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Forks Of Alternative Crypto Solution Called Peercoin

20:45 19/12/2018
Forks Of Alternative Crypto Solution Peercoin

Introduction

 

Cryptocurrencies are subjected to different forking events. They may be both planned or accidental. Namely, they are updates, fixes, attacks, new coin branchings, minor protocol forks and others. The majority of cryptocurrencies go through these events sometimes even if their possibility is low.

 

Most of fork issues are related to projects based on the Proof-of-Work consensus. But there are examples of another kind. In this article, we are going to examine the Peercoin project. It differs from many other coins because it uses both Proof-of-Stake and Proof-of-Work algorithms.

 

General information about Peercoin

 

Peercoin history starts in August 2012, when the first paper dedicated to the new currency was proposed to the community. Initially, there were two authors — Scott Nadal and Sunny King. By November 2013, Nadal quited the project, and Sunny King became the only core developer.

Peercoin

One of main Peercoin’s goals was to remove energy consumption of Proof-of-Work by adding Proof-of-Stake blocks to the consensus process. It is used in the PPC approach along with limited hash calculation time, the coin age concept, and a correspondent block structure. Other details about the project’s evolution can be found on the development page. In general, Peercoin has had several releases, it is traded on the market, has large-scaled plans for the future according to the roadmap written up to 2020 and an interesting FAQ section.

 

Peercoin forking history

 

Peercoin forking history is eventful as well. Unfortunately, the official wiki page was last updated on September 2015. Still it holds information about the most significant attempts to create “child” cryptocurrencies. Some sources state there were even more such attempts. Let’s have a quick look at several of them.

 

Neucoin

 

The first examined project is called Neucoin. It was launched in Paris on February 2015. However, it was closed in less than a year.

Neucoin fork

 

Novacoin

 

NovaCoin is claimed to be the very first fork of Peercoin. This project is active and traded on the market at the moment. Some features, such as scripting, reward, PoW and PoS characteristics, make it different from the original product.

Novacoin fork

Slimcoin

 

Slimcoin is a unique coin based on the Proof-of-Burn/Proof-of-Stake/Proof-of-Work combination. Launched on May 2014, it is still popular and actively developing.

Slimcoin fork

 

Vericoin

 

On summer 2014, another project called Vericoin was started. It extends the Proof-of-Stake approach of Peercoin by adding the time components, which allowed to improve system security. In contradiction to many other projects that have a fairly slow development rate, Vericoin has already published its first official version and is actively supported by developers and the community.

Vericoin fork

Peercoin own forks

 

As for Peercoin own forks, they are actively used as update instruments. We can mention two latest updates here. The earlier one is the 0.6 update, which was implemented on December 12, 2017. The latest one is the 0.7 update, which is planned to be applied on January 2019. The most interesting point here is that the 0.6 version was added as a soft-fork improvement, while the 0.7 will be a hard fork. Such a diversity indicates that the developers have chosen a thorough and detailed plan for the project’s evolution.

 

Afterword

 

As we can see, Peercoin is one of the most notable projects in the crypto environment. It has several important features, legacy inheritage, community support and various development approaches. Its forking history brought various solutions which allowed enriching the whole crypto ecosystem.

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