Peercoin

Peercoin, also known as PPCoin or PPC, is a peer-to-peer cryptocurrency utilizing both proof-of-stake and proof-of-work systems.

Peercoin
Denominations
PluralPPC, Peercoins
SymbolⱣ
CodePPC
Subunits
 1⁄100mPPC (millicoin)
 1⁄1000000μPPC (microcoin)
Development
Original author(s)Scott Nadal, Sunny King (pseudonym)
White paper"Peercoin Documentation"
Initial release12 August 2012, 17:57:38 UTC
Latest release0.11.0 /
Code repositorygithub.com/peercoin/peercoin
Development statusActive
Source modelOpen source
LicenseMIT/X11
Websitewww.peercoin.net
Ledger
Timestamping schemeHybrid Proof-of-stake and Proof-of-work
Block reward37.36 PPC
Block time600 seconds
Circulating supply26,946,897 PPC (20 May 2021)
Valuation
Exchange rateUS$1.99 (20 May 2021)
Market capUS$53,627,775 (20 May 2021)

    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] 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.[2]

    Economics

    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
    1. Popper, Nathaniel (24 November 2013). "In Bitcoin's orbit: Rival virtual currencies vie for acceptance". The New York Times. Retrieved 25 February 2014.
    2. "Wary of Bitcoin? A guide to some other cryptocurrencies". Arstechnica. 2013-05-11.
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