Peercoin
 | This article needs additional citations for verification. (February 2014) |
| Peercoin | |
|---|---|
| Denominations | |
| Plural | PPC, Peercoins |
| Symbol | Ᵽ |
| Code | PPC |
| Subunits | |
| 1⁄100 | mPPC (millicoin) |
| 1⁄1000000 | μPPC (microcoin) |
| Development | |
| 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 / |
| Code repository | github |
| Development status | Active |
| Source model | Open source |
| License | MIT/X11 |
| Website | www |
| Ledger | |
| Ledger start | 12 August 2012, 18:00:00 UTC |
| Timestamping scheme | Hybrid Proof-of-stake and Proof-of-work |
| Hash function | SHA-256 |
| Block reward | Variable; depends on network difficulty |
| Block time | 10 minutes |
| Circulating supply | 27.5M PPC (6 April 2022) |
| Supply limit | Unlimited |
| Valuation | |
| Exchange rate | US$0.67 (6 April 2022) |
| Market cap | US$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]
- ^ 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.
External links[edit]
- Official website
Media related to PPCoin at Wikimedia Commons
| Technology | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consensus mechanisms | |||||||||||||||
| Proof of work currencies |
| ||||||||||||||
| Proof of stake currencies | |||||||||||||||
| ERC-20 tokens | |||||||||||||||
| Stablecoins | |||||||||||||||
| Other currencies | |||||||||||||||
| Cryptocurrency exchanges |
| ||||||||||||||
| Related topics |
| ||||||||||||||
