Peercoins that overcome all faults!
Peercoins was the first crypto-currency of its kind. It was a combined proof-of-stake or proof-of-work system. Sunny King, one of the greatest software had his hand in the development of Peercoins. It came into existence from August 2012. I was surprised to see that much of its source code was similar to that of Bitcoin. Under the MIT/X11 software license, it’s source code was distributed freely. As of now, I think that it holds its place as the third most minable crypto currency. Mining also occurs due to market capitalization.
What makes Peercoins different?
I was absolutely stunned to see that Peercoins had a market cap of nearly $100 Million. This was the stats as of February 8th 2014. Of all the crypto currencies that I used, I found Peercoins to have a greater scalability for long term. Also, the Peercoins have improved efficiency.
Peercoins in daily exchanges:
I was able to receive Peercoins when a relatively small hash value was detected. Mining is finding and creating these hash values. I traded Peercoins for fiat currencies as well as other crypto-currencies like Bitcoins. As a general unspoken rule, what with Peercoin being virtual money, people prefer trading Peercoins on online exchanges. What I seriously hate about the Peercoins is that it is irreversible. I mean, there is always the lurking danger of chargeback. A lot like the domains that constitute the address locations in Namecoins, Peercoins have addresses that are based on the digital signatures. There are 34 characters in the address, of which, the first character is always P. Any user can create how many ever Peercoins he wishes to create.
Things to love about Bitcoins:
The thing that I really liked about it is what actually set Peercoins apart was the availability of proof of stake. I mean, the risks of undergoing an attack had reduced significantly. What was even more surprising was the fact that the proof of work block had also decreased a lot. The reward was halved every time there was a 16x increase in the total network. Bitcoin consumed a lot of energy. I might be wrong but as far as I know, it cost $150,000 USD per day, for the generation of Bitcoins. Peercoins consume only 30% of the entire energy consumed by the Bitcoins, for the generation of Peercoins having the same value. Another factor that you can cheer for along with me is the expected 1% decentralized inflation every year. This is, of course, applicable to you only if you start buying Peercoins today.