Peercoin
| Error creating thumbnail: File missing | |
| 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 | 0.15.0 / 21 February 2025 |
| Code repository | github |
| 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, 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
[edit | edit source]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
[edit | edit source]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
[edit | edit source]- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
External links
[edit | edit source]- Lua error in Module:Official_website at line 94: attempt to index field 'wikibase' (a nil value).
- Error creating thumbnail: File missing Media related to Lua error in Module:Commons_link at line 62: attempt to index field 'wikibase' (a nil value). at Wikimedia Commons
Lua error in mw.title.lua at line 392: bad argument #2 to 'title.new' (unrecognized namespace name 'Portal').