History
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. Peercoin was the first implementation of a proof-of-stake–based cryptocurrency. The Peercoin source code is distributed under the MIT/Economics
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
External links
* * {{Portal bar, Anarchism, Economics, Free and open-source software, Internet, Numismatics 2012 software Application layer protocols Cryptocurrency projects Currencies introduced in 2012 Computer-related introductions in 2012 Digital currencies Private currencies Currency symbols