Peercoin

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Peercoin
Denominations
PluralPPC, Peercoins
Symbol
CodePPC
Subunits
1100mPPC (millicoin)
11000000μPPC (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
Websitewww.peercoin.net
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)
Market capUS$18.5M (6 April 2022)

Peercoin, also known as PP Coin or PPC, is a peer-to-peer cryptocurrency utilizing both proof-of-stake and proof-of-work systems.

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.[1] Peercoin is the first implementation of a proof-of-stake based Cryptocurrency.[2] 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.[3][irrelevant citation]

Economics[edit]

Proof-of-work and proof-of-stake both serve as means of distributing new coins. Mining and Minting a record-keeping service done through the use of computer processing power. Miners and Minters keep the blockchain consistent, complete, and unalterable by repeatedly grouping newly broadcast transactions into a block, which is then broadcast to the network and verified by recipient nodes. Each block contains a SHA-256 cryptographic hash of the previous block, thus linking it to the previous block and giving the blockchain its name.

Peercoin uses both the Proof-of-Work and Proof-of-Stake algorithms. Both are used to spread the distribution of new coins. Up to 99% of all Peercoins is created with PoW. 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.

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

References[edit]

  1. ^ Popper, Nathaniel (24 November 2013). "In Bitcoin's orbit: Rival virtual currencies vie for acceptance". The New York Times. Retrieved 25 February 2014.
  2. ^ 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.
  3. ^ "Wary of Bitcoin? A guide to some other cryptocurrencies". Arstechnica. 2013-05-11.

External links[edit]