(script draft) Peercoin Primer #3: Benefits

General
1

Hi, I’m Chronos, and welcome to Part 3 of the Peercoin Primer. Peercoin is one of the world’s most established cryptocurrencies, and each video in this series will explore a different aspect of it.

Show overview onscreen:

  • Part 1: Launch
  • Part 2: Security
  • Part 3: Benefits
  • Part 4: Economics
  • Part 5: Legacy

These videos are designed to be watched in any order, so feel free to jump directly to what most interests you. Today, we’re going to talk about what Peercoin brings to the table: what makes it stand out from the huge pack of competing cryptocurrencies?

I considered called this video “Green Crypto”, because Peercoin is so environmentally friendly. This has been a huge criticism of traditional blockchains, since bitcoin’s proof of work consumes huge amount of electricity to secure its transactions. In the summer of 2019, researchers at MIT and the Technical University of Munich put out a report that equated this power consumption with the entire city of Las Vegas. Wow. https://www.cell.com/joule/fulltext/S2542-4351(19)30255-7

But Peercoin uses energy-efficient proof of stake security. Here, you just need enough power to run your computer or laptop, because the network is secured by ownership of the Peercoins themselves, not by the operation of mining equipment. The planet is continuing to suffer the effects of manmade pollution, so I think this will become more and more important as the blockchain ecosystem matures.

Also, Peercoin’s security is as decentralized as its coin holders, which can be much better distributed, especially geographically, than proof of work miners. That’s because mining is most profitable wherever electricity is cheapest, and that means that you’re going to see concentrations of power in those few places around the globe. Peercoin minting can be done, anywhere, anytime. I’ve even done it from inside my own living room, and if I can do it, anyone can. On the other hand, I would not want a bitcoin miner in my living room: those things are hot and loud. They’re better off inside a giant warehouse.

Another great aspect of Peercoin’s security is that it doesn’t depend on the market price to be stable. Let me explain: imagine if the price of a cryptocurrency crashes. Some miners will drop out, because they can’t make a profit anymore. The price of the coin can actually get so low that miners would spend more in electricity than they’d be able to make in coins! But with Peercoin’s proof of stake, the electricity usage is almost nothing, so minters don’t have to drop out in a price crash. In fact, price movements often attract attention to bring new traders and enthusiasts to the coin, helping to make it more decentralized in the long run.

And those users collectively co-own the network. Stakeholders of Peercoin can even decide its future through protocol voting. This happens in the same way that Peercoin is secured: you simply install the version of Peercoin that you support, and start minting with it. Every new minted block gives you more Peercoins, and a vote for that protocol version. This makes Peercoin the first blockchain capable of allowing its rules to be governed directly by its users, making for a network that is more decentralized, democratic, and easily secured by everyday people around the world.

If you have any questions or comments, post below the video. I’m Chronos. Thanks for watching!

1 Like
2

Benefits

Hi, I’m Chronos, and welcome to Part 3 of the Peercoin Primer. Peercoin is one of the world’s most established cryptocurrencies, and each video in this series will explore a different aspect of it.

Comment: I would slightly alter the introduction, each time.

Show overview onscreen:

  • Part 1: Launch
  • Part 2: Security
  • Part 3: Benefits
  • Part 4: Economics
  • Part 5: Legacy

These videos are designed to be watched in any order, so feel free to jump directly to what most interests you . In this video, we’re going to talk about what Peercoin brings to the table: what makes it stand out from the huge pack of competing cryptocurrencies?

I considered called this video “Green Crypto”, because Peercoin is so environmentally friendly. This has been a huge criticism drawback of traditional blockchains, since bitcoin’s proof of work consumes huge amount of electricity to secure its transactions. In the summer of 2019, researchers at MIT and the Technical University of Munich put out a report that equated this Bitcoin’s power consumption with the entire city of Las Vegas. Wow. https://www.cell.com/joule/fulltext/S2542-4351(19)30255-7

Comment: I think a reference to Peercoin’s leaf would be good, so an alternative intro to “I considered called this video Green Crypto” is: “Peercoin’s logo is a green leaf, have you ever wondered why?”

