Peercoin is the world’s first proof-of-stake/proof-of-work hybrid coin. The Peercoin team is led by core developer “Sunny King” and Scott Nadal whose mission is to create the fastest and most reliable coin, with low transaction fees. Many recent altcoins have been influenced by the design and technology behind Peercoin, developers have cloned the source code and then altered it only to make their new coin less secure. Peercoins team has placed a large amount of emphasis on ensuring that the foundations of the currency are secure so that Peercoin can remain relevant for many decades ahead. HistoryThe Peercoin technology was announced on August the 10th 2012 and was released on the 19th of August, there were no pre-mined coins, and the source code was made public at the time of its induction, so everyone had a fair shot at mining Peercoins from the beginning.
The coin distribution was fair for all of its users with the developers choosing to not receive a portion of the coins before its release unlike most coins. In 2014 the coin had a relatively high degree of success, reaching a market cap of approximately 160 million with a pricing of about 8USD per coin. From July 2014 to early 2017 the market cap remained under 25 million (about 1USD per token). As of January 2018 the token has recovered having a total market cap of 190 million (about 8USD per token). FeaturesPeercoin is both a Proof of Stakes coin and Proof of Work coin. Proof of Stakes technique is used to achieve consensus throughout the network. Whereas the Proof-of-Work is used for the continual distribution of new coins.
Contrary to Bitcoins Proof of Work style coin where higher amounts of computational power are required in order to keep the network secure. Coins are minted which is cheaper and more energy efficient than the conventional Proof of Work approach. Minting can be done on almost any device.Proof of Stakes – minting, is used for the production of coins. Minting earns its users 1% annually.
Coins can be minted 30 days after they are transferred, at 90 days and beyond the probability of higher earnings is maximized. The more a user mints, the more their earnings will compound.Coins are released at a steady inflationary rate of 1 percent per year. Technically, there is a limit of 2 billion coins, but this isn’t expected to be reached in the foreseeable future.
Transaction fees spent are burnt which creates the possibility of the currency having an overall deflationary effect over time (0.01 PPC per transaction is burnt).