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Peercoin, also known as Peer-to-Peer Coin, PP Coin, or PPC is a
cryptocurrency A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It i ...
utilizing both proof-of-stake and
proof-of-work Proof of work (PoW) is a form of cryptographic proof in which one party (the ''prover'') proves to others (the ''verifiers'') that a certain amount of a specific computational effort has been expended. Verifiers can subsequently confirm this exp ...
systems.


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/
X11 The X Window System (X11, or simply X) is a windowing system for bitmap displays, common on Unix-like operating systems. X provides the basic framework for a GUI environment: drawing and moving windows on the display device and interacting wit ...
software license.


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