What is Peercoin (PPC)?
Future of PPC Cryptocurrency and know how to buy PPC

#1: What is Peercoin?

Peercoin: The Basics

  1. Peercoin aims to solve the inefficiency problem of the Proof-of-Work that is used by bitcoin and many other coins using its own Proof-of-Stake system. It employs a mix of both the two systems - that is, of Proof-of-Work and Proof-of-Stake.
  2. Peercoin, when initially started, was a pioneer in its technology and the first coin to shift from traditional mining techniques for solving hashes to its very own developed Proof-of-Stake model.

Peercoin Development

  1. Peercoin as a project was inspired by Bitcoin and first touted in its whitepaper released in 2012, co-authored by Scott Nadal and Sunny King.
  2. Peercoin as a coin may have been overshadowed by many of the other technologically advanced coins but that hasn’t made its developers throw it under the bus.
  3. Sunny King, the core developer has been constant in providing development updates and also the weekly updates on the progress of the coin.
  4. There is very little known about the Peercoin team other than its whitepaper author. Scott Nadal one of the two authors of Peercoin whitepaper dropped off from the development in November 2013 which left Sunny King as the core developer of the project.
  5. The current size of the Peercoin team is of 5 people who are allowed to commit new code for development of the platform.

 

#2: What are the benefits of Peercoin?

Peercoin Technology

As explained above, Peercoin uses a mix of Proof-of-Work and Proof-of-stake model for verifying transaction on its network.

  1. Peercoin uses the same encryption algorithm as Bitcoin (SHA256) as it was initially forked from Bitcoin’s source code and still shares many parts of its source code with Bitcoin.
  2. Since the encryption algorithm of Bitcoin and Peercoin is the same, both are mined using ASICs.
  3. Peercoin has over 238 commits and over 100 contributions to its GitHub source code. If ranked in the order of the most commits made to a cryptocurrency source code, Peercoin will be ranked at 183.

Heard about Proof-of-Work and Proof-of-Stake? If not, here’s a quick lowdown to get you started.

  1. Proof-of-Work as a concept was created for stopping malicious coin transactions on a network. In a Proof-of-Work system, there are miners who, using their heavily powered machines, solve complex mathematical problems and earn a chunk from the transaction fee. This process is called mining. The problem that arose with Proof-of-Work is that it requires heavy computational power which is directly rational to energy efficiency and cost.
  2. A Proof-of-Stake system incentivizes its coin holders for holding a particular coin for more than a slated time. Simply put, if you a hold 10 coins in the coins wallet for more than a given time and do not use them for purchasing, then you became a node of the network for verifying transactions of the coin and earn some rewards according to the coin protocol. As in Proof-of-work, where solving hashes for verifying a transaction is called mining, in Proof-of-Stake the process is called minting. You get money for holding the coins.

Peercoin Features

  1. No Maximum Coin Cap – While most traditional coins have a maximum coin supply set like Bitcoin (21 million), Litecoin (84 million). Peercoin has no cap over its maximum supply.
  2. Energy Efficient – Peercoin aims for long-term energy efficiency since it employs both Proof-of-Work and Proof-of-Stake. Peercoin aims to reach a zero mining level for the Proof-of-Work model and then shift entirely to the Full PoS model.
  3. Transaction Fees – Unlike most coins that follow a variable transaction model, Peercoin follows a protocol defined method for transaction fees, currently set at 0.01 PPCoin/transaction.
  4. Reward - Reward in Bitcoin mining always fluctuate based on a number of factors, whereas in Peercoin it simply gradually decreases. The gradually decreasing model makes it easy to make a shift from Proof-of-Work to Proof-of-Stake.
  5. Coinage - For its Proof-of-Stake model, Peercoin uses a popular concept called coinage. When you hold the Peercoins in a wallet for more than 30 days, you start accumulating coinage, calculated as a function of the volume of the coins and their age. Simply put, suppose A holds 10 PPCoins for more than 30 days. If A holds 10 PPCoin for 50 days, he has accumulated 500 coinage (10 x 50). Now he can either spend those coins somewhere and consume all the coinage or he can hold them in a coin wallet and use the coinage for solving block hashes. With every block he solves, it consumes some of his coinage value.

