Peercoin, also known as PPCoin or PPC, is a peer-to-peer cryptocurrency utilizing both proof-of-stake and proof-of-work systems.Its design is derived from Satoshi Nakamoto's Bitcoin. Proof-of-Stake replaces Proof-of-Work to provide most of the network security. Under this hybrid design proof-of-work mainly provides initial minting and is largely non-essential in the long run. The security level of the network is not very much energy dependent thus providing an energy efficient and more cost-competitive peer-to-peer crypto-currency.
Proof-of-Stake is based on coinage and generated by each node via a hashing scheme bearing similarity to Bitcoins but over limited search space. Blockchain history and transaction settlement are further protected by a centrally broadcasted checkpoint mechanism.
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