But Peercoin uses energy-efficient proof of stake security. Here, you just need enough power to run your computer or laptop, because the network is secured by ownership of the Peercoins themselves, not by the operation of mining equipment. The planet is continuing to suffer feel the effects of manmade pollution, so I think this will become more and more important as the blockchain ecosystem matures.

Also, Peercoin’s security is as decentralized as its via coin holders, which can be much better distributed , especially geographically, than proof of work miners. That’s because mining is most profitable wherever electricity is cheapest, and that means that you’re going to see concentrations of power in those few places particular regions., around the globe. By contrast , Peercoin minting can be done, anywhere, anytime. I’ve even done it from inside my own living room, and if I can do it, anyone can. All you need is a standard computer . On the other hand, I would not want a bitcoin miner mining rig in my living room: those things are hot and loud. They’re better off inside a giant warehouse.

Another great aspect of Peercoin’s security is that it doesn’t depend on the market price to be stable. Let me explain: imagine if the price of a cryptocurrency crashes. Some miners will drop out, because they can’t make a profit anymore. The price of the coin can actually get so low that miners would spend more in electricity than they’d be able to make in coins! But with Peercoin’s proof of stake, the electricity usage is almost nothing, so minters don’t have to drop out in a price crash. In fact, price movements often attract attention to bring new traders and enthusiasts to the coin, helping to make it more decentralized in the long run.

And those users collectively own the network. Stakeholders Owners of Peercoin can even decide its future through protocol voting. This happens in the same way that Peercoin is secured: you simply install the proposed version of Peercoin that you support, and start minting with it. Every new minted block gives you more Peercoins, and a vote for that protocol version. This makes Peercoin the first blockchain capable of allowing its rules to be governed directly by its users, making for a network that is more decentralized, democratic, and easily secured by everyday people around the world.

If you have any questions or comments, post below the video. I’m Chronos. Thanks for watching!

1 Like
3

This is pretty much fine I think.

Maybe a comment here about how small Peercoin’s blockchain is. It will always be small enough to fit on a standard harddrive because of the burnt fee, but you don’t need to talk about that here. Just mentioning the current size should be enough to get the point across.

Maybe try to shoehorn in the word ‘governors’ here somehow? Makes it seem more regal, and goes along with the governance benefit. ‘All coin owners can be governors of the Peercoin blockchain!’

4

Updated. I’ve also added a new paragraph toward the end talking about how efficiency leads to long-term sustainability of the blockchain, which is a core part of our message and was missing in this text.

Benefits

Hi, I’m Chronos, and welcome to Part 3 of the Peercoin Primer. Peercoin is one of the world’s most established cryptocurrencies, and each video in this series will explore a different aspect of it.

Show overview onscreen:

Part 1: Launch
Part 2: Security
Part 3: Benefits
Part 4: Economics
Part 5: Legacy

In this video, we’re going to talk about what Peercoin brings to the table: what makes it stand out from the huge pack of competing cryptocurrencies?

Have you ever wondered why a green leaf is prominently featured in Peercoin’s logo? The reason is because Peercoin is so environmentally friendly. A huge drawback for traditional blockchains has been the massive amount of electricity consumed by proof-of-work, the security model used by Bitcoin to secure its transactions. Just to give you an idea how significant this problem is, in the summer of 2019, researchers at MIT and the Technical University of Munich put out a report that equated Bitcoin’s power consumption with the entire city of Las Vegas. Wow. https://www.cell.com/joule/fulltext/S2542-4351(19)30255-7

But Is it really necessary to waste so much energy just to secure a blockchain? Peercoin proves the answer is no, because it uses an energy-efficient proof of stake security model. Here With proof-of-stake, you just only need enough power to run your computer or laptop. This efficiency is possible because the network is secured through ownership of the peercoins themselves, not by the wasteful and costly operation of mining equipment. The planet is continuing to suffer feel the effects of manmade pollution, so I think the topic of energy waste will become more and much more important as the blockchain ecosystem matures, and Peercoin is ready with a fully tested solution to this problem.

