… it’s not something to be particularly proud of though.
Top 4 Cryptocurrencies Suffering From Slow Block Times
There seems to be a trend among older SHA-256 coins, as quite a few of them have a 10-minute block time. PeerCoin is a bit different than NameCoin, though, as it combines both proof-of-work and proof-of-stake. Moreover, PeerCoin has no fixed coin supply and a much lower mining difficulty compared to other popular SHA-256 coins.
It is worth noting Peercoin offers a one-block mining difficulty retarget, which is rather unusual. Then again, this block reward of over 65 coins per network block is rather high, which may be part of the reason why Peercoin never became much of a success either. Without scarcity and clear use cases, there is not much use for Peercoin, even though it still holds a value of roughly US$0.31 per coin.
I’m proud of it. Slow blocktimes (10 minutes) brings a lot of features:
Forking for PoW distribution is a lot harder
Offers more stability for temporary internet outages
Lowers blockchain bloat by not having tons of empty blocks
Reinforces the concept that Peercoin is meant to store and hold value (and is not a shopping / transactional currency coin)
There is probably more… these are some of them.
Peercoin should be used to move large value around infrequently. I prefer 10 minute blocktimes.
If you look at a lot of alts with “30 second block times”, try and sync your wallet with 4 years of data happening every 30 seconds. You end up with massive amount of disk consumption, network activity, and time wasted. Especially when 80% of the blocks are empty and are just generated coins.
I still believe Peercoin will be utilized especially for these same features in the future.
It’s basically a hit piece from themerkle where they convey to their readers that hammering nails with a spoon takes a long time. They don’t understand the very basics of proper tool selection per design use case.