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{{Short description|Cryptocurrency based on prime numbers}}
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{{Use dmy dates|date=February 2021}}
{{AfDM|page=Primecoin (6th nomination)|year=2018|month=October|day=31|substed=yes|origtag=afdx|help=off}}
⚫ {{infobox cryptocurrency
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{{More citations needed|date=August 2018}}

⚫ {{infobox currency
| image_1 = Primecoin Logo.png | image_1 = Primecoin Logo.png
| image_title_1 = Primecoin logo | image_title_1 = Primecoin logo
| iso_code = | code =
| image_width_1 = 200 | image_width_1 = 150
| issuing_authority = None, the primecoin ] network regulates and distributes through consensus in ].{{citation needed|date=November 2018}} | issuing_authority = None, the primecoin ] network regulates and distributes through consensus in ].{{citation needed|date=November 2018}}
| date_of_introduction = 7 July 2013<ref name=clark2013/> | date_of_introduction = 7 July 2013<ref name="clark2013" />
| date_of_introduction_source = | date_of_introduction_source =
| using_countries = International | using_countries = International
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| inflation_source_date = | inflation_source_date =
| inflation_method = | inflation_method =
| symbol = Ψ | symbol = <!--Please cite a reliable source-->
| nickname = XPM | nickname = XPM
| subunit_ratio_1 = 0.001 | subunit_ratio_1 = 0.001
| iso_number =
| subunit_name_1 = mXPM (millicoin) | subunit_name_1 = mXPM (millicoin)
| subunit_ratio_2 = 0.000001 | subunit_ratio_2 = 0.000001
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| plural_subunit_1 = | plural_subunit_1 =
| plural_subunit_2 = | plural_subunit_2 =
| frequentl
| frequently_used_coins =
| printer =
| mint =
| Social Media/Community =
}} }}
'''Primecoin''' (]: '''Ψ'''; code: '''XPM''') is a ] that implements a ] that searches for chains of ]s.<ref name="BitcoinMagazine">{{cite news|url=https://bitcoinmagazine.com/articles/primecoin-the-cryptocurrency-whose-mining-is-actually-useful-1373298534/|title=Primecoin: the cryptocurrency whose mining is actually useful|last=Buterin|first=Vitalik|date=2013-07-08|work=]|publisher=Coin Publishing Ltd.}}</ref> '''Primecoin''' (]: '''XPM''') is a ] that implements a ] that searches for chains of ]s.<ref>{{cite book | url=https://books.google.com/books?id=2wCACwAAQBAJ&dq=%22Primecoin%22&pg=PA187 | isbn=978-1-78528-615-5 | title=Learning Bitcoin | date=30 October 2015 | publisher=Packt Publishing }}</ref><ref>{{cite book | url=https://books.google.com/books?id=gEn8EAAAQBAJ&dq=%22Primecoin%22&pg=PA80 | isbn=978-1-009-02815-8 | title=Cryptoeconomics: Economic Mechanisms Behind Blockchains | date=28 February 2024 | publisher=Cambridge University Press }}</ref>


== History ==
Primecoin has been described{{By whom|date=September 2015}} as the main cause of spot shortages of dedicated servers because at the time it was only possible to mine the currency with CPUs.<ref name=clark2013>{{cite news|date=2013-07-16|title=Virtual currency speculators shut down cloud | work=The Register | first=Jack | last=Clark | url=https://www.theregister.co.uk/2013/07/16/digitalocean_primecoin_cloud_problems/|accessdate=2014-02-02}}</ref><ref>{{cite news|last=Miller|first=Rich|date=2013-12-17|title=Currency Miners Cause Spot Shortages of Dedicated Servers|work=Data Center Knowledge|url=http://www.datacenterknowledge.com/archives/2013/12/17/currency-miners-cause-spot-shortages-dedicated-servers/|accessdate=2013-12-18}}</ref>
Primecoin was launched in 2013 by Sunny King, who also founded ].<ref name=":0" /><ref name="scientific" />


