Primecoin was launched way back in 2013 and is one of many altcoins out there. To distinguish itself from the herd, Primecoin has a rather interesting feature. Unlike other proof-of-work systems that crack random hash codes generated by the network, Primecoin’s algorithms are focused on looking for more prime numbers. Using a unique algorithm, Primecoin comes up with unique prime numbers for use in a variety of industries.
It may sound strange but what Primecoin is doing helps a lot of other fields. Prime numbers are used in a variety of everyday technologies, so finding more of them can make things easier for many people. One of the more popular uses for prime numbers is online cryptography. People use them to make sure private transmissions are secret and online transactions are secure. With more prime numbers to use, the algorithms are more powerful and safe.
Depending on prime number mining gives Primecoin several unique features. First, there is smooth difficulty adjustment. Bitcoin adjusts its difficulty to match the target rate of one block per 10 minutes every 2016 blocks. This is done around every two weeks.
What Primecoin does is adjust its difficulty slightly every block. The goal is nudge it toward the target rate in an exponential decay pattern. This ensures that any sudden change in the network is met with an immediate response, ensuring that the network stays stable.
The result of the natural adjustment of difficulty is that Primecoin has very fast confirmations. Bitcoin processes transaction blocks one for every 10 minutes. Primecoin blocks are processed at a rate of one per minute. This means that while Bitcoin can confirm six blocks in an hour, Primecoin can do 60.
Finally, the block rewards can adjust automatically. Bitcoin guarantees that only 21 million bitcoins will ever be generated and controls the rate of their “mining” by halving block rewards at certain milestones. Primecoin does it differently. The reward released per block is always equal to 999 divided by the square of the difficulty of the processing. Because of the mathematical foundations of Primecoin, this assures that mining rewards are constantly controlled. This ensures Primecoin price stability.
Being unique in the marketplace
The Primecoin cryptocurrency enjoys pride of place as an altcoin that contributes solid work to the world besides being an online currency. It has become a consistent source for prime numbers as the network churns out more and more unique primes. Join in the network and see your mining do actual work besides confirm transactions.