Review on Peercoin by Fabrizio Zampieri
The main members of Peercoin's development are Sunny King and Scott Nadali…
The main members of Peercoin's development are Sunny King and Scott Nadali, both well-known IT specialists. Developed in 2012, Peercoin is based on the Bitcoin code, in fact it uses the same Bitcoin mining algorithm, known as SHA-256.
For its characteristics Peercoin project is defined a proof of work and proof of stake hybrid.
Peercoin’s founders utilized proof-of-stake for network security and proof-of-work for distribution. Proof-of-work miners are rewarded with new PPC generated by the network. This newly mined PPC is then sold on exchanges by miners for profit and purchased by new stakeholders who can use it to mint blocks by participating in proof-of-stake minting.
Peercoin team has introduced an innovative Proof-of-stake minting, that is stakeholders participate in minting simply by installing the version of Peercoin they support, loading their wallet with PPC, and holding them while they are occasionally selected by Peercoin’s protocol to mint the next block in the chain. Every minted block rewards stakeholders with new PPC and a vote.
Peercoin seeks to be the most secure cryptocoin at the lowest cost, rewarding all users for strengthening the network by giving them a 1% annual PPC return when minting.
Peercoin is also characterized by some products/services already functioning and available for its users:
- Peer4commit (it is a website that allows users to raise funds for various projects);
- Stakebox (it is a platform designed to solve the privacy and security problems related to the use of cryptocurrencies);
- Indicium (it is a DAC, which is going to "decentralize an autonomous company". This company uses the PeerAssets protocol and aims to create/market cryptocurrency-based indices);
- PeerAssets (the main objective of PeerAssets is to develop a simple and energy-efficient tokenization method that can be adapted to any blockchain).
Peercoin (PPC) is a cryptocurrency. Users are able to generate PPC through the process of mining. Peercoin has a current supply of 25 284 534 PPC.
PPC is tradable on many famous exchanges (HitBTC, Poloniex, The Rock Trading, Bittrex, Livecoi, LiteBit eu, YoBit, and more..). The largest PPC volumes are recorded on CoinEgg exchange.
Pros
- - Security high level (coin owners and stakeholders are the ones who take influence over the network, produce new blocks, and secure the chain. Stakeholders are also the owner of the blockchain and all together decide its future through voting process). - Peercoin is the first blockchain capable of allowing Minting protocol rules to be governed directly by its users. - Peercoin development on modularity (keeping the protocol simple and secure with as few features as possible). - Fair distribution (while proof-of-stake provides security directly, proof-of-work is projected to do so indirectly by strengthening the decentralization of the network through a wider distribution of PPC to new potential minters). - Good growth prospects in the medium to long term.
Cons
- - Peercoin aimed to be one of Bitcoin's main competitors in 2012 but with the passage of time it has not shown his true potential. - Understimated PPC current quotation.