Also, Since Peercoin’s security is as decentralized as its via through its coin holders, which it can be much better distributed geographically than proof of work miners. That’s This is because mining is most profitable wherever electricity is cheapest, and that which means that you’re going to see concentrations of power in those particular regions. By contrast, Peercoin minting can be done, anywhere, anytime. I’ve even done it from inside my own living room, and if I can do it, anyone can. All you need is a standard computer, and Peercoin’s blockchain size is so small that it will easily fit on your hard drive. On the other hand, I would not want a bitcoin mining rig in my living room: those things are hot and loud. They’re better off inside a giant warehouse.

Another great aspect of Peercoin’s security is that it doesn’t depend on the market price to be stable. Let me explain: imagine if the price of a cryptocurrency crashes. Some miners will drop out, because they can’t make a profit anymore. The price of the coin can actually get so low that miners would spend more in electricity than they’d be able to make in coins! But with Peercoin’s proof of stake, the electricity usage is almost nothing, so minters don’t have to drop out in a price crash. In fact, price movements often attract attention to bring new traders and enthusiasts to the coin, helping to make it more decentralized in the long run.

Peercoin’s efficient security process can actually help the network achieve long-term sustainability. In addition to consuming ever increasing amounts of electricity, miners are forced into a position where they need to constantly upgrade their mining equipment in order to stay ahead of competitors who are trying to gain an advantage over them. This security model is extremely costly and unsustainable for miners. However, if proof-of-stake security is based on holding coins for a certain length of time, rather than consuming large amounts of electricity, then participating as a minter is a fairly inexpensive process once you obtain peercoins. Since there are such little costs associated with proof-of-stake, the minter does not need to worry about earning a profit. This cost efficiency means that Peercoin’s security model is easily capable of being sustained over the long-term.

And those finally, Peercoin’s users collectively own the network. Owners of Peercoin can even decide its future through protocol voting. This happens in the same way that Peercoin is secured: you simply install the proposed version of Peercoin that you support, and start minting with it. Every new minted block gives you a vote for that protocol version. All coin owners can be governors of the Peercoin blockchain! This makes Peercoin the first blockchain capable of allowing its rules to be governed directly by its users, making for a network that is more decentralized, democratic, and easily secured by everyday people around the world.

If you have any questions or comments, post below the video. I’m Chronos. Thanks for watching!

5

Here it is again without all the formatting.

Benefits

Hi, I’m Chronos, and welcome to Part 3 of the Peercoin Primer. Peercoin is one of the world’s most established cryptocurrencies, and each video in this series will explore a different aspect of it.

Show overview onscreen:

Part 1: Launch
Part 2: Security
Part 3: Benefits
Part 4: Economics
Part 5: Legacy

In this video, we’re going to talk about what Peercoin brings to the table: what makes it stand out from the huge pack of competing cryptocurrencies?

Have you ever wondered why a green leaf is prominently featured in Peercoin’s logo? The reason is because Peercoin is so environmentally friendly. A huge drawback for traditional blockchains has been the massive amount of electricity consumed by proof-of-work, the security model used by Bitcoin to secure its transactions. Just to give you an idea how significant this problem is, in the summer of 2019, researchers at MIT and the Technical University of Munich put out a report that equated Bitcoin’s power consumption with the entire city of Las Vegas. Wow. https://www.cell.com/joule/fulltext/S2542-4351(19)30255-7

But is it really necessary to waste so much energy just to secure a blockchain? Peercoin proves the answer is no, because it uses an energy-efficient security model. With proof-of-stake, you only need enough power to run your computer or laptop. This efficiency is possible because the network is secured through ownership of the peercoins themselves, not by the wasteful and costly operation of mining equipment. The planet is continuing to feel the effects of pollution, so I think the topic of energy waste will become much more important as the blockchain ecosystem matures, and Peercoin is ready with a fully tested solution to this problem.

