The concept of using Proof of Stake (PoS) as an alternative to Proof of Work (PoW) for securing crypto networks… read more
What is Peercoin?
Proof-of-Stake replaces Proof-of-Work to provide most of the network security. A peer-to-peer crypto-currency design derived from Satoshi Nakamoto's Bitcoin. Block chain history and transaction settlement are further protected by a centrally broadcasted checkpoint mechanism. Under this hybrid design proof-of-work mainly provides initial minting and is largely non-essential in the long run. Security level of the network is not highly enery dependent thus providing an energy efficient and more cost-competitive peer-to-peer crypto-currency. Proof-of-Stake is based on coin age and generated by each node via a hashing scheme bearing similarity to Bitcoins but over limited search space.
Some of the most successful altcoin projects are, in fact, ancient by cryptocurrency standards. In the past six months, the… read more
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