Peercoin
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| Peercoin | |
|---|---|
 | |
| Denominations | |
| Subunit | |
| 0.001 | mPPC (millicoin) |
| 0.000001 | μPPC (microcoin) |
| 0.000001 | Smallest unit |
| Plural | PPC, Peercoins |
| Symbol | Ᵽ |
| Nickname | Peercoin, PPCoin |
| Demographics | |
| Date of introduction | 12 August 2012, 17:57:38 UTC |
| User(s) | International |
| Issuance | |
| Central bank | (Decentralized) None. Peercoin tokens are issued by stakeholders while the currency is regulated by a central authority through checkpointing. |
| Valuation | |
| Inflation | Limited release rate plus 1% inflation due to the proof-of-stake system.[1] |
| Method | Proof-of-stake |
Peercoin, also known as PPCoin 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.[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]
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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.
References[edit]
- ^ "Wary of Bitcoin? A guide to some other cryptocurrencies". Wired.co.uk. 2013-05-12.
- ^ 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.
External links[edit]
Media related to PPCoin at Wikimedia Commons- Official website
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