Introduction to Peercoin as a Cryptocurrency
Peercoin Coin – An alternative coin
Peercoin Coin is a cryptocurrency alternative coin. It is made of a code that is based on the Bitcoin code. Nevertheless, Peercoin Coin is the first coin to give birth to proof-of-stake consensus in order to secure the network.
The proof of work is utilized in Peercoin to ensure fair coin distribution, although this is not a must for the security of the network. Satoshi Nakamoto’s Bitcoin is the source of the peer-to-peer cryptocurrency design. In this currency, proof of work (PoW) is replaced by proof-of-stake. This ensures the majority of network security.
Peercoin was first started in 2012, making it one of the oldest crypto coin networks available today. It has always maintained an average inflation rate below 5% during the year 2014. This statistic continues to fall to date. Furthermore, it also has the specialty of being the first proof-of-stake coin. Hence it does not require massive computing prowess to secure the network. Once the Peercoins are held for 30 days, the person is eligible for an annual reward of 1%.
By virtue of its hybrid design, the proof-of-work system is aided with the first coin emissions. This is not a necessity for cryptocurrency over an extended period of time. As the network of the currency is not dependent on energy consumption, it is a highly energy-efficient currency. It is a more cost-effective peer-to-peer cryptocurrency.
The proof-of-stake depends on coinage and is created by an individual node with a hash scheme. This is similar to the BitCoin Scheme but has a limited search plane. There are further reinforcements in blockchain history and transaction processing. A centrally transmitted checkpoint mechanism monitors these systems and protects them.
Peercoin Coin was the third largest cryptocurrency behind bitcoin and litecoin. The value of Peercoin Coin rose above 7,00 US $, although the cryptocurrency slumped below $0.40 many times and also fluctuated multiple times.
PoS technology has altered the cryptocurrency market in the long run, but the Peercoin Coin has vanished from the scene to a great extent. One of the main reasons behind Peercoin Coin’s reputation was its technological edge. However, PoSlet users earn money by just holding coins.
Peercoin Coin – The Company
Peercoin network has a major advantage that its network is faster and cheaper. Save for the intense competition in the cryptocurrency market, Peercoin would definitely be at the top of the cryptocurrency world.
To its disappointment, however, there were several innovations in 2014 and 2015 that shattered its hopes. The PeerCoin was outperformed in many aspects by these competitors.
Conclusion
Peercoin Coin was a spearhead of the market with the Pos Technology available. The proof-of-stake design has transformed into a more competitive form of peer-to-peer cryptocurrencies as compared to proof-of-work design.
