What is Peercoin?

Intro

We are all more or less familiar with the term peercoin. Especially those who are a little familiar with currency exchanges must be closely associated with this name. It was launched in 2012 as an alternative to cryptocurrency or Bitcoin. Like Bitcoin, Litecoin stores value. Moreover PeerCoin offers complete anonymity and can be sent over the internet without any central authority. It is a digital currency built on a combination of Proof-of-Stake (PoS) and Proof-of-Work (PoW) consensus algorithms and is the first digital currency to be built on this combination.

Peercoin

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Peercoin is a type of altcoin that is any cryptocurrency that is not the same as Bitcoin. As we know Bitcoin has high power consumption. The founders of PeerCoin presented PeerCoin as an alternative to Bitcoin as Altcoins to provide increased security in addition to these high power costs. It is considered as an alternative to other cryptocurrencies or Bitcoin. This digital currency aims to improve energy efficiency as well as provide enhanced security.

We know that miners perform complex mathematical algorithmic tasks for validating blockchain transactions. These miners get a reward in the form of bitcoins by solving complex or difficult mathematical algorithmic problems. In the case of Bitcoin, these mining operations require computing power. And therefore consumes a lot of electricity. It is very expensive for one country and almost impossible for many countries. So the aim of the founder of Peercoin was to avoid all these expensive electricity costs.

In the case of PeerCoin, miners are rewarded through the minting process. This process usually involves miners mining through the PoW hashing process. Here the difficulty of this hashing process increases as time changes. Then here miners are rewarded with coins through PoS algorithm. That is, the main goal of Peercoin is to consume less energy over time. PeerCoin works as a good alternative to Bitcoin or unique cryptocurrencies. It is an altcoin built on an active foundation and the work of Peercoin is continued by the community.