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Sign up Log in. Under this system typically a tournament is held periodically to mint coins based on the performance of the tournament participants, mimicking the prizes of real- life tournaments. To make commerce practical under such a system, we decided to introduce an additional form of checkpoints that are broadcasted centrally, at much shorter intervals such as a few times daily, to serve to freeze block chain and finalize transactions. Peercoin was the first altcoin to target the issue of Bitcoin's high energy consumption by utilizing a proof-of-stake PoS system for verifying the blockchain. Another concern is that the cost of double- spending attack may have been lowered as well, as attacker may just need to accumulate certain amount of coin age and force reorganization of the block chain.
