Intro & Important Links - Introduce Yourself!


#1

Peercoin.net - Discord - Twitter - Team Updates - Reddit - Wallets - Projects

Welcome to Peercointalk!

Feel free to introduce yourself in the thread below. Tell us about yourself and what interested you in Peercoin.

For a few quick tips on getting started as a new forum user, check out this blog post. This forum is provided as a service to the Peercoin community. If you find it useful, please donate to keep it running. Any donations are appreciated, thanks! PForumbtYJLYszVRZGZFfxP5M6csQifJa6

Learn More

Community

  • Discord - Official community chat room.
  • Telegram - Peercoin Telegram group.
  • Twitter - Twitter feed for the latest Peercoin news.
  • Facebook - Facebook page for the latest news.
  • Reddit - Official Reddit community for Peercoin.
  • Google+ - Peercoin’s Google Plus page.
  • YouTube - Helpful videos and tutorials.

Wallets & Exchanges

Development

Resources

Chat With Us

We provide two chat services for our community. Discord is our main community hub besides the forum and it consists of multiple channels where Peercoin’s developers hang out and chat and answer questions. We also operate a Telegram group.

#What is Peercoin?

Peercoin (PPC) is a peer-to-peer, decentralized, digital cryptocurrency. It is a payment network without a single point of control or issuing authority (like the US Federal Reserve). Peercoin relies on cryptography and peer-to-peer networking to validate balances and transactions. It is also the first cryptocurrency to use proof-of-stake technology, an energy efficient solution to securing its network, which was invented by Peercoin’s architect, Sunny King.

The Problem With Proof of Work Based Blockchains

Bitcoin relies on Mining (Proof-of-Work) to secure its network and validate transactions. Users who mine are rewarded with Bitcoins, thus providing them with an incentive to secure the network. The inherent problem with proof-of-work mining is that it creates a “computational arms race” for more and more powerful hardware dedicated to mining to gain an advantage over others and increase the chances of receiving a reward.

As seen with Bitcoin, this competition shuts out most people from the mining process and pushes control of the network into the hands of those who can afford it. Thus, proof-of work mining has turned Bitcoin from a decentralized network where anyone can participate, into a network that has centralized control into the hands of the few. This is a long term problem for Bitcoin because it increases the risk of a person or entity gaining control of 51% of the mining power, allowing them to attack the network by reversing transactions, blocking confirmations, performing double spends and other attacks which could destroy confidence in Bitcoin. Centralized cryptocurrencies also make easier targets for governments to shut down.

Why Proof of Stake Makes Peercoin a Superior Alternative

Peercoin was designed by developer and architect Sunny King. Peercoin uses Proof-of-Work solely as a way to distribute coins more fairly, as opposed to an IPO (Initial Public Offering). To maintain the security of the network, Sunny King invented a new mechanism called Proof-of-Stake, which allows people to secure the network using the Peercoins they already hold. While not transacting with your Peercoins, you can hold them in your wallet and engage in a process called “minting,” which secures the network and offers you a 1% annual reward. This encourages saving. Proof-of-stake minting is an energy efficient solution to securing the network, meaning that the entire network can be sustained on low-powered hardware, allowing even basic computers to participate. Equal participation is important because it allows Peercoin to remain as decentralized as possible.

The only way for a person or entity to attack the Peercoin network is for them to acquire 51% of the coins that are minting. In practice, attempting to purchase the amount of coins necessary to carry out an attack would drive the price up to astronomical levels, making it counter-productive for an attacker because they would be forced to put their entire investment at risk.

One other major benefit in a proof-of-stake system is that the owners of the network assets (peercoin holders) are also the ones who control the network, as opposed to Bitcoin where there is a disassociation between those who control the network (miners) and those who own its assets (bitcoin holders). In Peercoin these interests are aligned. Peercoin holders are the ones who control the network.

The main strengths of Peercoin are sustainability, increased security (particularly against the “51% attack”), and its economic properties, which allow it to function as a long-term store of value, or “backbone” currency. In technical terms, Peercoin can be expressed as:

  • Proof-of-Stake, a sustainable coin generation model where a 1% annual reward is generated on coins held.
  • Absence of hard limit on total coins in existence, modeling the supply of natural resources such as gold.
  • Presence of 0.01 PPC/kb network transaction fee that is destroyed rather than paid to miners, in order to offset inflation caused by the minting of new coins.
  • Transaction fee also limits casual, micro-sized transactions, making Peercoin’s blockchain small and lean, even after almost 4.5 years.

