Meet Peercoin – a cryptocurrency that launched in 2012 which holds value, offers complete anonymity and can be sent online without any central authority like a bank. Just like Bitcoin, Dash, Litecoin and the majority of other cryptocurrencies, it holds great values. However, what is best about Peercoin is its hybrid approach to mining which we will explain below.
Currently, Peercoin is not even in the top 100 largest cryptocurrencies by market cap which is the reason why most people never heard of it. However, the altcoin news show that its total value is measured in millions while Bitcoin has a market cap that is in the billion margins.
What is the difference between Peercoin and Bitcoin?
The main mission of Peercoin (PPC) is to improve the proof-of-work protocol system that was first established by Bitcoin. The protocol requires miners to validate transactions on a blockchain by solving complex math problems – and the winner could get a reward in the form of a few Bitcoins that were created.
All of this math solving requires loads of hardware power and consumes a lot of electricity which is where Peercoin steps in.
A Proof Of Stake (PoS) Pioneer
Peercoin uses both PoW and PoS protocols. It was actually the first cryptocurrency that started utilizing Proof of Stake (PoS) and a true pioneer in this domain. PoS is different because it does not use hard math – the blockchain news show that it works by having a miner lock up some of the Peercoins for the network to use in determining the next block creator, based on factors such as number of coins that are locked up, age of the coins and so on.
PoS That Offers Better Security
On another note, the PoS that Peercoin has offers better security. The hardware required to mine Bitcoins is expensive, which means that the mining community is getting smaller and more exclusive. All of this could result in a miner or mining pool controlling more than half of the network’s computational power, which could lead to a 51% attack – allowing the controlling party to invalidate valid transactions and double spend funds.
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With Peercoin, things are different and even if someone owned 51% of all the coins, they would not attack a network where they have a majority share.
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