In the chat box we had a little informal convo about tightening up peercoin.net. Here are some suggested potential edits. Thoughts??
[center]DRAFT DRAFT DRAFT*[/center]
[size=14pt]innovative, efficient, secure[/size]
Through innovative minting algorithms, the Peercoin network consumes far less energy, achieves greater security, and rewards users in more sustainable ways than other cryptocurrencies
[center]Peercoin is a more advanced cryptocurrency. Through it’s innovative Proof-of-Stake algorithm, Peercoin uses far less energy, has stronger security, and can operate in a more decentralized way than other coins currently on the market. With a marketcap of over $30 Million USD Peercoin is disrupting the exciting cryptocurrency landscape [/center]
Peercoin’s original and noteworthy innovation is the proof-of-stake/proof-of-work hybrid system. Like other crypto currencies, initial coins can be mined through the more commonly used “proof-of-work” hashing algorithm. However unlike other coins, as the hashing difficulty increases over time, users continue to be rewarded with coins generated by the “proof-of-stake” algothrithm. This means that anyone holding 1% of the currency will be compensated with 1% of all proof-of-stake coin blocks. Read more about Proof-of-Stake Here[insert link]
Generating blocks through the Proof-of-stake algorithm reduces the risk of the Selfish-Miner Cornell Flaw , “>50%” attacks, and the block bloating that have been used to exploit other currencies. Proof-of-Stake stands at the heart of this security because it drastically raises the cost of an attack. The cost of acquiring 51% of all stake is much higher than the cost of acquiring 51% of all mining power. Further, in a “>50%” stake attack the attacker’s investment will by definition be directly at risk of losing value thus reducing the incentive to attempt such an attack. Moreover, Peercoin enforces transaction fees at protocol level to defend against block bloating attacks. Read more about Peer Coin security Here[insert link]
Unlike hardware intensive Proof-Of-Work hashing, generating Proof-of-Stake blocks require minimal energy consumption. Thus, Peercoin network energy consumption decreases over time as proof-of-work blocks become less rewarding and blocks are generated instead by the proof-of-stake algorithm. This algorithm also combats the deflationary tendencies that crypto currencies can suffer from because of their hard mintage caps. Read more about Peer Coin energy efficiency Here[insert link]