There are many cryptocurrencies today and one of the most popular of them is Peercoin. By the mid-2014 Peercoin is the third-largest minable cryptocurrency by market capitalization after Bitcoin and Litecoin. The system describes itself as the "first ever peer-to-peer coin". It's unofficially named as PPCoin or P2P coin. It’s a "young", but very promising cryptocurrency. It’s appeared in August, 2012 and was inspired by bitcoin. However, unlike bitcoin, namecoin and litecoin, peercoin does not have a hard limit on the number of possible coins, but is designed to eventually attain an annual inflation rate of 1 percent. This feature aims to allow for greater long-term use.
Comparing to its ancestor peercoin has a powerful advantage: this currency uses both proof-of-stake (PoS) and proof-of-work (PoW) methods while bitcoin uses only the second one.
The proof-of-stake system was designed to address vulnerabilities that pure proof-of-work system has. The PoS network is unvulnerable to the "51% attack" (when a single entity possesses over half the mining share, which would allow this entity to double-spend coins). With a 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.
So, the profit in peercoin is divided not only among miners, but also among owners, holders of peercoins. The longer time user holds coins, the more earnings he will get. The good thing is also that proof-of-stake method provides better energy efficiency comparing to the old proof-of-work one.
Like in bitcoin, payments in the peercoin network are made to addresses, which are based on digital signatures. But in this case they are strings of 34 numbers, and letters which always begin with the letter P. One can create as many addresses as needed without spending any Peercoins. It is quite common to use one address for one purpose only which makes it easy to see who actually sent Peercoins.
If you ask about fees, there is also a thing which differs Peercoins from Bitcoins. Peercoin is designed so that variable and optional transaction fees are removed in favor of a protocol defined transaction fee (currently 0.01 PPC). The transaction fee is fixed at the protocol level and does not go to miners but is destroyed instead. This is intended to offset inflation by deflating the money supply and serves to self-regulate transaction volume, and stop network spam.
The price of 1 PPC is really small comparing to bitcoin, but the system and its popularity grow day by day. If you read various financial forums, you can see that some people use it for investment purposes.
Using our exchange service you can easily buy and sell PPC with USD, EUR, and other fiat currencies as well as exchange peercoin to other cryptocurrencies (bitcoin, litecoin, namecoin) at the attractive rates. We accept credit cards, cash deposits, purchases, and withdrawals by banks. You can place your order and be sure that it will be processed soon. Our support will be glad to help you any time and any day.