Primecoin is a cryptocurrency with a system of useful calculations

• appearance
• principle
• difference
• future
• mining
• conclusion

Cryptocurrency mining has become a very fashionable trend in 2022. It was this year that such a concept as mining was launched to the masses. Of course, mining was done before this, but not on such a scale as this year. Mining farms were created by everyone and everything: from famous bloggers to ordinary users who wanted to make extra money on a new trend.

Engaging in cryptocurrency mining, but at the same time not having knowledge of how it all works and what the entire market is based on, is completely unacceptable. That is why in this article we will talk about such a cryptocurrency as Primecoin, consider its strengths and weaknesses, and also mention the most important features that distinguish it from Bitcoin.

What is primecoin?

Primecoin emerged as a fork of Bitcoin in 2013. This fork is a digital payment network using XPM as its currency. Proof-of-Work is represented by pseudo-prime numbers that confirm the production of each block.

Primecoin

Technology/Algorithm

The essence of PoW in the case of Primecoin is the joint verification of the network by each of the participants. For this requirement to be met, the numbers must not be too large. Characteristics of this type of PoW:

1. As a result of the system's operation, chains of pseudo-prime numbers appear.
2. Mersenne numbers are not included in the calculation because they are too large.
3. The longer the chain, the higher the difficulty of finding it.
4. To easily check the correctness of the chain, the Fermat test is used, where a-2.
5. To confirm the work, 3 different chains of numbers are used.

The hash from the block chain is multiplied by a random natural number, becoming the first number in the sequence of prime numbers.

Advantages of primecoin

While Bitcoin uses the SHA-256 computational algorithm for mining (useless and just wastes electricity), Primecoin is all based on Cunningham sequences, including prime numbers of a certain type, just like the RaiBlocks (XRB) cryptocurrency.

The study of prime numbers plays an important role in many fields, from mathematics to cryptography. There are even special cash rewards for those who find more than one, ten, one hundred, and so on million decimal places.

The mining algorithm is based on prime numbers

Flaws

The most important and, perhaps, the only drawback of the currency is that the limit on the number of coins is determined by Moore’s law, which theoretically can be hacked after some time. Accordingly, the difficulty will immediately drop significantly.

Scientific value

The distribution of chains of prime numbers has not yet been fully explored by scientists, since even for elementary double primes it has not been proven that there are an infinite number of them. At one time, the distribution of prime numbers became one of the main mysteries of arithmetic, and the study of their chains leads to Riemann's work on prime numbers.

The most surprising thing is that all theories about such numbers are closely intertwined with nature and its cause-and-effect relationships. Distribution is not just a subject of interest to mathematicians. It is relevant in a variety of fields of science and technology and, without exaggeration, underlies modern science.

The seemingly “meaningless” activity of determining numbers during the mining process can have a huge return. This is comparable to when Einstein discovered the theory of relativity. But he could not extract much benefit from it due to a lack of general scientific knowledge - the Universe works on a huge scale. However, now relativity is clear and convenient. This is why theoretical research makes so much sense. And this is the answer to the frequently asked question about why it was necessary to come up with a platform like Primecoin.

Based on chains of prime numbers

What is Primecoin?

Primecoin is a particularly innovative cryptocurrency based on the principle of cryptography and controlled by a decentralized miner market. The basic idea for the token was found using the white paper by Satoshi Nakamoto who created Bitcoin. However, the Primecoin blockchain is distinguished by its use of a different PoW algorithm and is considered the first cryptocurrency to be scientifically developed.

Additionally, developers are also seeing some benefits. The token not only offers a high level of security and the ability to actively participate in the network through mining, but also generates a special form of integer chains that can be used for math exams. Additionally, the network requires far fewer resources than Bitcoin and can therefore handle a higher workload with the same processing power.

Primecoin was designed to create a thriving mining market and provide security first. The network values ​​should be comparable to gold derivatives.

How and where to buy primecoin cryptocurrency?

