[Discussion] General Peercoin Project Description


#1

Hey all,

Was going to add our project information to this website (https://chainsage.com/assets/ppc/) and confirmed with @peerchemist that we haven’t really solidified a single solid paragraph description of the project and what it represents. I am looking for input on what you guys thing is best to represent us.

Peercoin (PPC) is a decentralised open-source cryptocurrency forked from Bitcoin in 2012. Peercoin’s hybrid proof-of-stake/proof-of-work system consensus mechanism, reduces the risk of certain network vulnerabilities. Other characteristics include increased energy efficiency during the mining process, no hard limit on the total number of coins issued, a 1% annual inflation, and fixed protocol-defined transaction (at 0.01 PPC/kb) fees which are destroyed to offset the inflation rate and to self-regulate transaction “spam” by eliminating low-value payments.

Small edits made from here: http://cryptocoin.cc/table.php?cryptocoin=peercoin

I chose the above since it seems to be one of the oldest summaries and does cover everything, but is still wordy. It needs to be trimmed and the main points we want to focus on maintained and highlighted.

Looking forward to your thoughts on what is the most important aspects we want to maintain.


#2

maybe add that the difficulty and also the coinbase reward are dynamic (updates every block)

coinbase reward is a function of the hash rate. And the difficulty is a function of the hash rate. If the difficulty goes 2^n, the derived coinbase reward is multiplied by 2^(-n/4).

(If the difficulty 16-folds, the PoW coinbase reward gets halved)


#3

I’ve sent this to sentinel recently in a private chat, it will enter the new website soon.

Peercoin is an open-source, community operated blockchain network protocol whose development is supported by the Peercoin Foundation,

Perhaps this can be include in the “official” description.


#4

Just a few observations:

“system consensus mechanism” - I don’t think the word “system” is strictly necessary, otherwise that part of the description is a bit long

“transaction (at 0.01 PPC/kb) fees” - put “fees” before the brackets.

“eliminating low-value payments” - do they eiminate them, or just dissuade them? You could say “discouraging low-value payments”

I wonder if “reduces the risk of certain network vulnerabilities” (which has a negative emphasis) could be made positive, such as, “provides the network’s security”

“Self-regulate” can be reduced to just “regulate”

“Characteristics” is fine, but “properties” is good too

You could remove the “a” before 1% annual inflation

If you want to trim further, you could take out “protocol-defined”, since the paragraph is obviously refering to the protocol, and so the word “fixed” should be sufficient by itself.

I know the word “hybrid” is used a lot and it’s okay, but how about “joint”?


#5

I will make a draft this weekend. Thanks for the feedback. I think they covered all the bases with that description but it should be “sexier”.


#6

I think you’re right about that. It’s very heavy on the technical side, which makes it worse the shorter it is. Does it need to be only one paragraph? I think there is just too much to fit in one paragraph. For example this is what I had previously written to stick on CoinGecko and Binance…


#7

Too long. Needs to be a two or three sentence summary of the project


#8

How about this:

Peercoin is one of the earliest cryptocurrencies (2012) and the first to use proof-of-stake, which it combines with proof-of-work to decentralise distribution. Peercoin minting eliminates conflicts of interest between miners and coin holders, since its proof-of-stake consensus mechanism relies on minting by the holders themselves. Minting is low cost and energy efficient, enabling the widest user participation and securing network security. Other properties include no hard limit on the total number of coins issued, an average 1% annual inflation, and fixed transaction fees (0.01 PPC/kb) to discourage transaction “spam”. Transaction fees are destroyed to offset the inflation rate. Peercoin is intended to act as a secure base layer for the future blockchain connected world, by being the most secure blockchain at the lowest cost.

Or, if still too long, how about this:

Peercoin is the first cryptocurrency to use proof-of-stake (2012) which it combines with proof-of-work to decentralise distribution. Peercoin eliminates conflict between miners and coin holders, since minting is by holders themselves. Minting is energy efficient which increases participation and network security. Transaction fees (0.01 PPC/kb) discourage “spam” and are destroyed to offset Peercoin’s average 1% annual inflation. Peercoin’s purpose is to be the secure base layer for a blockchain connected world.


