Peercoin Price

About the coin

Peercoin was activated in 2012 and stands as one of the pioneering cryptocurrencies. It is notable for inventing the proof-of-stake consensus mechanism, making it the first efficient and sustainable public blockchain technology. Peercoin was inspired by Bitcoin and shares much of its source code and technical implementation. Unlike Bitcoin, Namecoin, and Litecoin, Peercoin does not have a hard limit on the number of possible coins but is designed to eventually attain an annual inflation rate of 1%. A deflationary aspect is present as the transaction fee of 0.01 PPC/kb paid to the network is destroyed, aiming for greater long-term scalability.

Main features

Peercoin uses the same cryptographic hash function as Bitcoin (SHA-256) but is 100 times more energy efficient. Transactions in the Peercoin network are faster and cheaper. Despite its innovations, Peercoin faced competition from other cryptocurrencies that offered features like anonymity and faster transactions. The Peercoin Team believes that adapting blockchains for wide-scale use only through on-chain transactions will negatively affect decentralization and security over time. Therefore, they focus on developing Peercoin as a base layer settlement network, securing all forms of value recorded into the chain.

How it works

The Peercoin Team focuses on developing second-layer protocols and sub-networks that can interact with the base layer blockchain to adapt it for wide-scale use. This includes improving functionality such as tokens, smart contracts, and high-speed low-cost transaction processing. Peercoin aims to act as a secure and censorship-resistant base layer for the future blockchain-connected world, preserving and maximizing decentralization to increase security.