Peercoin is based on an August 2012[3] paper that listed the authors as Scott Nadal and Sunny King. King, who also created Primecoin, is a pseudonym.[4] Peercoin was the first implementation of a proof-of-stake–based cryptocurrency.[5]
The Peercoin source code is distributed under the MIT/X11 software license.[citation needed]
Peercoin uses both the proof-of-work and proof-of-stake algorithms.[6] Both are used to spread the distribution of new coins. During its primary years, Peercoin relied heavily on PoW, although there has now been a transition to PoS.[7] Proof-of-stake is used to secure the network: The chain with longest PoS coin age wins in case of a blockchain split-up.
A transaction fee prevents spam and is burned (instead of being collected by a miner), benefiting the overall network.[8]
To recover from lost coins and to discourage hoarding, the currency supply targets growth at 1% per year in the long run.[9]
^Zhao, Wenbing; Yang, Shunkun; Luo, Xiong; Zhou, Jiong (26 March 2021). "On PeerCoin Proof of Stake for Blockchain Consensus". ICBCT'21: The 3rd International Conference on Blockchain Technology. ACM. pp. 129–134. doi:10.1145/3460537.3460547.
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