Peercoin (PPC) is a cryptocurrency derived from Bitcoin. It is an open source and peer-to-peer digital currency. It implements the Proof of Stake (PoS) consensus as its security model and part of its minting process along with the Proof of Work (PoW) consensus.
Sunny King and Scott Nadal first introduced Peercoin in August 2012. Zachary Burt founded Peercoin in July 2013. The blockchain is known as an early pioneer and creator of proof-of-stake consensus protocols. Proof-of-stake allows Peercoin to avoid electricity consumption costs, and allows any network to to participate with the security processes. Coin owners are stakeholders, and are responsible for producing new blocks, securing the chain, and deciding future implementations through protocol voting.
Voting protocols are carried out through proof-of-stake minting. Stakeholders are incentivized to vote as each newly minted block rewards stakeholders with new PPC and another vote. This means the blockchain is governed only by its users, making it decentralized and democratic, and is globally secured.
To avoid chain bloating, the blockchain's base layer focuses on development of modularity, and features such as tokens and smart contracts are developed on the secondary layer and exist on top of Peercoin.
PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake
Sunny King and Scott Nadal
Documentaries, videos and podcasts
What is Peercoin?
19 July 2014
- Cluster: Blockchain & cryptocurrencyA cluster of topics related to blockchain and cryptocurrency.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- Proof-of-stakeProof-of-stake (PoS) is a system by which a network (e.g., a cryptocurrency blockchain) aims to achieve distributed consensus.
- NovacoinNovacoin is open source cryptocurrency platform that makes use of PoW and PoS for block generation.