Primecoin Explained

Image 1:Primecoin Logo.png
Image Title 1:Primecoin logo
Image Width 1:150
Issuing Authority:None, the primecoin peer-to-peer network regulates and distributes through consensus in protocol.
Date Of Introduction:7 July 2013
Using Countries:International
Inflation Rate:Limited release, production rate before this limit re-evaluated with the production of every block (at a rate of approximately 1 block per minute) based on the difficulty with which primecoins are produced.
Nickname:XPM
Subunit Ratio 1:0.001
Subunit Name 1:mXPM (millicoin)
Subunit Ratio 2:0.000001
Subunit Name 2:μXPM (microcoin)
Subunit Ratio 3:0.00000001
Subunit Name 3:Smallest unit
Plural:Primecoin, primecoins

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

History

Primecoin was launched in 2013 by Sunny King, who also founded Peercoin.

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] [5] [6] [7]

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.[8] [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.

Further reading

Notes and References

  1. Book: Learning Bitcoin . 978-1-78528-615-5 . 30 October 2015 . Packt Publishing .
  2. Book: Cryptoeconomics: Economic Mechanisms Behind Blockchains . 978-1-009-02815-8 . 28 February 2024 . Cambridge University Press .
  3. Web site: 2020-11-16 . Exploring Primecoin: An Alternative Cryptocurrency Project - Codemotion . 2022-07-12 . Codemotion Magazine . en-US.
  4. Book: Franco, Pedro . Understanding Bitcoin: Cryptography, Engineering and Economics . 21 October 2018 . . 978-1-119-01914-5 . Chichester, West Sussex, UK . 175–76 . en . https://web.archive.org/web/20181117190848/https://books.google.com/books?id=erMQBQAAQBAJ&pg=PA175 . 17 November 2018 . live.
  5. Web site: Research issues regarding the Bitcoin and Alternative Coins digital currencies. . Pirjan . Alexandru . Petrosanu . Dana-Mihaela . 2015 . www.thefreelibrary.com . . https://web.archive.org/web/20181117191126/https://www.thefreelibrary.com/Research+issues+regarding+the+Bitcoin+and+Alternative+Coins+digital...-a0484156869 . 17 November 2018 . live . 17 November 2018 . Huth . Mihnea . Negoita . Mihaela.
  6. News: Bitcoin Vies with New Cryptocurrencies as Coin of the Cyber Realm . Peck . Morgen E. . 29 April 2014 . . 17 November 2018 . en.
  7. News: Nine Bitcoin alternatives for future currency investments . Gibbs . Samuel . 28 November 2013 . . en . 17 November 2018.
  8. News: Virtual currency speculators shut down cloud . Clark . Jack . 16 July 2013 . . 17 November 2018.
  9. News: Miller . Rich . 17 December 2013 . Currency Miners Cause Spot Shortages of Dedicated Servers . Data Center Knowledge . 18 December 2013.
  10. Web site: Proof-Of-Stake Guru Sunny King: "Blockchain Is Easy - We Just Need To Use It Like A Database". Forbes. October 16, 2018. Gina Clarke. August 2, 2024.

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