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Peercoin

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Peercoin
Denominations
PluralPPC, Peercoins
SymbolⱣ
CodePPC
Subunits
 1⁄100mPPC (millicoin)
 1⁄1000000μPPC (microcoin)
Development
Original author(s)Scott Nadal, Sunny King (pseudonym)
White paper"Peercoin Documentation"
Initial release12 August 2012, 17:57:38 UTC
Latest release0.11.0 /
Code repositorygithub.com/peercoin/peercoin
Development statusActive
Source modelOpen source
LicenseMIT/X11
Ledger
Ledger start12 August 2012, 18:00:00 UTC
Timestamping schemeHybrid Proof-of-stake and Proof-of-work
Hash functionSHA-256
Block rewardVariable; depends on network difficulty
Block time10 minutes
Circulating supply27.5M PPC (6 April 2022)
Supply limitUnlimited
Valuation
Exchange rateUS$0.67 (6 April 2022)
Website
Websitewww.peercoin.net

Peercoin, also known as Peer-to-Peer Coin, PP Coin, or PPC is a cryptocurrency utilizing both proof-of-stake and proof-of-work systems.[1][2]

History

Peercoin is based on an August 2012 paper that listed the authors as Scott Nadal and Sunny King. King, who also created Primecoin, is a pseudonym.[3] Peercoin was the first implementation of a proof-of-stake–based cryptocurrency.[4]

The Peercoin source code is distributed under the MIT/X11 software license.

Economics

Peercoin uses both the proof-of-work and proof-of-stake algorithms.[5] Both are used to spread the distribution of new coins. During its primary years, Peercoin relied heavily on PoW, although there has now been a transition to PoS.[6] Proof-of-stake is used to secure the network: The chain with longest PoS coin age wins in case of a blockchain split-up.

A transaction fee prevents spam and is burned (instead of being collected by a miner), benefiting the overall network.[7]

To recover from lost coins and to discourage hoarding, the currency supply targets growth at 1% per year in the long run.[8]

References

  1. ^ "Wary of Bitcoin? A guide to some other cryptocurrencies". Arstechnica. 2013-05-11.
  2. ^ Zhao, Wenbing; Yang, Shunkun; Luo, Xiong; Zhou, Jiong (26 March 2021). "On PeerCoin Proof of Stake for Blockchain Consensus". ICBCT'21: The 3rd International Conference on Blockchain Technology. ACM. pp. 129–134. doi:10.1145/3460537.3460547.
  3. ^ Popper, Nathaniel (24 November 2013). "In Bitcoin's orbit: Rival virtual currencies vie for acceptance". The New York Times. Retrieved 25 February 2014.
  4. ^ Saleh, Fahad (2021-03-01). "Blockchain without Waste: Proof-of-Stake". The Review of Financial Studies. 34 (3): 1156–1190. doi:10.1093/rfs/hhaa075. ISSN 0893-9454.
  5. ^ Frankenfield, Jake. "Peercoin Definition". Investopedia. Retrieved 30 April 2023.
  6. ^ Daly, Lyle. "What is Peercoin?". The Motley Fool. Retrieved 30 April 2023.
  7. ^ Nagalim. "A Smarter Fee". Peercoin. Retrieved 30 April 2023.
  8. ^ Daly, Lyle. "What is Peercoin?". The Motley Fool. Retrieved 30 April 2023.
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