Not all exchanges support direct exchange of alternative digital currencies for fiat money. But almost everyone gives the opportunity to purchase through Bitcoin. That is, in most cases, you first need to buy bitcoin for the required amount, and then exchange them for XPM through any exchange or exchanger.

Exchanges trading primecoin

Vircurex is a Chinese cryptocurrency exchange that was launched in 2011. The office of this commercial organization is located in Beijing, and the popularity of the project has spread throughout the world.

The creators of this exchange focus specifically on the number of currencies available for exchange. Therefore, here you can trade both the most popular and little-known coins (for example, the Siberian Chervonets), and Primecoin is no exception. These are the best conditions for promoting new projects.

Exchangers for withdrawal

Coins-E. Exchanger from Toronto with 15 years of experience, a possible alternative to Primecoin exchanges. It has a useful “multi-wallet” function, with which you can work with more than seven dozen different cryptocurrency wallets. Primecoin wallet is also available for linking.

The commission for each transaction is 0.15%, and the same commission is applied to withdrawals of funds. Exchange rates, both among themselves and against the dollar/ruble, are tracked dynamically.

primecoin faucets

List of current pools

Today there are several dozen pools where you can mine Primecoin. But not all of them allow miners to count on favorable conditions and quick payments. This is why you should be careful when choosing a pool. For our part, we recommend the following popular and proven services for Primecoin mining:

• YPOOL.NET. This pool is especially in demand among Russian-speaking miners, although it is foreign. There is a moderate commission for mining coins - from 3% to 6%. Miners can mine not only Primecoin from this pool, but also other cryptocurrencies, including Protoshares, Feathercoin and Dogecoin. The service itself provides a simple and intuitive interface, detailed instructions for settings, as well as a chat for communicating with other miners.
• BEEEEER.ORG. This pool is notable for the fact that there is no need to register, and payments occur automatically. The miner does not need to make a request to transfer funds. As soon as his balance reaches 3.01 coins, they are automatically sent to his wallet address. The commission in this pool is 3%.
• RPOOL.NET. This service is notable primarily for its very low commission. It is only 2%. There is also no need to register in this pool. The mined coins are immediately sent to the wallet specified by the user. At the same time, there are no restrictions on minimum limits. That’s why the miner will need to specify them himself.

primecoin wallets

To store currency on your computer, you need to download and install a wallet app. The sequence of actions is as follows:

1. Go to the official website of the Primecoin cryptocurrency in the “Downloads” section.
2. Click on the “Download Wallet” button.
3. Select the version according to your operating system (Linux or Windows).
4. Save the archive to your hard drive and unpack it with any archiver.
5. Run the installer file called primecoin-0.1.2-win32-setup.exe.
6. Follow the instructions of the standard installer (it is recommended to select the partition of the disk where the OS is not installed).

After installing and launching the program, you will have to wait for some time until the synchronization process is completed. Then you can move on to studying the interface.

The Overview tab provides information about the current balance, recent transactions and unconfirmed payments.

The functionality of the Send tab allows you to make a transfer to another user; to do this, you will need to enter the name of his Primecoin wallet.

In the Receive section, you will see your own wallet name, and in addition, you can create several more addresses for transferring money.

The name of the Transactions tab displays its contents - all the transactions you have ever made. Finally, the Addresses tab makes it possible to create a kind of address book of frequently used or simply important counterparties.

Each OS has its own version of the wallet

How to mine Primecoin

Well, for those who are interested in this cryptocurrency, and mining in general, it will be interesting to know how to start mining Primecoin. To do this, just follow these steps:

1. You need to go to the official website of the company – primecoin.io, and download the archive.
2. Next, unpack the archive.
3. Open the rpool.bat file using notepad and change the wallet address to your own. Save the changes.
4. Let's run the file.

At this stage, all necessary actions have been completed. All you have to do is wait until your computer's processor performs the necessary calculations. For this you will receive XPM coins in your wallet.

Mining primecoin

When comparing the Primecoin cryptocurrency with Bitcoin, the difference in the block search method immediately catches the eye. If bitcoin mining requires that all computer resources be used (and the output is only profit), then Primecoin mining, along with the generation of profit, helps scientists study prime numbers.

