Frequently Asked Questions
The Peerplays blockchain launched in early June 2017.
On June 6, 2017, the Peerplays Blockchain Standards Association (PBSA) published an open-source, MIT-licensed repository of software code entitled “Peerplays 0.1.7 – Recommended Peerplays Genesis” at https://www.github.com/pbsa.
Less than 20 minutes later, independent parties from around the globe began to compile this code with the apparent intention of establishing the first Peerplays blockchain seed nodes. Less than 24 hours after that, almost twenty block-signing witness node operators had been elected by PPY token holders, and were successfully signing and validating Peerplays blocks.
A number of different groups and individuals share jurisdiction over the Peerplays blockchain, which ensures no single entity can gain control over the database.
Governance of the Peerplays blockchain is handled using Delegated Proof of Stake (DPoS). DPoS is the fastest, most efficient, most decentralized, and most flexible consensus model available.
DPoS on Peerplays involves three types of participants:
- PPY token holders – Anyone that holds PPY tokens can use the power granted to them through those tokens to cast votes for the Witnesses and Committee that they think would be best suited to work for Peerplays.
- Witnesses – These are the network nodes that timestamp all updates to the global blockchain database. Their job is similar to that of “miners” in Bitcoin, only they must be voted into position by PPY token holders. Like miners, they can only observe what happens on the Blockchain and notarize it – they do not have the ability to restrict or alter the content. They can also be removed instantly by voters if they are not performing up to standards.
3. Advisory Committee – A committee of technical advisors is voted into place, so that consensus can be reached on issues that involve updates to the parameters of the Peerplays Blockchain. Some examples include changes to the network fee structure and adding new features to Peerplays after they are built. Like Witnesses, these Advisors can also be voted out if they are not performing to the liking of their constituents.
No. In order to facilitate real-time gameplay, Peerplays uses a next generation technology called Graphene, which allows for 3 second block production and up to 100,000 transactions per second. Graphene uses Delegated Proof of Stake (DPoS) to provide the fastest, most decentralized blockchain consensus model available today.
Each PPY token has a weighted vote, allowing its holder to participate in the growth and maintenance of the network. Also, each PPY token represents a percentage of every fee collected from users of the network. These fees accumulate into a virtual account on the blockchain, and are distributed as participation rewards into the accounts of PPY token holders at regular intervals.
Any user can create and issue their own cryptocurrency or crypto-asset tokens on Peerplays. They simply register the name of the token and the amount of tokens they wish to issue, and then they can charge a fee to other users who want to buy, sell, or transfer their token. These tokens can be used to represent whatever the creator desires.
Smart Contracts are blockchain-based computer programs which contain a deposit address where users can send funds to be held in escrow until a certain outcome or condition has been met and verified. Peerplays uses smart contracts to hold players’ funds while the betting game or sporting event is in progress, and to determine which player/s receive winnings/payout after the event is over. Peerplays also uses a type of smart contract to handle the distribution of participation rewards payments, and for other business logic that needs to be executed on the blockchain.