(script draft) Peercoin Primer #5: Mission

I noticed the following points on this forum, regarding the adaptability of POW:

It is important to have a continuous method by which new coin lineages are introduced to the system. This provides a method by which the Peercoin economy can always bootstrap itself. If the current coin holders cease to care about the network (or, for example, die with their private keys) new minters can be created from PoW. Leaving the PoW component intact allows Peercoin to stay alive for hundreds or thousands of years to come.
The variable PoW reward causes a paradigm by which we will see the inflation rate dwindle if real adoption is achieved. This means that we don’t need to guess when the PoW component has done its job, rather it will take a back seat when it is ready to. And conversely, if needed again, it can come to the forefront in the event of global disasters or the like that wipe out big mining farms. Ultimately, the hybrid nature of Peercoin allows for a universally stable protocol that gauges the prosperity of the network and becomes more and more PoS dominated when that prosperity grows.

These seem to me to be valuable comments since, rather than POW fading away, POW appears to be capable of regenerating itself when coin growth is weak. While this may not be part of Peercoin’s Mission, it contributes to PPC’s longevity, and “futureproofs” it.

So, if someone can reduce the above to one or two sentences, I think it might be worth slotting into Video 5, following the paragraph on PPC eliminating the competition for fees between the blockchain and the second layers (which I have provisionally started, “Peercoin also has an advantage over blockchains based solely on POS”).

I talked to Peerchemist. I need to edit this to remove the simplified explanation of why blockchains don’t scale and to make it less direct that they can’t. As an example of less direct, here is a quote from our previous video…

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I’ve reworked some of the middle paragraphs:

With edits incorporated,

The fact you’re asking this tells me that I failed in properly conveying the core message. I’m in the process of making changes to hopefully make this clearer.

Also once again, sorry for the delay. As I mentioned in my DM, I’ve had some personal things going on recently, but I’ve been working on this all day today.

I think I’ve finally cracked what is wrong with this text and it all had to do with your question here @RobertLloyd.

I think the confusion is coming from the fact that up until now I have kept the store of value explanation separate from the layer 2 explanation. I usually talk about these concepts as if they are separate ideas, but really they are interrelated.

Basically, the Peercoin blockchain is best for storing value/data (including final settlement transactions), while layer 2 creates additional expanded functionality/utility and is used to interact with the value stored on the chain.

Layer 2 basically adds functionality without the necessity of changing the underlying blockchain protocol. Besides Lightning, both PeerAssets and Perpera are good examples of layer 2. So you need both to properly use it on a mass scale. One records and stores information in a permanent and immutable way, while the other creates new ways of interacting with that information.

What I need to do is stop treating them as separate ideas and make it more clear that we’re storing value so that layer 2 can interact with it. Then I think it will click more easily with people.

This would also likely require removing the store of value section on the home page of the website and merging the idea into the trustless settlement layer section, but I’ll evaluate that later.

Here are a couple posts from DMs that I’m copying over here…

That’s a great way of putting it - and it explains the relevance and importance of PPC’s decentralised security. Those paragraphs, or something like them, could form the basis of the script’s core.

Ok, I’ll work on applying this stuff to the script this weekend.

Update: I reached out to @Sentinelrv and he assured us that this final video is still on the radar, but the editing is still in progress. Just let me know if there’s anything I can do to help. Thanks!

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Still making progress on this. I’ve had to go through a number of different iterations for various paragraphs to make things clearer. One paragraph today I edited like 15 times before I was happy with it. Anyway, I just wanted to give a quick update to let you know that progress is ongoing.

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Sentinel, keep in mind that much of your work might be re-edited … send me an early draft if you think that helps.

@Sentinelrv Feel free to post your draft so far. We have great writers on these forums who might be able to lend a hand.

I should be about one day away from releasing something. I explained to Robert in DMs, but there was a misunderstanding on my part that was preventing me from being able to progress. After working with Peerchemist, he helped me clear up my misunderstanding. I’m simply trying to wrap up the last paragraph at this point, and then I’ll post it for everyone.

Hi @Chronos and @Sentinelrv,

Thanks for the top work on these video series.

Do you think the PoS inflation RFC 0011 and Lightening integration should be included to indicate where upcoming version of PPC is heading?

It would be very useful to educate existing and new coin holders

Cheers

I think it will be good to integrate it in the next video, at the end of it.

Lightning is discussed, but not RFC 0011. I think we would need another video for that which is separate from the main Peercoin Primer series.

I should be able to post the draft here after I get off work. I’m about to head in shortly. It is currently longer than script 4, so we’ll have to see if there is any way we can condense it without losing important information.

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We should have a separate video for discussing the RFC process. Lightning is already implemented (effectively), and should be mentioned alongside our update to the more recent bitcoin core.

That’s a good idea.