Peercoin is among the oldest and most reliable cryptcoin having been in use for over 5 years now. It is the first proof-of-stake(PoS) coin which allows the users several savings in the form of lower consumption of electricity, lesser energy bills, little computing resources, eliminates the security threats like Selfish-Miner Flaws, 51% attacks that created a scare in bitcoin mining.
In the Proof of Stake model, it is the PoS owners who are authorized to verify the transactions that are done in the network. The authority level increases based on the number of peercoins held. This induces the miners to save more peercoins rather than spend them. They also earn an interest of 1% on their Peercoin balance by activating the PoS. Peercoin, like bitcoin, uses the SHA-256 cryptography hash function.
The first requirement to mining is to maintain a wallet connected to the network. Being connected to an internet increases the security risks. Peercoin is coming up with some enhanced features like special minting keys which remain offline while the miners are mining. Peercoin’s blockchain technology allows instant transaction verifications which is immediately encrypted to eliminate any possibility of the sender try to reverse a payment. There is a transaction fee of 0.01PPC which the sender should pay to the network while doing a transaction.
When a block is solved, a new transaction message appears “Mint by Stake”. It requires about 520 confirmations and till then the coins that were used in the block minting, are sealed and kept under lock so that they are not used again. After the confirmations are done the coins are again credited back to the user’s account.
PPC money supply changes are determined by the PoW mining. With this mining, more coins are generated and this increases the chances of inflation. PoS mining also increases the supply of coins which makes the Peercoin more volatile than the bitcoin.
Investors looking for a secure, low-risk and least expensive cryptocurrency to invest on consider Peercoin. It is not necessary for the users to invest in any high-end hardware infrastructure for mining peercoins. The users have complete control of the currency and they are rewarded with 1% of their balance at the end of each year for not selling the digital currency. Peercoin is an effective alternative to bitcoin ecosystem. It is the first to implement the PoS and supports Proof of Work(PoW) to encourage fair coin distribution.
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