Primecoin (XPM) is an innovative cryptocurrency, a digital currency secured through cryptography and issued via a decentralized mining market. Primecoin relies on peer-to-peer technology and operates with no central authority; thus, the platform collectively carries out the issue of funds and managing transactions.
The platform is derived from Bitcoin, which utilizes a unique mechanism based on prime numbers and scientific computing. The mechanism also enables the platform to process payment transactions at a great pace. Primecoin relies on peer-to-peer technology and operates with no central authority; thus, the issue of money and managing transactions are collectively carried out by the platform.
The Primecoin network utilizes a proof-of-work mechanism that provides security and minting to the network. Minting refers to validating information, creating a new block, or recording data on the blockchain. The mechanism also generates a unique form of special prime number chains of interest to the mathematical research, and the network becomes more energy-multiuse.
XPM is the official cryptocurrency of the Primecoin platform. The user can mine XPM tokens and trade the tokens with trustworthy markets. The user has to download and install the Primecoin wallet to the PC or Linux computer to start mining the coins.
The Prime chain is also connected to the block hash function to ensure the security property of Bitcoin. At the same time, a simultaneous scheme of difficulty evaluation allows the prime chain to act as adjustable-difficulty, proof-of-work in a cryptocurrency. Furthermore, work needs to be verified by all the nodes in the network to act as proof-of-work for cryptocurrency. The primes should not be too large as it becomes harder to find a prime chain as the chain length increases. Therefore, the Primecoin utilizes a Cunningham chain of the first and second kind, and bi-twin chain and the primes in the prime chain are subjected to maximum size protocol, which ensures efficient verification through all nodes.
