I have just discovered about peercoin, it looks interesting.
And I have some questions:
1.What are peercoin’s goals? Does it aim to be a form of payment usable by the poor, all merchants, e-commerce?
2.How does peercoin fees work? Will its fee always stay the same?
3.Is it a coin with a determined purpose or is it just one more “buy & hold” coin with no practical usage?
I am looking for something with a goal, something that offers much more than “buy & hold” expectations. Something that would serve a practical usage in daily life to all people for long term, with stability, and improvements if necessary.
Peercoin is the pioneer of the Proof of Stake protocol. It’s goal is to be a sustainable backbone currency. The fee will always be the same 0.01 PPC/KB for the forseeable future, and this is considered an important feature that we will strive to protect. For a brief history, please look to this article:
When you say “one more coin”, please realize that Peercoin was the first of it’s kind ~5 years ago with an entirely innovative concept of cryptocurrency when all current implementations were Proof of Work and essentially Bitcoin clones. Peercoin was the first to do something completely new and different.
They are incorrect. SunnyKing created PoS. The PoW component in Peercoin is used for fair distribution but not security of the chain. NXT decided they did not want a fair distribution, so they removed the PoW element. They also made some changes to the PoS implementation that they decided to use. PoS was invented for Peercoin, NXT simply used and altered the concept.
This is quite obvious, as NXT was released in November 2013 while Peercoin, complete with PoS protocol, was released in August 2012. The PoS wikipedia clearly states this by saying “Peercoin was the first cryptocurrency to launch using proof-of-stake.”
Something that would benefit, serve all people. Like the ability to make purchases, send coins to one another at a reasonable cost.
That sounds simple, but it seems to be very hard to be accomplished as there are coins who started claiming to be a digital money, a form of payment, and decentralized network with low fees. But I believe that in reality, that is not the case or even the intention of many. Many of those networks have a completely centralized future actually, with increasing demand for very big storage capacities and performance, and especially computational power. It is not hard to imagine they will soon be completely controlled by one single entity.
Cryptocurrencies are starting to getting known by common people in my country, but sadly in an inappropriate way because if you ask them how they can be used you will be shocked by answers like “we just hold and the value rises”, “we make money out of them”, “we buy them and exchange later for more (fiat) money”.
Sounds like a pyramidal scheme of some sort for them. Not sure if I am seeings things incorrectly, but I believe cryptocurrencies have some practical uses that could benefit people in a positive way.
OK, I have installed Peerunity and it is synchronized and running. That is what people call running a full node, right?
But I noticed downloaded data in “.ppcoin” folder is just about 700MB, which is nice compared to many GBs of other coins. Why is it significantly smaller than others?
Peercoin is designed to be sustainable. We have always had a smaller blockchain than most other cryptos. Especially the protocols that attempt to do everything all on the same chain with no regard for efficiency and bloat by a GB/month or more.