Primecoin (Abbreviation: XPM) is a cryptocurrency that implements a proof-of-work system that searches for chains of prime numbers.[2][3]

History

Primecoin was launched in 2013 by Sunny King, who also founded Peercoin.[4][5]

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.[6][1][4][7][5][8]

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][9] It was ranked as being one of the top ten currencies before 2014.[10]

Primecoin has a block time of one minute, changes difficulty every block, and has a block reward that is a function of the difficulty.[4][8]

Symbol

The currency symbol from Primecoin is the Greek letter psi (Ψ) which was chosen as a tribute to Riemann, so that its shape symbolizes the zeta de Riemann function.[11][12] The horizontal bar, not only defies convention, the symbols of monetary units, but also symbolizes one of the biggest stones of the mathematician Riemann's hypothesis.

Features

Primecoin's proof-of-work system has the following features:

  • The proof of Primecoin's operation takes the form of chains of prime numbers.[13][14][15]
  • Finding the first number of the chain becomes exponentially more difficult as the length of the chain increases.
  • Checking the reasonable size of chains of prime numbers can be efficiently performed by all nodes in the network.
  • Simple Mersenne numbers are forbidden because of their very large size.
  • Three types of chains of prime numbers are accepted as proofs of the paper: a Cunningham chain of type one, a Cunningham chain of type two, and bi-twin chains.[16][17]

Other cryptocurrencies, including Bitcoin, typically use Hashcash-type proof-of-work based on SHA-256 cryptographic hash algorithms, which have no value beyond maintaining their own system.[18] The Hashcash algorithm is also used as a proof of work.

Advantages

Proof-of-work in Primecoin not only secures the network, but also generates a special form of prime number chains of interest for mathematical research.[19] Thus, the Primecoin network is multi-purpose compared to the Bitcoin network, being designed to support a mining market that is increasingly evolving computationally while maintaining good scarcity properties.[20] Primecoin also processes payment transactions 10 times faster than the Bitcoin network.[21]

References

  1. ^ a b c 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. ^ a b c 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. ^ a b 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. ^ a b 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.
  11. ^ "Primecoin 101 Review: Here's What You Need to Know". www.coinreview.com. Retrieved 31 January 2025.
  12. ^ "Primecoin and the Search for Science". www.financemagnates.com. Retrieved 31 January 2025.
  13. ^ "New currency Primecoin searches for prime numbers as proof of work". www.coindesk.com. Retrieved 31 January 2025.
  14. ^ "Unveiling the World of Primecoin Mining". pczippo.com. Retrieved 31 January 2025.
  15. ^ "What is XPM". www.htx.com. Retrieved 31 January 2025.
  16. ^ "Primecoin: Cryptocurrency with Prime Number Proof-of-Work" (PDF). primecoin.io. Retrieved 31 January 2025.
  17. ^ "Announcing the New Listing of Primecoin (XPM)". xeggex.com. Retrieved 31 January 2025.
  18. ^ "SHA-256 Cryptographic Hash Algorithm". komodoplatform.com. Retrieved 31 January 2025.
  19. ^ "Overview of Primecoin (XPM) cryptocurrency: technology, mining, prospects". coinbound.io. Retrieved 31 January 2025.
  20. ^ "Exploring Primecoin: An Alternative Cryptocurrency Project". www.codemotion.com. Retrieved 31 January 2025.
  21. ^ "10 Cryptocurrencies That Are Faster To Send Than Bitcoin". www.hedgewithcrypto.com. Retrieved 31 January 2025.

Further reading

Allikas: https://en.wikipedia.org/wiki/Primecoin
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