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Learning Bitcoin

You're reading from   Learning Bitcoin Embrace the new world of fiance by leveraging the power of crypto-currencies using Bitcoin and the Blockchain

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Product type Paperback
Published in Oct 2015
Publisher
ISBN-13 9781785287305
Length 236 pages
Edition 1st Edition
Tools
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Toc

Table of Contents (10) Chapters Close

Peercoin


Introduced in August 2012, Peercoin is an alt-coin that's mostly based on the original Bitcoin software. Prior to its release, a public announcement was made so that everyone had a fair notice to participate in its public offering. Peercoin's innovative ideas helped increase the energy efficiency of protecting the network with the aim of allowing for greater long-term scalability.

During its launch, new peercoins were issued through a proof-of-work mining process, similar to bitcoins. While the distribution of peercoins is supported through proof-of-work mining, the coins can also be issued through a "minting" process based on an alternative distribution method called proof-of-stake.

Proof-of-stake

Bitcoin's mining process requires a large amount of computing power to generate the proof-of-work needed to create a valid block of confirmed transactions. Designed as an alternative to proof-of-work, the proof-of-stake minting process issues new coins on the basis of the minter's ownership...

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