Peercoin: the first implentation of Proof of Stake?

General
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A couple of questions:

Did Sunny King invent POS?
Does PPC have the first implementation of Proof of Stake?

I know Peercoin is the first POS/POW hybrid but was not sure on the questions above

Thanks :slight_smile:

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Yes to both.

1 Like
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See, very simple question, still there are many people of minority PPC fans don’t know about PPC. It’s time to let the world know what is peercoin.

Tao:Joined Jan 17

To Tao: Do you know why does PPC use POS/POW hybrid?

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People from mintcoin argue that they were the first true POW to POS. Lol.

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Different coins like NXT try to make the argument that they were the first pure PoS coin, however they’re wrong. They think Peercoin being hybrid PoW/PoS means that security comes from both, when in fact this is not the case. Security only comes from PoS and PoW is only for distribution. This means Peercoin was the first pure PoS crypto in terms of security as well as being the first hybrid.

Regardless, they’re all riding on the back of Sunny King’s work. I find it appalling that so many try to take credit for it.

6 Likes
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Q: Did Sunny King invent POS?

A: In its current form yes. Before peercoin there was a POS coin named solidcoin which introduced the concept of using your stake to secure the network. However compared to peercoin it was a very primitive implementation.

Q: Does PPC have the first implementation of Proof of Stake?

A: No. Solidcoin was first.

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TIL:

SC2 proof of stake worked like this: If you had a high amount of SolidCoins – this magic number in SC2 being 1 million – then you could sign every “other” block to say “this chain is valid”. Why 1 million? Well to me it seemed like if you had 1 million or more, you cared about SolidCoin and wouldn’t want to harm it. So we had miners mining proof of work blocks, and then these people with money would sign the next block and say “I saw this previous block”. They didn’t make money signing those blocks, they just signed them and gave that chain more “power” than the pure proof of work chain. So basically double spending was eliminated UNLESS you had a million SolidCoins AND a lot of mining power AND there was no one richer than you to give more power to a non-double-spent chain. For these reasons I thought it was better than Proof of Work alone.

Apparently, no one ever got enough stake to actually sign any blocks except for his pre-made accounts.