Finance:Peercoin
| Peercoin | |
|---|---|
 | |
| Denominations | |
| Plural | PPC, Peercoins |
| Symbol | Ᵽ |
| Ticker symbol | 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) |
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]
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.
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
- ↑ "Wary of Bitcoin? A guide to some other cryptocurrencies". 2013-05-11. https://arstechnica.com/business/2013/05/wary-of-bitcoin-a-guide-to-some-other-cryptocurrencies/2/.
- ↑ Zhao, Wenbing; Yang, Shunkun; Luo, Xiong; Zhou, Jiong (26 March 2021). "On PeerCoin Proof of Stake for Blockchain Consensus". ACM. pp. 129–134. doi:10.1145/3460537.3460547.
- ↑ Daly, Lyle. "Peercoin: Defined and Explained" (in en). https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/peercoin/.
- ↑ Popper, Nathaniel (24 November 2013). "In Bitcoin's orbit: Rival virtual currencies vie for acceptance". The New York Times. https://dealbook.nytimes.com/2013/11/24/in-bitcoins-orbit-rival-virtual-currencies-vie-for-acceptance/.
- ↑ 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.
- ↑ Frankenfield, Jake. "Peercoin Definition". https://www.investopedia.com/terms/p/peercoin.asp.
- ↑ Daly, Lyle. "What is Peercoin?". https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/peercoin/.
- ↑ Nagalim (14 March 2021). "A Smarter Fee". https://www.peercoin.net/blog/a-smarter-fee/.
- ↑ Daly, Lyle. "What is Peercoin?". https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/peercoin/.
External links
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