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Author Topic: [PPC] Peercoin - Indicium Logo & PeerAssets Diagram Released  (Read 40998 times)
Sentinelrv
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September 23, 2014, 02:17:10 AM
Last edit: July 29, 2017, 08:07:43 AM by Sentinelrv
 #1




  • What is Peercoin?
  • The Problem With Proof-of-Work Based Digital currencies
  • Why Proof of Stake Makes Peercoin a Superior Alternative
  • Microtransactions & Off-Chain Networks
  • Learn More
  • Community
  • Project Development
  • Wallets & Exchanges
  • Minting & Mining
  • Resources



Peercoin (PPC) is a peer-to-peer, decentralized, digital cryptocurrency. It is a payment network without a single point of control or issuing authority (like the US Federal Reserve). Peercoin relies on cryptography and peer-to-peer networking to validate balances and transactions. It is also the first cryptocurrency to use proof-of-stake technology, an energy efficient solution to securing its network, which was invented by Peercoin's architect, Sunny King.



Bitcoin relies on Mining (Proof-of-Work) to secure its network and validate transactions. Users who mine are rewarded with Bitcoins, thus providing them with an incentive to secure the network. The inherent problem with proof-of-work mining is that it creates a "computational arms race" for more and more powerful hardware dedicated to mining to gain an advantage over others and increase the chances of receiving a reward.

As seen with Bitcoin, this competition shuts out most people from the mining process and pushes control of the network into the hands of those who can afford it. Thus, proof-of work mining has turned Bitcoin from a decentralized network where anyone can participate, into a network that has centralized control into the hands of the few. This is a long term problem for Bitcoin because it increases the risk of a person or entity gaining control of 51% of the mining power, allowing them to attack the network by reversing transactions, blocking confirmations, performing double spends and other attacks which could destroy confidence in Bitcoin. Centralized cryptocurrencies also make easier targets for governments to shut down.



Peercoin was designed by developer and architect Sunny King. Peercoin uses Proof-of-Work solely as a way to distribute coins more fairly, as opposed to an IPO (Initial Public Offering). To maintain the security of the network, Sunny King invented a new mechanism called Proof-of-Stake, which allows people to secure the network using the Peercoins they already hold. While not transacting with your Peercoins, you can hold them in your wallet and engage in a process called "minting," which secures the network and offers you a 1% annual reward. This encourages saving. Proof-of-stake minting is an energy efficient solution to securing the network, meaning that the entire network can be sustained on low-powered hardware, allowing even basic computers to participate. Equal participation is important because it allows Peercoin to remain as decentralized as possible.

The only way for a person or entity to attack the Peercoin network is for them to acquire 51% of the coins that are minting. In practice, attempting to purchase the amount of coins necessary to carry out an attack would drive the price up to astronomical levels, making it counter-productive for an attacker because they would be forced to put their entire investment at risk.

One other major benefit in a proof-of-stake system is that the owners of the network assets (peercoin holders) are also the ones who control the network, as opposed to Bitcoin where there is a disassociation between those who control the network (miners) and those who own its assets (bitcoin holders). In Peercoin these interests are aligned. Peercoin holders are the ones who control the network.

The main strengths of Peercoin are sustainability, increased security (particularly against the "51% attack"), and its economic properties, which allow it to function as a long-term store of value, or "backbone" currency. In technical terms, Peercoin can be expressed as:
  • Proof-of-Stake, a sustainable coin generation model where a 1% annual reward is generated on coins held.
  • Absence of hard limit on total coins in existence, modeling the supply of natural resources such as gold.
  • Presence of 0.01 PPC/kb network transaction fee that is destroyed rather than paid to miners, in order to offset inflation caused by the minting of new coins.
  • Transaction fee also limits casual, micro-sized transactions, making Peercoin's blockchain small and lean, even after almost three years.



As mentioned above, one of the purposes of Peercoin's 0.01 PPC/kb network transaction fee is to eliminate blockchain bloat caused by microtransactions. As a result of microtransactions, Bitcoin's blockchain has grown massively in size, takes days to download and consumes high amounts of hard drive space. By comparison, Peercoin's blockchain remains tiny even after almost three years, the download time is quick and the entire blockchain is small enough to fit on mobile devices. This makes Peercoin more manageable than Bitcoin.

Even though the transaction fee has been a positive for Peercoin so far, many people are concerned with the fee heading into the future because it would seemingly prevent Peercoin from being used as a transactional currency. A major part of the story is missing here though. In an interview dated 10/24/13, Sunny explained Peercoin's design and how it improved upon Bitcoin. Notice the bolded sentence in the quote below:

Quote from: Sunny King
"Both PPC and XPM are designed to last. PPC is designed with energy efficiency, XPM is designed with energy multiuse. Bitcoin has a long term uncertainty as to whether transaction fees can sustain good enough level of security. Before that the main concern is how to balance transaction volume and transaction fee levels. Currently I get the feeling that bitcoin developers favor very low transaction fees and very high transaction volume, to be competitive against centralized systems (paypal, visa, mastercard etc) in terms of transaction volume, to the point of sacrificing decentralization. This also brings major uncertainties to bitcoin's future.

