Primecoin
| Primecoin | |
|---|---|
Primecoin logo
|
|
| Denominations | |
| Subunit | |
| 0.001 | mXPM (millicoin) |
| 0.000001 | μXPM (microcoin) |
| 0.00000001 | Smallest unit |
| Plural | Primecoin, primecoins |
| Symbol | Ψ |
| Nickname | XPM |
| Demographics | |
| Date of introduction | 7 July 2013 |
| User(s) | International |
| Issuance | |
| Central bank | None, the primecoin peer-to-peer network regulates and distributes through consensus in . |
| Valuation | |
| Inflation | 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. |
Primecoin (sign: Ψ; code: XPM) is a peer-to-peer open source that implements a unique scientific computing proof-of-work system. Primecoin's proof-of-work system searches for chains of prime numbers. Primecoin was created by a person or group of people who use the pseudonym Sunny King. This entity is also related with the cryptocurrency Peercoin. The Primecoin source code is copyrighted by a person or group called “Primecoin Developers”, and distributed under a conditional MIT/X11 software license.
Primecoin has been described as the main cause of spot shortages of dedicated servers because at the time it was only possible to mine the currency with CPUs. For the same reason, Primecoin used to be the target of malware writers.
When comparing Primecoin with today's most widely spread called bitcoin some notable differences are:
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.
The system is designed so that the work is efficiently verifiable by all nodes on the Primecoin network. To meet this requirement, the size of the prime numbers in the system cannot be too large. The Primecoin proof-of-work system has the following characteristics:
Other cryptocurrencies including bitcoin commonly use a Hashcash type of proof-of-work based on SHA-256 hash calculations, which are of no value beyond its own economy.
List of largest known Cunningham chains of given length includes several results generated by Primecoin miners.
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