July 7, 2013
Primecoin is a rather interesting digital currency. It was developed by Sunny King, one of the same developers that created PPCoin and invented Proof-of-stake. Primecoin does not follow the same rules as the other currencies, and has a built in mathematical benefit. Due to the way it is mined, Primecoin actually discovers previously unknown prime numbers. The innovative prime proof-of-work in Primecoin not only provides security and minting to the network, but also generates a special form of prime number chains of interest to mathematical research. Thus primecoin network is energy-multiuse, compared to bitcoin network. Primecoin is designed to sustain a prosperous mining market and high level of security, while maintaining good scarcity property like gold. Primecoin also processes payment transactions 10x faster than bitcoin network. All in all, Primecoin presents itself as an extremely interesting experiment; for the first time, we have a currency whose mining algorithm has a secondary value, and at the same time Primecoin, unlike so many other coins before it, actually makes serious attempts to improve on Bitcoin in unrelated aspects. Not taking into account Bitcoin’s massive headstart, Primecoin may well be the first alternative coin to actually be better than Bitcoin, giving the currency the potential for a bright future ahead.