Here is a quote on Peercoin’s underlying purpose by its creator, Sunny King…

[quote=Sunny King]"Both PPC and XPM are designed to last. PPC is designed with energy efficiency, XPM is designed with energy multiuse. Bitcoin has a long term uncertainty as to whether transaction fees can sustain good enough level of security. Before that the main concern is how to balance transaction volume and transaction fee levels. Currently I get the feeling that bitcoin developers favor very low transaction fees and very high transaction volume, to be competitive against centralized systems (paypal, visa, mastercard etc) in terms of transaction volume, to the point of sacrificing decentralization. This also brings major uncertainties to bitcoin’s future.

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.

Pure proof-of-work systems such as bitcoin is not 100% suitable for this task. This is because transaction fee is not a reliable incentive to sustain network security. If the mining generation amount is kept constant (there have been several such attempts in altcoins) it would work better security-wise but then it would also significantly weaken the scarcity property of the currency. XPM’s inflation model is designed in such a way that it could serve as backbone currency better than bitcoin if needed, because it could maintain high security reliably for longer, with reasonably good scarcity property as well. Of course that’s only from architect’s point of view, whether or not it would be chosen by the market is a whole different matter.

PPC is designed to serve even better as a backbone currency. The proof-of-stake technology in PPC is not only energy efficient; it also maintains high level of security without relying on transaction fee. Thus PPC could be safely designed with strong scarcity property yet serving well as backbone currency. Both PPC and XPM use protocol enforced transaction fees, which reflects my preference that high transaction volume is discouraged in favor of serving as backbone currencies.

Right now if we are talking about micropayments in the US$1 range, both PPC and XPM still handle them with much lower overhead than credit card network. In the long term micropayments should be provided by centralized providers, or a less decentralized network optimized for high capacity transaction processing.

On the other hand there is no promise that minimum transaction fee wouldn’t be adjusted. If processing capacity of personal computers continues to advance at the current pace, both max block size and minimum transaction fee could very well be adjusted at some point. However I do take a very cautious approach to adjusting transaction fees, as opposed to bitcoin devs. The impact to the fitness of the currency as a backbone currency is of great concerns to me."[/quote]

As you can see, Peercoin has been carefully designed with the long-term in mind. It was built to last. Many projects are being worked on simultaneously. Together, we are working to build the world’s most decentralized, efficient and sustainable network!


Peercoin Docs Maintenance
#2

Hi, I’m Sentinelrv. I joined the Peercoin community back in early 2013 before this forum became the main home for Peercoin related discussion. Back then we were still using one thread on BitcoinTalk. I’m responsible for having the Peercoin logo designed, as well as Peerunity, Peershares, Peerbox and Primecoin. I work with the administrator (FuzzyBear) to ensure the forum is updated and presentable looking. I also work on different community projects and manage Peercoin’s social media accounts, Twitter, Facebook, YouTube, Google+. I also push news to Reddit and BitcoinTalk. Welcome to the forum and I hope to see you around! :slight_smile:


#3

Howdy I’m stein88 n I would like to join ur family of the Peercoin just by watching the vidz I was amazed @ how u guys talked bout the differences between Proof of Work n Proof of Stake n I think the POS(Proof of Stake) is really a good thing that u guys have cause as explained in the vids I can work from ne comp or device I have n not waste so much power where as the POW(Proof of Work) requires a lot of power but in turn of what I have had explained to me in the videos POW n POS work hand in hand n in my opinion I think that’s the way it should be almost Yin and Yang caint have 1 without the other n I think that’s probably where Bitcoin messed up they souly rely on POW n nothing else. I hope in the future that I can be a good asset to u guys n hopefully bring something good to help make the peercoin better. Here is a link tomy facebook page.

https://www.facebook.com/steven.stein3


#4

Hi Peers,

I’m Jan.
Want to learn more about Peercoin and CryptoCurrency.
I’m active trader in some other coins and have great (or much) idea’s about future of crypto currency.
My other favorite coins at he moment:

  • EnergyCoin (I 've a lot)
  • HyperStake a nice experiment (have some coins)
  • Mintcoin (6m coins but that coin has to rice from the dead, I have some idea’s to reanimate this coin)
  • Checkcoin very nice concept of linking Geolocation to CryptoCurrency I invested 1 BTC
    Peercoin looks a very serious coin to me and maybe I go also invest some into this coin.

I’m very open who I 'm.
Check @GEO_Jan on twitter.


#5

Hey peers!

Just a newb who likes cryptocurrency,
and because peercoin is such an awesome coin
I had to invest in it and get a bit more familiar with it.
That’s all for now,

Peerio !


#6

Hi, I’m studying cryptocurrency and I’ve studied Bitcoin and Litecoin yet. Now I’m trying to understand Peercoin and Primecoin, how they works and how they are different from Bitcoin. I’ve to ask some implementation details to community because is quite difficult to find that online.


