PeerCoin is known to be the first real peer to peer coin that has been created and was released in August of 2012. It was created by the software developer Sunny King and was the first cryptocurrency he created, as he later on also created the Primecoin. The Peercoin was created to make a better and more sustainable version of the Bitcoin and both share many things in its coding, but also differentiates on many key areas. Some of the things that it has in common with the Bitcoin is that it is completely decentralized from any government or banks and that it uses the SHA-256 proof of work algorithms just like the Bitcoin.
However the reason why the PeerCoin is seen as more sustainable coin for the future compared to the Bitcoin is based on the improvements that they made to the PeerCoin compared to the Bitcoin. The first thing they integrated was the proof-of-work and proof-of-stake hybrid system, meaning that initial coins can be mined, but the core network of PeerCoin is always maintained by the people holding coins, instead of by the fastest mining pools which is the case with the Bitcoin. This reduces the risk of the so-called “51% attacks”, where a group of persons can own 51% of the coins and therefore control the coin like we know from normal currencies. Furthermore the PeerCoin is more environmental friendly as it takes a lot less power to both mine and maintain the coin on the servers, which many also see as a great thing in this technological age. The PeerCoin has also integrated a 1% a year inflation to make sure that it will have a secure network no matter how many transaction fees there are.
PeerCoin is currently the 4th largest cryptocurrency and many experts believe that it has what it takes to be among the three biggest cryptocurrencies within a few years due to its amazing design. It will be difficult for the coin to take over the position as the largest cryptocurrency from the Bitcoin, but it has some advantages over the Bitcoin that makes it possible for it to actually do so in the long run. The current value of the Peercoin is around $5-$6 per coin, but might increase in the future depending on the community’s acceptance and usage of the coin and if it can get more endorsement like the Bitcoin has experienced.
You can see a presentation video of the PeerCoin, made by the PeerCoin creators below:
Link to Youtube Video
There are not a lot of different things that you can currently use your PeerCoins for, as the coin has yet to integrate merchant payment systems and similar things to make it a fully functional currency. This will however be done in the future and when this happens, then it certain that the value of the coin will go up.
However it is possible to buy goods from certain users in the PeerCoin community, who often posts their services or goods along with the price in PeerCoins on the different forums that revolves around the PeerCoin online. Furthermore there are also more and more casino sites that have started to accept the cryptocurrency as a funding method and thus making it possible to win more PeerCoins by playing their games. Otherwse the PeerCoin is a good coin for investment purposes as its value is currently very stable, but might increase significantly in the future when the people behind the coins develops payment systems for merchants.