|Original author(s)||Scott Nadal, Sunny King (pseudonym)|
|White paper||"Peercoin Documentation"|
|Initial release||12 August 2012, 17:57:38 UTC|
|Latest release||0.11.0 /|
|Source model||Open source|
|Ledger start||12 August 2012, 18:00:00 UTC|
|Timestamping scheme||Hybrid Proof-of-stake and Proof-of-work|
|Block reward||Variable; depends on network difficulty|
|Block time||600 seconds|
|Circulating supply||27.5M PPC (6 April 2022)|
|Exchange rate||US$0.67 (6 April 2022)|
|Market cap||US$18.5M (6 April 2022)|
Peercoin, also known as PP Coin or PPC, is a peer-to-peer cryptocurrency utilizing both proof-of-stake and proof-of-work systems.
Peercoin is based on an August 2012 paper which listed the authors as Scott Nadal and Sunny King. King, who also created Primecoin, is a pseudonym. Peercoin is the first implementation of a proof-of-stake based Cryptocurrency. The Peercoin source code is distributed under the MIT/X11 software license.
In the proof-of-stake system, new coins are generated based on the holdings of individuals. In other words, someone holding 1% of the currency will generate 1% of all proof-of-stake coin blocks. This has the effect of making a monopoly more costly, and separates the risk of a monopoly from proof-of-work mining shares.[irrelevant citation]
Proof-of-work and proof-of-stake both serve as means of distributing new coins.
A transaction fee prevents spam and is burned (instead of being collected by a miner), benefiting the overall network.
To recover from lost coins and to discourage hoarding, the currency supply targets growth at 1% per year in the long run.