What is Peercoin (PPC)
PPCoin, abbreviated PPC is a cryptocurrency which is forked from bitcoin. PPCoin aims to achieve high energy-efficiency while keeping as much as the official Bitcoin properties as possible.
PPCoin works with Stake/Proof-of-Stake, this is a term referring to the use of the currency itself to achieve certain goals. PPCoin uses proof-of-stake to provide minting and transaction processing of place of proof-of-work. Unlike Bitcoin ppcoin does not require the use of energy to sustain the network. Proof-of-work currently remains the most practical way of providing initial minting of a cryptocurrency so it was decided to keep it as part of the hybrid design.
Untill v0.2, central checkpointing was a critical part of the protocol. The main purpose of this is to defend the network during the growth period and to ensure a smooth upgrade path if any critical vulnerabilities are found. Central checkpointing will slowly be weakened and should eventually removed from the coin.
Unlike Bitcoin there is no hard cap on the amount of coins that will be created. Bitcoin is limited to 21 million coins where PPCoin only has a hard cap of 2 billion coin in the code. There is no intention to limit the amount of coins that can be generated.
- Reward varies based on the difficulty per block
- Unlimited amount of coins will be available
- Block target is 10 minutes so a new block is generated every 10 minutes on average
- Difficulty is adjusted every block
- Hashing protocol is SHA-256
- Launch Date: August 12th, 2012
PPC is mined in the same way as Bitcoin. However merged mining is not available at the moment due to the differences in the block chains. It can be made possible if the block chain would be altered but if this is done, Peercoin is no different from Bitcoin. PPC would most likely be discarded by the community if the merged mining would start.
You can check out my PPCoin GPU mining guide here
PPCoin Mining Pools
PPCoin doesn’t have may pools up yet except these ones:
PPC can be traded on the exchanges listed below, it is rumored that BTC-e will also support PPC soon.
The peercoin client can be found here: https://github.com/ppcoin/ppcoin/wiki/Installation
Here is a video which explains PPCoin pretty well: