Peercoin (PPC): cryptocurrency review

Peercoin is an electronic platform for making payments, presented in 2012. For mutual settlements within the system, our own cryptocurrency PPC or PPcoin is used. The authorship of the coins belongs to Sunny King (creator of the Primecoin platform) and Scott Nadal. After a year and a half, Scott left the project and King became the key developer and ideological inspirer of the project.

What is peercoin?

In fact, the Peercoin (PPC) network is a medium for the secure transfer of any digital assets. The coin has the same algorithm as Bitcoin SHA-256, as well as a similar decentralization principle.

But there are also significant differences that make Peercoin a pioneer in the following areas:

• PPC uses PoS security method. It was on this coin that this algorithm was tested;
• The emission of PPC is not limited, since the protection of PoS without PoW requires a constant increase in the number of coins to pay dividends to the holder, just like Primecoin.

Advantages and disadvantages of the project

cryptocurrency has a number of positive aspects:

1. Protection against hacker attacks.
2. Ease of mining. Coin mining does not require high power, so energy consumption is low.
3. Unlimited coin issue. The point refers to both the advantages and disadvantages of the project. The issue of coins provides 1% annual growth.
4. Small commissions online. There is no additional fee for exchanging coins between accounts.
5. Innovative technological characteristics of cryptocurrency. PPC is the first platform to use Proof-of-Stake. The principle ensures the reliability and energy efficiency of the project.
6. Each block on the network is signed by the owner, which eliminates the possibility of data being copied and used by attackers.

Unlike other platforms, PPC cryptocurrency is not susceptible to hacker attacks. When massive hacks began in 2014, Peercoin became a profitable project for many investors. Until today, the project has not been attacked.

There are disadvantages that negatively affect the development of the PPC cryptocurrency, especially low trading turnover and exchange rate instability, which increase the risk of Peercoin disappearing from the cryptocurrency market. Another negative point is the presence of a local center that controls the authenticity of the coins, which deprives the project of complete anonymity.

Advantages

Most of the described advantages of the Peercoin coin are now being massively copied and improved by other coins, but understanding them is important for assessing the prospects of PPC in the future:

• The above-mentioned Proof-of-Stake coin protection algorithm. The advantage here was long-term cooperation between the environment and clients. In 2013, only Peercoin implemented such a principle;
• Environmentally friendly. It again lies in the principle of protection, since it does not require energy consumption, as well as large financial expenses for mining equipment and other related ones;
• The futility of the attack. To penetrate the network, an attacker will need to own more than 51% of the coins, at least the full reporting period for paying dividends (3 months). Collecting such a volume of coins in one wallet is unprofitable and cannot be covered by the benefits of the invasion.

Peercoin

What does the company/project do?

Peercoin is a Blockchain-based platform designed to quickly send and receive payments. The main goal of the developers was to create a decentralized payment system that would provide high anonymity and security. The Peercoin cryptocurrency operating in the platform is very similar to Bitcoin, as it shares most of the source code and technical implementation with it. However, PPC has several important features.

Peercoin is the world's first Proof of Stake cryptocurrency

Flaws

As everywhere else, they are present:

• Low popularity. This is a key problem that developers are looking for a solution to. The endless emission without increasing complexity makes investments in the coin pointless, because its price rarely rises from the average level;
• There is no specific price. The course is constantly stormy in different directions, and the extreme marks of the peak and bottom can vary significantly. Unpredictability and the inability to fix the price of a specific coin discourage novice traders from investing in peercoin (PPC);
• No anonymity. Bitcoin has given the world the ability to make purchases and transfers anonymously. Yes, this has become a topic for gossip and rumors, especially on the darknet. However, the realities of modern society make the possibility of anonymous transactions necessary due to total control over network users. The Peercoin cryptocurrency does not provide anonymity, which entails the unwillingness of investors to reveal their assets to those who monitor such actions;
• Low interest rate on PoS protocol. It is only 1% per annum, which is at maximum inflation. The 5% rate set by the developers is already losing all meaning, just like the sib cryptocurrency.

