Peercoin (PPC) is a cryptocurrency which uses a proof of stake algorithm to enable faster block and discourage centralization. Rather than transactions being executed by a limited group of miners, mining is distributed across the computers of all Peercoin users. In exchange for making their computing power available to the Peercoin network, users are rewarded with newly-created Peercoins equal to 1% of the amount of Peercoin they hold.
The proof of stake system used by Peercoin favors its use as a store of value rather than a currency. A flat fee of 0.01 Peercoin for every kilobyte of data transacted in a Peercoin transaction is automatically charged by the Peercoin system. The purpose of this fee is to prevent the Peercoin network’s combined computing power from being wasted on very small transactions.
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