Cool ideas floating around. A short outlook into the future with Peercoin as a backbone currency and a store of wealth (once currencies for payment-only purposes are well established in our society) should definitely be included. I agree on one 60 s / 90 s video being better than two short ones. Keep up the good work!
Bump because I want to see where we’re at with this! Excited to see a beautiful video that we can show the world.
Reposting this from the other thread (http://www.peercointalk.org/index.php?topic=1918.0):
Peercoin is a secure and sustainable digital currency. Much like Bitcoin, Peercoin is also decentralized. It allows users to transact directly from one person to another, instantly, anywhere in the world.
However, Peercoin and Bitcoin have major differences. Peercoin uses a hybrid Proof-of-Work and Proof-of-Stake algorithm to secure the network. Hold on, don’t panic. These fancy words are very easy to understand. You may have heard of “mining” Bitcoins. People who have specialized computers run their machines 24/7, 365 days to compete for bitcoins which we’ll term a block reward. They may also charge transaction fees for additional profit. These people are the ones responsible for the security of Bitcoin. Bitcoin was designed to be hard to acquire to encourage competition because if there was not enough competition, the whole Bitcoin network may be in great danger. This is the so called 51% attack that haunts bitcoin since its inception. If one entity has more than 51% of all the mining power, that one entity would have the ability to spend his/her bitcoins multiple times. And so, “work” was designed into bitcoin to make it hard and expensive for a person/group to have a large share in mining power, thus the term Proof-of-Work.
However, Proof-of-Work alone introduces new problems.
Number 1, the miners running their machines 24/7 waste a lot of energy which could have had been used for more productive activities.
Number 2, mining Bitcoin was once possible with ordinary CPUs but now specialized computers are required. Only the people who have access to these specialized computers would have the ability to mine - talk about decentralization.
Number 3, the block reward to mining was designed to half every four years. As the rewards get smaller, miners may charge higher and higher transaction fees because they get lesser bitcoins from the block reward. They will ofcourse try to break even with their investments.
Number 4, as the incentive to mining gets lower, there would be lesser competition and so it becomes easier to gain 51% of the total mining power. Thus, the security of the network may also taper in the future.
These problems in Bitcoin are usually overlooked because Proof-of-Work was once the only known way to secure the network…, until Peercoin arrived. This innovative cryptocurrency was designed to be more sustainable while still preserve decentralization, and security over the long term. Rather than buying specialzed hardware and using up large amounts of electricity to acquire coins, one can simply hold coins to acquire more coins much like interest. No “work” is required as in Proof-of-Work algorithm. Only aged coins are needed, a stake in the total coin supply, thus Proof-of-Stake. Peercoin started with Proof-of-Work to initially distribute the coins fairly but it is designed to transition to purely Proof-of-Stake. This innovation would have huge implications since the fundamental problems to Bitcoin are answered.
The major advantages of Proof-of-Stake over Proof-of-Work are:
Number 1, We don’t abuse Mother Nature just to run a payment system. Tons of precious energy can be saved.
Number 2, No specialized computers are needed. Anybody who has Peercoins have the privilege of securing the network and receive rewards constantly.
Number 3, The security of the network relies on adoption. In Bitcoin, the more the miners, the greater the security. In Peercoins the more the people who use it, the greater the security.
And finally at Number 4, Unlike Bitcoin, the block reward to secure the network doesn’t taper and so in Peercoin, transaction fees won’t go higher. Doing transactions with Peercoin would be far cheaper. It also costs essentially nothing to secure the network and so it may also cost nothing to transact.
The currency of the future is here. Peercoin, the secure and sustainable cryptocurrency.
Note: It’s a bit hard to explain why Peercoin is secure without explaining a 51% attack. I hope this will be useful. You can edit it, just get the thought framework, or even just get bits and pieces. Good luck.
Tripper, just wondering if you’re getting what you need here from us. You haven’t responded, so I assume either you got busy, you’re working on it in the background or we’re not giving you exactly what you need. It would be nice to hear an update when you get a chance.
He hasn’t logged in in six days. He’s either really busy, or abandoned this idea.
He hasn’t logged in in six days. He’s either really busy, or abandoned this idea.[/quote]
Hopefully not. He originally posted about making this video back on December 6th in this thread, so he’s at least had it on his mind before posting this thread.
I’m here. Just super busy. I’ll review the information we have here and offer my two thoughts.
Hope all is well.
[quote=“tripper311, post:27, topic:1331”]I’m here. Just super busy. I’ll review the information we have here and offer my two thoughts.