As we can see, the revolutionary nature of the security protocol has resulted in serious shortcomings in terms of the strategic development and marketing component of the coin, which dooms it to a rather sluggish existence, but still an existence. The fifth year anniversary is no joke for cryptocurrency.

Key advantages of Peercoin

Naturally, many of the working mechanisms of this payment system are kept silent. But it is obvious that the creators of Peercoin took the operating principle of Bitcoin, modified it, gave it a more modern look and eliminated the shortcomings. This allows us to talk about cryptocurrency as a new version of Bitcoin - Peercoin has become a kind of “upgrade” of a system that once thundered throughout the world.

Let us outline the key advantages of mining in Peercoin:

• If Bitcoin works on the principle of proof-of-work, then Peercoin adds a proof-of-stake algorithm to this mechanism - this ensures network security in the long term;
• The payment system is not susceptible to network attacks like “51%”, again due to the integrity of the above mechanisms;
• Minimum commission - the low cost of mining is achieved due to the absence of intensive maintenance of equipment and networks, which is simply not necessary;
• Higher profitability compared to the same Bitcoin, which allows you to use Peercoin as an alternative option or for the transition to a new cryptocurrency.

The payment system gained particular popularity in 2014, when its main competitor was subjected to massive algorithm attacks. The bet on maximum user protection was made absolutely correctly: for some time Peercoin traded much better than many famous analogues.

Exchanges trading peercoin

The age of the coin and the fact that despite the obvious difficulties that it is experiencing, the developers are constantly improving and updating it in the hope of greater interest, have led to the fact that the coin is traded on a large number of trading and general platforms. The peercoin rate, trading volumes, and volatility are not too high, and many younger coins easily outperform the old-timers, but the chart shows high activity recently associated with new statements from the coin developers.

Platforms where Peercoin is traded:

• Livecoin.net;
• Yobit.io;
• Hitbtc.com;
• Bluetrade.com;
• Cryptopia.co.nz;
• Bx.in.th;
• Bittrex.com;
• Bter.com;
• Ccedk.com;
• Novaexchange.com;
• Poloniex.com;
• Therocktrading.com;
• Tuxexchange.com;
• Wex.nz.

Please note that exchange wallets do not provide interest for holding a PPC asset as an investment. If you decide to trade Peercoin against the dollar or against the ruble as a speculative instrument, holding the coin on the exchange makes sense. In other situations, it is much more profitable to send it to Peecroin Wallet and receive small, but still interest.

Peercoin development prospects

In the first year after the launch of the Peercoin platform, analysts and ordinary users believed that it would become the main competitor to Bitcoin. The innovative Proof-of-Stake algorithm (it was innovative at the time the blockchain was launched), an unlimited volume of coins, a profitable mining system that allows you to earn money using your home PC - the described advantages looked attractive to a wide audience. This led to a surge of interest in the Peercoin cryptocurrency, and had a positive effect on the value of the PPC coin. But a number of shortcomings of the system did not allow it to break into the top 100 existing blockchains.

Firstly, the developers carried out global updates and did not introduce new technologies. For this reason, the platform currently operates using outdated algorithms. Secondly, although the exchange rate has increased slightly compared to recent years, its market capitalization is at a low level. This does not allow it to compete with the flagships of the cryptocurrency market - Bitcoin, Ripple, Ethereum, etc. Thirdly, the developers did not invest to the required extent in promoting their brainchild. As a result, a small number of users know about Peercoin, and there are no prerequisites for growth in popularity.

As a result, the following situation arises: the platform has existed for 4.5 years, but it is not famous or in demand. Therefore, it is unknown what long-term investments in the described project may lead to. Because we can’t expect a serious increase in the rate of this cryptocurrency unless the developers take the project seriously.

Exchangers for withdrawal

Not all trading platforms covered above have a PPC to fiat pairing. For traders and coin holders who want to withdraw funds directly to a payment card or, at least, to an electronic wallet, a small but still number of exchange machines offers their services:

• YChanger;
• ATM;
• ProstoCash;
• Changer.

Also, do not forget that many trading platforms provide options for exchanging cryptocurrencies for fiat and vice versa, in addition to direct trading. Study exchange offers.

