Primecoin and the Search for Science

Primecoin is an innovative peer-to-peer open source crypto currency, a form of digital currency secured by cryptography and issued through a decentralized mining market. Derived from Satoshi Nakamoto Satoshi Nakamoto “Satoshi Nakamoto” is the alias of the mysterious person (or group of people) that are responsible for the creation and launch of Bitcoin back in 2009 and the authorship of the Bitcoin whitepaper, published in 2008. As such, Satoshi Nakamoto is also the entity who conceptualized and created the first-ever blockchain network. Nakamoto was the first to effectively solve the double-spending problem for digital currency using a Peer-to-Peer (P2P) network. Nakamoto was active in the development of bi “Satoshi Nakamoto” is the alias of the mysterious person (or group of people) that are responsible for the creation and launch of Bitcoin back in 2009 and the authorship of the Bitcoin whitepaper, published in 2008. As such, Satoshi Nakamoto is also the entity who conceptualized and created the first-ever blockchain network. Nakamoto was the first to effectively solve the double-spending problem for digital currency using a Peer-to-Peer (P2P) network. Nakamoto was active in the development of bi Read this Term’s Bitcoin, Primecoin introduces a unique form of proof-of-work based on prime numbers, and is the first crypto currency in the world designed with scientific computing as its work. This proof-of-work system searches for chains of prime numbers, hence the name of the coin.

Primecoin was created by a person or group who use the pseudonym Sunny King, who also created the crypto currency Peercoin. The Primecoin source code is copyrighted by a group called “Primecoin Developers”, and distributed under a conditional MIT/X11 software license. The currency symbol of Primecoin is the Greek letter psi (Ψ). This letter is chosen as a tribute to Riemann, as its shape symbolizes the Riemann zeta function (there is a graphical rendering used in Primecoin-Qt Windows setup screen). The horizontal bar not only standardizes to currency symbol convention, but also symbolizes one of the highest jewels of math – Riemann hypothesis.

Primecoin has been blamed as the main cause of spot shortages of dedicated servers due to the fact that the currency cannot be mined with GPUs. As such, Primecoin has been a favorite target of malware writers.

Among features of Primecoin is its one minute blocks and difficulty adjustment. With blocks created every minute, this can provide quicker confirmations of payment transactions. In addition, as opposed to bitcoin which adjust difficulty every 2016 blocks (about two weeks), Primecoin adjusts difficulty every minute at the creation of each new block. Another unique feature is an adjustable block reward that isn’t fixed, but is s always equal to 999 divided by the square of the difficulty

Perhpas the most important feature of Primecoins is its introduction of multi-output energy use to digital currencies. By providing solutions of prime number chains for mathematical research as well as providing computer power to operate the decentralized Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, Primecoin mining offers what can be considered a more productive use of energy consumption.

Website: https://primecoin.io/

Forum: https://www.peercointalk.org/

Learn more about bitcoins and other digital currencies on the DC Magnates resource portal