[ANN] Patchcoin (PTC) - Bitcoin alternative using proof-of-stake

[Patchcoin]

Announcement

Patchcoin is now a fully decentralized, energy-efficient alternative to Bitcoin.



Current staking reward: 0.20 PTC per block

The claims period has closed after 180+ days, after the final distribution of all remaining unclaimed PTC.

Our development team has fulfilled its promise to freely distribute all 21 million coins with no developer reserves or ICO sales. Anyone who held Peercoin or Bitcoin during the past six months was free to submit an automated claim.

We estimate nearly $8 million USD worth of Peercoin and Bitcoin were used to claim PTC.

There were 975 claims received and delivered to hundreds of holders across the world.

These hundreds of new PTC holders understand that Patchcoin’s advantage over Bitcoin is energy usage. Through proof-of-stake consensus, our network annually uses less energy than just a hundred Bitcoin transactions.

The Bitcoin mining industry has become dangerously centralized. Today, three mining operators control more than 51% of the hash rate. A recent report suggests the United States now controls over 75% of global hash power, with an administration focused on nationalizing companies.

The next Bitcoin halving in 2028 will further worsen the mining centralization problem.

Patchcoin is a superior option but must build a trusted history to be a real alternative to Bitcoin.

Consider running a Patchcoin node, trading for PTC, and joining our forum to become part of a community that builds this trusted history together.

Link to original post: https://patchcointalk.org/t/patchcoin-whats-next/178

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

[Patchcoin]

Questions and Answers

1. How do I make a Patchcoin claim with my Peercoin?

• Go to the “Transactions” tab of the Patchcoin client wallet.
• In the left search box titled “Enter address, transaction id, or label to search”, enter your PPC address.
• In the bottom right field you will see your PPC address, the PPC amount held, and the eligible PTC claim amount. Right-click on your address and select “Claim address". You will see a generated PTC address.
• Open your Peercoin client wallet. Under “File”, select “Sign Message”. Select your PPC address. Copy the PTC address from the previous step into the message field. Click “Sign Message” at the bottom.
• Copy the resulting signature and then return to the Patchcoin client wallet. In case you closed the previous window, right click your PPC address again in the bottom right field, select “Claim address” and then enter the signature.
• Click “Publish Claim” to submit the claim. You should see your claim enter the queue in the top right field.
• Note that claims may take several hours or days to arrive if there is a high volume of claims submitted after release. Your Patchcoin should arrive if there is supply remaining to be claimed, if you owned PPC at block height 795,000.

2. How does Patchcoin maintain a fixed supply of 21,000,000 coins?

• Patchcoin’s design sets transaction fees burned in a block equal to the staking reward paid. This results in an equal balance between a coin sink (transaction fees) and inflation (staking rewards).
• Bitcoin will also rely on transaction fees once all 21,000,000 BTC have been mined.
• Patchcoin does not have to subsidize expensive mining operations like Bitcoin does.

3. Why should I stake Patchcoin when rewards could be zero?

• Staking with Patchcoin is not predictable like Peercoin. Patchcoin staking is more like a lottery ticket, where the rewards are variable and can be large or small.
• Staking rewards will grow as network usage does, aligning the interests of stakers and Patchcoin users.

4. Why is my claim capped at 50,000 PTC per PPC address?

• The claims cap will initially prevent the coin concentration seen on the Peercoin top 100 addresses list.
• The top 50 Peercoin addresses hold more than 50% of all Peercoin, which in our view is a concentration risk for a pure proof-of-stake network.
• The claims cap means that at least 210 Patchcoin addresses are required to hold a majority of PTC upon release, and this number should increase over time as PTC is sold, traded, and shared, similar to Bitcoin.
• The claims cap limits the impact of large and/or defunct exchanges claiming PTC.
• There are just over 55,200 eligible Peercoin addresses. The claims cap means that about 55,100 addresses are eligible to receive more PTC than the PPC used to claim them. Put another way, about 99.8% of Peercoin addresses are eligible to receive a greater number of PTC than their PPC address holdings.