Hope all is well.[/quote]
Sounds good.
Alright - need some other eyes on this bad boy. Lots to explain. Currently we’re looking at about 2:15 seconds with 362 words. (80 words per 30 seconds) This is hard 
We should shoot for tops of 2 minutes maybe shorter if we can. Here is my attempt - and it’s not easy preparing this for a 5 year old.
Peercoin is a secure and sustainable digital currency. Much like Bitcoin, Peercoin is also decentralized and allows users to transact directly from one person to another, instantly, anywhere in the world.
However, Peercoin and Bitcoin have major differences. Peercoin uses a hybrid Proof-of-Work and Proof-of-Stake to secure the network. What does that mean exactly? With Bitcoin - People with powerful and expensive computers run their machines 24/7 to “mine” (Proof-of-Work) and compete for bitcoins. These miners are the ones responsible for the security of Bitcoin, but if one entity compromises more than 51% of all the mining power, they would have the ability to spend their bitcoins multiple times. This so called 51% attack has haunted bitcoin since its inception. Peercoin not only solves this problem, but many others, allowing it to be the more secure and sustainable backbone for all cryptocurrencies long-term.
Peercoin started with Proof-of-Work to initially distribute the coins fairly but it’s designed to transition to purely Proof-of-Stake. Here are the major advantages of Proof-of-Stake over Proof-of-Work:
#1 - We won’t harm mother nature by wasting tons of energy on the few powerful machines mining 24/7 to run a payment system.
#2 - Because of #1 Peercoin allows anyone with normal PC’s to have the privilege of securing the network by simply holding coins to acquire more coins, also making it more decentralized and focusing more on store of value. No “work” is required like Proof-of-Work. Only aged coins are needed, a stake in the total coin supply, thus Proof-of-Stake.
#3 The security of the network relies on adoption. In Bitcoin, the more miners, the greater the security. In Peercoin, the more the people who use it, the greater the security.
#4 With Bitcoin as the incentive to mine gets lower, there will be less competition and so it becomes easier to gain 51% of the total mining power. Thus, the security of the network will also taper in the future. With Peercoin, transaction fees won’t rise making it far cheaper to transact. It also costs essentially nothing to secure the network and so it may also cost nothing to transact.
The currency of the future is here. Peercoin, the secure and sustainable cryptocurrency.
Go to town.
Hey Tripper, I like the script, but something that I think that needs to be mentioned in the video is the COST to secure the network compared to Bitcoin.
#1 - We won’t harm mother nature by wasting tons of energy on the few powerful machines mining 24/7 to run a payment system.
Instead you can say something like, “PoS avoids the large amounts of electricity consumption and expensive electricity bills needed to secure the network because it doesn’t need powerful mining rig’s/equipment to secure the network.”
And #2 can remain unchanged.
Cheers.
[quote=“tripper311, post:29, topic:1331”]Alright - need some other eyes on this bad boy. Lots to explain. Currently we’re looking at about 2:15 seconds with 362 words. (80 words per 30 seconds) This is hard We should shoot for tops of 2 minutes maybe shorter if we can. Here is my attempt - and it’s not easy preparing this for a 5 year old.
Peercoin is a secure and sustainable digital currency. Much like Bitcoin, Peercoin is also decentralized and allows users to transact directly from one person to another, instantly, anywhere in the world.
However, Peercoin and Bitcoin have major differences. Peercoin uses a hybrid Proof-of-Work and Proof-of-Stake to secure the network. What does that mean exactly? With Bitcoin - People with powerful and expensive computers run their machines 24/7 to “mine” (Proof-of-Work) and compete for bitcoins. These miners are the ones responsible for the security of Bitcoin, but if one entity compromises more than 51% of all the mining power, they would have the ability to spend their bitcoins multiple times. This so called 51% attack has haunted bitcoin since its inception. Peercoin not only solves this problem, but many others, allowing it to be the more secure and sustainable backbone for all cryptocurrencies long-term.
Peercoin started with Proof-of-Work to initially distribute the coins fairly but it’s designed to transition to purely Proof-of-Stake. Here are the major advantages of Proof-of-Stake over Proof-of-Work:
#1 - We won’t harm mother nature by wasting tons of energy on the few powerful machines mining 24/7 to run a payment system.
#2 - Because of #1 Peercoin allows anyone with normal PC’s to have the privilege of securing the network by simply holding coins to acquire more coins, also making it more decentralized and focusing more on store of value. No “work” is required like Proof-of-Work. Only aged coins are needed, a stake in the total coin supply, thus Proof-of-Stake.
