Older community members will likely remember the Peercoin video series created by @Chronos. The following is a short discussion about funding a new marketing initiative to create an updated video series to help expand our presence on YouTube.
We’re opening this discussion to the community for feedback. Please also consider donating to the foundation to help support this marketing initiative. The PPC donation address can be found here: p92W3t7YkKfQEPDb7cG9jQ6iMh7cpKLvwK
@Chronos, so we talked about this project for a little bit on our team channels last night. The video Nagalim is talking about above is something separate that we would do that we still need to talk about.
It seems there is consensus among the team that we would like to do condensed video version of my text at Peercoin University. The first half of the text is about blockchains in general and Bitcoin. For this video series we would skip to the last half, which consists of chapters 9, 10, 11, 12 and 13. These later chapters are solely dedicated to covering Peercoin.
What we would do is create a “video digest” that covers important material only from these chapters. It would basically be an overview that explains the network, its benefits and all its important pieces. We’re thinking it could possibly be split into 4-5 videos that are about 5 minutes each, so about 20-25 minutes in total.
I think it would make sense to show a numbered list of topics in each video as if it’s a learning course. Every time you come to a new subject, the list would appear and a new subject would slide into focus. The following is only an example of a subject list, not to be taken as something to follow (I took it from the peercoin.net home page.
Efficient & Sustainable Security
User Driven Governance
Trustless Base Layer
Reliable Store of Value.
So say video 2 starts up on number 3, trustless base layer and there is still plenty of time left in the video. The list would appear again and number 4 would be shown as the next topic and you’d start talking about that. Then the next video would start by showing number 5 as the next topic. Doing it this way, if somebody happens to end up on video 3 somehow, they will see the subjects they missed in previous videos and may go back to watch the whole thing. This can also be done in the title by saying part 1, part 2 etc…
I just wanted to detail the main idea here for you. What are your thoughts on this?
I still think most people are uneducated and unaware of the age of Peercoin. Would strongly recommend that its maturity and proven expertise for the last six+ years should be of primary concern. The other five points become far more relevant with this context, no?
Did you guys read what I said? Those 5 points were just an example to show off how a numbered topic list would look inside the video. I’m not suggesting that Chronos is to follow this specific list as the basis for the videos. Peercoin University is the foundation.
I do agree though that our age and experience is an important factor that should be mentioned. 4th oldest crypto project that is still active, behind only Bitcoin, Litecoin and Namecoin.
No, I read it. I just realized absolutely nothing matters without the focus and emphasis on the age. We should have some weight attached to these things and we don’t because nobody knows/remembers who we are.
The content on the home page is also good to check out. It can be combined with the university text. Also if for some reason you think 5 videos is not enough to do it justice then please feel free to let us know. I imagine it’s difficult to know the exact timing until you get further into the content.
We’ve broken this out into five proposed videos. You can think of these topic areas, at a high level, as:
Peercoin, Chapter 1: An Honest Launch (the launch of POS)
Launch History. Launched in 2012, fair release. No premine, no dev tax, no ICO, open source.
Initial Distribution. The problem of how to distribute a new coin. Proof of Work used for coin distribution, not security.
Value Proposition. What makes Peercoin unique? First Proof of Stake coin, introducing a revolutionary security model.
Peercoin, Chapter 2: Proof of Stake Security (the security of POS)
Coin age, not electricity, as the scarce resource.
Details: 30 days to mint, 90 days to mature. Prevents attacker from stockpiling coin age.
Attackers must own Peercoin, which means they would damage their own investment.
Can Proof of Stake really work? Peercoin, as the world’s oldest such blockchain, is a thriving example of its success.
Peercoin, Chapter 3: Green Crypto (the benefits of POS)
Efficient & Sustainable. POW uses x% of the world’s electricity. Peercoin uses almost none in comparison, just enough to run your computer.
Global Security. POW security is drawn to the areas with the cheapest electricity, which creates centralization risks.
Price Independent Security. POW security depends on a high price to survive. No matter where the price of Peercoin goes, security stays at 100%.
User Governance. The users own the network, not the miners.
Peercoin, Chapter 4: Blockchain Economics (the economics of POS)
Scarcity. Unbounded supply is not infinite supply. 1% minting reward, declining mining reward. Inflation rate inversely correlated with mining power. As mining efficiency improves, inflation falls, approaching 1%. Today’s inflation is just 2.5%.
Deflation through Transaction Fees, 0.01 PPC per kilobyte. More scarcity!
Debunking “Rich get richer”
Peercoin Chapter 5: Built to Last (the legacy of POS)
Scalability through efficient security.
Security not dependent on transaction fees
Peercoin as a backbone cryptocurrency.
References to website, forums, community.
Post any feedback below, especially if there’s something missing above that you think should be covered. After this looks good, we’ll write up the video scripts and post them separately, for another round of approvals.
By the way, do we have a source for historic inflation rates, back to 2013? The site https://peerchain.net is no longer available, which had some really useful stats.
Also, what’s the current position on cold minting? Should this be included?
PoS difficulty is how chainweight is chosen. You are correct that the 90-day maturity effectively caps the attacker. You can still stockpile coin age, it just doesn’t help you attack the chain at all.