From my point of view, I think the cryptocurrency movement needs at least one 'backbone' currency, or more, that maintains high degree of decentralization, maintains high level of security, but not necessarily providing high volume of transactions. Thinking of savings accounts and gold coins, you don't transact them at high velocity but they form the backbone of the monetary systems.

Pure proof-of-work systems such as bitcoin is not 100% suitable for this task. This is because transaction fee is not a reliable incentive to sustain network security. If the mining generation amount is kept constant (there have been several such attempts in altcoins) it would work better security-wise but then it would also significantly weaken the scarcity property of the currency. XPM's inflation model is designed in such a way that it could serve as backbone currency better than bitcoin if needed, because it could maintain high security reliably for longer, with reasonably good scarcity property as well. Of course that's only from architect's point of view, whether or not it would be chosen by the market is a whole different matter.

PPC is designed to serve even better as a backbone currency. The proof-of-stake technology in PPC is not only energy efficient; it also maintains high level of security without relying on transaction fee. Thus PPC could be safely designed with strong scarcity property yet serving well as backbone currency. Both PPC and XPM use protocol enforced transaction fees, which reflects my preference that high transaction volume is discouraged in favor of serving as backbone currencies.

Right now if we are talking about micropayments in the US$1 range, both PPC and XPM still handle them with much lower overhead than credit card network. In the long term micropayments should be provided by centralized providers, or a less decentralized network optimized for high capacity transaction processing.

On the other hand there is no promise that minimum transaction fee wouldn't be adjusted. If processing capacity of personal computers continues to advance at the current pace, both max block size and minimum transaction fee could very well be adjusted at some point. However I do take a very cautious approach to adjusting transaction fees, as opposed to bitcoin devs. The impact to the fitness of the currency as a backbone currency is of great concerns to me."

A decentralized, censorship resistant blockchain is suitable for safe and secure storage of value, while a centralized or less decentralized off-chain solution is better for transactions due to high performance and low fees. Sunny thus designed Peercoin knowing that such off-chain networks would become important in the future.

One example of an off-chain network is Open Transactions, or OT for short. When implemented, OT will allow any size amount of Peercoin to be transacted instantaneously, enabling Peercoin to retain its ability to be used as a transactional currency, even with the 0.01 PPC/kb fee still in place.

Another advantage is that Peercoin will handle its connection to an off-chain network like OT much better than Bitcoin. Bitcoin miners won't receive the fees from transactions happening within the OT network, which could become problematic for Bitcoin in the future once the block reward lowers. Peercoin on the other hand is perfectly set to handle this potential future due to the low cost of minting.

Peercoin and off-chain networks like OT are perfect for each other. Peercoin provides a decentralized and secure currency while OT provides fast and inexpensive tools to manipulate and exchange Peercoins in everyday life. And Open Transactions is only one example. Peercoin will be able to connect to other high speed off-chain networks as they are developed and released.

As you can see, Peercoin has been carefully designed with the long-term in mind. It was built to last. If you would like to get involved, then please join our community forum at PeercoinTalk.org. There are many projects being worked on. Together, we are working to build the world's most decentralized and energy efficient cryptocurrency. Come and be a part of something truly revolutionary!



  • peercoin.net - The official Peercoin website.
  • peercointalk.org - The official Peercoin forum.
  • peercoin.chat - The official chat room for Peercoin.
  • Twitter - Follow Peercoin's Twitter feed for the latest news.
  • Facebook - Get the latest news on Peercoin's Facebook page.
  • Reddit - The official Reddit community for Peercoin.
  • Google+ - Peercoin's Google Plus page.
  • YouTube - Watch helpful videos and tutorials about Peercoin.
  • Telegram - Peercoin chat service on Telegram.
  • IRC Chat - Peercoin chat on Freenode.



  • Video Tutorials - Introductory videos about Peercoin and tutorials.
  • Peercoin Wisdom - A resource for technical information and peer review.
  • Development - Core development and community projects.
  • Media - A collection of articles and interviews about Peercoin.
  • Whitepaper - Peercoin whitepaper by Sunny King.
  • Myths - Counter-arguments for common Peercoin myths.
  • FAQ - Frequently asked questions about Peercoin.
  • Wiki - Peercoin's dedicated wiki on GitHub.



