There are many cryptocurrencies today, and one of the the relatively early altcoins is Peercoin, also known as PPCoin or PPC. It's a peer-to-peer cryptocurrency utilizing both proof-of-stake and proof-of-work systems.
Peercoin was created by developers Sunny King and Scott Nadal, and launched in August 2012. It was inspired by bitcoin, and it shares much of the source code and technical implementation of bitcoin. However, unlike Bitcoin and Litecoin, Peercoin does not have a fixed limit on the number of possible coins, and, on the other hand, it’s designed to eventually attain a 1% inflation rate. This feature aims to use the currency in the long term. You can download Peercoin wallet software directly from the official website without any difficulties.
Differences from Bitcoin
- Comparing to its ancestor peercoin has a powerful advantage: this currency uses both proof-of-stake (PoS) and proof-of-work (PoW) methods while bitcoin uses only the second one. The proof-of-stake system was designed to address vulnerabilities that pure proof-of-work system has. The PoS network is unvulnerable to the "51% attack" (when a single entity possesses over half the mining share, which would allow this entity to double-spend coins). With a 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. So, the profit in peercoin is divided not only among miners, but also among owners, holders of peercoins. The longer time user holds coins, the more earnings he will get. The good thing is also that proof-of-stake method provides better energy efficiency comparing to the old proof-of-work one.
- Like in bitcoin, payments in the peercoin network are made to addresses, which are based on digital signatures. But in this case they are strings of 34 numbers, and letters which always begin with the letter P. You can create as many addresses as needed without spending any Peercoins. It is quite common to use one address for one purpose only which makes it easy to see who actually sent Peercoins.
- If you ask about fees, there is also a thing which differs Peercoins from Bitcoins. Peercoin is designed so that variable and optional transaction fees are removed in favor of a protocol defined transaction fee (currently 0.01 PPC). The transaction fee is fixed at the protocol level and does not go to miners but is destroyed instead. This is intended to offset inflation by deflating the money supply and serves to self-regulate transaction volume, and stop network spam.
The reason for Peercoin’s popularity at first was the novelty of its technological basis. PoS allowed users to earn simply while storing coins. However, 2014 and 2015 were full of many other interesting novelties coming to the cryptocurrency market. Unlike DASH, Peercoin couldn't provide anonymity. Transactions in Dogecoin became faster and cheaper, than with Peercoin. Thus, the PoS technology stopped being an advantage only of Peercoin, and started being used widely. Interest of users moved at first towards mining on CPU, then towards "smart contracts", and people gradually started forgetting PPC. However, we should be thankful that developers didn't throw the cryptocurrency into limbo.
During the past two years, the Peercoin developers prepared many technological novelties. Sunny King brought news every week, and the program code was constantly updated. Interest of miners in this cryptocurrency doesn't weaken. The mining of Peercoin is smoother and more predictable, than mining Bitcoins. Thus the rewards that miners get decreases gradually, not in jumps. Using the same algorithm of encryption as Bitcoin, Peercoin is 100 times more energy efficient. Transactions in the Peercoin network are quicker and cheaper. Probably, if there was not such competition in the cryptocurrency world, Peercoin would become one of the main cryptocurrency because of its features.
How to buy and sell Peercoin
- Using our exchange service you can easily buy and sell PPC with USD, EUR, and other fiat currencies as well as convert PPC to other cryptocurrencies (BTC, LTC, etc.) at the attractive rates.
- We accept credit/debit cards, cash deposits, purchases and withdrawals by banks. You can place your order, and be sure that it will be processed soon.
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