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