Peercoin, also known as Peer-to-Peer Coin, PP Coin, or PPC, is a cryptocurrency utilizing both proof-of-stake and proof-of-work systems.[1][2] It is notable as the first cryptocurrency to implement the proof-of-stake consensus mechanism.[3]
 | |
| Denominations | |
|---|---|
| Plural | PPC, Peercoins |
| 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 | 0.14.10 / 3 September 2024 |
| Code repository | github |
| Development status | Active |
| Source model | Open source |
| License | MIT/X11 |
| Ledger | |
| Ledger start | 12 August 2012, 18:00:00 UTC |
| Timestamping scheme | Hybrid Proof-of-stake and Proof-of-work |
| Hash function | SHA-256 |
| Block reward | Variable; depends on network difficulty |
| Block time | 8.6 minutes |
| Block explorer | https://chainz.cryptoid.info/ppc/ |
| Circulating supply | 29.3M PPC (9 December 2024) |
| Supply limit | Unlimited |
| Valuation | |
| Exchange rate | US$0.50 (9 December 2024) |
| Website | |
| Website | www |
History
editPeercoin is based on an August 2012[4] paper that listed the authors as Scott Nadal and Sunny King. King, who also created Primecoin, is a pseudonym.[5]
The Peercoin source code is distributed under the MIT/X11 software license.[citation needed]
Economics
editPeercoin uses both the proof-of-work and proof-of-stake algorithms.[6] Both are used to spread the distribution of new coins. During its primary years, Peercoin relied heavily on PoW, although there has now been a transition to PoS.[7] Proof-of-stake is used to secure the network: The chain with longest PoS coin age wins in case of a blockchain split-up.
To _target a global 1% annual inflation rate, individual stakes typically receive a 3 - 5% annual reward, as only a minority of coins are actively staked.[8] This reward is based on a dynamic portion (75% of the reward) and a static portion (25% of the reward).[9] The dynamic portion of the reward for an individual stake is based on the number of coins, their unspent age, and degree of global staking participation. Stake-for-Stake, periods of low (high) global staking participation will result in a higher (lower) dynamic reward. The static portion of the reward is based on the fraction of the existing total coin supply minted on average in a year, and is awarded regardless of stake size. As of December 2024, the static reward for a proof-of-stake block is approximately 1.4 PPC. [10]
A transaction fee prevents spam and is burned (instead of being collected by a miner), benefiting the overall network.[11]
References
edit- ^ "Wary of Bitcoin? A guide to some other cryptocurrencies". Arstechnica. 2013-05-11. Archived from the original on 2016-10-18. Retrieved 2017-06-14.
- ^ Zhao, Wenbing; Yang, Shunkun; Luo, Xiong; Zhou, Jiong (26 March 2021). "On PeerCoin Proof of Stake for Blockchain Consensus". ICBCT'21: The 3rd International Conference on Blockchain Technology. ACM. pp. 129–134. doi:10.1145/3460537.3460547.
- ^ 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.
- ^ Daly, Lyle. "Peercoin: Defined and Explained". The Motley Fool. Archived from the original on 2024-02-04. Retrieved 2023-12-25.
- ^ Popper, Nathaniel (24 November 2013). "In Bitcoin's orbit: Rival virtual currencies vie for acceptance". The New York Times. Archived from the original on 1 February 2014. Retrieved 25 February 2014.
- ^ Frankenfield, Jake. "Peercoin Definition". Investopedia. Archived from the original on 3 June 2021. Retrieved 30 April 2023.
- ^ Daly, Lyle. "What is Peercoin?". The Motley Fool. Archived from the original on 30 April 2023. Retrieved 30 April 2023.
- ^ Daly, Lyle. "Minters Get Richer?". Peercoin. Retrieved 10 December 2024.
- ^ Daly, Lyle. "Peercoin Inflation Adjustment". Peercoin. Retrieved 10 December 2024.
- ^ "Static reward". Peercoin Charts. Retrieved 10 December 2024.
- ^ Nagalim (14 March 2021). "A Smarter Fee". Peercoin. Archived from the original on 30 April 2023. Retrieved 30 April 2023.
External links
edit- Official website
Media related to PPCoin at Wikimedia Commons
