I. Project introduction
PPCoin, referred to as PPC, its name is taken from the meaning of P2P currency, that is, peer-to-peer currency, so it is translated as point-to-point currency. PPC was released in August 2012. The R&D team of PPC and the R&D team of Prime Coin XPM are the same team, with strong technical strength and recognized by the industry. PPC adopts SHA256 algorithm, which is improved and optimized on the basis of BTC. The biggest contribution of PPC is that it created the POS interest system to prevent deflation. Many subsequent altcoins have followed the concept of PPC. PPC generates 1 block every 10 minutes, and each block can generate 2070 at first. PPC, but as of the time of writing, the block output of PPC has dropped to about 250. PPC is a very popular altcoin with about 20 times the number of miners than TRC and about 1/60th of Bitcoin. Currently (October 12, 2013), the price of each PPC is about 2.4 yuan, and the price of PPC has risen by more than 100% in the past month, which is eye-catching.
II. Project Features
1. Efficient and Secure
Peercoin (PPC) was first launched in 2012, making it one of the earliest pioneering blockchains one. The key innovation of Peercoin is its invention of Proof of Stake, an alternative consensus protocol to Bitcoin's Proof of Work.
Proof-of-work blockchains are secured by consuming an expensive finite resource (electricity). Proof of stake replaces this expensive security protocol by using a spare scarce resource (time).
Because of the cost-effective proof-of-stake time-based consensus rules, Peercoin is able to allow any networked computer to participate in the secure process of the blockchain. This efficiency enhances Peercoin by increasing the number of security providers and ensuring that security can be maintained in the long term.
2. User Governance
In Peercoin, the coin owner (stakeholder) is the one who exerts influence on the network, produces new blocks and secures the chain. Peercoin’s stakeholders collectively own the blockchain and collectively decide its future through protocol voting.
Voting is done in the same way that Peercoin is secured through a process called proof-of-stake minting. Stakeholders can participate in minting simply by installing the version of Peercoin they support, loading PPCs to their wallets, and holding them as the Peercoin protocol occasionally chooses them to mint the next block in the chain. Each minted block rewards stakeholders with new PPC and voting.
This makes Peercoin the first blockchain capable of allowing its protocol rules to be directly governed by its users, making the network more decentralized, democratic, and easily secured by people around the world.
3. Build additional layers
Chain bloat will be at higher usage levels given that blockchains are immutable in nature and all recorded data will be stored permanently becomes an escalation issue, which compromises the security and scalability of the network.
In order to preserve the trustless security of the blockchain and ensure its ability to scale to a global level of use, the inventors of Peercoin customized the blockchain and its economics to enable the base layer settlement network's specific role.
This role focuses Peercoin's development on modularity, keeping the protocol simple and secure with as few features as possible, while keeping the blockchain as a stable foundation upon which any arbitrary number of additional layers.
4. Fair distribution
Cryptocurrencies must have a sufficiently broad distribution to ensure that the total coin supply is not concentrated in the hands of too few people.
However, there is a problem with blockchains that run purely on proof-of-stake, as there is no easy way to fairly distribute the initial token supply. In a pure proof-of-stake blockchain network, the entire coin supply is usually created by the project founder, who then chooses which individuals own the stake. This distribution method usually ends with a highly centralized coin supply network.
To solve this problem, Peercoin uses Proof of Stake to secure the network and Proof of Work for distribution. Proof of Work miners will be rewarded with new PPC generated by the network. The newly mined PPC is then sold by miners on exchanges for profit and bought by new stakeholders who can use it to mint blocks by participating in proof-of-stake consensus.
So while proof-of-stake can provide security directly, proof-of-work aims to do so indirectly by strengthening the decentralization of the network by widely distributing PPC to new potential miners.
5. Reliable Store of Value
Efficiency, Sustainability, User Governance, Scalability and Fair Distribution through Modularity. All these qualities combine to form a long-term focused blockchain network that primarily focuses on maximizing decentralization.
This primary focus is to maintain Peercoin's trustless, immutable, and censorship-resistant nature, so it can always be relied upon to fulfill its core role as a distributed mechanism for the secure storage of all types of value.
This value can be anything from fiat wealth stored in PPC to data stored on-chain in the form of tokens, records or contracts. Regardless of the type of value stored, Peercoin is built with fundamentals in mind to ensure that your data remains safe at all times.
