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Category Archive: peercoin

HolyTransaction add-on for cryptocurrencies exchange rates

Recently we at HolyTransaction created a new add-on for the Firefox browser only to see the exchange rates for cryptocurrency pairs.

This add-on allows you to see the exchange rates between the most popular currencies using only a couple of clicks. 
Exchange rates are available between dollar, euro, bitcoin, litecoin, peercoin, dogecoin, dash, blackcoin and gridcoin. 
The add-on’s simplicity provides you an easy way to have all the information you need before selling or buying your favorite cryptocurrencies.
The price is shown on your browser, according to your specific preferences. You can change the displayed number of decimal places in the user settings.

How to dowload the add-on

To download this HolyTransaction add-on, you just have to follow this step-by step guide:
  • Click on the Firefox Menu at the top right of the toolbar;
  • Click on “Add-on”;
  • Write “HolyTransaction” in the search at the top right of the page;
  • Click on “Add-on” on the left menu;
  • Click the “Download” button next to the HolyTransaction add-on. 
  • You will find the exchage rates window at the top right of your toolbar.
You just need to click on the HT logo of HolyTransaction. 

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Amelia Tomasicchio

Infographic: Comparing Altcoins – Part 2

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A little altcoin sanity: Peercoin

(CoinReport) Litecoin, Namecoin, and Peercoin are the three you consistently would hear referred to when people talked about alts. It probably helped that BTC-e, one of the early altcoin hubs, added them all, giving them greatly increased prominence in the community. In looking at these four cryptocurrencies — Bitcoin, Namecoin, Litecoin, and Peercoin — it’s interesting to consider them in terms of how they differ from the original. Namecoin is the least distinct from Bitcoin: The only real distinction is the additional name-capturing feature. Litecoin is distinct in a few ways: block timing, total coins, and hashing algorithm (Scrypt). Still, neither of these were really all THAT different.

Peercoin actually IS different on a fundamental level. It introduced a concept now relatively commonplace within altcoins: Proof-of-Stake. Before we go anywhere, though, specs:
– Developed by Sunny King and Scott Nadal
– Announced well in advance of release on August 12th, 2012
– Mixed proof-of-work and proof-of-stake network security
– No maximum coins, eventually maintains 1% inflation through Proof-of-Stake 
– 10-minute confirmations, like Bitcoin 
So what exactly IS Proof-of-Stake (from here on out, PoS, no giggling please)? It’s the use of coins held in wallets to secure the blockchain. On a very basic level (and apologies in advance for an analogy which distorts the situation, I only have so much space), pretend you’re trying to account for all the gold in the world. You have a list of everyone who had some gold last time you checked. You ask all of those people “Hey, how much gold do you have?” and they all send you proof of exactly how much they have. So you can cross those people off your list — you only need to go find the as-yet-unknown gold owners. Much less work. As a reward to those gold owners (Peercoin-owners) they get a tiny bit more Peercoin, distributed based on how many Peercoins they own. This is essentially the basics of PoS: Instead of using electrical power to compute hashes to continuous prove ownership of coins and ensure network security, the PoS model just looks backwards in time to check and make sure proper ownership was verified, and that the coins have remained in that person’s wallet since that last check. If both of those are the case, no more work is needed to be done.

So why would anyone want to use a PoS system? More directly, what are the advantages?

First, it incentivizes owners of coins to own them. Generating 1% interest per year is a neat little benefit — not so much that it is a major problem for currency stability, or that it benefits holding coins so much that it promotes severe deflation, but just a little bit.

Second, it ends the possibility of some of the exploits the Bitcoin network needs to fear, such as the 51% attack. A 51% attack is essentially nonsensical when considered in terms of PoS, where an attacker would need to own 51% of the coins in order to perform it. I don’t even want to consider what the market capitalization of Peercoin would have to reach for one entity to buy up half of the coins, but suffice it to say that it would be the most expensive act of cutting off one’s nose to spite one’s face any of us had ever bore witness to.

