Founded In: 2012
Peercoin (PPCoin or PPC), is a peer-to-peer cryptocurrency utilizing hybrid system that works with proof-of-stake (PoS) and proof-of-work (PoW) systems. Peercoin is the first coin to introduce Proof of Stake to secure the network. Proof of Work is also used in Peercoin, to promote fair coin distribution, but is not necessary for the security of the network. The advantage of this is that the chance of a 51% attack (in which one party has over 51% of the hash rate and a double spend can be made) is drastically diminished.
Inspired by Bitcoin; Peercoin was founded by Scott Nadal and Sunny King in August 2012. Later on Scott Nadal became slient partner leaving Sunny King as sole core developer. Peercoin is one of the largest cryptocurrency considering market capitalization. The Peercoin source code is distributed under the MIT/X11 software license.
Major cryptocoin like bitcoin, Litecoin etc requires massive power houses (i.e. specialized hardware) for mining, but Peercoin mining can be done on any computer. Peercoin Mining is energy-efficient and because of PoS system; coins are generated based on the coins the people already have in their possession. By mining, users can earn 1% annually. Coins are first eligible to mint 30 days after they have been transferred, and after 90 days, their chance of success is maximized. For regular miners, earning even gets compounded.
The change of PPC money supply is determined by:
- ?Proof of Work mining (increases supply)
- ?Number of transactions (decreases supply by 0.01 PPC per transaction)
- ?Proof of Stake minting (increases supply at a rate up to 1% per year)