5. How does the 180 day claims period work?

• For the first 180 days, we have set the genesis key to only spend to addresses that are permitted by the claims made. That is, the genesis key can only make stake transactions, not normal ones.
• This is an important trust and security measure to prove that Patchcoin developers are not able to secretly send themselves PTC that are not backed by a PPC claim.

6. Why give away the entire Patchcoin supply to Peercoin holders?

• It is important that Patchcoin is widely distributed for its network security. Since August 2012 Peercoin has made use of proof-of-work to fairly distribute its coin supply.
• Patchcoin will benefit from Peercoin’s proof-of-work stage and transition to the future with pure proof-of-stake.

7. What amount is the Patchcoin development team claiming?

• Patchcoin’s development team will claim a small amount of PTC through the client wallet claims process after this release announcement. This is the same process as everyone else.
• The development team has recently purchased its PPC to make our claim, supporting the price of PPC.
• The total amount claimed by the Patchcoin team will be far smaller than the top individual Peercoin addresses or Satoshi Nakamoto’s presumed stake in Bitcoin.

8. How can I monitor ongoing claims?

• There is a progress bar at the top of the “Transactions” tab in the client wallet that shows how many PTC have been claimed.

9. What does the “Patch” name mean?

• A “patch” can mean several things. In the realm of computing, it refers to a small update or correction to a program. A patch can also be a collectable.
• Patchcoin is intended to be both. It is a fix for Bitcoin’s increasing mining centralization and energy destruction, as well as a collectable token.
• The Patchcoin logo also can be viewed in different ways. Viewed 3D, the logo contains hexagonal blocks representing a blockchain. Viewed 2D, the logo resembles an embroidered patch. In both instances a subtle “p” is seen in the center.

10. Is this Peercoin 2.0?

• No, Patchcoin is not Peercoin 2.0 and has no affiliation with the Peercoin development team.
• Our claims system will allow Peercoin holders to make a Patchcoin claim while supply remains.

11. Is Patchcoin a competitor to Peercoin?

• No. Patchcoin and Peercoin are connected in a familial way, with a shared background, values, and purpose, but each having its own unique characteristics.
• Patchcoin is a direct competitor to Bitcoin and other fixed-supply cryptocurrencies.

12. Does Patchcoin use less energy than Bitcoin?

• Yes, Patchcoin uses far less than 1% of the energy of Bitcoin because it uses proof-of-stake consensus, not proof-of-work.

13. Where can I learn more about proof-of-stake and the benefits of Peercoin’s underlying technology?

• Peercoin University
• Peercoin’s forum at talk.peercoin.net

14. Is Patchcoin listed on an exchange?

• Not yet. Our goal is to list Patchcoin on a major exchange with high liquidity.
• The faster our community grows, the better chance this will happen.

15. Where can I trade Patchcoin?

• Check out the Trading section of patchcointalk.org.

16. What’s the point of Patchcoin? I still like Peercoin better.

• Some people will prefer Peercoin’s inflationary model. We would still encourage you to claim your PTC and then sell or trade for more PPC.

17. How can I get involved?

• We are an open-source community. Our Github is public.
• Join our Discord to learn more.
• If you have an idea, want to build something, or see a problem: share it on our forum at patchcointalk.org

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

[alpha2019]

13 weeks late

[MiningCoinsPool]

Hello, we cannot reply to any of the topic in your forum https://patchcointalk.org and frankly a discord or telegram group would be way more efficient in my opinion.

[Domajor]

When will the pool service start?

[Patchcoin]

Update 27 February

There have been 591 claims so far for Patchcoin, totaling 7,609,394 PTC. As of today 36.2% of PTC have been claimed.

A community member has also established a Discord this week and trading discussion has begun. Join us: https://discord.gg/Vxnzmmdjcr

If you own Peercoin (PPC) you can submit a Patchcoin claim by visiting www.patchcoin.org.

You can track the current status of claims here: https://patchcoin.github.io/claims-made/

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

[Patchcoin]

Update 3 March:

We will reach 3 million PTC distributed later today, appropriate for 3/3/2025.