Finally, since PoS replaces a significant portion of the role played by PoWork for securing the Peercoin blockchain, it is far more energy-efficient. No need to be running a huge amount of hashpower — those rooms full of Bitcoin mining ASICs don’t have a place in Peercoin. This is relevant for exactly the reason you would think: If you can achieve the same result (secure blockchain) with less expended resources (less energy), why wouldn’t you? Or, to quote from the end of the Peercoin White Paper: “…we expect proof-of-stake designs to become a potentially more competitive form of peer-to-peer crypto-currency to proof-of-work designs due to the elimination of dependency on energy consumption, thereby achieving lower inflation/lower transaction fees at comparable network security levels.” 
Anytime resources must be expended in pursuit of a goal, the end-user must pay for those resources. The end-user of a cryptocurrency is its owners; why pay miners unless you have to? As Bitcoin did to banks and the fiat money system, so can Peercoin do to Bitcoin, at least in theory.

But there’s still one very unanswered question: How do we value Peercoin?
Unfortunately, for once, I’m going to have to tell you all something a little embarrassing: I have no idea. I understand what value it adds to the world (a blockchain which is cheaper to run than a purely PoWork model), but it’s hard to say how that added value can be understood in terms of market capitalisation. Essentially, though, there are two potential options:

1. Bitcoin and Peercoin coexist. Bitcoin is used as the “reserve currency” of the cryptocurrency world; the asset in relation to which all others are considered. Bitcoin is not commonly used for simple transactions due to high costs of exchange. Peercoin, being cheaper to use thanks to PoS, is used instead.
2. Bitcoin’s first mover advantage is somehow lost (or a black swan takes flight), and cheaper methods of curating the blockchain, such as PoS, take over. Peercoin takes on the role of reserve currency thanks to its competitive advantage over PoW, and due to its first-mover advantage relative to other PoS systems.
And, of course, option three: Peercoin loses and becomes an unremarkable footnote to history. It is worth noting that option three is the path most altcoins are very likely to follow. I simply don’t often discuss it, because the role of an investor is to look for potential value; if you spend all your time pointing at things you expect will fail, you’re just wasting time.

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“The current proof of work system that is in place incentivizes centralization,” says BlackCoin Foundation

As Bitcoin’s first-mover momentum spreads the digital
currency’s adoption, the “proof of work” model it uses to confirm
transactions is coming under scrutiny within the crypto-community.

(PaymentSource) The
proof of work algorithm rewards the individuals, called miners, who
confirm blocks of transactions in exchange for an amount of the digital
currency. Individual miners join pools to mine collectively as a group,
increasing the computing power available to confirm Bitcoin
This model seems to benefit by encouraging a large
number of participants, but it is vulnerable to what is called a 51%
attack. A miner or pool that holds 51% of the total computing power
could in theory control the blockchain, which is the public ledger of
Bitcoin transactions. This control could enable double-spending bitcoins
as well as blacklisting certain users or computing equipment.
Until recently, the 51% attack was widely considered an unrealistic threat.
proof of work algorithm is robust and has been resilient in the face of
continuous attacks for the past five years,” says Andreas Antonopoulos,
a technologist and entrepreneur who is active in the Bitcoin community.
But a mining pool called Ghash.io gave the community a scare when it took over 51% of the network for 12 hours on June 13.
a pool used its control for nefarious purposes it would only hurt
Bitcoin’s use and, in turn, its price. This result would hurt any miners
who become attackers, since they are rewarded for their mining efforts
in Bitcoin and likely hold a generous amount of the digital currency.
Since the incident, Ghash control has decreased substantially, hovering now at around 35%.
miners didn’t sign up for unfair play and they would abandon that
pool,” lowering the percentage of its control, Antonopoulos says. The
51% attack “is a theoretical attack that’s narrow in scope and goes
against the incentives for the miners and owners of the pool.”
year, Ghash said it would try to prevent itself from capturing 51% of
the network power and that it would not do any damage even if it did
reach this level of control. And since the power is split over the many
individuals who mine in the Ghash pool, it’s unlikely the pool could
reach a consensus among its members to damage the network
Nevertheless, some in the Bitcoin community are calling for a splintering, or “fork,” in the Bitcoin blockchain, and the forked version of Bitcoin would add features that discourage pooled mining.
are talking about the benefits of a “proof of stake” algorithm, which
secures cryptocurrency networks by asking users to show ownership of a
certain amount of the currency.
Image: FollowTheCoin

BlackCoin is an alternative
digital currency that uses a pure proof of stake model. It was created about five months ago and has generated enough support to be integrated into CoinKite’s merchant point of sale system.

user chooses to ‘stake’ his coins to generate the next block in the
chain, and his chance of doing so is proportional to the weight of his
own coins,” says Adam Kryskow, U.S. representative for the BlackCoin
Proof-of-stake algorithms enable faster payments.
BlackCoin transactions confirm in under a minute, whereas Bitcoin
transactions usually take about 10 minutes. And proof of stake is also
more eco-friendly, consuming far less energy than proof of work
Image: Peercointalk.org

Peercoin is one of the most recognized altcoins that
uses a hybrid proof of stake/proof of work model. New coins are awarded
to miners who do work to authenticate transactions, but are also given
to users who hold a higher stake in the system.

