What is PrimeCoin?


Primecoin is a particularly innovative cryptocurrency that is based on the principle of cryptography and is controlled by a decentralized mining market. The basic idea for the development of this token comes from the Bitcoin White Paper, a project by Satoshi Nakamoto. However, this new blockchain uses a different PoW algorithm, which is why it is considered the first cryptocurrency developed on a scientific basis.

Developers find great advantages in it. The token not only offers a high level of security and the opportunity to actively participate in the network through mining, but it also generates a particular form of strings of prime numbers that can be used in mathematical proofs. Furthermore, the resources required by the network are much lower than in the case of Bitcoin and therefore a higher workload can be handled with the same computing power.

Primecoin was designed to create a thriving mining market and regain security’s prominence in the crypto space. The current value of the network is comparable to that of gold derivatives. Finally, it should be noted that the blocks of the Primecoin chain are completed very quickly: one minute. Compared to Bitcoin, this is ten times faster uptime.


How does it Work

Primecoin is considered a pure PoW coin with a novel and scientific approach. In any PoW algorithm it is impossible to reuse the mathematical equation and therefore the blocks can never be completed with an identical function. This makes the prime number string always bound to the hash function header. The quotient of this function is converted into a PoW certificate, which avoids duplication.

The hash block; the value of the block header and the certificate is validated across the network. This means that it is not possible to copy and validate the hash and block values when manipulating the block.

Also, the difficulty setting in Primecoin is different from other blockchains because it depends on the current chain of prime numbers. At first, this approach was quite rigid, resulting in a non-linear difficulty with which the security of the network could not be guaranteed. However, this new way of approaching the problem has allowed the efficiency and security of the system to catch up with that of the blockchain. To do this, the developers have referred to Fermat’s primary test, which ensures a linear increase in difficulty and a high level of security within the blockchain.

Add a Comment

Your email address will not be published. Required fields are marked *