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Peercoin, also known as PPCoin or PPC, is a peer-to-peer cryptocurrency utilizing both proof-of-stake and proof-of-work systems. Sunny King, who also created Primecoin, is a pseudonym. Nadal's involvement had diminished by November , leaving King as Peercoin's sole core developer.
Peercoin was inspired by bitcoin, and it shares much of the source code and technical implementation of bitcoin. There is a deflationary aspect to Peercoin as the transaction fee of 0. This feature, along with increased energy efficiency, aim to allow for greater long-term scalability. A peer-to-peer network handles Peercoin's transactions, balances and issuance through SHA, the proof-of-work scheme Peercoins are issued when a small enough hash value is found, at which point the block of transactions is added to the shared block chain.
The process of finding these hashes and creating blocks is called 'mining'. Peercoins are currently traded for fiat currencies, bitcoins, and other cryptocurrencies, mostly on online exchanges. Reversible transactions such as those with credit cards are not normally used to buy Peercoins as Peercoin transactions are irreversible, so there is the danger of chargebacks.
Payments in the Peercoin network are made to addresses, which are based on digital signatures. They are strings of 34 numbers and letters which always begin with the letter P. One can create as many addresses as needed without spending any Peercoins. It is quite common to use one address for one purpose only which makes it easy to see who actually sent the Peercoins. Transactions are recorded in the Peercoin blockchain a ledger held by most clients , a new block is added to the blockchain with a targeted time of 10 minutes whenever a small enough hash value is found for the proof-of-work scheme , a transaction is usually considered complete after 6 blocks, or 60 minutes, though for smaller transactions, fewer than 6 blocks may be needed for adequate security.
New coins can be created in two different ways; mining and minting. Mining uses the SHA algorithm to directly secure the network. There are long term plans to reduce gradually the amount of mining and to rely more on minting. This is to create a fair distribution and could lead to an increase in the reward from minting. It is a free peercoin faucet. All our payments are sent instantly to your FaucetHub.
Transactions A peer-to-peer network handles Peercoin's transactions, balances and issuance through SHA, the proof-of-work scheme Peercoins are issued when a small enough hash value is found, at which point the block of transactions is added to the shared block chain. Addresses Payments in the Peercoin network are made to addresses, which are based on digital signatures.
Confirmations Transactions are recorded in the Peercoin blockchain a ledger held by most clients , a new block is added to the blockchain with a targeted time of 10 minutes whenever a small enough hash value is found for the proof-of-work scheme , a transaction is usually considered complete after 6 blocks, or 60 minutes, though for smaller transactions, fewer than 6 blocks may be needed for adequate security.
Creation of New Coins New coins can be created in two different ways; mining and minting.