Tech

Peercoin: 5 Fast Facts You Need to Know

Peercoin is the third most capitalized cryptocurrency at around 120 million dollars. Its features include low power consumption, different mining than Bitcoin and Litecoin, and a .1 Peercoin transaction fee on every transaction. Its current price is around $5.50. Here’s 5 Fast Facts.

1. Peercoin Could Use a Different Mining System Than Bitcoin, Allowing It to Waste Less Power

One of the biggest shortcomings of Bitcoin is that 15 million dollars a day are wasted mining it. Mining, in this case, means verifying new transactions while creating new Bitcoins.

Bitcoin primarily uses a “proof of work” scheme, where mining computers solve problems using tremendous amounts of computing power. While this means the Bitcoin network is safe, much power is wasted.

The Peercoin network will eventually work differently. Right now, Peercoins use “proof of work” but it will be phased out as mining difficulty increases and rewards decrease. Then, most new Peercoin will be generated as interest, 1% per year, on existing Peercoin using the less resource-demanding “proof of stake” mining.

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2. There is a .1 Peercoin Transaction Fee on Every Transaction

Unlike Bitcoin, it costs money to send Peercoin. Right now, this is about $0.06, but in the future it could be much higher. Some say that this gives Peercoin properties more like gold than Bitcoin.

Sunny King, the creator of Peercoin said:

From my point of view, I think the cryptocurrency movement needs at least one ‘backbone’ currency, or more, that maintains high degree of decentralization, maintains high level of security, but not necessarily providing high volume of transactions. Thinking of savings accounts and gold coins, you don’t transact them at high velocity but they form the backbone of the monetary systems.

This has led some to conclude that a single Peercoin could be worth over $1000.


3. Peercoin is the Official Money at a Star Trek Convention Called Trek Con

Being held in May in Springfield, Missouri, Peercoin is being accepted for tickets, merchandise, and anything that can be found at the convention.

John Manglaviti, a Peercoin organizer. “As a next generation energy efficient crypto currency, we’re excited about getting Peercoin into the hands of thousands of Sci-Fi fans.”

The creator of the conference, Lawrence Blankenship, said “Peercoin actually brings us a little closer to what Gene Roddenberry originally envisioned where there was no centrally controlled currency and it’s open source.”

He was featured in a New York Times article for deciding to use the cryptocurrency at the con.

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4. Peercoin Can Now Be Traded for USD on BTC-E

This pie chart shows that BTC-E USD is the fourth highest volume source of capital for Bitcoin and cryptocurrency. Image Credit: BitcoinCharts.Com.

This pie chart shows that BTC-E USD is the fourth highest volume source of capital for Bitcoin and cryptocurrency.
Image Credit: BitcoinCharts.Com.

As of 5 days ago, PPC became available on the market to be traded for USD. This is significant because it means that the price can rise against Bitcoin more freely. It also creates arbitrage opportunities between Bitcoin, USD, and Peercoin. Prior, the only two currencies that could be traded for USD were Bitcoin and Litecoin.

5. Sunny King, Peercoin’s Creator, Also Made Primecoin

While Peercoin could eventually save millions in power relative to Bitcoin, Primecoin takes an equally interesting, but different approach.

Mining Primecoin means verifying transactions and searching for “Cunningham Chains,” special sequences of prime numbers. Primecoin has so far discovered the 10th and 11th longest Cunningham Chains.

The biggest Cunningham Chain is 17,425,170 digits long. Perhaps one day, however, Primecoin mining will find a longer one.

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