Total claims are now above 8 million and we are slowly approaching the halfway mark (10.5 million).

Today is day 10 of the claims period that will last 180 days. Our team is pleased with the response so far and are happy that the claims system is working as intended.

We expect incoming claims will now begin to slow down after this initial period. There are PPC holders who will be unaware of this announcement for another month, two, or three. This is the reason for the long claims period, to give everyone a fair chance to participate.

If you have questions, consider signing up for our forum at patchcointalk.org. Post in the “Newcomers” verification thread for full access to the forum, including the “Support” board where we can help.

You can also join our Discord for help with issues too.

If you join either of these places, feel free to share your ideas, including which exchanges you’d like to see Patchcoin listed on later this year. It will help with our research and planning.

Total Claims: 663
Total Peercoin used to claim: 4,046,054 PPC
Total Patchcoin claimed: 8,331,469 PTC
Total Patchcoin received: 2,988,000 PTC

You can monitor ongoing claims at https://patchcoin.github.io/claims-made/.

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

[Patchcoin]

Update 10 March:

For this week's update we're pleased to announce that we have reached the 25% mark for distributed PTC, with over 5.3 million PTC now in circulation.

The claims system is working perfectly and we are catching up to the most recently submitted claims.

Our lengthy claims period gives every Peercoin holder a chance to see this announcement and participate if they choose.

Total Claims: 701
Total Peercoin used to claim: 4,262,186 PPC
Total Patchcoin claimed: 8,756,386 PTC
Total Patchcoin received: 5,385,600 PTC

You can follow claims progress at https://patchcoin.github.io/claims-made/.

Visit www.patchcoin.org to learn more.

You can support the growth of Patchcoin by sharing the information below.

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

[selfwithin]

https://discord.gg/Vxnzmmdjcr
updated discord Link...

[IMZ Noo Account]

A few tentative P2P trades are happening over on Discord.

IndiaMikeZulu

[Patchcoin]

Thanks @selfwithin for the updated Discord link.

[IMZ Noo Account]

Several PTC owners are discussing prices over on Discord Patchcoin Price-Talk.

IndiaMikeZulu

[Patchcoin]

Question - "Rewards" from Discord 13 March

Q: Hello, can you explain me one thing in patchcoin? I thought that patchcoin is BTC with pos. But what I can see now,  patchcoin is planned to have 21m coins at beginning. Does it mean that reward will be only fee based? I thought that block reward idea is similar to btc and halving + fee. Dont you afraid that low fees will be not enough to keep interest in minting?

A: Yes, the coin supply will remain fixed by matching the transaction fees burned each block to the staking reward.

Bitcoin will eventually end up in the same design years from now.

Because we don't have to subsidize expensive mining operations, transactions can be cheaper than Bitcoin in the long run.

Patchcoin staking is more like a lottery ticket, where the rewards are variable and can be large or small. We think people will enjoy seeing the occasional very large staking reward.

Staking rewards will grow as network usage does, aligning the interests of stakers and Patchcoin users.

And we believe Patchcoin holders understand that their coins will be worth more if they participate in network security and consensus.

Join our Discord to see current conversations, questions, and answers about Patchcoin.


Question - "Marketing" from Discord 13 March

Q: this project will be marketed as store of value ? competitor to bitcoin ?

A: Yes. We want Patchcoin to be a Bitcoin replacement. Same capabilities. Less than 1% of the energy usage of Bitcoin.

You can now track Patchcoin claims at a simple address: https://patchcoin.claims/

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

[IMZ Noo Account]

'A millibit of Bitcoin is worth $81.10 right now. That's 8,110 PTC at 1 cent per. I will pay one millibit of Bitcoin for 8110 PTC right now

And: PPC is 36.6 at this second. I will buy PTC at a rate of 36.6 to the PPC. (one cent per).'

It may be a little while until we can do p2p trades on this thread, but these offers are up right now on the Discord PTC 'price-talk' thread.