The main advantages of the Peercoin system

This cryptocurrency can easily be called an improved Bitcoin. It does not have the disadvantages inherent in its ancestor and is better adapted to modern conditions. This is the reason why Peercoin is called the successor or new version of Bitcoin. Although it is a completely new and independent means of payment. This means that this is a transformed Bitcoin, but a separate cryptocurrency.

Its mining has the following advantages in comparison with that produced in Bitcoin:

• as already noted, the functioning of this system is based on the proof-of-work algorithm or proof that the work has been completed, as well as the proof-of-stake algorithm or proof of ownership. Taken together, this ensures a high level of network security and reliable protection of this currency from external threats. Moreover, such a security system will remain relevant for a long period of time;
• low mining cost. The operation of the system does not require costly maintenance of networks and equipment used;
• a high level of profitability of the system, making it more profitable in comparison with the same Bitcoin.

The peak of popularity of this cryptocurrency throughout its existence was observed in 2014. It is the high level of security and safety of operations that became the basis for the growth in demand for Peercoin. The system functioned stably at a time when competitors were suffering from massive attacks by algorithms or Selfish Mining.

!Note! It was this year that many who suffered switched to Peercoin.

Currently, this currency is one of the three most popular. Its capitalization is 120 million US dollars. Sales are carried out at the rate of 6 dollars per coin. Thus, there are currently about 20 million Peercoins in circulation.

Mining Peercoin

As you managed to understand from the first part of the material, Peercoin mining using the computing power of processors or video cards is not carried out, since the PoS algorithm excludes it in principle.

At the very beginning of the project, the PPC coin was available for mining with computing power, but soon the protocol was radically changed.

In order to earn coins, you just need to keep them in your wallet and receive a percentage of the number of coins held.

Opening a Peercoin wallet is not difficult even for a novice computer user. The only thing you should pay special attention to are the security parameters that you need to understand and follow when working with your wallet. Restoring access is a rather complicated procedure.

Peercoin cryptocurrency – why is it attractive?

Peercoin or PPC is one of the first cryptocurrencies that was released in 2012. The platform’s operation is based on the Proof-of-Stake algorithm, which was successfully combined with Proof-of-Work (it is used in the Bitcoin network). PoS protects peercoin from hacker attacks, to which PoW-based cryptocurrencies are vulnerable.

The coin does not fall into the top 100 tokens by capitalization, but its rate is quite stable compared to many other blockchain platforms. Network members can earn PPC in two ways:

• generate using equipment;
• earn from other coins stored in your wallet.

In technical terms, peercoin is a cryptocurrency similar to BTC. The source code was created under the MIT/X11 license. The process of transferring assets is similar in structure to the Bitcoin blockchain: a new block is opened when a minimum hash value is found. On average, processing takes 10 minutes.

Peercoin faucets

The developers want to increase the low popularity of the coin and use all possible methods to do this. Peercoin faucets are a fairly effective way to connect new users to a coin not only as a free asset, but also as a reader of news about the chosen coin and direction in general. The number of operating peercoin faucets turned out to be unexpectedly large; for greater convenience, we have summarized them in a small table.

As you can see, most faucets give out coins with high frequency. By the way, almost all faucets provide bonuses of up to 50% for each payment, so you should study the conditions for each project in order to get the maximum from it. You can withdraw through other cryptocurrencies, for example, the price of Nano (NANO) is much more profitable.

For greater convenience, it is proposed to collect drops from the faucets on the Faucethub.io service, and from there, after accumulating a significant amount, transfer them to exchange accounts or a private wallet.

Microwallet Faucethub

What technologies does peercoin use?

The developers chose SHA-256 as the hashing algorithm, which is also the basis for Bitcoin, which inspired the developers. At the same time, PPC has several features that are unique to this token.

The first technological advantage of peercoin is the protection of data on the network using the Proof-of-Stake algorithm. The platform was the first in the world to use it. This made the network undemanding of resources and made it possible to achieve good energy-saving indicators.

Mining tokens is similar to the Bitcoin network, and there is another way to earn coins - forging. The system involves rewarding network participants in proportion to the amounts they save in their wallets (they receive 1% per annum).