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Primecoin (Abbreviation: XPM) is a cryptocurrency that implements a proof-of-work system that searches for chains of prime numbers.
 Primecoin logo | |
| Denominations | |
|---|---|
| Plural | Primecoin, primecoins |
| Nickname | XPM |
| Subunits | |
| 0.001 | mXPM (millicoin) |
| 0.000001 | μXPM (microcoin) |
| 0.00000001 | Smallest unit |
| Demographics | |
| Official user(s) | International |
| Administration | |
| Issuing authority | None, the primecoin peer-to-peer network regulates and distributes through consensus in protocol.[citation needed] |
| Date of introduction | 7 July 2013[1] |
| 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.[citation needed] |
History
editPrimecoin was launched in 2013 by Sunny King, who also founded Peercoin.[2][3]
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.[4][1][2][5][3][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.[1][7] It was ranked as being one of the top ten currencies before 2014.[8]
Primecoin has a block time of one minute, changes difficulty every block, and has a block reward that is a function of the difficulty.[2][6]
References
edit- ^ a b c Clark, Jack (16 July 2013). "Virtual currency speculators shut down cloud". The Register. Retrieved 17 November 2018.
- ^ a b c Franco, Pedro (21 October 2018). Understanding Bitcoin: Cryptography, Engineering and Economics. Chichester, West Sussex, UK: John Wiley & Sons. pp. 175–76. ISBN 978-1-119-01914-5. Archived from the original on 17 November 2018.
- ^ a b Peck, Morgen E. (29 April 2014). "Bitcoin Vies with New Cryptocurrencies as Coin of the Cyber Realm". Scientific American. Retrieved 17 November 2018.
- ^ "Exploring Primecoin: An Alternative Cryptocurrency Project - Codemotion". Codemotion Magazine. 16 November 2020. Retrieved 12 July 2022.
- ^ Pirjan, Alexandru; Petrosanu, Dana-Mihaela; Huth, Mihnea; Negoita, Mihaela (2015). "Research issues regarding the Bitcoin and Alternative Coins digital currencies". www.thefreelibrary.com. Romanian-American University via Gale. Archived from the original on 17 November 2018. Retrieved 17 November 2018.
- ^ a b Gibbs, Samuel (28 November 2013). "Nine Bitcoin alternatives for future currency investments". The Guardian. Retrieved 17 November 2018.
- ^ Miller, Rich (17 December 2013). "Currency Miners Cause Spot Shortages of Dedicated Servers". Data Center Knowledge. Retrieved 18 December 2013.
- ^ Gina Clarke (16 October 2018). "Proof-Of-Stake Guru Sunny King: "Blockchain Is Easy - We Just Need To Use It Like A Database"". Forbes. Retrieved 2 August 2024.
Further reading
edit- Orrell, David; Chlupatý, Roman (2016). The Evolution of Money. New York: Columbia University Press. pp. 200–201. ISBN 978-0-231-17372-8. Retrieved 13 November 2018.
- Antonopoulos, Andreas M. (2014). Mastering Bitcoin: Unlocking Digital Cryptocurrencies. Sebastopol, California: O'Reilly Media. ISBN 978-1-4919-2198-2. 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.