“The current proof
of work system that is in place incentivizes centralization,” says
Kryskow. “Specifically as mining payouts decrease, small mining
operations will be forced to close up shop. With little to no incentive
to continue mining, network power will fall dangerously low and security
will be severely threatened.”
But proof of stake has its own
vulnerabilities. Kryskow admits that since proof of stake algorithms are
not completely decentralized, they are susceptible to a “nothing at
stake” attack, where older coins could be used to fork the blockchain to
create a competing one.
The proof of stake model hasn’t been
stress-tested enough over a long period of time, and it worries
Antonopoulos when proponents argue that the nascent mining algorithm is
better than Bitcoin’s proof of work.
Bitcoin has survived a number
of attacks over the years, says Antonopoulos. “There is much better
monitoring and tracking [of the network]…a lot of DDoS protections and
countermeasures built into the core client because of Bitcoin’s
experience with widespread attacks over the years,” he says.
of stake was created in 2011 with the launch of Peercoin. “It was
attacked and beaten; bugs were found, security issues were rampant and
countless vulnerabilities were exposed,” Kryskow says.
That’s when Peercoin moved to the hybrid proof of stake/proof of work model.
Image: Bitcoinexaminer.org

developer argues that, like Bitcoin’s proof of work, proof of stake
will be stress-tested in real-world use. BlackCoin “is a great proof of
stake experiment,” Kryskow says.

Antonopoulos agrees that the development of new proof models is advantageous.
don’t think we’ve found the perfect solution yet,” he says. “Everything
comes with compromises…so you just have to identify which ones are the
good compromises to make.”
Other algorithms include “proof of
burn,” in which a small portion of a cryptocurrency is destroyed to
create value through scarcity; and “proof of resource,” which takes a
resource, such as bandwidth, and assigns it a certain value for sharing.
real issue, though, is until we see a problem in Bitcoin that impacts
the price, knowledge of Bitcoin is so much higher than [all other
altcoins] that any other solution out there will be irrelevant,” says
Tim Sloane, vice president of payments innovation at Mercator Advisory
Sloane doesn’t expect everyone using the Bitcoin protocol
to switch over to another digital currency just because there’s a threat
of disaster. But it may happen if a disaster actually strikes.
“As Bitcoin gets bigger and bigger, the problem gets bigger and bigger,” he says.

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Spreading Peercoin on Pi: get 10 PPC for setting up a node!

User river333 from PeercoinTalk is ready to start giving out tips for spreading Peercoin on Pi!

Here’s how to get the 10 PPC tip!

1. Follow Tea42’s guide
on how to set up Peercoin on your Raspberry Pi. A full node is required
to receive the tip, so be sure to complete the part of the guide
entitled “Contribute to the Peercoin network” in part 2, which shows you
how to allow port forwarding.

2. Post in this thread with a photo of your Pi, and also a photo of your Pi screen.
The following should be visible in the photo of your Pi’s screen:
A: A window showing your Raspberry Pi serial number.
The Peercoin Qt wallet with the green checkmark in the lower right hand
corner indicating that the RPi is now a currently synced Peercoin node.
The “Receive coins” tab should be clicked so your wallet address to
receive coins is visible.
C: The Peercoin Qt debug
window open showing the command “getconnectioncount” having been typed
in at the bottom and the window showing a number greater than 8.

3. Paste your PPC address into your forum post. This should match the one visible in the photo of your Pi’s screen.

you follow the above instructions correctly, you will receive your tip!
A big thank you to NewMoneyEra for donating the PPC that will be used
for tipping.


What is a Raspberry Pi?

