Peercoin Network Activates Hard Fork on November 1, 2021
10/31/2021, The Hague, Netherlands // PRODIGY: Feature Story //
The Hague, Netherlands (October 31, 2021) — The Peercoin Foundation today announced that the highly-anticipated hard fork of Peercoin is on track for 12:00:00 UTC, Monday, November 1, 2021 in a major technical upgrade that paves the way for a number of innovations to the Peercoin network.
Peercoin, the first green cryptocurrency and original inventor of proof-of-stake consensus, will build upon its v0.10 codebase through the release of v0.11 (codename Tardigrade) with a major change to the Peercoin network through the removal of the transaction timestamp. The hard fork was previously announced October 3, 2021.
The transaction timestamp was originally implemented in Peercoin by founder Sunny King. Its purpose was to allow for an easier way to handle coin age in the client. It is a unique part of Peercoin’s protocol which does not exist in Bitcoin. However, its inclusion back in 2012 consequently rendered Peercoin incompatible with a large number of tools, services, and infrastructure primarily developed for Bitcoin. Integrating Peercoin with these tools and services had required additional time and effort to be spent on complex workarounds to support the timestamp feature.
The removal of the transaction timestamp from the protocol will effectively eliminate Peercoin’s incompatibility issues. Once the protocol switches to v0.11, it will become much easier for developers to integrate with existing infrastructure such as Rosetta, Lightning Network, Atomic Swaps, DeFi, DEXes, and much more. This change will open up Peercoin to a number of new opportunities for future developments and integrations.
The global community of Peercoin developers is enthusiastically sharing its plans for some of the first integrations that the network will see following the v0.11 hard fork.
“One key team will dedicate resources to implementing Rosetta, which as explained in our 2021 roadmap is a necessary requirement for integration with Coinbase,” said Randy Vittorini, spokesperson for the Peercoin Foundation.
Coinbase initially developed Rosetta as the middleware used to integrate blockchains into its platform securely and seamlessly. Unified Rosetta interface makes it easier to ensure compatibility with exchanges that use Rosetta, and can dramatically speed up the time it takes exchanges to integrate with new blockchains. Overall, having such a tool ported to Peercoin will make integration of Peercoin in various services far easier.
Another important development will be the porting of LND (Lightning Network Daemon) to Peercoin. LND is by far the most popular software used with the Lightning Network.
Recently, Peercoin was reviewed by blockchain analyst group Quantum Economics which made the following conclusion: “In a world that is increasingly concerned about the environmental impact of Bitcoin, Peercoin offers an energy efficient, sustainable store of value. Further, Peercoin’s Team is exploring ideas to improve Peercoin itself and integrate the coin with DeFi and decentralized exchange infrastructures. In addition, unlike some digital currencies, Peercoin has not been deemed a security, and it is legal in all global jurisdictions.” (Source: https://medium.com/quantum-economics/peercoin-8b80e360b6f3 )
For more information about Peercoin, please visit the website at https://www.peercoin.net/.
The Peercoin blockchain network is an open-source decentralized ledger, completely governed by users of the currency. Peercoin (PPC) first came online in 2012, making it one of the earliest pioneering blockchains. The key innovation of Peercoin is its invention of proof-of-stake, an alternative consensus protocol to Bitcoin’s proof-of-work. It is also recognized as an eco-friendly technology with low power requirements. As of October 31, 2021, Peercoin had a circulating supply of 27,207,427 PPC with a target growth rate of 1% per year.
About Peercoin Foundation
The Peercoin Foundation has been established with the simple mission of promoting and supporting the continued education, development, and overall progression of the Peercoin project. We seek to empower future Peercoin team members by providing the tools necessary to perpetuate Peercoin’s long standing reputation for bringing world-first innovations to the Blockchain. The Peercoin Foundation makes no claims over intellectual property related to Peercoin and the Peercoin project, unless explicitly stated otherwise.
Website - https://www.peercoin.net/
Twitter - https://twitter.com/PeercoinPPC
Forum - https://talk.peercoin.net/
Telegram - https://telegram.me/peercoin
Discord - https://discord.gg/m294ReV
Donation - https://www.peercoin.net/foundation
Release ID: 51044
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