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| ==References== | ==References== | ||
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Revision as of 18:04, 13 November 2018
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 Primecoin logo | |
| Unit | |
|---|---|
| Plural | Primecoin, primecoins |
| Symbol | Ψ |
| Nickname | XPM |
| Denominations | |
| Subunit | |
| 0.001 | mXPM (millicoin) |
| 0.000001 | μXPM (microcoin) |
| 0.00000001 | Smallest unit |
| 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 protocol. |
| 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 cryptocurrency that implements a proof-of-work system that searches for chains of prime numbers.
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.
- 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. 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.
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.
References
- ^ Clark, Jack (2013-07-16). "Virtual currency speculators shut down cloud". The Register. Retrieved 2014-02-02.
- ^ Buterin, Vitalik (2013-07-08). "Primecoin: the cryptocurrency whose mining is actually useful". Bitcoin Magazine. Coin Publishing Ltd.
- Miller, Rich (2013-12-17). "Currency Miners Cause Spot Shortages of Dedicated Servers". Data Center Knowledge. Retrieved 2013-12-18.
External links
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