Peercoin

Peercoin, also known as Peer-to-Peer Coin, PP Coin, or PPC, is a cryptocurrency utilizing both proof-of-stake and proof-of-work systems.^[1][2]

Peercoin

Denominations
Plural	PPC, Peercoins
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.com/peercoin/peercoin
Development status	Active
Source model	Open source
License	MIT/X11
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)
Website
Website	www.peercoin.net

History

Peercoin is based on an August 2012^[3] paper that listed the authors as Scott Nadal and Sunny King. King, who also created Primecoin, is a pseudonym.^[4] Peercoin was the first implementation of a proof-of-stake–based cryptocurrency.^[5]

The Peercoin source code is distributed under the MIT/X11 software license.^{[citation needed]}

Economics

Peercoin uses both the proof-of-work and proof-of-stake algorithms.^[6] Both are used to spread the distribution of new coins. During its primary years, Peercoin relied heavily on PoW, although there has now been a transition to PoS.^[7] 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.^[8]

To recover from lost coins and to discourage hoarding, the currency supply targets growth at 1% per year in the long run.^[9]

References

1. "Wary of Bitcoin? A guide to some other cryptocurrencies". Arstechnica. 2013-05-11. Archived from the original on 2016-10-18. Retrieved 2017-06-14.
2. Zhao, Wenbing; Yang, Shunkun; Luo, Xiong; Zhou, Jiong (26 March 2021). "On PeerCoin Proof of Stake for Blockchain Consensus". ICBCT'21: The 3rd International Conference on Blockchain Technology. ACM. pp. 129–134. doi:10.1145/3460537.3460547.
3. Daly, Lyle. "Peercoin: Defined and Explained". The Motley Fool. Archived from the original on 2024-02-04. Retrieved 2023-12-25.
4. Popper, Nathaniel (24 November 2013). "In Bitcoin's orbit: Rival virtual currencies vie for acceptance". The New York Times. Archived from the original on 1 February 2014. Retrieved 25 February 2014.
5. 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.
6. Frankenfield, Jake. "Peercoin Definition". Investopedia. Archived from the original on 3 June 2021. Retrieved 30 April 2023.
7. Daly, Lyle. "What is Peercoin?". The Motley Fool. Archived from the original on 30 April 2023. Retrieved 30 April 2023.
8. Nagalim (14 March 2021). "A Smarter Fee". Peercoin. Archived from the original on 30 April 2023. Retrieved 30 April 2023.
9. Daly, Lyle. "What is Peercoin?". The Motley Fool. Archived from the original on 30 April 2023. Retrieved 30 April 2023.

External links

• Official website
• Media related to PPCoin at Wikimedia Commons