  • PeerAssets - Protocol for issuing and transacting with assets, including features like voting and dividends.
  • PeerKeeper - A thin wallet for minting in browser and mobile phones, with built-in PeerAssets support.
  • Peerbox - Platform for secure minting and running Peercoin nodes.
  • PARS Network - A subnet of the Peercoin network that can mint non-standard transactions without forking the Peercoin.
  • PeerScript Labs - A testing grounds for developers to experiment with scripts and smart contracts on Peercoin.
  • P2TH - Tagging a txn using a publicly known address allows for rapid parsing of the blockchain.









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September 23, 2014, 02:25:57 AM
 #2

Very excited about Nubits in particular Smiley but great to see so much going on keep up all the great work everyone

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September 23, 2014, 02:32:17 AM
Last edit: September 23, 2014, 03:28:32 AM by Yurizhai
 #3

Been a Peercoin follower since April 2013.

Regardless of your thoughts on the coin, you have to admit that in a world of scams and copy-cats, Peercoin is a legitimate first. The first and oldest proof of stake coin with a quiet yet thoughtful community. It's also probably the most fairly distributed proof-of-stake coin, still mineable today. I think things like this are what has attracted such professional people like Jordan Lee and his team. I can't wait to see what NuBits is all about, and how it affects the future of cryptocurrency.

Long live Peercoin! Long live NuBits!
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September 23, 2014, 02:35:21 AM
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I can say I am legitimately excited.
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September 23, 2014, 02:36:01 AM
 #5

Great post Sentinelrv!!

Very excited with NuBits, I'm dying to read the white paper and learn what's all about! Smiley

Join us at Ecoining, the biggest PPC Pool
http://peercoin.ecoining.com - 1% fee and fast payments, 10 confirmations instead of 520!
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September 23, 2014, 02:38:40 AM
 #6

May you live in interesting times  Wink

Sentinelrv
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September 23, 2014, 03:05:18 AM
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I've been with Peercoin since early 2013 and I've never met a more dedicated, professional and intelligent group of people. We're working on solutions here that will change the world. And in a little less than 11 hours, you're all going to see how serious we are about competing with Bitcoin!
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September 23, 2014, 03:38:21 AM
 #8

Been a follower and fan of peercoin since october 2013. It's really coming along and exciting times are ahead. Nubits is released at midnight where I am. A bit past my bed time but I will definitely be up reading about it and maybe purchasing a few shares (if that's what it allows).

Bitrated user: vanlovely.
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September 23, 2014, 03:42:22 AM
 #9

shame nubits got ddosed Sad

Yurizhai
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September 23, 2014, 03:43:22 AM
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shame nubits got ddosed Sad

It didn't. They just had the site down for 5 minutes to apply an update.

http://www.reddit.com/r/peercoin/comments/2h6scw/and_nubitscom_is_down_due_to_a_ddos_attack_right/
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September 23, 2014, 03:44:16 AM
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shame nubits got ddosed Sad

What DDoS attack? I can access the website fine...

Join us at Ecoining, the biggest PPC Pool
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September 23, 2014, 03:50:39 AM
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shame nubits got ddosed Sad

What DDoS attack? I can access the website fine...

Just was on there with no problem.
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September 23, 2014, 04:09:37 AM
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exciting times! can't wait to see what the peercoin has released, they've been talking about it for months.
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September 23, 2014, 04:30:41 AM
 #14

NuBits is a great idea and I think it will tremendously help Peercoin.

I support Magi the first anti-botnet mining network to give regular miners the fair chance of mining. Talk to #Magi on IRC: https://kiwiirc.com/client/irc.freenode.net/#magi or on BitcoinTalk: https://bitcointalk.to/index.php?topic=735170.0
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September 23, 2014, 05:20:25 AM
 #15

so where are we now!

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September 23, 2014, 06:04:50 AM
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You really want to put things like the block time and the number of coins generated in the PoW phase (was there one?)  in the ANN OP.  The tech specs basically.

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masterOfDisaster
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September 23, 2014, 06:11:44 AM
 #17

I'm very curious about what happens after the countdown is over.
Lots of questions will be answered and I bet that lots of questions arise.
Jordan Lee did a great job inventing Peershares.

I bet NuBits will be a real blast considering its developers!

...time will tell...
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September 23, 2014, 06:21:04 AM
 #18

I've always heard good things about Peercoin; posting here to follow along and will be reading up on NuBits. These are definitely exciting times for all of us, with new technology being developed everyday in the crypto world that could change the whole world. I just feel blessed to still be a part of the "early" phase.

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September 23, 2014, 07:13:46 AM
 #19

I think PPC deserves the second place in cryptocoin scence instead of litecoin because litecoin is just a clone of bitcoin. Yes PPC is also a btc-clone, but is different in more aspects than litecoin is.

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September 23, 2014, 07:49:17 AM
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Nice copy of Nxt thread layout. Let's see what more is new in Peercoin universe.
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