New currency Primecoin searches for prime numbers as proof of work
A new digital currency has been announced, which uses prime numbers as its proof of work. Primecoin is still in beta, but its goal is to provide a proof of concept that a digital currency can produce something useful besides its subjective market value. One of the criticisms always put against bitcoin is that the cryptographic computation that provides proof of work has no intrinsic value. This is true - the bitcoin market places a subjective value on the currency, just as any other commodity. However, at least physical coins can be melted down and used to make something else. Long before....
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Miners of Primecoin, a new digital currency, caused DigitalOcean, a cloud server provider, to restrict sign ups in some regions of the world. Primecoin was recently announced, with the aim of creating a currency that had a useful proof of work system: the search for prime numbers. DigitalOcean is a provider of virtual private servers (VPS). These servers are not actual computers, but simulated computers - several of which run simultaneously on powerful server computers at once. This is a cost effective way for any business providing online hosting services whether it be virtual private....
Read the exclusive interview with Primecoin's creator Sunny King in the issue 13 of Bitcoin Magazine. One of the disadvantages of Bitcoin that its proponents often gloss over is the fact that its mining algorithm has little real-world value. The underlying issue is this: in order to add a new block to the Bitcoin blockchain, a Bitcoin miner must include a "proof of work", a number which has a property that is hard to find numbers that satisfy, but is efficient to verify. Essentially, a proof of work is a way of proving to the world that the miner spent a certain amount of computational....
Breaking 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....
In this past month, it seems like alternate cryptocurrencies have been all the rage. Earlier last month, Sunny King released Primecoin, a prime-number based cryptocurrency that is the first to attempt to make its mining algorithm simultaneously serve some kind of social value, and the currency was mentioned on BusinessInsider less than two days after launch. The currency then grew quickly, getting its own gambling site and exchange within three days. The surprising thing is that Primecoin is not unique in this. Over the past two years, we have seen the development of over seventy alternate....
With a total search score of 377, Singapore is the top-ranked nation among countries most interested in the Ethereum blockchain’s upcoming The Merge, a new Coingecko study has found. The same study also found that among the top eight ranked countries, proof-of-work (PoW) related searches are 169% higher than PoS (proof-of-stake) searches. ETH Merge Searches According to a new Coingecko study seeking to determine the countries most interested in the Ethereum (ETH) Merge event, Singapore tops the list “with a total search score of 377.” The country was found to have the....