#3 The security of the network relies on adoption. In Bitcoin, the more miners, the greater the security. In Peercoin, the more the people who use it, the greater the security.
#4 With Bitcoin as the incentive to mine gets lower, there will be less competition and so it becomes easier to gain 51% of the total mining power. Thus, the security of the network will also taper in the future. With Peercoin, transaction fees won’t rise making it far cheaper to transact. It also costs essentially nothing to secure the network and so it may also cost nothing to transact.
The currency of the future is here. Peercoin, the secure and sustainable cryptocurrency.
Go to town. [/quote]
I don’t mean to tear this up, but here is some more of my input:
-
Do we want to spend a lot of time explaining Bitcoin? I think it is best if we can avoid talking about Bitcoin as much as possible. Why should we have to assume people to have an understanding of Bitcoin in order to understand Peercoin? If we are aiming to explain it to a 5 year-old, then we should not have to incorporate talk of other coins as it seems to make it more complicated, but be able to explain how Peercoin works directly.
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“Peercoin’s transaction fees won’t rise” …I think this statement could lead people to wrong conclusions. The transaction fee is .01 PPC which scales with the price, so if Peercoin rises in value to $10,000 each, a Peercoin transaction will cost $100 which is more than what it costs right now (in terms of USD). This is partially why I explained the transaction fee the way I did in my earlier post http://www.peercointalk.org/index.php?topic=1889.msg15094#msg15094.
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“Peercoin started with Proof-of-Work to initially distribute the coins fairly but it’s designed to transition to purely Proof-of-Stake.” …Not sure about this statement either. Peercoin has the potential to transition to purely Proof-of-Stake, but not it is necessarily guaranteed that is what we will do. At this point, maintaining a hybrid system of PoW/PoS is more secure than either purely PoW or purely PoS. However, it is true that over time the PoS minting will take over the majority of coin creation. Peercoin is a hybrid system because it is more secure than going 100% PoS. The combination of PoW/PoS works as sort of a “balance of powers” for superior security.
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Basically, Peercoin rewards savers, and punishes spenders…This design encourages thrift, and wise decision making. Overall, Peercoin promotes energy conservation, decentralization, and long-term sustainable wealth preservation: all the attributes needed to form a sound foundation for lasting economic prosperity.
[quote=“JetJet13, post:30, topic:1331”]Hey Tripper, I like the script, but something that I think that needs to be mentioned in the video is the COST to secure the network compared to Bitcoin.
#1 - We won’t harm mother nature by wasting tons of energy on the few powerful machines mining 24/7 to run a payment system.
Instead you can say something like, “PoS avoids the large amounts of electricity consumption and expensive electricity bills needed to secure the network because it doesn’t need powerful mining rig’s/equipment to secure the network.”[/quote]
I agree with getting rid of the Mother Nature talk. It sounds a little hippyish. Talking about the cost of securing the network seems like a better way to go about it.
How do we talk about the benefits of Peercoin without explaining what makes it better than the current system? This seems hard to do without explaining the faults of Bitcoin and how Peercoin overcomes them. Do you have any ideas on how to do this?
No worries on tearing it a part. Like I said - will need your help. Look at this as draft 1 of many. we’ll figure it out - but I do need help on the points mentioned.
just an idea here but maybe if tripper you want to start like say a google docs or something that only you can edit? and we can work off that as the script to edit? i find that the whole going back in pages with quotes here and there to be a little convoluted, just an idea though
Tripper, if you haven’t already, please read this article on Peercoin. It’s very well written and provides a complete easy to understand explanation of what Peercoin is trying to accomplish. It also refutes a couple different arguments against Peercoin. If you really want to understand it better for the video, this is a great resource…
http://cointrader.org/peercoin-proof-of-stake-and-bitcoin/
Let us know what you think.
I’ll review it and let you know what I think . FYI - I’ll be in San Diego for a week so probably won’t get to this for a week or 2. Just keeping you posted and appreciate all the feedback.
Brian
I would like to help with the project…I’ve emailed you, tripper.
Great initiative tripper!
I took a look at your portfolio. I love motion graphics.
I just want to tell you guys keep it [size=18pt]short and simple[/size] that attracts everyone.
And don’t dig too deep into the technical advantages!
Best Regards
Baltsar
I think it might be better to wait for this until we have another community interview with Sunny. He might be able to help answer some of our questions about Peercoin’s future. People have questions about how to advertise it and that would help with this video. The article I linked above is great, but we might need a little more info on it from Sunny himself.
By the way, it’s been about two weeks. Did you ever get a chance to read that article Tripper?