Primecoin

From HandWiki

Primecoin (Abbreviation: XPM) is a cryptocurrency that implements a proof-of-work system that searches for chains of prime numbers.[1][2]

Primecoin was launched in July 7, 2013 by Sunny King, who also founded Peercoin.[3][4]

Unlike other cryptocurrencies, which are mined using algorithms that solved mathematical problems with no extrinsic value, mining Primecoin involves producing chains of prime numbers (Cunningham and bi-twin chains). These are useful to scientists and mathematicians and meet the requirements for a proof of work system of being hard to compute but easy to verify and having an adjustable difficulty.[5][6][3][7][4][8]

Shortly after its launch, some trade journals reported that the rush of over 18,000 new users seeking to mine Primecoin overwhelmed providers of dedicated servers.[6][9] It was ranked as being one of the top ten currencies before 2014.[10]

Primecoin has a block time of one minute, changes difficulty every block, and has a block reward that is a function of the difficulty.[3][8]

References

  1. ↑ Learning Bitcoin. Packt Publishing. 30 October 2015. ISBN 978-1-78528-615-5. https://books.google.com/books?id=2wCACwAAQBAJ&dq=%22Primecoin%22&pg=PA187. 
  2. ↑ Cryptoeconomics: Economic Mechanisms Behind Blockchains. Cambridge University Press. 28 February 2024. ISBN 978-1-009-02815-8. https://books.google.com/books?id=gEn8EAAAQBAJ&dq=%22Primecoin%22&pg=PA80. 
  3. ↑ 3.0 3.1 3.2 Franco, Pedro (21 October 2018) (in en). Understanding Bitcoin: Cryptography, Engineering and Economics. Chichester, West Sussex, UK: John Wiley & Sons. pp. 175–76. ISBN 978-1-119-01914-5. https://books.google.com/books?id=erMQBQAAQBAJ&pg=PA175. 
  4. ↑ 4.0 4.1 Peck, Morgen E. (29 April 2014). "Bitcoin Vies with New Cryptocurrencies as Coin of the Cyber Realm" (in en). Scientific American. https://www.scientificamerican.com/article/bitcoin-vies-with-new-cryptocurrencies-as-coin-of-the-cyber-realm/. 
  5. ↑ "Exploring Primecoin: An Alternative Cryptocurrency Project - Codemotion" (in en-US). 2020-11-16. https://www.codemotion.com/magazine/backend-dev/blockchain-dev/primecoin-cryptocurrency/. 
  6. ↑ 6.0 6.1 Clark, Jack (16 July 2013). "Virtual currency speculators shut down cloud". The Register. https://www.theregister.co.uk/2013/07/16/digitalocean_primecoin_cloud_problems/. 
  7. ↑ Pirjan, Alexandru; Petrosanu, Dana-Mihaela; Huth, Mihnea; Negoita, Mihaela (2015). "Research issues regarding the Bitcoin and Alternative Coins digital currencies.". Romanian-American University via Gale. https://www.thefreelibrary.com/Research+issues+regarding+the+Bitcoin+and+Alternative+Coins+digital...-a0484156869. 
  8. ↑ 8.0 8.1 Gibbs, Samuel (28 November 2013). "Nine Bitcoin alternatives for future currency investments" (in en). The Guardian. https://www.theguardian.com/technology/2013/nov/28/bitcoin-alternatives-future-currency-investments. 
  9. ↑ Miller, Rich (17 December 2013). "Currency Miners Cause Spot Shortages of Dedicated Servers". Data Center Knowledge. http://www.datacenterknowledge.com/archives/2013/12/17/currency-miners-cause-spot-shortages-dedicated-servers/. 
  10. ↑ Gina Clarke (October 16, 2018). "Proof-Of-Stake Guru Sunny King: "Blockchain Is Easy - We Just Need To Use It Like A Database"". https://www.forbes.com/sites/ginaclarke/2018/10/16/proof-of-stake-guru-sunny-king-blockchain-is-easy-we-just-need-to-use-it-like-a-database/. 

Further reading



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