly well – it is a store of value coin that:

• Maintains account balances for billions of users.
• Provides extremely fast transactions between these accounts.
• Runs on low-cost hardware.

That’s it. We don’t aim to solve everything. We desire to keep the code simple.

Circulation

Pandanite is minted by miners who earn rewards. Mining payments occur using the thwothirding algorithm, which yields a total final circulation of ~100M PDN:

• 50 PDN per block until block 666666
• 50*(2/3) PDN per block from blocks 666667 to 2*666666
• 50*(2/3)^2 PDN per block from blocks 2*66666+1 to 3*666666 etc.

Encryption scheme

A key design objective of Pandanite is low compute usage while maintaining a high number of transactions per second. To reach these performance goals Pandanite uses an alternative digital signature system known as ED25519 as a replacement for Bitcoin and Ethereum’s secp256k1. ED25519 has several attractive properties for crypto-currency use cases:

• Fast signature verification
• Batch signature verification
• Fast signing
• Small public keys
• Performant on low-cost IoT devices