PayPeer can be summarized as a decentralized payment network where computing power is required in order to mint new “coins”. It can be used to send money all around the world at any time of day over the internet, much like an email. PayPeer “addresses” are used similarly to email addresses for sending and receiving payments. PayPeer is based on bitcoin and overall it works very much like bitcoin except that it uses a very different mechanism for maintaining address balances to improve scalability and it includes some innovative new features.
-https://bitcointalk.org/index.php?topic=1370124.0