#9

Peercoin (PPC) is a decentralized open-source cryptocurrency protocol based on Bitcoin in 2012. As the first cryptocurrency to use proof-of-stake while utilizing proof-of-work to decentralize distribution, the Peercoin chain has remained secure since its genesis. A 1% annual inflation through PoS minting and no limit on the total number of coins issued makes Peercoin is economically viable for global use. Peercoin remains the most energy efficient and environmentally friendly coin with its dynamic hashrate-to-block-reward protocol.

I took what everybody said and tried to distill it down to what was repeated the most, plus the points that we want the general and uninformed public to know about. Yes, there are technical benefits and mechanisms like a fixed transaction fee are important, but randoms don’t understand fees anyway and so we need this to get their attention and the more complex stuff can come later.

This is more or less what I will be going with, but I am happy to make small changes as it fits the needs. It will not be getting longer or more complex. That is for other bodies of text


#10

Excellent. A few suggestions:

Do you need “protocol” in the first sentence? The word is used in the last.
“Utilizing” could be changed to “using”
I prefer “inception” to genesis
“issued” can be removed
You need to remove “is” in “Peercoin is economically”


#11

Do we really want to talk about another Blockchain in our description? I would think this can be dropped as it doesn’t really do much to help explain Peercoin.

A couple things here. First, I have tried to avoid mentioning the 1% number in short descriptions. There are a lot of people who see this as a number that is too small and simply dismiss the project altogether because the reward isn’t what they’d like it to be.

Second, there are a lot of people who would interpret no coin limit as a bad thing. They equate it with the cryptocurrency being inflationary. It takes a lot more explanation so that people realize that is not necessarily the case, however we don’t have the room to explain that concept.

I question whether people will understand what this part of the sentence means without having it explained to them.

My suggestion would be to focus on points that people can easily associate with being positives and not things that take some amount of time to properly explain why they’re good.


#12

Keeping protocol because I was told to have it in there (I didn’t originally).

I removed the BTC part.

I don’t care if they don’t like it, its 1% and its not a reward, its an economic mechanism. The purpose is to creation inflation which encourages growth and it is designed for the coin to last longer than a masternode pnd. Same for the supply. It is fundamental facts. People like fixed supply because they don’t understand scaling which again, we don’t care if they don’t like it. We can mask it by choosing a word that is something like “dynamic supply” but obviously something better, but the selling point of Bitcoin was the fixed supply, and in the same way, one of our selling points is actual economics.

The dynamic hashrate bit is dry, but its eye catching and also true. Tells them its not pure PoS and that there is something more complex to look into.

Peercoin (PPC) is a decentralized open-source cryptocurrency protocol created in 2012. As the first cryptocurrency to use proof-of-stake while utilizing proof-of-work to decentralize distribution, the Peercoin chain has remained secure since its inception. A 1% annual inflation through PoS minting and no limit on the total number of coins issued makes Peercoin is economically viable for global use. Peercoin remains the most energy efficient and environmentally friendly coin with its dynamic hashrate-to-block-reward protocol.


#13

Can you explain what you mean by this? By scaling are you referring to the currency expanding along with population growth or something else?


#14

Yes, scaling as in long term use or a global scale which is not possible with fixed supply.


#15

With regards to “no limit on the total number of coins issued”, I would add an extra word - “hard limit”

This just adds a helpful nuance, especially if “issued” is removed.


#16

I like this and will adjust it accordingly.

Peercoin (PPC) is a decentralized open-source cryptocurrency protocol created in 2012. As the first cryptocurrency to use proof-of-stake while utilizing proof-of-work to decentralize distribution, the Peercoin chain has remained secure since its inception. A 1% annual inflation through PoS minting and no hard limit on the total number of coins makes Peercoin is economically viable for global use. Peercoin remains the most energy efficient and environmentally friendly coin with its dynamic hashrate-to-block-reward protocol.