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Primecoin

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

1. ^ Clark, Jack (2013-07-16). "Virtual currency speculators shut down cloud". The Register. Retrieved 2014-02-02.
2. ^ 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.

Additional references:

• Franco, Pedro (2015). Understanding Bitcoin: Cryptography, Engineering and Economics. Chichester, West Sussex: John Wiley & Sons. pp. 175–176. ISBN 978-1-119-01916-9. Retrieved 2018-11-13.
• Pirjan, Alexandru; Petrosanu, Dana-Mihaela; Huth, Mihnea; Negoita, Mihaela (May 2015). "Research issues regarding the Bitcoin and Alternative Coins digital currencies". Journal of Information Systems & Operations Management. 9 (1). Romanian-American University. Archived from the original on 2018-11-13. Retrieved 2018-11-13 – via Gale.
• Orrell, David; Chlupatý, Roman (2016). The Evolution of Money. New York: Columbia University Press. pp. 200–201. ISBN 978-0-231-17372-8. Retrieved 2018-11-13.
• Antonopoulos, Andreas M. (2014). Mastering Bitcoin: Unlocking Digital Cryptocurrencies. Sebastopol, California: O'Reilly Media. ISBN 978-1-4919-2198-2. Retrieved 2018-11-13.
• Peck, Morgen E. (2014-04-29). "Bitcoin Vies with New Cryptocurrencies as Coin of the Cyber Realm". Scientific American. Archived from the original on 2018-11-13. Retrieved 2018-11-13.
• Gibbs, Samuel (2013-11-28). "Nine Bitcoin alternatives for future currency investments". The Guardian. Archived from the original on 2018-11-13. Retrieved 2018-11-13.
• Fanning, Kurt; Centers, David P. (2016-06-13). "Blockchain and Its Coming Impact on Financial Services". Journal of Corporate Accounting & Finance. 27 (5). John Wiley & Sons: 54–55. doi:10.1002/jcaf.22179. Retrieved 2018-11-13.

External links

• Official website

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