Peercoin (also known as PPCoin or Peer-to-Peer Coin) is a decentralized, open source cryptocurrency launched in 2012. It was the first cryptocurrency to introduce Proof of Stake consensus mechanism, which enables efficient energy consumption and faster transaction validation compared to other competing proof of work cryptocurrencies such as Bitcoin.
The primary goal of Peercoin is to provide an inexpensive and secure method for transferring digital currency from one user to another by eliminating the need for intermediaries such as banks or payment processors. Unlike most cryptocurrencies, transactions made with Peercoin are verified not only by miners (proof of work) but also by users who stake their coins in order to validate transactions (proof of stake). This helps prevent double spending and 51% attacks.
Peercoin has a total supply limit of 2 billion coins with no halving reward schedule like Bitcoin; instead it rewards stakers with 1% annual inflation rate on all existing coins. This feature encourages holders to keep their coins, thus increasing coin scarcity over time while rewarding those that hold them long term.
In addition, Peercoin has low transaction fees compared to other currencies because there is no mining competition involved in verifying transactions on its blockchain network – which makes it ideal for micropayments or large transfers alike without worrying about high transaction fees being incurred.
Finally, since it’s open source software anyone can view the codebase and suggest changes/improvements if they wish – making it an attractive option for developers looking for an easy way into blockchain development without having to learn how every individual currency works from scratch!
