The logo to be designed is for a cryptocurrency called Peercoin, also known as ppcoin, ppc and Peer to Peer Coin. Cryptocurrencies are a form of digital currency that provide people with the ability to send coins to anyone anywhere in the world at any time without having to worry about large transaction fees. Unlike dollars or paper money, cryptocurrencies cannot be printed out of thin air. This revolutionary feature helps to prevent inflation and devaluation of the currency, helping to maintain its value. Cryptocurrencies also provide anonymity in transactions, take banking out of the equation, as well as many other benefits.
Bitcoin is currently the most popular cryptocurrency, although we plan to change that over time. The problem with Bitcoin is that the security of its network is maintained through a process called mining using a proof of work system where many computers work together to protect the network through computation. There are literally rooms full of electronic equipment dedicated to mining Bitcoin. This leads to a problem where a massive amount of energy is being expended in order to guarantee the security of the network. This problem can only get worse as it becomes more accepted as a mainstream currency, making Bitcoin fundamentally unsustainable in the long-term.
Peercoin attempts to solve this energy problem by combining the proof of work system with proof of stake, which provides the security of the network through a different process and reduces energy expenditure significantly, also allowing for interest to be generated on your accumulated coins. Peercoin is therefore the world's first energy efficient environmentally friendly cryptocurrency.