Primecoin (XPM)

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Primecoin is a cryptocurrency that is non-hash and is developed by Sunny King, a cryptocurrency technologist. This crypto is issued via a decentralized and secure mining mark.

Joke Name

Primecoin = Math Coin

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (XPM)

Coin or Token

Circulating Supply (25 Million)

Market Cap Ranking

Review

Primecoin is a cryptocurrency that is non-hash and is developed by Sunny King, a cryptocurrency technologist. This crypto is issued via a decentralized and secure mining mark. It is also a cryptocurrency that involves an innovative proof of work that has been designed through scientific computing and is capable of generating special prime numbers that are useful in mathematical research.

Primecoin is similar to other cryptocurrencies in that it can be mined on a variety of platforms and can be traded on a number of reputable and trusted exchange markets.

Key Features

  • Cunningham chains
  • Mathematical research
  • Mining
  • Red Flags

Cunningham chains

The Primecoin network keeps searching for Cunningham chains as well as Bi-Twin chains which are special prime number chains that are capable of being used to compute cryptographic has functions as well as other things that are of importance mathematically. The nice thing about this cryptocurrency is its innovative network that offers security and mining as well as reliability to the network and in doing so becomes a more energy-multiuse platform as compared to Bitcoin. This platform has been designed to make the mining market more well-to-do and it also ensures faster payment transaction processes.

XPM is quite scarce but is likely to survive inflation as well as deal with deflation which have had a negative impact on BTC and LTC. It has a mining output that is derived from Moore’s Law which means miners can leave the network without causing any problems in terms of stability of the prime block. Since this cryptocurrency does not rely mainly on transaction fees like in the case of BTC, it always will have some subsidy.

Mathematical research

XPM is being applied in mathematical research and so can be used as financial incentive to this research. You can use it to reward researchers as well the research process. Since prime numbers are widely used in physics and engineering, it means that Primecoin can also be used to fund researches happening in those fields.

Mining

To mine Primecoin, users of the cryptocurrency can use solo mining or cloud mining. The former involves the running of commands on a computer to generate XPM and can be used on systems driven by Windows or Linux. As for cloud mining, users will need to create an account with a server provider and then set up a miner. It is also necessary to provide an email address without which it is not possible to receive payouts and stats. It is possible to use cloud server providers like Cloud Sigma and Candy Pool as well as yuPool and Bitcoin Talk.

Red Flags

No team is listed on the website, also the website is non https. Not a good sign with many non HTTPS sites being scams.

Conclusion

It is possible to trade in XPM with BTEC-e or LTC and PPX as well as dollars, euros and CNY. XPM trading takes place on various platforms like Cryptsy and Crypto Trade as well as Vircuris, Coin-E and Coinmket, to name a few. The main payment processor is the one called Coin Payment and the main provider of the Primecoin wallet software is called Bitcoin Talk.

Pros

Cons

  • No backing (asset, profits, commodity)
  • No HTTPS