What you'll learn 👉
Introduction
Peercoin Coin is a unique alternative coin. Although the code is based on the Bitcoin code, Peercoin Coin is the first coin to introduce proof-of-stake consensus to secure the network.
The proof of work, PoW, is also used in Peercoin to promote fair coin distribution, but is not necessary for the security of the network.
The peer-to-peer cryptocurrency design is derived from Satoshi Nakamoto’s Bitcoin.
The proof-of-stake replaces proof of work (PoW) to ensure the majority of network security.
Peercoin Coin – The Cryptocurrency
With its hybrid design, the proof-of-work system helped primarily with the first coin emissions and is largely non-essential for the cryptocurrency in the long term.
The security level of the network is not dependent on energy consumption in the long term and thus offers an energy-efficient and more cost-effective peer-to-peer cryptocurrency.
The proof-of-stake is based on the coin age and is generated by each node using a hash scheme that is similar to the Bitcoin scheme but has a limited search space.
The block chain history and transaction processing are further protected by a centrally transmitted checkpoint mechanism.
Peercoin Coin was formerly known as the third largest cryptocurrency after bitcoin and litecoin.
The price of Peercoin Coin exceeded 7,00 US $, but this cryptocurrency fell below $0.40 more than once, but rose again and again.
PoS technology has changed the crypto currency market in the long term. However, Peercoin Coin has largely disappeared from the scene.
The reason for Peercoin Coin’s popularity at the time was its technological innovation. The PoS allowed users to earn money simply by holding coins.
Peercoin’s Mining is smoother and more predictable than Bitcoin Mining, while the miner’s reward is gradually decreasing instead of fluctuating.
Peercoin Coin – The Company
With the same encryption algorithm as Bitcoin (SHA-256), Peercoin is 100 times more energy efficient.
Transactions in the Peercoin network are faster and cheaper. If there were not fierce competition on the cryptocurrency market, Peercoin would probably have long since become one of the most important cryptocurrencies.
But in 2014 and 2015, however, there were many other interesting innovations in the cryptocurrency market that outperformed peercoin in a number of important properties.
In contrast to DASH, Peercoin could not offer anonymity and the transactions in Dogecoin were even faster and cheaper than those of Peercoin.
PoS technology ceased to be an advantage of peercoin and PoS continued to spread to other cryptocurrencies.
The interest of the users drew it to the side of the minings on the CPUs and GPUs, then to the side of the Smart Contracts and PPC began to get a little forgotten.
But it’s a good thing the developers didn’t give up their cryptocurrency. The main developer, Sunny King, presents news every week, the program code is constantly updated.
Miners’ interest in this cryptocurrency is not waning. And that gives hope for a resuscitation.
Conclusion
Peercoin Coin was a pioneer in the forex market with the PoS.
The proof-of-stake design has become a potentially more competitive form of peer-to-peer cryptocurrencies compared to the proof-of-work design.
Eliminating energy consumption dependency, resulting in lower inflation and transaction fees at comparable network security levels, were the main reasons for this.
You can’t buy it directly for fiat on any exchange. You can choose the best BTC exchange for your region and buy BTC there, then trade it for PPC on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase has acceptable fees and limits and it is a leading platform for buying BTC.
If Coinbase doesn’t support your country, use Cex.io – read how Cex.io works – it is as good or even better than Coinbase. Coinmama is also legit exchange for buying cryptocurrencies – click here to visit Coinmama.
If your country is not available on Coinbase – check for best Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin exchange review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is secure place to buy crypto), instantly and directly to bitcoin.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.You can read our article on how to use Ledger Nano S wallet and where to buy it or check out other top physical crypto wallets here. You can also create a paper wallet – learn here more about crypto wallets.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
