What is Peercoin: More information about peercoin, a proof-of-stake and a proof-of-work coin

What is Peercoin: More information about peercoin, a proof-of-stake and a proof-of-work coin

By quintomudigo | Crypto Street | 31 Jul 2019


PEERCOIN.jpg

   Peercoin is a  cryptocurrency created on Peercoin blockchain whose transaction takes place from one peer to another without involvement by the government thus is being considered to be decentralized. Peercoin was mainly created to become a proof-of-stake cryptocurrency thus reducing the cost of proof-of-work experienced by other cryptocurrencies like bitcoin.

Peercoin transaction

Peercoin transaction takes place on the Peercoin blockchain Explorer based on Peercoin blocks height and timestamp. To view how Peercoin transaction takes place on the Peercoin blockchain explorer, simply follow the link below;  

https://www.coinexplorer.net/PPC    

Date Launched

Peercoin was first released to the public in 2013 with the main objective of reducing the power miners use while trying to solve a block like bitcoin. It was created to become a proof-of-stake coin  

Founder Of Peercoin

Peercoin was created by Sunny King and Scott Nadal. Sunny King Is the key developer while Scott Nadal took part in writing the white paper of PeercoIn project.

Process of creating Peercoin

Peercoin is a proof-of-work and a proof-of-stake coin. As a proof-of-work coin, Peercoin is created through the mining process using GPU, CPU and ASICS hardware in the presence of electricity and internet. The algorithm used to mine Peercoin is SHA-256. As a Peercoin miner, you can either decide to become a solo miner which is very slow and less rewarding or can decide to join a pool to increase your mining reward.  As a proof-of-stake which is very effective and more secure, Peercoin is created through the minting process. In this minting process, a new block is being added to the Peercoin blockchain based on the amount of Peercoin staked. The more the staked amount the more the reward. You can either become a solo staker which is less rewarding or can join a staking pool which is more rewarding. To start staking, you need to have a Peercoin core client or a Peerunity client. The reward is being calculated based on the period of your staking. The more the period the more the reward. The minimum staking period is 30 days while the annual reward can be more than 1%.  

Maximum circulation of Peercoin

The maximum supply of Peercoin that is expected to be circulating in the Peercoin blockchain upon completion of its mining and staking process should be 2,000,000,000. Unlike in cryptocurrencies like bitcoin where there is halving after every 4 years, for Peercoin, that is not the case. Instead, the block reward is adjusted periodically based on the difficulty of mining and minting. When the difficulty goes up, the reward will decline while when the difficulty goes down the reward will increase.  

Peercoin  Price

Currently, 1 Peercoin is worth more than $0.443 and its price is expected to increase over the next period of time. Peercoin is being abbreviated as PPC.

 

Converting my Peercoin to other cryptocurrencies

To convert your Peercoin to other cryptocurrencies such as bitcoin, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Peercoin to bitcoin  

https://www.binance.com/?ref=10776203  

Storing my Peercoin

To store your Peercoin, you need a Peercoin wallet or other supported cryptocurrency wallets. You can use, Coinpayment or other supported Peercoin wallets. For the safety of your Peercoin, you can use offline Peercoin wallet like ledger hardware wallet or can download the Peercoin wallet

Transferring my Peercoin to other Users

If you want to transfer your Peercoin to another user, the two of you must have trust on each other. The trust should be the Peercoin address provided for the receiver while the sender must have the Peercoin balance to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;  

PEERCOIN SENDER.jpg  

RECEIVER.jpg  

Knowing more About Peercoin

If you feel that you need to learn more about Peercoin, then you can follow them on their site. Here is the link redirecting you to Peercoin website

  https://peercoin.net/index.html  

    Now that you know, I think that it is time for you to start Mining and staking Peercoin. If you feel that I should also own some for helping you to know more about this cryptocurrency, here is my Peercoin address ;  

P9ZZj27v3xGfXeVp2CWG7NDHJc9E3uSAJG


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


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