Short answers, pulled from the story.
Peercoin, also known as Peer-to-Peer Coin or PPC, is a cryptocurrency that uses both proof-of-work and proof-of-stake systems. It is notable as the first cryptocurrency to implement the proof-of-stake consensus mechanism, introduced in an August 2012 paper by Scott Nadal and Sunny King.
Peercoin was created by Scott Nadal and Sunny King, based on a paper published in August 2012. Sunny King is a pseudonym; the true identity behind the name has not been confirmed. King also created Primecoin.
In Peercoin's proof-of-stake system, the chain with the longest accumulated proof-of-stake coin age wins in the event of a blockchain split. Individual stakers typically receive a 3-5% annual reward, composed of a dynamic portion (75%) based on coins held, unspent age, and global staking participation, and a static portion (25%) based on the fraction of total coin supply minted per year.
Peercoin targets a global annual inflation rate of 1%. Individual stakers receive higher rewards of roughly 3-5% per year because only a minority of coins are actively staked at any given time.
Transaction fees in Peercoin are burned rather than collected by miners. This destruction of fees reduces the overall coin supply and is intended to benefit the entire network by preventing spam.
As of December 2024, the static reward for a proof-of-stake block in Peercoin is approximately 1.4 PPC. This static portion makes up 25% of the total staking reward and is awarded regardless of stake size.