#7

Hi, I’m peritonlogon. I’m fairly new to Crytpto and Peercoin. Have been educating myself and taking part in trading/investing since my discovery of this whole experiment. I believe I can be a valuable member of this community. I plan to contribute with ideas and work to help bring Peercoin to the front of the Cryptocoin field.

Cheers
Peritonlogon


#8

hello - i am hoping to connect with the peercoin.net developers - i found the project on the tip4commit and peer4commit sites and am interested in contributing to the project but am unclear where to begin or how the development is co-ordinated - for instance at the current time the project appears to be well funded both on peer4commit and tip4commit but the peercoin.net github project has zero open issues - do you use a more sophisticated issue tracker or project management system ?

i first went into the freenode channel but they said to the best place to contact the devs is on this forum - is that so ? - is this where development co-ordination takes place - or are there regular online scrums for example?


#9

We have just added PeerCoin to our Crypto Currency Live Roulette Casino site (broadcast from a real casino in dublin ireland and open 24/7) - All Coin Casino (dot com)

I wanted to start a thread in the appropriate section about it but newbies to this forum are not allowed. So for the moment i’v just announced it here (i hope this is within the guidelines ?)

I hope you check it out and like it!


#10

Hey everyone,

I’ve been involved with Bitcoin since summer 2011, mostly passively (never was a bitcointalk/reddit member). Just read the Peercoin whitepaper and immediately recognized the brilliance of the idea. My background is in finance/economics but I’ve recently been teaching myself computer science. I am currently employed as a financial analyst at a large US multinational. I am ready to contribute to the Peercoin community in a big way and have already begun planning several projects.

I am excited for what the future has in store! ;D

-razo


#11

Hi,

I am David. A programmer, previous XPM miner and now developing Boilr for the trader’s community.


#12

Hi, I am CesariousMaximus, or Cesar IRL, lol. New to the forums, and have very limited exposure to Peer and Primecoin. Very interested in the technology and very eager to learn. I have long term goals that could be facilitated by crypto-currencies, and I believe they represent a genuine solution to economic problems, especially in those countries that are most heavily regulated and ravaged by heavy inflation.

I believe that a currency is only worth something if people are willing to use it as a medium of exchange, so the more people partake in it, the more valuable it is. In light of this, I am hoping that if my ambitions take off, I will try to embrace cryptocurrencies, but Bitcoin, Peercoin and Primecoin in particular. By doing so, I believe I can help add value to the particular cryptocurrency, and hopefully make profit while I am at it.

Either way, those are some of my views. I am fairly ignorant when it comes to software and hardware issues, so I figured this would be a good place to start if I am going to immerse myself in this technology.

I was brought here by Chronos, although I forgot to put him as my reference. I really appreciate his videos, and they have helped me with the basics.

Thanks, and I look forward to learning from this community


#13

I’m glad the videos were helpful. Welcome to the community!


#14

Thanks!


#15

Hello ,

I am new to this and I would like to ask a weird question , if someone had billions of mining devices , each one having unlimited GH/s , this way he should virtually be capable of finding billions of blocks every second , no matter how hard mining gets , so is there a limit to the number of blocks that can be generated worldwide per second? (If his superminers can find million blocks per second they can defreeze them , but is there that many blocks in existence?)

Another thing , this person will most likely exceed the 2 billion soft cap in few seconds , what would happen next?

Please don’t ridicule my questions or just say : " but no such technology exists " or such , please give me a serious answer to this assumption that someone has this technology in the present time ,
Yours ,
#####


#16

Hello #####,

I don’t say such technology doesn’t exist, I’m saying it can’t exist.

If you would own a device with unlimited hashing power, you wouldn’t bother cracking blockchain technology as you could easily crack sha256 itself.

Willy


#17

Well, this part is impossible. It’s like saying, If someone had a cat which was infinitely large… or If someone had a car which was infinitely fast…


#18

hello i am new here


#19

Greeting Peercoiners.

I am the owner of crypto gift website, cryptogifts.io I have been a big fan of peercoin for a long time and this is one of my favorite PoS coins. It has some very interesting developments i see with the cold wallet minting and own OS. Looking forward to that.

I decided to some physical Peercoins! I am sure there is a few of you here that would like these coins in your cryptocurrency collection, i use mine when i trade as a ‘lucky charm’ and i have to say, it seems to be working!

I would love to hear some feedback about the coin designs, as they are my first and will have a new design in the 3rd quarter of 2015.

Happy to have found this place. Look forward to reading more god news about peercoin!

Many thanks from Crypto Gifts.


#20

Please respond