Peepcoin (PCN), also called ‘People’s coin,’ is a cryptocurrency, a payment gateway, and a real-time fund transfer platform. The project claims to be a fork of Bitcoin codebase. A fork creates a new blockchain with the same history and rules as the original but is heading in a different direction. Being created by a community that believes in equality, Peepcoin seeks to break down global trade barriers and restore financial equilibrium.
According to its website, Peepcoin aims to offer various features such as instant transactions, secure wallets, anonymous payments, and more. The network states that Peepcoin transactions are verified instantly thus exchangeable instantaneously. Further, a multitude of Peepcoin wallets seek to assist users in keeping their private keys secure on most operating systems. Private keys can be understood as a simple password to secure a virtual vault of funds. By utilizing this private key, as a password, users are able to handle the fund anywhere in the world through an internet connection.
The platform further states that Peepcoin utilized the Proof-of-work (PoW) initially for its consensus and later changed to Proof-of-stake (PoS). The two significant consensus algorithms cryptocurrencies use to authenticate, add, and create transactions are PoW and PoS. One notable distinction between the two consensus procedures is energy usage. The PoS blockchains allow networks to run with less resource usage since miners do not need to spend power on redundant procedures (having to compete to solve the same problem). PoS aspires to make Peepcoin an energy-efficient cryptocurrency in this way.
Represented by PCN, Peepcoin seeks to provide decentralized and anonymous digital transactions. According to the platform, PCN charges zero fees for sending, receiving, and accepting payments as a merchant.
