Additional Bitcoin Claims Period and Development Fund Auction

Announcements
1

2025-05-12T00:00:00Z

Today we are announcing plans for an additional phase of Patchcoin (PTC) claims to Bitcoin (BTC) holders.

To claim free PTC, ensure your BTC are stored in a personal wallet (we recommend Electrum) by block 898,500, projected to occur 26 May 2025.

More details will follow on 29 May 2025 if that block height is reached.

Sign up for our forum at patchcointalk.org to watch for additional details.

As we approach the halfway point of the 180 day claims period, the data is clear that nearly all active Peercoin holders who are interested have already successfully claimed PTC.

When we first conceived of Patchcoin, we considered a dual distribution to both Bitcoin and Peercoin holders. We decided to limit the first phase of claims to Peercoin holders given their community’s support of proof-of-stake, as well as recognition of the codebase Patchcoin evolved from.

With over 10 million PTC remaining to be distributed however, the data shows that we must expand claims to Bitcoin’s larger community to achieve a wide and full distribution.

Accordingly, the amount of PTC received per dollar of Bitcoin held will be adjusted significantly downward. This will ideally allow a higher volume of claims from Bitcoin holders during this phase, as well as remove any incentive for Peercoin holders to sell PPC for BTC.

There will again be a claims cap for BTC claims, but at a much, much higher level in USD-denominated terms. We don’t expect to see many maximum claims using BTC.

Note that Peercoin claims will continue to be available. As well, Patchcoin’s developers continue to hold Peercoin and will not claim any PTC during the BTC claims period.

Development Fund Auction

Once all PTC are fully distributed, our team will begin a public auction to re-purchase 210,000 PTC, or 1% of the supply, for use as a Patchcoin development fund.

Patchcoin is likely the first proof-of-stake project to give away 100% of the coin supply for free and then buy back coins afterwards.

With today’s announcement we are committing to the fairest launch possible for our project.

Giving away the entire Patchcoin coin supply will also prevent any future regulatory or legal issues.

As we said on April 7:

This update should ensure that all PTC are widely and fairly distributed by the end of the 180 day claims period. The auction will also ensure that we have a small development fund to maintain Patchcoin in the coming years.

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

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