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Peercoin Protocol Upgrade Reaches Over 40% Adoption

THE HAGUE, NETHERLANDS —February 23rd, 2023, The Peercoin Foundation announced today that the Peercoin v0.12 protocol (Codename Ladybug) is being adopted at a steady rate, with more than 40% of Peercoin blocks already signaling their support. The v0.12 upgrade is an important protocol upgrade for Peercoin, the original Pioneer of Proof-of-Stake.

As previously announced by Peercoin developers on February 3rd, the release of Peercoin v0.12 (Codename Ladybug) adopts the latest developments in the blockchain space, namely Schnorr signatures and Taproot, both of which will make Peercoin more scalable and its transactions cheaper and far more flexible, while enabling developers to implement more complex functionalities.

Peer-to-Peer Governance

In peer-to-peer coin (peercoin), owners of the coins are the ones who wield influence over the network, produce new blocks, and secure the chain. Holders of peercoin co-own the blockchain and collectively decide its future through protocol voting. This concept allows for the evolution of Peercoin’s protocol rules through direct governance by its users.

The concept of protocol voting is very simple in its nature. Developers, no matter who they are, propose changes to the network rules through the RFC process, and after the specifics of the proposal are ironed out, developers proceed to implement the said changes in the code.

After the code has been implemented and thoroughly tested on the testnet network, the code is released to the public. All stakers, also known as “minters”, now get to vote on the new protocol. The network will switch to the newly proposed v0.12 rules after a supermajority of the last 90% of blocks signal for the new version, the purpose being to make sure everyone is in definite agreement.

As of February 23rd, 44.5% of last 1000 blocks are signaling support for v0.12. This is an excellent adoption rate given that only three weeks have passed since the code was released.

If adoption is over 90% on April 17th, the network will switch to the new rules.

What can you do about the v0.12 protocol upgrade?

Core Wallet User: If you are a minter (staker), or a user of the core reference wallet, go to peercoin.net and download the latest version. Instructions for upgrading are provided on the download page. The upgrade is seamless.

Mobile/Web/Hardware User: If you are a user of the Flutter wallet for Android, iOS, or Web, there is nothing that you need to do. If you hold your coins in a hardware wallet, like Ledger, there is nothing that you need to do.

Exchange User: If you hold your coins on an exchange, or if your coins are wrapped through bridge.peercoin.net in order to be used on Ethereum’s Uniswap or Polygon’s Quickswap, there is nothing that you need to do at this time. Major exchanges like Exchanges like Bittrex and SouthXchange have already acknowledged the upgrade. If you use other, smaller exchanges, you can reach out to their support desk and ask if they are aware of the upgrade and if they plan to follow it.

Miner: If you are a miner, reach out to the mining pool that you use and ask them to upgrade to v0.12. Some pools like CoinMinerz have already adopted v0.12 while Prohashing has acknowledged the upgrade and plan to follow through at a later date.

In case of any issues or problems with v0.12 node, please leave a bug report at Peercoin’s github.

For additional details about the upgrade, please visit the following link: https://talk.peercoin.net/t/peercoin-v0-12-codename-ladybug-released/15969

About Peercoin

Peercoin is the original Proof-of-Stake blockchain. It is a decade-old, fairly distributed, open-source, and community-driven project. Peercoin is designed around the concepts of energy and economical sustainability, both made possible by its innovation of Proof-of-Stake consensus.

Peercoin is a peer-to-peer protocol in the truest sense because, unlike most blockchains, all coin owners have the power to run a full node, produce blocks, and earn peercoin as a reward. Proof-of-stake is used for Peercoin’s blockchain security, while proof-of-work is only used to distribute new coins for the purpose of creating a wider distribution. Peercoin’s Project Leader Peerchemist says:

“Peercoin has the important distinction of having a continuous distribution of new coins, ten years after its launch in 2012. And Peercoin’s innovation of proof-of-stake, used to maintain chain security, makes it energy efficient and decentralized.”

About Peercoin Foundation

Development of Peercoin v0.12 was sponsored by the Peercoin Foundation, a non-profit organization established in 2018 with the mission of promoting and supporting the continued development and overall progression of the Peercoin project.

Official Links:

Website – https://www.peercoin.net/
Twitter – https://twitter.com/PeercoinPPC
Blog – https://www.peercoin.net/blog/
Forum – https://talk.peercoin.net/
Telegram – https://telegram.me/peercoin
Discord – https://discord.gg/m294ReV
Foundation – https://www.peercoin.net/foundation

Contact Information

Email: [Protected Email]

Disclaimer

The information contained in this press release is for information purposes only and does not constitute investment advice or a solicitation to purchase or invest. The price of Peercoin can be extremely volatile and can fluctuate rapidly in response to market conditions. Before making any investment decisions, you should carefully consider your investment objectives, level of experience, and tolerance for risk.