Since Peercoin’s security is decentralized through its coin holders, it can be much better distributed geographically than proof of work miners. This is because mining is most profitable wherever electricity is cheapest, which means you’re going to see concentrations of power in those particular regions. By contrast, Peercoin minting can be done, anywhere, anytime. I’ve even done it from inside my own living room, and if I can do it, anyone can. All you need is a standard computer, and Peercoin’s blockchain size is so small that it will easily fit on your hard drive. On the other hand, I would not want a bitcoin mining rig in my living room: those things are hot and loud. They’re better off inside a giant warehouse.

Another great aspect of Peercoin’s security is that it doesn’t depend on the market price to be stable. Let me explain: imagine if the price of a cryptocurrency crashes. Some miners will drop out, because they can’t make a profit anymore. The price of the coin can actually get so low that miners would spend more in electricity than they’d be able to make in coins! But with Peercoin’s proof of stake, the electricity usage is almost nothing, so minters don’t have to drop out in a price crash. In fact, price movements often attract attention to bring new traders and enthusiasts to the coin, helping to make it more decentralized in the long run.

Peercoin’s efficient security process can actually help the network achieve long-term sustainability. In addition to consuming ever increasing amounts of electricity, miners are forced into a position where they need to constantly upgrade their mining equipment in order to stay ahead of competitors who are trying to gain an advantage over them. This is extremely costly and unsustainable for miners. However, if proof-of-stake security is based on holding coins for a certain length of time, rather than consuming large amounts of electricity, then participating as a minter is a fairly inexpensive process once you obtain peercoins. Since there are such little costs associated with proof-of-stake, the minter does not need to worry about earning a profit. This cost efficiency means that Peercoin’s security model is easily capable of being sustained over the long-term.

And finally, Peercoin’s users collectively own the network. Owners of Peercoin can even decide its future through protocol voting. This happens in the same way that Peercoin is secured: you simply install the proposed version of Peercoin that you support, and start minting with it. Every new minted block gives you a vote for that protocol version. All coin owners can be governors of the Peercoin blockchain! This makes Peercoin the first blockchain capable of allowing its rules to be governed directly by its users, making for a network that is more decentralized, democratic, and easily secured by everyday people around the world.

If you have any questions or comments, post below the video. I’m Chronos. Thanks for watching!

6

The character count of this is slightly less than script 2, which takes about 5 minutes to read out loud.

7

I’ve gone through Sentinal’s revision, with tweaks and particular attention to the new, penultimate paragraph.

The bit “ready with a fully tested solution to this problem” is excellent.

+++

In this video, we’re going to talk about what Peercoin brings to the table: what makes it stand out from the huge pack of competing cryptocurrencies?

Have you ever wondered why Peercoin has a green leaf for a logo? is prominently featured in The reason is because Peercoin is so environmentally friendly. A huge drawback for traditional blockchains has been the massive amount of electricity consumed by proof-of-work, the security model used by Bitcoin to secure its transactions. Just to give you an idea how significant this problem is, in the summer of 2019, researchers at Massachusetts Institute of Technology MIT and the Technical University of Munich put out a report that equated Bitcoin’s power consumption with the entire city of Las Vegas. Wow. Here’s a link to the report . https://www.cell.com/joule/fulltext/S2542-4351(19)30255-7

But is it really necessary to waste consume so much energy just to secure a blockchain? Peercoin proves the answer is no, because it uses an energy-efficient security model. With proof-of-stake, you only need enough power to run your computer or laptop. This efficiency is possible because the network is secured through ownership of the peercoins themselves, not by the wasteful and costly operation of mining equipment. The planet is continuing to feel the effects of pollution, so I think the topic of energy waste will become much more important as the blockchain ecosystem matures, and Peercoin is ready with a fully tested solution to this problem.