A new block is created in just a minute, and the speed of transaction confirmation is also impressive. It is also important that each new block is more difficult to obtain than the previous one - and for the cue ball, complication occurs only once every 2016 blocks. Since the profit received directly depends on the difficulty of the block, the income from Primecoin mining is constantly growing.

In Primecoin, XPM has no quantity limit, but it is controlled by Moore's Law. And this is a more realistic option than other cryptocurrencies,

Finally, we can’t help but mention the premine (when some users have the opportunity to mine even before the official release). This was not practiced in Primecoin, the mining of which began in large numbers from the first block, while in Bitcoin the creators first secured impressive profits, unlike putincoin mining.

Mining primecoin

Pools

Now to the question of how to mine Primecoin.

This is done using a processor, usually as part of a pool. It is desirable that the processor be powerful and have several cores.

According to the instructions above, download and install the wallet, synchronize and receive your personal address. Then we download the miner, it is freely available on the Internet (versions for Linux and 64-bit Windows).

In order for the miner to start, you need to create a bat file. Open notepad and paste something like this into it:

primeminer_x64.exe -poolip=176.34.128.129 -poolport=1337 -pooluser=AXj9dTBUeX77sFMkw1nMhahecdzToBoMyP -genproclimit=4 -poolfee=3

Data decryption:

• exe is the name of the file you are launching;
• -poolip=176.34.128.129 – constant parameter, means the pool address;
• -poolport=1337 – also does not require editing, pool port;
• -pooluser=AXj9dTBUeX77sFMkw1nMhahecdzToBoMyP – your address, which acts as an identifier on the Primecoin pool. Replace with yours.
• -genproclimit=4 – the last digit is the number of cores of your processor that you plan to allocate for mining. If you want to work on the computer in parallel, then limit it; if not, then you can safely give away all the available ones.
• -poolfee=3 – your donation to the owner of the Primecoin pool (measured as a percentage). It means how much percent of the production will go to a voluntary contribution. You can put zero, or you can put 100. It is recommended not to be greedy and to put at least a small percentage for the efforts of those who support the pool.

Save the resulting text document to a file with the .bat extension and run it. Provided that everything is written correctly, a command line window will open, showing the mining process.

Pay attention to the line that starts with [STATS]. At the end of this line there is a numeric indicator that shows the performance of your program. If you create a farm of five i5 processors, you can mine 1 coin per day. This is not very much, given the Primecoin exchange rate to the ruble, but at the same time it does not require any work from the miner. In addition, it is always useful to have several crypto coins on your balance, because they can skyrocket in price unpredictably.

You can view your statistics on the miner’s website. Its design is more than minimalistic, but in terms of functionality it has everything. Click on the “payouts” button and select the top block. Once you log in, you will see many different wallets.

Find yours through the search. To the right of it will be indicated the number of primecoins already mined through the primecoin pool. Automatic payments have been set up after receiving every three coins.

Primecoin mining principle

First, let's figure out what mining is, otherwise this word is used often, but few people know what it means.

In simple terms, mining is the process of obtaining cryptocurrency. If we go into detail and give a more precise definition, then mining is the process of creating new blocks in cryptocurrency. For this operation, the user receives a reward in the form of crypto coins to his wallet.

Mining of various digital currencies is very similar to each other. Regardless of the name, type or idea of ​​the cryptocurrency, it will always resemble the original Bitcoin mining process. How much more or less depends only on the creators of a particular crypt.

Mining Primecoin differs from the process of mining other cryptocurrencies in that it uses only useful calculations. This is a very strong argument in favor of Primecoin, but it is also a very difficult process to understand.

Let's start with the fact that a hash system is used to mine Bitcoin and Litecoin. In simple terms, the user begins mining, at which time all the computing power of the GPU is aimed at finding a suitable hash function. When the required function is found, a new block is formed in the system. Is it difficult? Certainly. At the beginning of the journey, in order to find the hash function and create a new block, you need little computational function. But the further you go, the more difficult it becomes.

