Sunny King



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LegendaryActivity: 1205Merit: 1003 [XPM] [ANN] Primecoin Prerelease Announcement - Introducing Prime Proof-of-Work June 28, 2013, 11:07:15 PM

Last edit: July 07, 2013, 08:20:16 PM by Sunny King #1 primecoin project is now close to beta quality and will be released to public soon. Please keep in mind this is experimental technology and we reserve the rights to rollback or restart the blockchain should severe bug/vulnerability require such actions. However we would try our best to avoid such scenarios and further develop it into reliable public infrastructure.



Introducing primecoin



First non-hashcash proof-of-work in cryptocurrency, pure prime number based proof-of-work

Cpu mining at launch, gpu mining to be developed by market participants

Pure proof-of-work, no proof-of-stake (unlike ppcoin), not energy efficient, but with additional potential scientific value derived from proof-of-work energy consumption (energy multiuse)

Scarcity enforced by Moore's Law similar to ppcoin, mint rate gradually drops as difficulty rises, without sudden halving shock

Security model similar to bitcoin

Continuous difficulty adjustment like ppcoin

Reasonably high starting difficulty to limit instamining

1 minute target block spacing

Zero premine, zero tax

ppcoin + primecoin



Sharing the same goal of real innovations, moving cryptocurrency technology forward and demonstrating our technical capabilities

Sharing the same value, open source, no premine, no tax, advancing cryptocurrency technology for humanity

Cpu mining initially for primecoin to cater to a larger mining community, now covering all mining hardwares with both ppcoin (gpu+fpga+asic) and primecoin (cpu)

New innovations in primecoin catering to a wider audience including the mathematical and other scientific computing community, and users who prefer pure proof-of-work cryptocurrencies.

Sharing development resources and infrastructures

Different innovative cryptocurrency designs provide cryptocurrency investors with diversified advanced technology portfolio

Strategic positioning for the next 5 years in cryptocurrency market

ppcoin vs primecoin



ppcoin is our first innovative cryptocurrency design to focus on energy efficiency. Almost a year after its release ppcoin's design remains the only proof-of-stake design on the market, with seven forks/clones (NVC, BTB, YAC, BTG, BOT, CGB, YAB). primecoin is our second innovative design to focus on alternative proof-of-work system producing additional scientific values. The two networks would work in synergy to achieve our long-term cryptocurrency strategy.

Cryptocurrency market has now split into two sectors, energy intensive sector and energy efficient sector. In the longer term (5+ years) I believe the energy efficient sector would begin to challenge the energy intensive sector due to its cost advantage. In the shorter term though energy intensive market would likely remain dominant and we would like to have an innovative and competitive offering in this sector as well. The innovations in primecoin give us this opportunity, and would complement ppcoin to strengthen our strategic position in the market.

The energy intensive sector currently has two major types of proof-of-work, both of the hashcash type, one is SHA-256, the other is scrypt. There have been some new variations of the hash functions recently, with modified scrypt and SHA-3 series hash functions as well, or even compositions of different hash functions. Though existing cryptocurrencies are all still based on hashcash proof-of-work. primecoin introduces the first non-hashcash proof-of-work in cryptocurrency, the first type of proof-of-work that not only secures the block chain, but also provides additional potential scientific value, paving the way for future proof-of-work types with more diverse scientific interests and uses.

Both ppcoin and primecoin demonstrate our design prowess and capability in real innovations. We are fully dedicated to provide long term support and further development to both cryptocurrencies.

For existing ppcoin users our dedication to the continued development of ppcoin and its market has not changed. ppcoin's advanced proof-of-stake technology has long-term advantage over pure proof-of-work designs, and is an innovative environmental-friendly solution to the escalating energy consumption on cryptocurrency. In my opinion the energy intensive sector will fragment into many different types of proof-of-work, a single type of proof-of-work is unlikely to maintain dominance. More fragmentation is likely even within a single type of proof-of-work. Meanwhile the energy efficient sector would rise to challege the energy intensive sector, and ppcoin is among the leading contenders in the energy efficient sector. So in terms of our long term strategy ppcoin is of more importance than primecoin.

Release Schedule



Primecoin release is tentatively scheduled for 2013 July 7th 18:00 UTC





Update: 2013-JUL-07: Primecoin blockchain now up and running. Main discussion thread at:

https://bitcointalk.org/index.php?topic=251850.0

Thanks for your support I am happy to announce that theis now close to beta quality and will be released to public soon. Please keep in mind this is experimental technology and we reserve the rights to rollback or restart the blockchain should severe bug/vulnerability require such actions. However we would try our best to avoid such scenarios and further develop it into reliable public infrastructure.Primecoin release isUpdate: 2013-JUL-07: Primecoin blockchain now up and running. Main discussion thread at:Thanks for your support