Friday, January 3, 2014

PPCoin (Peer Coin) - Crypto Currency





PPC Specifications:

  • Blocks every 10 min
  • Coin supply* non-deterministic coins will be available
  • Difficulty adjustment each block
  • Hashing algorithm SHA-256
  • Reward varies on difficulty coins per block
Peer Coin, abbreviated PPC is a cryptocurrency which is forked from bitcoin. PPCoin aims to achieve high energy-efficiency while keeping as much as the official Bitcoin properties as possible.

PPCoin works with Stake/Proof-of-Stake, this is a term referring to the use of the currency itself to achieve certain goals.

PPCoin uses proof-of-stake to provide minting and transaction processing of place of proof-of-work. Unlike Bitcoin ppcoin does not require the use of energy to sustain the network. Proof-of-work currently remains the most practical way of providing initial minting of a cryptocurrency so it was decided to keep it as part of the hybrid design.

Untill v0.2, central checkpointing was a critical part of the protocol. The main purpose of this is to defend the network during the growth period and to ensure a smooth upgrade path if any critical vulnerabilities are found. Central checkpointing will slowly be weakened and should eventually removed from the coin.

Unlike Bitcoin there is no hard cap on the amount of coins that will be created. Bitcoin is limited to 21 million coins where PPCoin only has a hard cap of 2 billion coin in the code. There is no intention to limit the amount of coins that can be generated.

“There is a 2-billion coin max value in the source code, however that is only used for consistency checking and is not meant to be part of the minting design.”
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