Unlike other cryptocurrencies, which are ] using algorithms that solved mathematical problems with no extrinsic value, mining Primecoin involves producing chains of prime numbers (] and ]s). These are useful to scientists and mathematicians and meet the requirements for a ] system of being hard to compute but easy to verify and having an adjustable difficulty.<ref>{{Cite web |date=2020-11-16 |title=Exploring Primecoin: An Alternative Cryptocurrency Project - Codemotion |url=https://www.codemotion.com/magazine/backend-dev/blockchain-dev/primecoin-cryptocurrency/ |access-date=2022-07-12 |website=Codemotion Magazine |language=en-US}}</ref><ref name="clark2013" /><ref name=":0">{{cite book |url=https://books.google.com/books?id=erMQBQAAQBAJ&pg=PA175 |title=Understanding Bitcoin: Cryptography, Engineering and Economics |last=Franco |first=Pedro |date=21 October 2018 |publisher=] |isbn=978-1-119-01914-5 |location=Chichester, West Sussex, UK |pages=175–76 |language=en |archive-url=https://web.archive.org/web/20181117190848/https://books.google.com/books?id=erMQBQAAQBAJ&pg=PA175 |archive-date=17 November 2018 |url-status=live}}</ref><ref>{{cite web |url=https://www.thefreelibrary.com/Research+issues+regarding+the+Bitcoin+and+Alternative+Coins+digital...-a0484156869 |title=Research issues regarding the Bitcoin and Alternative Coins digital currencies. |last1=Pirjan |first1=Alexandru |last2=Petrosanu |first2=Dana-Mihaela |year=2015 |website=www.thefreelibrary.com |publisher=] via ] |archive-url=https://web.archive.org/web/20181117191126/https://www.thefreelibrary.com/Research+issues+regarding+the+Bitcoin+and+Alternative+Coins+digital...-a0484156869 |archive-date=17 November 2018 |url-status=live |access-date=17 November 2018 |last3=Huth |first3=Mihnea |last4=Negoita |first4=Mihaela}}</ref><ref name="scientific">{{cite news |url=https://www.scientificamerican.com/article/bitcoin-vies-with-new-cryptocurrencies-as-coin-of-the-cyber-realm/ |title=Bitcoin Vies with New Cryptocurrencies as Coin of the Cyber Realm |last=Peck |first=Morgen E. |date=29 April 2014 |work=] |access-date=17 November 2018 |language=en}}</ref><ref name=":1">{{cite news |url=https://www.theguardian.com/technology/2013/nov/28/bitcoin-alternatives-future-currency-investments |title=Nine Bitcoin alternatives for future currency investments |last=Gibbs |first=Samuel |date=28 November 2013 |newspaper=] |language=en |access-date=17 November 2018}}</ref>
: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.<ref name="BitcoinMagazine" /> 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.<ref name="BitcoinMagazine" />


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.<ref name="clark2013">{{cite news |url=https://www.theregister.co.uk/2013/07/16/digitalocean_primecoin_cloud_problems/ |title=Virtual currency speculators shut down cloud |last=Clark |first=Jack |date=16 July 2013 |work=] |access-date=17 November 2018}}</ref><ref>{{cite news |last=Miller |first=Rich |date=17 December 2013 |title=Currency Miners Cause Spot Shortages of Dedicated Servers |work=Data Center Knowledge |url=http://www.datacenterknowledge.com/archives/2013/12/17/currency-miners-cause-spot-shortages-dedicated-servers/ |access-date=18 December 2013}}</ref> It was ranked as being one of the top ten currencies before 2014.<ref>{{cite web|url=https://www.forbes.com/sites/ginaclarke/2018/10/16/proof-of-stake-guru-sunny-king-blockchain-is-easy-we-just-need-to-use-it-like-a-database/|title= Proof-Of-Stake Guru Sunny King: "Blockchain Is Easy - We Just Need To Use It Like A Database"
Primecoin uses the finding of prime chains composed of ]s and ]s for proof-of-work, which can lead to useful byproducts.<ref name=BitcoinMagazine />
|website=Forbes|date=October 16, 2018|author=Gina Clarke|access-date=August 2, 2024}}</ref>


Primecoin has a ] of one minute, changes difficulty every block, and has a ] that is a function of the difficulty.<ref name=":0" /><ref name=":1" />
⚫ ==References==

