Posts about Peercoin
The first public mention of the Proof Of Stake (POS) idea was back in 2011. Around that time, Bitcoin was only a few years old and not even near the prices we are seeing today. Among other suggested improvements, QuantumMechanic shared POS as a way to lower transaction fees and speed up transaction confirmation for the Bitcoin network. He even introduced the idea of delegation (see below for his original post on the forum)
The above most likely inspired Sunny King (pseudonym for an individual and/or a group of researchers) to write and publish the first POS paper about one year later:
PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake by Sunny King & Scott Nadal. August 19th, 2012
Unfortunately, apart from the pseudonym, not much is known about Sunny King. Much like Sathosi Nakamoto, King's true identity still remains a mystery.
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Peercoin, which is still around today, was soon introduced by Sunny after the publication of his article. It was the first cryptocurrency project to implement POS, though, it was a hybrid form between POW and POS. In the early days of Peercoin, miners created new Peercoin tokens using POW as a way to achieve a a decentralized distribution. POS is used to secure the network and in case of a of a blockchain split-up, the longest POS chain wins and continues the chain.
Until next time cheers!
In my last post i posted historical snapshot of the crypto world during the day of the creation of this sub, Mar 11 2013. Out of all 13 coins which were listed on CMC in 2013, only two are alive today, Bitcoin and Litecoin. 11 of the initial listed coins died. Many think that something similar will happen lets say in 5 years. I am 100 % sure that this will not be the case.
Take a look at one random snapshot 7 years ago on August 24th 2014 https://coinmarketcap.com/historical/20140824/
All top 10 coins market cap on 24 August 2014 is barely 7 bil USD which is less than ADA 24h volume that stands at around 7.4 bil. USD.
This is just a random small fact that comes to show that todays market has come a long way since few years ago and is much more stable and mature than before. Most of the crypto currencies listed in top 10 or even in top 20 will are here to stay for many years to come. Hodling ADA today has nothing to do with hodling Peercoin in 2014. Hodl more.