Since Peercoin’s security is decentralized through its coin holders, it can be much better spread distributed geographically than proof of work mining miners . This is because mining is most profitable wherever electricity is cheapest, which means you’re going to see concentrations of power in those particular regions. By contrast, Peercoin minting can be done, anywhere, anytime. I’ve even done it from inside my own living room, and if I can do it, anyone can. All you need is a standard computer, and Peercoin’s blockchain size is so small that it will easily fit on your hard drive. On the other hand, I would not want a bitcoin mining rig in my living room: those things are hot and loud. They’re better off inside a giant warehouse.

Another great aspect of Peercoin’s security is that it doesn’t depend on the market price to be stable. Let me explain: imagine if the price of a cryptocurrency crashes. Some miners will drop out, because they can’t make a profit anymore. The price of the coin can actually get so low that miners would spend more in electricity than they’d be able to make in coins! But with Peercoin’s proof of stake, the electricity usage is almost nothing, so minters don’t have to drop out in a price crash. In fact, price movements often attract attention to bring new traders and enthusiasts to the coin, helping to make it more decentralized in the long run.

Peercoin’s efficient security process can actually help the network achieve long-term sustainability. In addition to consuming ever increasing amounts of electricity , Whereas miners are forced into a position where they need to constantly upgrade their mining equipment in order to stay ahead of competitors, who are trying to gain an advantage over them. This is extremely costly and unsustainable for miners. However, if proof-of-stake security is based simply on holding coins for a certain length of time, rather than consuming large amounts of electricity, then participating as a minter is a fairly inexpensive process once you obtain peercoins . Since there are is such little cost and effort associated with proof-of-stake, the minter does not need to worry about earning a profit to buy new mining equipment or pay electricity bills. This is how cost efficiency means that Peercoin’s security model is easily capable of being sustained over the long-term.

And finally, Peercoin’s users collectively own the network. Owners of Peercoin can even decide its future through protocol voting. This happens in the same way that Peercoin is secured: you simply install the proposed version of Peercoin that you support, and start minting with it. Every new minted block gives you a vote for that protocol version. All coin owners can be governors of the Peercoin blockchain! This makes Peercoin the first blockchain capable of allowing its rules to be governed directly by its users, making for a network that is more decentralized, democratic, and easily secured by everyday people around the world.

If you have any questions or comments, post below the video. I’m Chronos. Thanks for watching!

8

I should just explain that the reason why I’ve suggested taking out several lines from the new paragraph is because, by this point, the cost/energy efficiency aspects have been explained very effectively. I think to reiterate them here is unnecessary, and would in fact distract from the essential point of this paragraph, which is that Peercoin effortlessly sidesteps all the baggage associated with POW-only systems.

9

I’ve used most of the feedback, with some more additions of my own. Here is the updated version…

Hi, I’m Chronos, and welcome to Part 2 of the Peercoin Primer. Peercoin is one of the world’s most established cryptocurrencies, and each video in this series will explore a different aspect of it.

Show overview onscreen:

  • Part 1: Launch
  • Part 2: Security
  • Part 3: Benefits
  • Part 4: Economics
  • Part 5: Mission

In this video, we’re going to talk about what Peercoin brings to the table: what makes it stand out from the huge pack of competing cryptocurrencies?

Have you ever wondered why Peercoin has a green leaf for a logo? The reason is because Peercoin is so environmentally friendly. A huge drawback for traditional blockchains has been the massive amount of electricity consumed by proof-of-work, the security model used by Bitcoin to secure its transactions. Just to give you an idea how significant this problem is, in the summer of 2019, researchers at MIT and the Technical University of Munich equated Bitcoin’s power consumption with the entire city of Las Vegas. Wow. A link to their report can be found in the description below. https://www.cell.com/joule/fulltext/S2542-4351(19)30255-7

But is it really necessary to consume so much energy to secure a blockchain? Peercoin proves the answer is no, because it uses an energy-efficient security model. With proof-of-stake, you only need enough power to run your computer or laptop. This efficiency is possible because the network is secured through ownership of the peercoins themselves, not by the wasteful and costly operation of mining equipment. The planet is continuing to feel the effects of pollution, so I think the topic of energy waste will become much more important as the blockchain ecosystem matures, and Peercoin is ready with a fully tested solution to this problem.