Maybe it would be best to compare using something like this: https://peercoin.site/#energy. The PoW is more than just running your computer, ASICs are still involved, but the energy usage is something like 10,000x less and is done by essentially using the leftover ASICs from Bitcoin because they share a hashing algorithm.
Security depends on PoS difficulty. Higher difficulty = more secure. It’s just that PoS difficulty is not connected to price anywhere near as closely as PoW difficulty is.
On the home page of peercoin.net there is a section of text called Fair Distribution. Will you be talking about the things discussed in there or only our initial distribution? For example, in that text I mention about the problem of properly distributing a pure PoS coin. Then I go on to explain that Peercoin features both PoS (security) and PoW (distribution). And finally I explain how PoW provides security indirectly by spreading newly produced coins to new owners who are potential security providers that can start minting with those coins. This has the affect of slowly decentralizing the blockchain over time by getting more coins into the hands of new owners.
I don’t know how you want to explain some of that because at this point I believe you don’t introduce PoS until the value proposition section right after this. Maybe it might make sense to talk only about the launch, and then move some of this info to another more appropriate chapter.
I would personally introduce this as time first, which is a more relatable word to people. Then the concept of coinage can be explained after.
For this, I would like you to stress what exactly 2012 means for people who might not know. You can say for example that at the time your video was recorded, Peercoin had been securely running for almost 7 years, which shows its reliability. Also stress that it is also the 4th oldest crypto project that is still actively developed, behind only projects like Bitcoin and Litecoin (Namecoin as the 3rd in case you want to mention that). Mentioning this gives people the idea that it really was launched in the beginning. The fact it has been running securely for so long lends it credibility.
For this part, I would like you to explain what is meant by sustainability. In the Efficient Security section of the home page I have this quote…
This is really what sustainability means. Because time is part of the security protocol, Peercoin nodes can be run at low cost on any device. Low cost security means people can always affordably run a node. That leads to long-term security, since it can always be provided. Also because it’s inexpensive, greater numbers of people can run block producing nodes, which further decentralizes security. It’s ok if you need to mention some of this later in the chapter. I just wanted to make sure I put it here.
Some of us have started calling this Adaptive Inflation, because it adapts to the market, whether it is inflation from PoS, dynamic inflation from PoW or deflation with the destruction of transaction fees. The specific amount is dependent on the actions of users of the network. I just did not add the term to Peercoin University yet, but I probably will in the future.
Maybe mention the benefit of a fixed transaction fee here. In bitcoin the necessary fee jumps around depending on how full blocks are. With Peercoin the fee is fixed, which means people will always be able to calculate the exact fee which is needed for their transactions. This provides for a better user experience as people don’t need to guess the correct fee to use.
Can you please tell me what this means to you?
Backbone currency was originally a term by Sunny from one of his old community interviews. In my opinion it is equivalent to base layer, which is used in the Bitcoin community. The Trustless Base Layer text from the home page sums up this idea…
So the backbone/base layer idea is to keep the blockchain protocol simple and build most extra functionality on top using different layers. These top layers (such as the Lightning Network) also allow for scalability of transactions beyond what the blockchain is capable of handling by itself.
I think there should be one more part at the end of this, the idea of Peercoin being designed as a great store of value (not in the sense that PPC as currency holds its value, but instead from a security standpoint). I also emphasized this on the home page here…
The basic idea here is that because Peercoin is built to last (because it is designed to maintain its trustless nature and decentralized security over time), the blockchain is the perfect tool to be used for securely storing value. That value can be monetary or data.
For example Perpera allows you to store a hash of a document (check the new tutorial video) in a permanent way that can be referenced later on for auditing purposes. This tool utilizes Peercoin in a way that takes advantage of the blockchain’s immutability.
100 years from now this data will still be available as it was recorded into the Peercoin blockchain. And it will still be available to reference because Peercoin is secured efficiently and inexpensively, which allows the chain to be sustained indefinitely. This is as opposed to Bitcoin where we don’t know for sure if transaction fees will be enough to sustain the chain’s security in the long-term.
Good to meet you again, a few comments.
I think this also needs to encompass ongoing distribution. As I understand it, the importance of POW mining to Peercoin will decline over time, but it won’t disappear entirely, meaning there will always be new coins sold into the market by miners, thus decentralising supply away from those staking. This is why a combined POS/POW system is necessary, rather than POS-only.
(note: I wrote the above before Sentinel left his own comments, and I notice he makes a similar point).
“User Governance. The users own the network, not the miners.”
Yes, but can we precede this with an explanation of the conflict of interests between miners and coinholders. Peercoin coinholders being responsible for the coin’s security and governance eliminates this conflict, and is a big selling point of POS over POW.
Debunking “Rich get richer”
My feeling is that this is unnecessary; we give far too much credence to this concern. In any event, expanding on the point above (regarding ongoing distribution) will address this by implication.
“Peercoin as a backbone cryptocurrency”.
“Backbone cryptocurrency” has given way to Peercoin as a “base layer”. This concept is the one which I find most difficult with, and it will be great if we can find a way to explain this.