Review on Peercoin by Özgün A
A project set out to improve the use of cryptocurrencies
Peercoin is a positioned cryptocurrency project that enables similar transactions in the Bitcoin network running on the blockchain network to be realized as P2P.
In fact, Peercoin aims to liberalize e-commerce operating on blockchains. They have developed a number of technologies to prevent individuals / Institutions / Organizations from being affected by the barriers to enter the market. This project has its own wallet. Transactions are carried out from wallets to wallets (peer-to-peer-P2P) through smart contracts.
The Peercoin project provides high efficiency and processing speed by using Proof of Stake and Proof of Work algorithms at the same time. Peer-to-peer computers provide the system with an equal degree of security. Each node is each other's validator and side chain generator. In this way, both the security problem is eliminated and the scalability problem does not occur.
As a result; The Peercoin project, inspired by the Bitcoin network, seeks to create a more advanced network and ensure the sustainability of this network by improving the problems in the BTC network with a new gateway.
Pros
- Uses improved versions of PoW and PoS algorithms
- Pleases its users with very low transaction fees
- Each computer (peer) entering the process verifies each other so the ecosystem automatically renews itself
Cons
- Actually there is nothing bad about the project, but the project is outdated. It has not been updated so it caused users to abandon the project
