Cryptocurrency: Peercoin (PPC)
Official Website: https://peercoin.net/
What is Peercoin?
Peercoin is a peer to peer cryptocurrency designed to be efficient and sustainable. Innovating on Bitcoin’s proof of work algorithm, Peercoin provides a greener solution tackling the issue of wasted energy associated with mining. Through the process of staking Peercoin, new coins are minted into the network in accordance with the Peercoin protocol. The minting process requires very little energy to secure and maintain the network. The Peercoin project is active since 2012, making it one of the earliest and most pioneering blockchain projects. It's the root of one of the industry changing innovations - the Proof-of-Stake and is now leading the development of asset tokenisation protocols.
No Maximum Supply
All Time High
Proof of Stake
Average Block Time
Full Node (Coinage)
Social Media Statistics
Telegram Group Users
As Bitcoin is criticised for its high energy consumption, Peercoin was designed to be energy efficient and sustainable long term. Utilising both Proof of Stake and Proof of Work, the network verifies transactions requiring only a small amount of computing power. The only energy required to maintain the network is that of the computer running the software required for minting. As one of the first coins to innovate on traditional mining techniques, Peercoin was a pioneer that made significant improvements in efficiency and influenced future blockchains.
The major features differentiating Peercoin from other cryptocurrencies are its proof of stake and minting process. Instead of deploying large amounts of energy, Peercoin is based on a proof of stake model called coinage.When Peercoin is held in a wallet for more than 30 days, coinage starts to naturally accumulate and can be used to secure the blockchain network. Coinage is calculated by the number of coins held (Example 10) multiplied by the number of days (Example 30 days). The accumulated coinage (Example 300 Coinage) can then be used to solve Peercoin block hashes, with every block solved some of the coinage value is consumer. When coinage is spent and a block is solved, the user is rewarded with an amount of newly minted Peercoin.
Anyone running a full Peercoin node holding Peercoin can participate and benefit from maintaining the network. Once the coins have been transferred to a new wallet or owner, the internal clock will reset, and another 30 days must pass before staking can resume.
The Peercoin protocol relies on staking to secure its network and is designed to not only to be efficient but protect the network from 51% attacks and stop monopoly forces from taking advantage of the mining process. Peercoin plans to move away entirely away Proof of Work and rely solely on a 100% Proof of Stake system.
Users staking coins on the Peercoin network receive an annual interest a 1% of their Peercoin holdings. The rate of rewards do not shrink over time and are distibuter to minter proportionally based on the amount of coins being staked. This feature is deisgned to incentivise Peercoin holders and reward those securing the Peercoin blockchain. The number of new coins minted into circulation is largely dependant on the amount of users staking on the network. Those that do not paricipate in minting do not receive any annual interest or new coins added to their holdings.
The supply of Peercoin is designed to adjust in accordance with the rate at which coins are newly minted and spent on the network. Peercoin has no maximum supply and supports a low decentalised inflation approach to coineconomics. There are three mechanisms that can cause Peercoin supply to change; inflation from proof of work, inflation from proof of stake and deflation from transaction fees. The overall supply of Peercoin will only increase at a rate of 1% of coins staked on the network and not the total supply.
Through the same process as minting, those that own Peercoin (Stakeholders) influence decisions made the blockchain network. As new blocks are produced, stakeholders collectively make decisions on the future of the network through protocol voting. This democratic approach to blockchain governance encourages users to positively participate in maintaining the network.
PeerAssets was created and developed by the Peercoin development community to operate on its existing blockchain. PeerAssets is an asset creation and exchange protocol designed to tokenize assets, allowing them to be transmitted across a secure blockchain.
A prime example of an industry that could benefit from tokenisation is the financial industry tokenising company ownership, shares and equity. As tokenised assets run on the Peercoin blockchain, the existing ecosystem delivers significant enhancements to the security, maintainability and scalability of records and transactions. PeerAssets are publicly recorded and run along side the Peercoin blockchain but do not participate in maintaing or securing the network.
There are distinct advantages for such a protocol operating on the Peercoin blockchain. One of which is efficiency of transactions on the blockchain making it a very cost effective. In addition, the network governance model in place treats all users fairly in accordance with the Peercoin protocol. There is significant interest and opportunity in successfully integrating traditional financial instruments with distributed ledger technology.
Where to store Peercoin
Peercoin have produced an official wallet that can be used to hold and securely stake PCC. Details can be found on their website: https://peercoin.net/wallet.html
The official wallet is available for desktop devices running Windows, Mac or Linux. There are also several unofficial wallets providers integrated with Peercoin such as Coinomi, Cryptonator and UberPay compatible with Android and IOS.
Peercoin is also compatible with hardware wallets devices produced by Ledger such as the Ledger Nano S. It is highly recommended you keep you coins safe in a secure wallet and ensure you create a back up to retain emergency access.
Where to Buy Peercoin
You can purchase Peercoin from the BC Bitcoin website: https://www.bcbitcoin.co.uk/buy/
Select Peercoin from the drop-down menu and provide your Peercoin wallet address which your coins will be sent to.
Peercoin is a distinguished cryptocurrency that has received strong community engagement and support since inception. Its long-standing history of innovating and strong morale protocols has led to it being considered one of the most effective peer to peer networks in existence. Its focus on sustainability resonates with all who have experienced the inefficiencies and unfair centralisation of traditional blockchains and mining. The ongoing development of PeerAssets has the potential to significantly disrupt and make improvements to asset management and the financial industry. The fundamental economics built into Peercoin make it attractive for long term holding and staking as its ecosystem continues to grow.
Peercoin Official Wallet: https://peercoin.net/wallet.html
Peercoin Whitepaper: https://peercoin.net/resources.html#whitepaper
Peercoin University: https://university.peercoin.net/
Peercoin Mining Guide: https://talk.peercoin.net/t/the-complete-guide-to-minting/2524