Peercoin is also termed as PPC. It is a peer-to-peer Crypto currency which utilizes both the proof-of-work and proof-of-stake systems.
The Peercoin was based on a paper of the year 2012 on August which did the listing of the authors as Sunny King and Scott Nadal is a pseudonym, who also made the Primecoin.
The involvement of Nadal had diminished by the year 2013 on November, letting King be sole core developer of Peercoin.
Initially, Peercoin was readily inspired by bitcoin sharing much of technical implementation and source code of bitcoin.
The source code of Peercoin is distributed according to the MIT or the X11 software license and unlike Litecoin, Namecoin, and Bitcoin, Peercoin doesn’t contain a hard limit on the possible coins’ number, but it is designed to fulfill its core inflation rate of 1 percent per annually.
Actually, there exists an aspect of deflation to Peercoin, since a transaction fee of about 0.01 PPC/kb is needed to be paid out to the network gets destroyed.
This feature, accompanied by the energy efficiency increase, aim to give way for the higher long-term scalability.
Peercoin’s Transactions
The peer-to-peer network deals with the Peercoin’s transactions, issuance and balances through SHA-256, which is the proof-of-work scheme. More elaborately to say, Peercoins are distributed when a reasonable hash and enough value is found, whereby the transaction block is put together with that shared block chain.
More over Peercoins are currently traded for crypto currencies, bitcoins, and fiat currencies, mostly on the online exchanges.
Reversible transactions are not commonly used in this case to buy the Peercoins due to the irreversibility of Peercoin transactions, hence the fear of chargebacks.
Payments Network Addresses
The Peercoin network payments are made to addresses based on the digital signatures and they are of 34 letters and numbers of strings which mostly start with letter P. It’s possible to create as many addresses as possible minus spending any of your Peercoins.
It is evenly common using one address per purpose and this makes it simple to have a look at the actual sender of the Peercoins.
Confirmations
The transactions recordings are done in the Peercoin blockchain and afterward, a new block added to that blockchain with 10 minutes target time. A transaction is normally taken to be complete after 60 minutes or 6 blocks, but as for minor transactions, less than 6 blocks for adequate security may be needed.
Peercoin Features
Its features are consisted of: Different mining than Litecoin and Bitcoin, low consumption of power and a single Peercoin transaction fee per transaction.
Lastly, to say, Peercoin at around $120 million falls under the third of the most capitalized crypto currency with its current price being around 5.50 dollars.
