Problem identification: To avoid the waste of resources involved with PoW protocols.
To avoid the necessity of trusting a centralized banking system.
Primecoin proposed to replace the PoW puzzle in Bitcoin by a puzzle of searching three types of prime number.
Consensus mechanism used
- Proof of Useful Resources (PoUS)
- Market cap approaching $ 1 million.
Focus point commentary indicating the value of the case study in relation with learning modules
Learning Modules Focus Points
Consensus Presents a use case of the PoUS consensus mechanism
- The verification stage of the Primecoin puzzle violates the principle of soundness in non-interactive ZKP.
- The Primecoin puzzle does not simulate a random distribution for leader selection.
- Fanning, K., & Centers, D. P. (2016). Blockchain and its coming impact on financial services. Journal of Corporate Accounting & Finance, 27(5), 53-57.
- -S. King, “Primecoin: Cryptocurrency with prime number proof- of-work”, July 2013.
- -Website: https://primecoin.io/