• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Nexo

Primecoin : World Records and Rising Value

Edward DeLeon Hickman by Edward DeLeon Hickman
7 years ago
in Altcoin News, Altcoins, Markets and Prices, News
0

Dt8CkLzBreaking this weeks slump and a grand total of 11 world records along the way, Primecoin (XPM) spiked a respectable 47.18% today settling in comfortably at #21 in total market cap. A proof of work system that cleverly points all of it’s mining power towards aiding mathematical research. They’ve shown that a cryptocurrency’s choice of protocol can be about more than just security but can instead be put to practical use. With Bitcoin’s Hashrate currently at around 240 petahash (over 60,000 times more powerful than the US government’s most powerful supercomputer) I’m sure there are plenty of researchers who wouldn’t mind pointing that much raw power at whatever problems they might be wrestling with.

Based on a white paper written by Sunny King back in July of 2013 titled “Primecoin: Cryptocurrency with Prime Number Proof-of-Work”. I think we can safely say at this point that Sunny King’s ideas have held up. While prime number research does not immediately jump out at the average investor as a productive, revenue producing activity the truth is it doesn’t need to be to hold value. As long as Primecoin holders place value in the research and as long as Primecoin itself is fungible with the rest of the cryptocurrency market (which it is and always will be) then it can very well hold (and gain) value.

A reasonable research grant alone could do wonders for floating Primecoins price. Add in an active and vibrant community made up of both people personally invested in mathematical research as well as (oddly enough) Peercoin supporters and you’ve got yourself an interesting recipe for an altcoin. Yet unlike most flash int he pan altcoins this one has actual practical use.

By utilizing it’s proof of work system to find “special prime number chains known as Cunningham chains and bi-twin chains” there is a chance that Primecoin may be the first cryptocurrency to have a significant impact on scientific research not just in the field of mathematics but across multiple scientific disciplines, most notably physics. It also sets a smart precedent that states if you are going to use an energy intensive system then you’re better off using it to do more than simply confirm your transactions.peercoin

While it’s big brother Peercoin (currently ranked #7, simmering down after a big spike last week) uses a much less energy intensive proof of stake approach the interesting development here is that there may be a way to get the best of both worlds. Whereas if the development teams can find a way to make both Peercoin and Primecoin work together, we will get the ASIC resistance and transaction qualities of one while bolstering the energy efficiency and popularity of the other.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

While such an arrangement seems to still be purely speculation it would make for a very, very interesting turn of events. For the time being, Primecoin will have to settle for climbing the rankings and breaking world records. Not bad for what is essentially a grandiose math project (that just happens to be making it’s participants money in the process). Not bad at all.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Edward DeLeon Hickman

Edward DeLeon Hickman

Business Development Manager with Pacific Blockchain LLLP, Media Professional with Culture Kinetic Productions, Staff Writer with InH Mag, Occasional Submitter with The Hawaii Independent.

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.