⚫ == References ==
{{reflist}} {{reflist}}


== Further reading ==
Additional references:
<UL> <UL>
<li>{{cite book |last=Franco |first=Pedro |date=2015 |title=Understanding Bitcoin: Cryptography, Engineering and Economics |url=https://books.google.com/books?id=erMQBQAAQBAJ&pg=PA175 |location=Chichester, West Sussex |publisher=] |pages=175–176 |isbn=978-1-119-01916-9 |accessdate=2018-11-13 }}</li> <li>{{cite book |last1=Orrell |first1=David |author-link1=David Orrell |last2=Chlupatý |first2=Roman |date=2016 |title=The Evolution of Money |url=https://books.google.com/books?id=CXu0CwAAQBAJ&pg=PA208 |location=New York |publisher=] |pages=200–201 |isbn=978-0-231-17372-8 |access-date=13 November 2018}}</li>
⚫ <li>{{cite book |last=Antonopoulos |first=Andreas M. |date=2014 |title=Mastering Bitcoin: Unlocking Digital Cryptocurrencies |url=https://books.google.com/books?id=k3qrBQAAQBAJ |location=Sebastopol, California |publisher=] |isbn=978-1-4919-2198-2 |access-date=13 November 2018}}</li>
<li>{{cite journal |last1=Pirjan |first1=Alexandru |last2=Petrosanu |first2=Dana-Mihaela |last3=Huth |first3=Mihnea |last4=Negoita |first4=Mihaela |date=May 2015 |title=Research issues regarding the Bitcoin and Alternative Coins digital currencies |url=https://www.thefreelibrary.com/Research+issues+regarding+the+Bitcoin+and+Alternative+Coins+digital...-a0484156869 |journal=Journal of Information Systems & Operations Management |publisher=] |via=] |volume=9 |issue=1 |accessdate=2018-11-13 |archiveurl=https://archive.is/Ybq0g |archivedate=2018-11-13 }}</li>
<li>{{cite book |last1=Orrell |first1=David |authorlink1=David Orrell |last2=Chlupatý |first2=Roman |date=2016 |title=The Evolution of Money |url=https://books.google.com/books?id=CXu0CwAAQBAJ&pg=PA208 |location=New York |publisher=] |pages=200–201 |isbn=978-0-231-17372-8 |accessdate=2018-11-13 }}</li> <li>{{cite journal |last1=Fanning |first1=Kurt |last2=Centers |first2=David P. |date=13 June 2016 |title=Blockchain and Its Coming Impact on Financial Services |journal=Journal of Corporate Accounting & Finance |volume=27 |issue=5 |pages=54–55 |doi=10.1002/jcaf.22179}}</li></ul>
⚫ <li>{{cite book |last=Antonopoulos |first=Andreas M. |date=2014 |title=Mastering Bitcoin: Unlocking Digital Cryptocurrencies |url=https://books.google.com/books?id=k3qrBQAAQBAJ |location=Sebastopol, California |publisher=] |isbn=978-1-4919-2198-2 |accessdate=2018-11-13 }}</li>
<li>{{cite journal |last=Peck |first=Morgen E. |date=2014-04-29 |title=Bitcoin Vies with New Cryptocurrencies as Coin of the Cyber Realm |url=https://www.scientificamerican.com/article/bitcoin-vies-with-new-cryptocurrencies-as-coin-of-the-cyber-realm/ |journal=] |accessdate=2018-11-13 |archiveurl=https://www.webcitation.org/73tVFraf2 |archivedate=2018-11-13 }}</li>
<li>{{cite newspaper |last=Gibbs |first=Samuel |date=2013-11-28 |title=Nine Bitcoin alternatives for future currency investments |url=https://www.theguardian.com/technology/2013/nov/28/bitcoin-alternatives-future-currency-investments |newspaper=] |accessdate=2018-11-13 |archiveurl=https://www.webcitation.org/73tVWPdsG |archivedate=2018-11-13 }}</li>
<li>{{cite journal |last1=Fanning |first1=Kurt |last2=Centers |first2=David P. |date=2016-06-13 |title=Blockchain and Its Coming Impact on Financial Services |url=https://onlinelibrary.wiley.com/doi/pdf/10.1002/jcaf.22179 |journal=Journal of Corporate Accounting & Finance |publisher=] |volume=27 |issue=5 |pages=54–55 |doi=10.1002/jcaf.22179 |accessdate=2018-11-13 }}</li></ul>


==External links== == External links ==
* {{official website|http://primecoin.io}} * {{official website|http://primecoin.io}}

{{Cryptocurrency-stub}}


{{Cryptocurrencies|state=expanded}} {{Cryptocurrencies|state=expanded}}
{{Portal bar|Anarchism|Cryptography|Economics|Free software|Internet|Number theory|Numismatics}} {{Portal bar|Anarchism|Economics|Free and open-source software|Internet|Numismatics}}


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Latest revision as of 03:01, 13 November 2024

Cryptocurrency based on prime numbers

Primecoin
Primecoin logo
Denominations
PluralPrimecoin, primecoins
NicknameXPM
Subunits
 0.001mXPM (millicoin)
 0.000001μXPM (microcoin)
 0.00000001Smallest unit
Demographics
Official user(s)International
Administration
Issuing authorityNone, the primecoin peer-to-peer network regulates and distributes through consensus in protocol.
Date of introduction7 July 2013
Inflation_rateLimited 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 (Abbreviation: XPM) 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.

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.

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. It was ranked as being one of the top ten currencies before 2014.

Primecoin has a block time of one minute, changes difficulty every block, and has a block reward that is a function of the difficulty.

References

  1. ^ Clark, Jack (16 July 2013). "Virtual currency speculators shut down cloud". The Register. Retrieved 17 November 2018.
  2. Learning Bitcoin. Packt Publishing. 30 October 2015. ISBN 978-1-78528-615-5.
  3. Cryptoeconomics: Economic Mechanisms Behind Blockchains. Cambridge University Press. 28 February 2024. ISBN 978-1-009-02815-8.
  4. ^ 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.
  5. ^ Peck, Morgen E. (29 April 2014). "Bitcoin Vies with New Cryptocurrencies as Coin of the Cyber Realm". Scientific American. Retrieved 17 November 2018.
  6. "Exploring Primecoin: An Alternative Cryptocurrency Project - Codemotion". Codemotion Magazine. 16 November 2020. Retrieved 12 July 2022.
  7. 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.
  8. ^ Gibbs, Samuel (28 November 2013). "Nine Bitcoin alternatives for future currency investments". The Guardian. Retrieved 17 November 2018.
  9. Miller, Rich (17 December 2013). "Currency Miners Cause Spot Shortages of Dedicated Servers". Data Center Knowledge. Retrieved 18 December 2013.
  10. 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

External links

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