As a result, the process of mining cryptocurrency becomes more and more difficult. In order to form a new block, you have to use more and more computing power of the computer, which means it will take more time.

Is this useful? The answer is clear - no. The mining program simply uses the computer's power to create a block, and the user makes money from it. In global terms, such a process is extremely useless.

Unlike other cryptocurrencies, Primecoin does not use a hash system to create a new block. Instead, a system of useful calculations is used. In order to create a new block, the user’s computer performs calculations of varying complexity. The calculations use numbers from 1 to hundreds of billions.

The numbers used in calculations are not randomly generated. Such number chains are of serious interest to scientists from various fields of science. Thus, Primecoin mining directly helps scientists around the world solve difficult problems that require powerful computing equipment.

Due to the fact that Primecoin mining is based on useful calculations and not on a hash system, the requirements are different. So, if the video card is used to the maximum when mining Bitcoin, then for a similar process Primecoin uses the computing power of the processor.

Cranes

Primecoin faucets are generous compared to other cryptocurrency faucets. However, if you transfer the rewards into Bitcoin or Ether, then everything will be about the same, so don’t be fooled by the numbers of 1-2 million satoshi for each completed task.

To withdraw funds, you will have to create a FaucetHub micro-wallet, to which various Primecoin faucets can be linked and set up an automatic payout.

The following faucets are currently being heard:

• prime-get – a resource with a fixed reward of 75,000 primetoshi every ten minutes;
• prime-faucet – you can get an average of 80,000 primetoshi per hour;
• prime-queen – gives you the opportunity to get up to 100,000 every 5 minutes;
• prime-tk-faucet – has a zero interval between stamps and gives out 0.03 primecoins;
• prime-s – pays up to 0.003 XPM every 5 minutes;
• prime-bagi – promises from 10 to 100 thousand primetoshi every five minutes, and earnings are transferred instantly.

Unfortunately, taps for the most part are unstable resources, so they tend to close and open in completely unpredictable ways. But it makes sense to try them all, because no investment is required.

Microwallet FaucetHub

Conclusion

Overall Primecoin is an extremely interesting experiment, for the first time we have a currency whose algorithm mining is of secondary importance, and at the same time Primecoin, unlike many other coins before it, actually makes serious attempts to improve Bitcoin in unrelated aspects . Leaving aside Bitcoin's massive headwind, Primecoin could very well be the first alternative coin that is actually better than Bitcoin, giving the currency the possibility of a bright future ahead.

Forecast for 2022

In the case of Primecoin, the rate is stable, as is the stratis forecast.

So, in February (02/13/2018) the exchange rate to the ruble was 43.806, and today (02/15) it is 45.955. For comparison, at the very beginning of the year the price for one primecoin was 46,779 rubles. That is, the currency is not prone to sharp rises or falls.

If we compare it with the state at the end of 2016, when one XPM cost only 4 cents, we can see that the rate has gradually increased several times.

Now let’s move on to the important question - what will the Primecoin exchange rate be to the dollar and ruble in the summer, and what is the general forecast for 2022? The outlook is that XPM could skyrocket to 0.000135 Bitcoin under one condition: the market stabilizes at 0.00008 and is protected at that level.

Future of Primecoin

Over the past year, the Primecoin rate has increased significantly. In December 2016, 1 XPM could be purchased for $0.04, but now, at the time of writing (end of October 2022), 1 XPM costs $0.13. Having made simple calculations, it is easy to see that the exchange rate has increased 3.25 times in 10 months and continues to grow. This is due to the great popularity of cryptocurrency in general.

Having analyzed how the cryptocurrency market has changed in recent months, especially in the spring of 2022, when mining became especially popular, we can easily predict that the Primecoin rate will continue to rise. If the trend of virtual currency mining also remains high, or even increases significantly, which is a very expected situation, then over the next year the Primecoin rate may reach 0.5-0.75 USD per 1 XPM.