Hi, I’m Chronos, and welcome to Part 5 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
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 touch on the legacy that Peercoin brings to the world. What is Peercoin’s mission?
Sunny King, one of the anonymous founders of Peercoin, once talked about this in an interview. He wrote, "From my point of view, I think the cryptocurrency movement needs at least one ‘backbone’ currency, that maintains a high degree of decentralization, maintains a high level of security, but doesn’t necessarily provide a high volume of transactions. Pure proof-of-work systems such as bitcoin are not 100% suitable for this task. This is because the transaction fee is not a reliable incentive to sustain network security.
Peercoin is designed to serve as a backbone currency. The proof-of-stake technology in Peercoin is not only energy efficient, it also maintains a high level of security without relying on transaction fees. Thus Peercoin could be safely designed with a strong scarcity property, yet serve well as a backbone currency."
So what does a backbone currency actually do? It secures value. Efficiency, sustainability, user governance, scalability, and a fair distribution. All these qualities combine to form a long-term minded blockchain network that is focused on its core role as a distributed mechanism for securely storing all types of value.
This value can be anything from wealth being stored as Peercoins, to data being stored on the chain in the form of tokens, records, or contracts. Regardless of the type of value being stored, Peercoin was built with the fundamentals in mind to always ensure that your value remains safe and secure.
One really cool project I want to share is Perpera, a data audit protocol that lives on top of Peercoin. Using this tool, you can prove and transfer document ownership, notarize documents, and even track document revision history. It comes with an easy-to-use web interface, and this is just one example of the kind of innovation that Peercoin makes possible. The sky is truly the limit.
If you enjoyed these videos, and want to learn more about Peercoin, be sure to head over to the official website at peercoin.net. There’s also a great community, very knowledgeable and friendly, on the official forums at talk.peercoin.net. And lastly, there’s a ton more educational material in the Peercoin University, at university.peercoin.net, where you can really get in-depth with this beautiful blockchain.
If you have any questions or comments, let us know! Post below the video, or just head over to the forums. We’d love to hear from you.
Oh, and don’t forget to subscribe. I’m Chronos. Thanks for watching!