Cryptocurrencies are not just used as a form of money but they have more potential uses and this has been a good factor in the popularity of them. Primecoin is the type of cryptocurrency which not only offers the feature of using it as a form of money but also uses its processing power for conducting mathematical research. Its acceptance in the retail sector is fairly low but it is used widely among scientific communities due to its great significant benefits.
Primecoin like many other cryptocurrencies uses a proof-of-work system. Users constantly compete to solve difficult math problems first in order to get the right to verify the next block of transactions. The computer which is able to crack the code first gets some coins as reward and then it writes next lines of public ledger. Primecoin’s main unique feature is that it asks users to solve specific math problems. Primecoin asks users to find Cunningham chains which are special prime number chains. These chains are of special interests to the scientific and mathematical community. They are difficult to discover and needs a lot of time by the researchers on costly and dedicated servers for their generation.
Primecoin is considered to be more energy efficient than its competitors as it uses the energy in accomplishing two tasks at one time instead of just one task at a time. This creates a lot of enthusiasm amongst the theorists who have concerns about the high energy costs spent on traditional cryptocurrencies.
Although the purpose of Primecoin is noble, its monetary value is low. The price is also dropping over the past year. The guiding principle of this cryptocurrency is exciting but due to its low value and low acceptance in retail sector, it can’t be a good source of investment for the investors.
Where to buy Primecoins?
Want to buy or sell primecoins? Click on the following companies to find out the best place for selling and buying primecoins in Australia.
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