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Primecoin

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Primecoin
Primecoin Logo.png
Primecoin logo
Denominations
Subunit
 0.001mXPM (millicoin)
 0.000001μXPM (microcoin)
 0.00000001Smallest unit
PluralPrimecoin, primecoins
SymbolΨ
NicknameXPM
Demographics
Date of introduction7 July 2013[1]
User(s)International
Issuance
Central bankNone, the primecoin peer-to-peer network regulates and distributes through consensus in protocol.[citation needed]
Valuation
InflationLimited 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]

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

Primecoin has been described[by whom?] as the main cause of spot shortages of dedicated servers because at the time it was only possible to mine the currency with CPUs.[1][3]

Primecoin protocol adjusts its difficulty slightly after every block. The difficulty change that occurs each block is targeted at achieving target of one new block created once per minute.[2] Since Primecoin blocks are generated 8 to 10 times as fast as bitcoin blocks on average, Primecoin transactions are confirmed approximately 8 to 10 times as fast.[2]

Primecoin uses the finding of prime chains composed of Cunningham chains and bi-twin chains for proof-of-work, which can lead to useful byproducts.[2]

References[edit | edit source]

  1. 1.0 1.1 Clark, Jack (2013-07-16). "Virtual currency speculators shut down cloud". The Register. Retrieved 2014-02-02.
  2. 2.0 2.1 2.2 2.3 Buterin, Vitalik (2013-07-08). "Primecoin: the cryptocurrency whose mining is actually useful". Bitcoin Magazine. Coin Publishing Ltd.
  3. Miller, Rich (2013-12-17). "Currency Miners Cause Spot Shortages of Dedicated Servers". Data Center Knowledge. Retrieved 2013-12-18.

Further reading[edit | edit source]

External links[edit | edit source]


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