Primecoin
Crypto Overview
Overview
Primecoin (XPM) is a unique cryptocurrency launched in 2013 by Sunny King. Unlike Bitcoin's SHA-256 proof-of-work system, Primecoin's mining process involves finding special number sequences called Cunningham chains and bi-twin chains, contributing to mathematical research.
Purpose and Utility
The primary purpose of Primecoin is to serve as a cryptocurrency while simultaneously contributing to mathematical research through its mining process. The proof-of-work system actually produces useful scientific data, making it one of the first cryptocurrencies to have mining that produces supplementary value beyond network security.
Business Model and Operations
The project operates on a fully decentralized model where miners compete to find prime number chains. The mining process serves two purposes: securing the network and advancing mathematical research. There are no apparent haram elements in its operation or business model.
Development and Adoption
While development activity has been relatively quiet in recent years, the project maintains its core functionality. The project has a small but dedicated community of users and miners. Trading primarily occurs on decentralized exchanges.
Token Distribution
Primecoin had a fair launch with no pre-mine or ICO, meaning there was no initial allocation to founders or early investors. All coins come into existence through the mining process, similar to Bitcoin's model.
Crypto Impact
To assign a comfort level investing in Primecoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Primecoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.