Peercoin is a unique cryptocoin in many ways.
Peercoin aims to be the most secure cryptocoin ever made and also energy efficient in terms of power consumption.
What it means is that Peercoin uses significantly less power to produce coins when compared to bitcoin hashing functions. These features make the coin very desirable and one of the top ten coins in the market. Peercoin uses SHA algorithm and Proof-of-stake and Proof-of-work systems to make the network efficient and secure.
New coins can be created through regular mining or minting process where people get rewards from the coins they hold. New faucets within few days! It was first released in Oct by a former Google employee Charles Lee. It has been said that Litecoin is the first and only true alt coin ever built.
Although there has been several successful coins made after Litecoin there are always special bond between Bitcoin and Litecoin as they are the biggest and most accepted coins and also technically nearly identical.
If you want to “play safe” then investing in Litecoin should be always your second best choice. Litecoin differs from Bitcoin in three ways: Litecoin uses scrypt algorithm instead of Bitcoins SHA which was designed to eliminate the use of typical ASIC miners and make it more profitable for users with regular computing hardware. Today there are already Scrypt ASIC miners available and the difference isn’t that significant anymore.
Litecoin has also four times as many currency units 84 million coins and the network aims to process every block four times faster than Bitcoin which should allow faster transaction confirmations. Only Litecoins were premined prior to official launch.
What Was the First Altcoin?
Although premining is generally a bad thing it really hasn’t affected the distribution or popularity of the coin in any way.