Facts about Peercoin
The main features of Peercoin are the low power consumption, different mining than Litecoin and Bitcoin and a .1 Peercoin transaction on each transaction. Here are some facts about Peercoin.
Peercoin Using Different Mining System that Wastes Less Power
A massive shortcoming of Bitcoin is that millions of dollars are wasted mining it. Mining in this regard means verifying new transactions whilst creating new Bitcoins.
Bitcoin works on a proof of work scheme where mining computers solve problems using a lot of computing power. Bitcoin is network safe, but more power is wasted.
Right now Peercoin uses proof of work, but this will be phased out as mining difficulty increases and rewards decrease. Most new Peercoin will then be generated as interest, 1% per year on existing Peercoin using proof of stake that is less demanding on resource.
Every Transaction has a .1 Peercoin Transaction Fee
It costs money to send Peercoin and this is at about $0.06 but this could be a lot higher in the future. The creator of Peercoin, Sunny King has said that the cryptocurrency movement needs a backbone currency that is able to maintain a high degree of decentralization, a high level of security, but not necessarily providing a high volume of transactions. This has made some believe that a single Peercoin is worth over $1000.
Peercoin is the Official Money at a Star Trek Convention, Trek Con
Peercoin is being accepted for merchandise, tickets and anything else at the convention.
Lawrence Blankenship, the creator of the conference has said that Peercoin takes us closer to what Gene Roddenberry had envisioned where there was no centrally controlled currency and its open source.
Peercoin can be Traded for USD on BTC-E
PPC is available on the market that can be traded for USD. This means that the price can rise freely against Bitcoin.
The Creator of Peercoin also Made Primecoin
Peercoin could save million in terms of power, but Primecoin also takes and interesting approach. Mining Primecoin means verifying transactions and searching for Cunningham Chains.