This article needs additional citations for verification. (February 2014)
|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|
|Ledger start||12 August 2012, 18:00:00 UTC|
|Timestamping scheme||Hybrid Proof-of-stake and Proof-of-work|
|Block reward||Variable; depends on network difficulty|
|Block time||10 minutes|
|Circulating supply||27.5M PPC (6 April 2022)|
|Exchange rate||US$0.67 (6 April 2022)|
|Market cap||US$18.5M (6 April 2022)|
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. Peercoin is the first implementation of a proof-of-stake based Cryptocurrency. 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. 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.
- Popper, Nathaniel (24 November 2013). "In Bitcoin's orbit: Rival virtual currencies vie for acceptance". The New York Times. Retrieved 25 February 2014.
- 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.
- "Wary of Bitcoin? A guide to some other cryptocurrencies". Arstechnica. 2013-05-11.