Since Peercoin’s security is decentralized through its coin holders, it that security can be much better spread geographically than proof-of-work mining. This is because mining is most profitable wherever electricity is cheapest, which means you’re going to see concentrations of power in those particular regions. This can negatively affect the security of proof-of-work blockchains because it makes it easier for local governments to target miners with burdensome regulations and threats of shutting down their operations.

By contrast, Peercoin minting can be done, anywhere, anytime. I’ve even done it from inside my own living room, and if I can do it, anyone can. All you need is a standard computer, and Peercoin’s blockchain size is so small that it will easily fit on your hard drive. On the other hand, I would not want a bitcoin mining rig in my living room: those things are hot and loud. They’re better off inside a giant warehouse.

Another great aspect of Peercoin’s security is that it doesn’t depend on the market price to be stable. Let me explain: imagine if the price of a cryptocurrency crashes. Some miners will drop out, because they can’t make a profit anymore. The price of the coin can actually get so low that miners would spend more in electricity than they’d be able to make in coins! But with Peercoin’s proof-of-stake, the electricity usage is almost nothing, so minters don’t have to drop out in a price crash. In fact, price movements often attract attention to bring new traders and enthusiasts to the coin, helping to make it more decentralized in the long run.

Peercoin’s efficient security process can actually help the network achieve long-term sustainability. Whereas miners are forced into a position where they need to constantly upgrade their mining equipment in order to stay ahead of competitors, proof-of-stake security is based simply on holding coins for a certain length of time. Since there is such little cost and effort associated with proof-of-stake, the minter does not need to worry about earning a profit to buy new mining equipment or pay electricity bills. This is how Peercoin’s security model is capable of being sustained over the long-term.

And finally, Peercoin’s users collectively own the network. Owners of Peercoin can even decide its future through protocol voting. This happens in the same way that Peercoin is secured: you simply install the proposed version of Peercoin that you support, and start minting with it. Every new minted block gives you a vote for that protocol version. All coin owners can be governors of the Peercoin blockchain! This makes Peercoin the first blockchain capable of allowing its rules to be governed directly by its users, making for a network that is more decentralized, democratic, and easily secured by everyday people around the world.

If you have any questions or comments, post below the video. I’m Chronos. Thanks for watching!

10

I did not include this yet. From my experience, this institute is much better recognized by its short name, MIT. I think it may be better to keep the sentence as is, rather than using its full name.

I realized while reading this again that we did not say why geographical centralization is a bad thing. So I added a sentence in to explain why, which makes Peercoin’s solving of this issue more powerful.

11

MIT won’t be known outside the USA, at least not in the UK.

Regarding the new sentence, how about:
This can compromise the security of proof-of-work blockchains by making it easier for local governments to target miners with burdensome regulations, or to shut them down entirely.

12

Hi, I’m Chronos, and welcome to Part 2 of the Peercoin Primer. Peercoin is one of the world’s most established cryptocurrencies, and each video in this series will explore a different aspect of it.

Show overview onscreen:

Part 1: Launch
Part 2: Security
Part 3: Benefits
Part 4: Economics
Part 5: Mission

In this video, we’re going to talk about what Peercoin brings to the table: what makes it stand out from the huge pack of competing cryptocurrencies?

