November 9, 2014
DescriptionBytecent employs a CPU friendly Proof of Work algorithm that verifies prime numbers. It works by locating dense clusters of prime numbers beginning at a number n, where there are six consecutive prime numbers: n, n+4, n+6, n+10, n+12, and n+16. To decipher a block, there is hashing of the block contents to generate a target number. The objective is to locate a prime chain within a particular numerical space greater than the target number. Unlike with other cryptocurrencies that employ similar algorithms, our motivation is not to break any world records in finding prime numbers. We are utilizing this method of mining to make CPU mining more attainable while eliminating the use of GPU & ASIC miners. Proof of Miner is an innovative mining system that employs captcha technology to limit mining abuses while keeping the mining process tangible. POM requires miners to enter a human readable captcha code every sixty minutes to maintain the mining process without interruption. Mining time can be extended without entering the captcha code by storing x amount of coins in the local wallet. For example, if 25 Bytecents are required to extend mining time for one hour, a miner will need a total of 600 Bytecents stored in his/her local wallet to extend mining time for a total of 24 hours. Coins utilized for mining can be used anytime and are not locked from being spent like with Proof of Stake coins. The number of coins required to extend mining time is based on numerous factors including current price, total volume, and demand.