Primecoin
| Primecoin | |
|---|---|
 Primecoin logo | |
| Denominations | |
| Plural | Primecoin, primecoins |
| Symbol | Ψ |
| Nickname | XPM |
| Subunits | |
| 0.001 | mXPM (millicoin) |
| 0.000001 | μXPM (microcoin) |
| 0.00000001 | Smallest unit |
| Ledger | |
Primecoin (Abbreviation: XPM; sign: Ψ) is a cryptocurrency that implements a proof-of-work system that searches for chains of prime numbers.
History
Primecoin was launched in 2013 by Sunny King, who also founded Peercoin.[1][2]
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.[3][4][1][5][2][6]
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.[4][7]
Primecoin has a block time of one minute, changes difficulty every block, and has a block reward that is a function of the difficulty.[1][6]
References
- ↑ 1.0 1.1 1.2 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.
- ↑ 2.0 2.1 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/.
- ↑ "Exploring Primecoin: An Alternative Cryptocurrency Project - Codemotion" (in en-US). 2020-11-16. https://www.codemotion.com/magazine/backend-dev/blockchain-dev/primecoin-cryptocurrency/.
- ↑ 4.0 4.1 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/.
- ↑ 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.
- ↑ 6.0 6.1 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.
- ↑ 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/.
Further reading
- Orrell, David; Chlupatý, Roman (2016). The Evolution of Money. New York: Columbia University Press. pp. 200–201. ISBN 978-0-231-17372-8. https://books.google.com/books?id=CXu0CwAAQBAJ&pg=PA208. Retrieved 13 November 2018.
- Antonopoulos, Andreas M. (2014). Mastering Bitcoin: Unlocking Digital Cryptocurrencies. Sebastopol, California: O'Reilly Media. ISBN 978-1-4919-2198-2. https://books.google.com/books?id=k3qrBQAAQBAJ. Retrieved 13 November 2018.
- Fanning, Kurt; Centers, David P. (13 June 2016). "Blockchain and Its Coming Impact on Financial Services". Journal of Corporate Accounting & Finance 27 (5): 54–55. doi:10.1002/jcaf.22179.
External links
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