 

#3: How to Buy and Store Peercoin?

How to Buy Peercoin

  1. Peercoin when initially released to big hype since it tried to move away from the traditional mining techniques. But that hasn’t made the market inactive for Peercoin, it still trades on over 10 exchanges as of August 2018, some of them being leading markets such as Bittrex, HitBTC, and more.
  2. The trading pairs available on these exchanges are predominantly are BTC, USD or USDT. If you would not like to go through the hassle of sending your coins to a trading exchange, you can use CoinSwitch, the largest cryptocurrency conversion platform.
  3. CoinSwitch has over 300+ pairings and coins available on it website. CoinSwitch basically aggregates the best rates from the top trading exchanges and lets you choose the best rate for you. You also don’t need to worry about your coins, since all the transaction takes place from your private wallet.

Peercoin Storage

You can store the Peercoin on its wallet available on all the major platforms like Windows, MacOS and Linux. There is also one available for Android, but it is not from the official developers so it is obviously difficult to vouch for it.

 

#4: What is the future of Peercoin?

  1. The market cap of Peercoin stands at around $35.4 million and is ranked 146 by market capitalization as of August 2018.
  2. Peercoin has come a long way and it may have been overshadowed by many of its other competitors but its developers have still clung their hopes to the coin. Peercoin also has some new interesting projects coming in 2018-19.
  3. Peercoin touched it’s all-time high of $9.92 on 13th January, 2018.
  4. As of August 2018, the coin has dropped around 30% from its May high. Despite this, the market has seen constant increase in its trading volume.

Also Read: Complete Analysis of Peercoin | Live Peercoin (PPC) Price Charts And Predictions

Price History

Date

Open*

High

Low

Close**

Volume

Market Cap

01-Aug-18

1.82

2.01

1.5

1.81

1,129,250

45,355,364

31-Jul-18

1.74

1.85

1.6

1.82

652,739

43,158,777

01-Jul-18

1.37

1.4

1.3

1.38

555,977

34,097,724

30-Jun-18

1.34

1.43

1.3

1.37

338,338

33,372,484

01-Jun-18

1.94

1.95

1.9

1.92

582,142

48,011,160

31-May-18

1.94

2.01

1.9

1.94

354,435

48,099,796

01-May-18

2.52

2.54

2.4

2.54

406,811

62,369,068

 

#5: How is Peercoin different from other cryptocurrencies?

Peercoin is working on many smart projects for its platform, which are in development and will be released soon in the future.

  1. Peercoin has an asset creation and exchange protocol called PeerAssets. PeerAssets simplifies tokenizing any kind of blockchain. What makes PeerAssets distinct from its counterparts is its efficient transaction compression, which frees up most of the space in blockchain and also makes it very cost effective. Running the asset on the Peercoin blockchain offers advantages like protocol defined transaction, security, and maintainability.
  2. Indicium is a Decentralized Autonomous Company (DAC) project made above the PeerAsset protocol which aims to create and trade cryptocurrency indexes. Indicum also aims to give a stake the of its DAC, dividend payout, voting rights on board elections using its own token Indicium(IND).
  3. A project called Peerbox is also being made by the community. Peerbox is essentially an operating system for Peercoin Blockchain which can be run on Raspberry Pi platforms for staking their coins on the network.

 

#6: Should you invest in Peercoin?

  1. Peercoin has gone through many rough patches, with many developers leaving and joining in between but the coin has managed to live through all of them.

  2. The team is working on many projects for its platform and is developed quite actively as seen by GitHub commits. The coin also enjoys good trading volume on exchanges.

  3. Since Peercoin came out in 2012, many new cryptocurrencies have flourished in the market with better technology. It is now following the market trends of 2018 like all other cryptocurrencies and it would be wise for you to wait out a little for the market to settle down.
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