Raspberry Pi is a low cost, credit-card sized computer that can be
plugged into a monitor/tv, and a standard keyboard and mouse (http://www.raspberrypi.org/help/what-is-a-raspberry-pi/).
It is used in programming education and also has a wide variety of
other uses. Its low energy consumption makes it perfect for running a
Peercoin node.

What model of Raspberry Pi should I buy?

B is the most used at the moment. I’ve read that the new model has the
same hardware, and only the form is different, but I have no experience
with it.
As for an SD card, it’s best to buy a class 10 or better,
that is 10MB/s minimum write speed. Don’t get fooled by the read speed
they mention on the packaging, that is always much higher. http://en.wikipedia.org/wiki/Secure_Digital#Speed_class_rating
A case is not necessary but recommended because it protects against stuff falling on your pi, small coffee spills etc :)

have a pi I ordered for playing round with and remember you will need a
power supply to for it, that and the SD card u need to buy, its a micro
usb charger same as many android phones or tablets so u can use one of
those if it gives a high enough voltage.  I just remember when I ordered
mine the wait on charges was 3 weeks longer than the 5 weeks for the
pi, but I hope they more readily available now.

What is the purpose of this project?

purpose of this project is to encourage the use of Peercoin on
Raspberry Pi, while also increasing the number of full nodes on the
network. A connection count of more than 8 indicates that port
forwarding is enabled and that you are running a full node. Minting is
beyond the scope of this project.

Can I mint on my Raspberry Pi too?

you can. However, for the moment it is advisable not to mint on a full
node (i.e. with port forwarding) until more research has been done. You
can find out more about this here and here if you are interested.

Go to the orginal thread on Peercointalk!

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Bitcoin-Litecoin ratio returns to historic norm, Peercoin climbs 200%

(TheGenesisBlock) As bitcoin continues to climb
to record highs, reaching as high as $1,141 on Bitstamp, it is joined in
growth by a number of alternative digital currencies. The most visible
has been litecoin, which has returned to what might be considered a
normal trading range relative to bitcoin. Litecoin is not alone in its
gains, with others like Peercoin and Namecoin making similar gains.
vs usd
The rise of Litecoin has made numerous headlines
over the past week, surprising many with its meteoric gains and
crossing of one billion dollars of market capitalization. Yet, the
dynamics in which it is actually traded are often overlooked,
particularly its relationship to bitcoin. On BTC-e, the leading litecoin
exchange by volume, the bitcoin-litecoin currency pair is traded with
as much or more volume as litecoin-dollar. It also regularly dictates
movement as visible through a series of technical factors.
ltc hourly
ltc volume
As we noted in August,
litecoin and bitcoin are beginning to show signs of trading in a manner
similar to gold and silver. In particular, maintenance of a banded
price ratio is a dynamic well known to the precious metals and once
again proving its potential applicability to digital currencies. While
the original research on the matter explains in more detail, those
watching the ratio may well consider the latest litecoin-dollar gains to
be an expected correction. Having fallen out of range amid bitcoin’s
800% climb in the past month, it has since normalized.
Not to be overlooked is Peercoin (PPC), an altcoin that utilizes an
alternative mining implementation based not only on bitcoin’s
proof-of-work scheme, but also a proof-of-stake.  The proof-of-stake
system distributes new coins based on holdings rather than just finding
correct hashes. While PPC / BTC remains the dominant currency pair for
the altcoin so far, PPC / USD was recently added on BTC-e, leading to a
massive jump in its exchange rate.
ppc hourly

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There are dozens of digital currencies that are all going insane right now

(BusinessInsider) In the past week, Bitcoin prices have climbed as much as 80%.

We just told you why another cryptocurrency, Litecoin, has been able to ride Bitcoin’s digital coattails to a 400% gain over the same period. But Litecoin is not alone. 

There are at least 30 other digital currencies vying for relevancy in 2013. The best list of the full galaxy of digital currencies comes from CoinMarketCap.com.

According to that site, Peercoin, which now has the third-largest
market cap among digital currencies, is up 22% in the past 24 hours.
Peercoin‘s main feature is that it’s based on a protocol which, though
different from Litecoin‘s, achieves the same effect of preempting mining
cartels from forming and gaining too much control over prices.

Namecoin, with the fourth-largest market cap, is up 70% in the past
24 hours. Its principal attribute is that it exists outside the regular
Internet and therefore beyond control of The Internet Corporation for Assigned Names and Numbers (ICANN), the Internet’s regulatory body.

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