PeerCoin is a peer-to-peer decentralized digital coin that uses both the PoS (Proof-of-Stake) and PoW (Proof-of-Work) consensus mechanisms. Users on this blockchain are responsible for verifying transactions and securing the network based on the number of coins each user holds. This method prevents centralization or the use of high-powered miners to verify transactions giving every computer on the network a chance.
Unlike Bitcoin where transactions take a long time to get verified, PeerCoinShow more [+] s improved its network to enable instant transactions. Such transactions are possible since this coin has reduced the size of its blockchain. The smaller blockchain has also increased wallets synchronization speed.
Though PeerCoin shares much of Bitcoins source code and technicalities, including the hashing algorithm SHA-256, it has incorporated other aspects like PoS, in which computers in the network maintain the chain through staking and does not have a hard limit in mining. It is designed to attain an inflation rate of 1% annually. All users are rewarded based on the coins they hold annually after new coins are minted. This coin is never premined allowing for fair participation, has good liquidity and encourages saving hence being a good was of storing value.
PeerCoin has also reduced the cost of transactions significantly compared to Bitcoin. Senders are required to pay 0.01 PPC only while receiving coins is free.
The coin is listed in various exchanges from which you can buy or trade. These exchanges include CoinEgg, HitBTC, Bittrex, Poloniex, Coingi, Bitsane and YoBit. The coin has its own unique wallet PeerCoin-QT that is available in different versions.
PeerCoin is the brainchild of developers Scott Nadal and Sunny King. Sunny King, however, is a pseudonym.
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