Peercoin

Peercoin
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.com/peercoin/peercoin
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.peercoin.net

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]

History

Peercoin 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

Peercoin 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

^ "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

Official website
Media related to PPCoin at Wikimedia Commons

[arstechnica-1] "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.

[ZhaoYangLuo2021-2] 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.

[3] 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.

[4] Daly, Lyle. "Peercoin: Defined and Explained". The Motley Fool. Archived from the original on 2024-02-04. Retrieved 2023-12-25.

[5] 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.

[6] Frankenfield, Jake. "Peercoin Definition". Investopedia. Archived from the original on 3 June 2021. Retrieved 30 April 2023.

[7] Daly, Lyle. "What is Peercoin?". The Motley Fool. Archived from the original on 30 April 2023. Retrieved 30 April 2023.

[8] Daly, Lyle. "Minters Get Richer?". Peercoin. Retrieved 10 December 2024.

[9] Daly, Lyle. "Peercoin Inflation Adjustment". Peercoin. Retrieved 10 December 2024.

[10] "Static reward". Peercoin Charts. Retrieved 10 December 2024.

[11] Nagalim (14 March 2021). "A Smarter Fee". Peercoin. Archived from the original on 30 April 2023. Retrieved 30 April 2023.

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