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|Original author(s)||Scott Nadal, Sunny King (pseudonym)|
|White paper||"Peercoin Documentation"|
|Initial release||12 August 2012, 17:57:38 UTC|
|Latest release||0.11.0 /|
|Source model||Open source|
|Timestamping scheme||Hybrid Proof-of-stake and Proof-of-work|
|Block reward||37.36 PPC|
|Block time||600 seconds|
|Circulating supply||26,946,897 PPC (20 May 2021)|
|Exchange rate||US$1.99 (20 May 2021)|
|Market cap||US$53,627,775 (20 May 2021)|
Peercoin is based on an August 2012 paper which listed the authors as Scott Nadal and Sunny King. King, who also created Primecoin, is a pseudonym. The Peercoin source code is distributed under the MIT/X11 software license.
In the proof-of-stake system, new coins are generated based on the holdings of individuals. In other words, someone holding 1% of the currency will generate 1% of all proof-of-stake coin blocks. This has the effect of making a monopoly more costly, and separates the risk of a monopoly from proof-of-work mining shares.[irrelevant citation]
Proof-of-work and proof-of-stake both serve as means of distributing new coins.
A transaction fee prevents spam and is burned (instead of being collected by a miner), benefiting the overall network.
To recover from lost coins and to discourage hoarding, the currency supply targets growth at 1% per year in the long run.
- Popper, Nathaniel (24 November 2013). "In Bitcoin's orbit: Rival virtual currencies vie for acceptance". The New York Times. Retrieved 25 February 2014.
- "Wary of Bitcoin? A guide to some other cryptocurrencies". Arstechnica. 2013-05-11.