Peercoin
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Peercoin | |
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Denominations | |
Plural | PPC, Peercoins |
Symbol | Ᵽ |
Code | 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 | |
Timestamping scheme | Hybrid Proof-of-stake and Proof-of-work |
Block reward | 37.36 PPC |
Block time | 600 seconds |
Circulating supply | 26,946,897 PPC (20 May 2021) |
Valuation | |
Exchange rate | US$1.99 (20 May 2021) |
Market cap | US$53,627,775 (20 May 2021) |
Peercoin, also known as PPCoin or PPC, is a peer-to-peer cryptocurrency utilizing both proof-of-stake and proof-of-work systems.
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.[1] Peercoin is the first implementation of a proof-of-stake based Cryptocurrency.[2] The Peercoin source code is distributed under the MIT/X11 software license.
In the 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.[3][irrelevant citation]
Economics[]
This section does not cite any sources. (August 2020) |
Proof-of-work and proof-of-stake both serve as means of distributing new coins.
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[]
- ^ Popper, Nathaniel (24 November 2013). "In Bitcoin's orbit: Rival virtual currencies vie for acceptance". The New York Times. Retrieved 25 February 2014.
- ^ 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.
- ^ "Wary of Bitcoin? A guide to some other cryptocurrencies". Arstechnica. 2013-05-11.
External links[]
- Official website
- Media related to PPCoin at Wikimedia Commons