The world's first efficient and sustainable public blockchain, serving as a secure base layer for the future blockchain connected world.
Peercoin first came online in 2012, making it one of the earliest pioneering
blockchains. The key innovation of Peercoin is its invention of proof-of-stake,
an alternative consenus protocol to Bitcoin’s proof-of-work.
Proof-of-work blockchains are secured by proving the consumption of a costly limited resource: energy. Proof-of-stake replaces this security protocol by utilizing an alternative scarce resource: time.
Due to the cost efficient nature of proof-of-stake’s time based consensus rules, Peercoin is capable of allowing any network connected computer to participate in the blockchain’s security and block production process. Not only does this efficiency strengthen Peercoin by growing the number of security providers, it ensures that security can be sustained in the long-term.
In Peercoin, coin owners are the ones who wield influence over the network,
produce new blocks, and secure the chain. Stakeholders of Peercoin co-own
the blockchain and collectively decide its future through protocol voting.
Voting is carried out by stakeholders simply by installing the version of Peercoin they support, loading their wallet with coins, and letting them sit while they are occasionally selected by the protocol to mint the next block. Every minted block rewards stakeholders with new peercoins and a vote.
This makes Peercoin the first blockchain capable of allowing its protocol rules to be governed directly by its users; making for a network that is more decentralized, democratic, and easily secured by people around the world.
Given that the blockchain is immutable by its nature and all recorded data is
stored forever, chain bloat becomes an escalating problem at higher usage
levels which harms both security and the ability of the network to scale.
To preserve the trustless security of the blockchain and ensure its ability to scale to global usage levels, Peercoin’s inventor tailored the blockchain and its economics to fulfill the specific role of base layer settlement network.
This role focuses development on modularity, keeping the protocol simple and secure with as few features as possible, while maintaining Peercoin as a stable base upon which any number of additional layers can be built on top.
Rather than being coded directly into the blockchain protocol, features like tokens and smart contracts are developed as independent secondary layer protocols on top of Peercoin. Building separate layers helps protect the base layer blockchain from new exploits, chain bloat, and allows proper scalability.
Peercoin is the first hybrid blockchain: utilizing proof-of-stake to provide
security for the network and proof-of-work for distribution of new coins.
A flower blooming in the wild occasionally produces seeds, which spread around over time and grow into new flowers. The hybrid design of Peercoin imitates this by spreading proof-of-work rewards to miners who then sell the newly minted coins on exchanges for profit. These peercoin are purchased by new stakeholders around the world who use them for proof-of-stake minting.
So while proof-of-stake in Peercoin provides security directly, proof-of-work is designed to do so indirectly by strengthening the decentralization of the network through a wider distribution of peercoin to new potential minters.
Additionally, proof-of-work mining also generates entropy, which provides a source of randomness that helps limit gaming of the system and protects against certain attacks that are inherent to pure proof-of-stake networks.
Efficiency, sustainability, user governance, scalability via modularity, and
continual distribution. These qualities combine to form a long-term minded
blockchain network that is primarily focused on maximizing decentralization.
This primary focus works to preserve the trustless, immutable and censorship resistant nature of Peercoin so that it can always be relied upon to fulfill its core role as a distributed mechanism for securely storing all types of value.
This value can be anything from a fiat currency conversion to peercoin, to data being stored on the chain in the form of tokens, records, or contracts. Regardless of the type of value that is being stored, Peercoin was built with the fundamentals in mind to always ensure that your data is safe and secure.
Peercoin is an established and versatile project offering multiple wallet clients, numerous exchanges, and a robust community.
For an in-depth overview of the project, Peercoin University is the best starting place. For more articles, Peercoin related information, check out our Medium Blog to find more writings.
For those who are looking to develop, PeerAssets is Peercoin's second layer asset solution. More information can be found here.
A wealth of technical information can be found in the Peercoin Documentation as well.
The Peercoin wallet is available on Windows, Mac OSX, and Linux platforms.
Command-line experiences are also available.
To get started, check out the Wallet download page and the Installation guide's.
The use of Proof-of-stake mining in Peercoin is efficient because network security is not dependent on the use of massive amounts of electrical energy (proof-of-energy-burn). Instead minters invest their coins and time to emulate the PoW process.
This is done by simply opening up their wallet app, sending coins to their address and letting them sit there while they are occasionally selected by the protocol to mint the next block. This process is both energy and cost efficient.
You can find more information on minting in the Peercoin documentation.
Peercoin uses the hashcash double iterated SHA-256 algorithm for Proof-of-Work mining. This means anything that any hardware that can mine Bitcoin can mine Peercoin as well.
To get started, check out the Peercoin mining documentation.
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