Developed by crypto-technologist Sunny King, Primecoin is a non Hash-Cash cryptocurrency that is issued through a decentralized and secure mining mark
Developed by crypto-technologist Sunny King, Primecoin is a non Hash-Cash cryptocurrency that is issued through a decentralized and secure mining market. The innovative proof-of-work (PoW) cryptocurrency is designed through scientific computing and generates special prime numbers that can help with mathematical research. It is usually abbreviated as XPM and the currency symbol is the Greek letter psi (ψ). Like other currencies, Primecoin can be mined on different platforms and can be bought & sold on many trustworthy exchange markets.
The Primecoin network searches for Cunningham chains & Bi-Twin chains which are special prime number chains that can be used to compute cryptographic hash functions and other things of mathematical importance. The cryptocurrency’s innovative framework provides security, minting and reliability to the network, making it more energy-multiuse compared to Bitcoin. The network is designed to make the mining market more prosperous and to quicken the payment transaction processes.
According to cryptocurrency enthusiasts, XPM is naturally scarce, but this is crucial for its ability to adapt to markets and for its long-term continuity. It is highly likely to survive inflation and blunt deflation which have negatively affected BTC and LTC. Its mining output is based on the Moore’s Law, so if miners leave the network, the prime block subsidy remains constant. The cryptocurrency doesn’t rely mainly on transaction fees like BTC, so it always have some subsidy.
With its application in mathematical research, XPM can be used as financial incentive to this research! It can be used to reward the researchers and also the research processes. Prime numbers are also widely applicable in physics and engineering, so the cryptocurrency can be used to fund researches happening in these fields.
When it comes to mining Primecoin, users of this cryptocurrency can make use of solo mining or cloud mining. Solo mining involves running commands on a computer to generate XPM, and is supported by Windows and Linux. When it comes to the cloud mining, users need to create an account with a server provider then set up a miner. They are required to provide an email address that can receive payouts and stats. Some reputable cloud server providers include: Cloud Sigma, Candy Pool, yPool, Bitcoin Talk and Host for Bit.
Concerning the exchange markets, people can trade XPM with BTEC-e, LTC, PPC, USD, EUR and CNY. Some reputable platforms that facilitate XPM trading include: Cryptsy, Crypto-Trade, Vircurex, Coin-E, Coinmket, Btc38, Bter, Btcltc, CoinEx and Gatecoin. The main payment processor is Coin Payment while the main provider of Primecoin wallet software is Bitcoin Talk.