Peercoin PPC/USD remains under pressure; in less than several weeks, the price of this cryptocurrency fell from $5.66 to $1.04, and the current price stands around $1.16.
Fundamental analysis: Peercoin is a truly unique project with big potential
Peercoin is one of the earliest pioneering blockchains and the first blockchain that allows its protocol rules to be governed directly by its users. Stakeholders of Peercoin (coin owners) wield influence over the network, produce new blocks, and secure the chain.
Peercoin uses Proof-of-Stake for network security and Proof-of-Work for distribution to solve the problem that the overall coin supply does not get concentrated in the hands of a small number of people.
New coins are generated based on the holdings of individuals, so for example, if you hold 2% of the currency, you will be able to generate 2% of all proof-of-stake coin blocks. In this way, the Peercoin network is more decentralized and democratic, while the efficiency strengthens by growing the number of individuals.
Peercoin is an alternative consensus protocol to Bitcoin’s proof-of-work that requires less amount of energy to support the network. Instead of using a mining process, Peercoin selects nodes based on how many coins are being held in an individual’s virtual wallet.
Peercoin is a truly unique project with big potential; the popularity of this project is rising across the globe, while more and more exchanges are offering this cryptocurrency. Despite this, Peercoin has collapsed from the recent highs registered in the third week of May, and probably it is not the best moment to invest in this cryptocurrency.
The whole cryptocurrency market is pressured by the fall of Bitcoin, as the BTC weakened again below $35,000 support this Sunday.
