Peercoin

Halal Rating :
Comfortable
Last Price $0.41 Last updated:
Rank 1117
1D Change 6.33 %
Market Cap $12.07m
Circulating supply 29,260,568
Maximum supply None

Crypto Overview

Categories
  • Mineable
  • Hybrid - PoW & PoS
  • SHA-256
  • Medium of Exchange
  • Store Of Value
  • Payments
  • Staking

Overview

Peercoin (PPC) was launched in 2012 as one of the first cryptocurrencies to implement a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanism. Its primary intended utility is to serve as a sustainable and energy-efficient digital currency, pioneering the concept of Proof-of-Stake.

Intended Utility Analysis

The core purpose of Peercoin is to function as a decentralized digital currency with a focus on long-term sustainability through its hybrid consensus mechanism. The project aims to address Bitcoin's energy consumption concerns while maintaining security and decentralization.

Actual Utility Assessment

Current usage of Peercoin remains limited compared to major cryptocurrencies. The network continues to operate and maintain its original purpose, though real-world adoption for payments or other practical applications is minimal. Development activity continues but at a modest pace.

Founder Enrichment Analysis

The project was founded by Sunny King and Scott Nadal with a fair launch model. There was no pre-mine or ICO, indicating low risk of founder enrichment schemes. The developers stepped back from active development, with the project now maintained by a community of volunteers.

Technical Implementation

The hybrid PoW/PoS system is implemented in a manner that aligns with Islamic principles, as it involves actual ownership of assets and legitimate value creation through network security provision. The staking mechanism does not involve traditional interest (riba) but rather network participation rewards based on actual service provision.

Crypto Impact

To assign a comfort level investing in Peercoin from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Peercoin.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

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Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

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Justification for our Halal Rating