Peercoin (PPC): A Secure & Low Cost Cryptocurrency
PEERCOIN QUICK STATS
|CREATION DATE:||September, 2014|
|DEVELOPMENT STAGE:||Full Release|
|BLOCK TARGET:||7 minutes|
Peercoin (PPC) is an experimental, decentralized digital currency that enables instant payments to anyone, anywhere in the world. Unlike other cryptocurrencies, the Peercoin blockchain prides itself on security and speed.
Because of Peercoin’s peer-to-peer technology, it operates with no central authority. The total management of transactions and issuing money are carried out collectively by the network. CoinPayments also provides Peercoin (PPC) payment processing to help automate and simplify Peercoin payments.
It was one of the first successful implementations of a distributed cryptocurrency and is the first cryptocurrency to implement Proof-of-Stake. The coin is built upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. Peercoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
To attract new users, Peercoin has a built-in rewards system that awards all users for strengthening the network by giving them a 1% annual PPC return when minting.
How it Works?
Peercoins are sent easily through the Internet, without needing to trust any third party. The Peercoin system is built on the idea that all transactions are irreversible and fast. Funds received are available for spending within just minutes. Plus, Peercoin is very low-cost when compared to other payment networks.
To assure user peace of mind, the supply of Peercoins is regulated by software and the agreement of users of the system and cannot be manipulated by any government, bank, organization or individual. Initial distribution of coins is done through Proof-of-Work (mining). The 1% inflation of the Peercoin system’s money supply is distributed evenly (by Proof-of-Stake) to minters who help secure the network.
Peercoin’s minting process is also very energy efficient. When the Proof-of-Work mint rate approaches zero, there is less and less incentive to mint Proof-of-Work blocks. Under this long term scenario energy consumption in the network may drop to very low levels as disinterested miners stop mining proof-of-work blocks. The Bitcoin network faces such risk unless transaction volume/fee rises to high enough levels to sustain the energy consumption.
Why choose Peercoin?
As a peer-to-peer cryptocurrency derived from Bitcoin, Peercoin has replaced the traditional Proof-of-Work process with a more innovative Proof-of-Stake process to provide most of the network security. Under this hybrid design, Proof-of-Work mainly provides initial minting and is largely non-essential in the long run.
Security level of the network is not dependent on energy consumption in the long term thus providing an energy efficient and more cost-competitive peer-to-peer cryptocurrency. Proof-of-Stake is based on coin age and generated by each node via a hashing scheme bearing similarity to Bitcoin but over limited search space. Some other features of Peercoin include:
Built to Last
Peercoin is the world’s first Proof-of-Stake coin
No insider pre-sale or instant mining
You can mint Peercoins on any device
Stable and Secure
Protecting your investment since 2012
For more information about our Peercoin integration, or to learn more about Peercoin payments, please get in touch with us.