Have you ever wondered why Peercoin has a green leaf for a logo? The reason is because Peercoin is so environmentally friendly. A huge drawback for traditional blockchains has been the massive amount of electricity consumed by proof-of-work, the security model used by Bitcoin to secure its transactions. Just to give you an idea how significant this problem is, in the summer of 2019, researchers at MIT and the Technical University of Munich equated Bitcoin’s power consumption with the entire city of Las Vegas. Wow. A link to their report can be found in the description below. https://www.cell.com/joule/fulltext/S2542-4351(19)30255-7

But is it really necessary to consume so much energy to secure a blockchain? Peercoin proves the answer is no, because it uses an energy-efficient security model. With proof-of-stake, you only need enough power to run your computer or laptop. This efficiency is possible because the network is secured through ownership of the peercoins themselves, not by the wasteful and costly operation of mining equipment. The planet is continuing to feel the effects of pollution, so I think the topic of energy waste will become much more important as the blockchain ecosystem matures, and Peercoin is ready with a fully tested solution to this problem.

Since Peercoin’s security is decentralized through its coin holders, that security can be better spread geographically than proof-of-work mining. This is because mining is most profitable wherever electricity is cheapest, which means you’re going to see concentrations of power in those particular regions. This can compromise the security of proof-of-work blockchains by making it easier for local governments to target miners with burdensome regulations, or to shut them down entirely.

By contrast, Peercoin minting can be done, anywhere, anytime. I’ve even done it from inside my own living room, and if I can do it, anyone can. All you need is a standard computer, and Peercoin’s blockchain size is so small that it will easily fit on your hard drive. On the other hand, I would not want a bitcoin mining rig in my living room: those things are hot and loud. They’re better off inside a giant warehouse.

Another great aspect of Peercoin’s security is that it doesn’t depend on the market price to be stable. Let me explain: imagine if the price of a cryptocurrency crashes. Some miners will drop out, because they can’t make a profit anymore. The price of the coin can actually get so low that miners would spend more in electricity than they’d be able to make in coins! But with Peercoin’s proof-of-stake, the electricity usage is almost nothing, so minters don’t have to drop out in a price crash. In fact, price movements often attract attention to bring new traders and enthusiasts to the coin, helping to make it more decentralized in the long run.

Peercoin’s efficient security process can actually help the network achieve long-term sustainability. Whereas miners are forced into a position where they need to constantly upgrade their mining equipment in order to stay ahead of competitors, proof-of-stake security is based simply on holding coins for a certain length of time. Since there is such little cost and effort associated with proof-of-stake, the minter does not need to worry about earning a profit to buy new mining equipment or pay electricity bills. This is how Peercoin’s security model is capable of being sustained over the long-term.

And finally, Peercoin’s users collectively own the network. Owners of Peercoin can even decide its future through protocol voting. This happens in the same way that Peercoin is secured: you simply install the proposed version of Peercoin that you support, and start minting with it. Every new minted block gives you a vote for that protocol version. All coin owners can be governors of the Peercoin blockchain! This makes Peercoin the first blockchain capable of allowing its rules to be governed directly by its users, making for a network that is more decentralized, democratic, and easily secured by everyday people around the world.

If you have any questions or comments, post below the video. I’m Chronos. Thanks for watching!

13

I would like to finalize this script. Please look it over once more.

I talked with Peerchemist about this and he says that MIT is known globally, especially with our target audience. So there is no issue with using the short name.

I went ahead and used your updated sentence.

14

A minor suggestion:

They’re better off inside a giant warehouse.

A more substantial point is this sentence:

In fact, price movements often attract attention to bring new traders and enthusiasts to the coin, helping to make it more decentralized in the long run.

This sentence seems little double-edged to me, since we’re saying price movements help peercoin, but not commenting on periods of no price movements. I am inclined to remove this sentence and end this paragraph on the word “crash”, so that we conclude on the central point we want to make.

Otherwise, everything else is good to go, as I see it.

15

Part 5 is now Mission (rather than Legacy).

16

Fixed.

17

Hi, I’m Chronos, and welcome to Part 2 of the Peercoin Primer. Peercoin is one of the world’s most established cryptocurrencies, and each video in this series will explore a different aspect of it.

