Is Primecoin better than Bitcoin
What is Primecoin - How does the Primecoin cryptocurrency work?
Primecoin is a cryptocurrency that was released in 2013 and is based on Bitcoin. The principle is based on a proof-of-work, which is ensured by means of a prime number search. According to the developer Sunny King, the decisive factor for the foundation was the fact that numerous useless values are calculated with Bitcoin.
This computing power should be better used with Primecoin, and thus used for the solution of scientific problems. For solving the so-called blocks, users receive rewards in the form of Primecoins. In the future, these should serve as a means of payment in everyday consumption. Currently, however, payments via Primecoin cannot yet be made.
This is Primecoin
Primecoin was launched in 2013. The developer Sunny King noticed that Bitcoin simply wasted a large amount of computing power and wanted to use it effectively instead. Similar to Bitcoin, it is a peer-to-peer system in which the individual transactions and processes are stored.
The coins are issued per generated block, whereby the number of coins depends on the difficulty of the block. Theoretically, however, an infinite number of coins can be generated in this way, which clearly distinguishes the cryptocurrency from numerous competitors.
- Released in 2013
- Reward for generating blocks
- Computing power is used for science
- Unlimited number of coins possible
Mining with sustainability
The superfluous computing power is used to search for prime numbers, which are known as Cunningham chains and bi-twin chains. This is of great scientific value, because the prime numbers are the basis of numerous modern techniques. Modern life would be impossible without current research.
Considering the enormous computing power that can be used for this, a wise move. So far, research has only been made possible through the use of voluntary computers. Through mining, users can actively participate in research and are rewarded for this at the same time.
Advantages of Primecoin
Primecoin was released as an improvement on existing cryptocurrencies and consequently offers a number of advantages for users. Some notable examples are:
- Fast generation of the blocks
- Quick confirmation of transactions
- The level of difficulty is continuously adjusted
- An infinite number of coins can be scooped
Compared to Bitcoin Primcecoin generates the blocks ten times faster. A new block is generated here every minute, so that the transactions can also be confirmed much faster. In addition, the level of difficulty is continuously adjusted. Because the reward is always determined on the basis of 999 divided by the square of the difficulty level, theoretically an infinite number of coins can be scooped. At the same time, of course, the value also rises.
Area of application is still very limited
The Primecoins are not yet in regular use. Online shops or the like do not accept these, and payment systems are also not yet available. However, there is the option of exchanging the Primecoins for Bitcoins, US dollars, Yen or even euros. Corresponding offers can be found in heaps on the Internet.
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