Primecoin

 0.001mXPM (millicoin) 0.000001μXPM (microcoin) 0.00000001Smallest unitDemographicsOfficial user(s)InternationalAdministrationIssuing authorityNone, the primecoin peer-to-peer network regulates and distributes through consensus in protocol.^{[citation needed]}Date of introduction7 July 2013^[1]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.^{[citation needed]}

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.^[2][3]

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.^{[4][1][2][5][3][6]}

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.^[1][7]

Primecoin has a block time of one minute, changes difficulty every block, and has a block reward that is a function of the difficulty.^[2][6]

References

Further reading

• Orrell, David; Chlupatý, Roman (2016). The Evolution of Money. New York: Columbia University Press. pp. 200–201. ISBN 978-0-231-17372-8. Retrieved 13 November 2018.
• Antonopoulos, Andreas M. (2014). Mastering Bitcoin: Unlocking Digital Cryptocurrencies. Sebastopol, California: O'Reilly Media. ISBN 978-1-4919-2198-2. Retrieved 13 November 2018.
• Fanning, Kurt; Centers, David P. (13 June 2016). "Blockchain and Its Coming Impact on Financial Services". Journal of Corporate Accounting & Finance. 27 (5): 54–55. doi:10.1002/jcaf.22179.

External links

• Official website