Show overview onscreen:

Part 1: Launch
Part 2: Security
Part 3: Benefits
Part 4: Economics
Part 5: Mission

In this video, we’re going to talk about what Peercoin brings to the table: what makes it stand out from the huge pack of competing cryptocurrencies?

Have you ever wondered why Peercoin has a green leaf for a logo? The reason is because Peercoin is so environmentally friendly. A huge drawback for traditional blockchains has been the massive amount of electricity consumed by proof-of-work, the security model used by Bitcoin to secure its transactions. Just to give you an idea how significant this problem is, in the summer of 2019, researchers at MIT and the Technical University of Munich equated Bitcoin’s power consumption with the entire city of Las Vegas. Wow. A link to their report can be found in the description below. https://www.cell.com/joule/fulltext/S2542-4351(19)30255-7

But is it really necessary to consume so much energy to secure a blockchain? Peercoin proves the answer is no, because it uses an energy-efficient security model. With proof-of-stake, you only need enough power to run your computer or laptop. This efficiency is possible because the network is secured through ownership of the peercoins themselves, not by the wasteful and costly operation of mining equipment. The planet is continuing to feel the effects of pollution, so I think the topic of energy waste will become much more important as the blockchain ecosystem matures, and Peercoin is ready with a fully tested solution to this problem.

Since Peercoin’s security is decentralized through its coin holders, that security can be better spread geographically than proof-of-work mining. This is because mining is most profitable wherever electricity is cheapest, which means you’re going to see concentrations of power in those particular regions. This can compromise the security of proof-of-work blockchains by making it easier for local governments to target miners with burdensome regulations, or to shut them down entirely.

By contrast, Peercoin minting can be done, anywhere, anytime. I’ve even done it from inside my own living room, and if I can do it, anyone can. All you need is a standard computer, and Peercoin’s blockchain size is so small that it will easily fit on your hard drive. On the other hand, I would not want a bitcoin mining rig in my living room: those things are hot and loud. They’re better off inside a warehouse.

Another great aspect of Peercoin’s security is that it doesn’t depend on the market price to be stable. Let me explain: imagine if the price of a cryptocurrency crashes. Some miners will drop out, because they can’t make a profit anymore. The price of the coin can actually get so low that miners would spend more money in electricity than they’d be able to make earn in coins! But with Peercoin’s proof-of-stake, the electricity usage is costs almost nothing, so minters don’t have to drop out in a price crash. This has been thoroughly tested now throughout multiple bear markets, where Peercoin proved that it’s highly capable of maintaining an appropriate security level during even the lowest points of market demand.

Peercoin’s efficient security process can actually help the network achieve long-term sustainability. Whereas miners are forced into a position where they need to constantly upgrade their mining equipment in order to stay ahead of competitors, proof-of-stake security is based simply on holding coins for a certain length of time. Since there is such little cost and effort associated with proof-of-stake, the minter does not need to worry about earning a profit to buy new mining equipment or pay electricity bills. This is how Peercoin’s security model is capable of being sustained over the long-term.

And finally, Peercoin’s users collectively own the network. Owners of Peercoin can even decide its future through protocol voting. This happens in the same way that Peercoin is secured: you simply install the proposed version of Peercoin that you support, and start minting with it. Every new minted block gives you a vote for that protocol version. All coin owners can be governors of the Peercoin blockchain! This makes Peercoin the first blockchain capable of allowing its rules to be governed directly by its users, making for a network that is more decentralized, democratic, and easily secured by everyday people around the world.

If you have any questions or comments, post below the video. I’m Chronos. Thanks for watching!

1 Like
18

I agree. This was my least favorite sentence in the text. I have tried replacing it with a more relevant sentence that finishes off the idea by providing some historical proof. Please let me know what you think.

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Peerchemist thinks this is ready to move forward, but I’ll wait until I get Robert’s feedback on the last changes I did.

20

I’ll do this today.