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Overview of Peercoin
Peercoin was introduced in 12 August 2012 by Scott Nadal and Sunny King. Sunny King,who also created Primecoin, is a pseudonym. The idea and purpose of Peercoin is to make decentralized and pseudo-anonymous transactions with no dependency on energy consumption. New coins can be created in two different ways; mining and minting, proof ofwork and proof of stake respectively. It has a block creation time of 10 minutes in average andblock size of 1KB. Block reward halves every 16 times rise of hashrate. Proof of stake gives thestakers 1% annually. Peercoin also has transaction fees which, miners get by verifyingtransactions. Peercoin can handle up to 5 transactions per second.