IndiaMikeZulu

[Patchcoin]

Bitcoin’s Impacts on Climate and the Environment
Link: https://news.climate.columbia.edu/2021/09/20/bitcoins-impacts-on-climate-and-the-environment/

Globally, Bitcoin’s power consumption has dire implications for climate change and achieving the goals of the Paris Accord because it translates into an estimated 22 to 22.9 million metric tons of CO2 emissions each year—equivalent to the CO2 emissions from the energy use of 2.6 to 2.7 billion homes for one year. One study warned that Bitcoin could push global warming beyond 2°C. Another estimated that bitcoin mining in China alone could generate 130 million metric tons of CO2 by 2024. With more mining moving to the U.S. and other countries, however, this amount could grow even larger unless more renewable energy is used.

Power plants such as Greenidge also consume large amounts of water. Greenidge draws up to 139 million gallons of fresh water out of Seneca Lake each day to cool the plant and discharges it some 30 to 50° F hotter than the lake’s average temperature, endangering the lake’s wildlife and ecology. Its large intake pipes also suck in and kill larvae, fish and other wildlife.

And even if it one day becomes possible to run all bitcoin mining on renewable energy, its e-waste problem remains. To be competitive, miners want the most efficient hardware, capable of processing the most computations per unit of energy. This specialized hardware becomes obsolete every 1.5 years and can’t be reprogrammed to do anything else. It’s estimated that the Bitcoin network generates 11.5 kilotons of e-waste each year, adding to our already huge e-waste problem.

We know Patchcoin can be a Bitcoin replacement. Same capabilities and coin supply, less than 1% of the energy usage.

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

[IMZ Noo Account]

P2p bids up right now on Discord Patchcoin Price-talk.

We offer one Peercoin for 39 Patchcoin.

IndiaMikeZulu

[IMZ Noo Account]

PPC is 37.5 at this second. I will buy PTC at a rate of 37.5 to the PPC. (one cent per).
And we shalll carefully poke about at finding viable prices. Jack17/IndiaMikeZulu hope to trade at 10% profit or even less.

[IMZ Noo Account]

PPC is 36.2 at this second. I will buy PTC at a rate of 36.2 to the PPC. (one cent per).

[Patchcoin]

Update 17 March:

We have reached 35% of PTC distributed, with over 7.43 million PTC now in the hands of active claim holders.

Nearly 85% of claims have been fulfilled to date. If you submit a new claim today, you will receive your PTC within a few days.

This week we’ve seen community members begin p2p trading in our Discord channel in #price-talk, with buy and sell offers. These early efforts are fun to watch. Offers have ranged between $0.01 and $0.05, in the same range as Bitcoin’s early prices from 2010.

A question often asked is “what will happen to any unclaimed PTC?”

We will decide by day 90 of the claims period and share with the community. If we overestimated the amount of active PPC addresses, the solution could be a mixture of additional distributions to all PTC holders and a small auction for a development fund.

We know that PTC trading and liquidity will increase once all coins are distributed, so our goal remains to distribute the full supply this year. We will pursue exchange listings once this is complete.

If you haven’t claimed your PTC yet, instructions are in the announcement thread.

---

Discord question of the week: "What happens to BTC mining's voting power once mining is done? Could transaction fees even come close to Patchcoin’s?"

When Bitcoin miners no longer receive coin subsidies per block, BTC transaction fees will go even higher.

Read this Bitcoin mining industry report from mid-2024. Look at the value of the capital expenditures and acquisitions. Thousands of acres of property, hundreds of millions of dollars. What a waste of valuable land, materials, and energy.

Those capital and operating costs will be recovered by mining companies through the Bitcoin transaction fees they charge. There is no doubt those mining companies will become increasingly consolidated and centralized too.

In contrast, Patchcoin will offer a digital asset with the same scarcity and security as Bitcoin, but with a fraction of the energy usage and fees.

---

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

[IMZ Noo Account]

'This week we’ve seen community members begin p2p trading in our Discord channel in #price-talk, with buy and sell offers.'

Over 20,000 units of crypto were p2p-ed this morning.

IndiaMikeZulu