09 Jul '13, 1pm

An upstart digital currency concept solves one of Bitcoin's most obvious flaws

An upstart digital currency concept solves one of Bitcoin's most obvious flaws

But some say one in particular has received scant attention: "mining" the currency requires solving random equations that are ultimately pointless. This uses up a lot of computing power and energy, and it's all a total waste. Primecoin ( as spotted by @guan ) seeks to address this problem. The digital currency, whose home for now remains at coding site Github , would be "mined" instead by contributing to massive computing projects like Stanford's disease-cure software or SETI , the project to search for extraterrestrial life. Or, as its name suggests, tracking down long chains of prime numbers. Here's how that would work, via Bitcoin magazine's Vitalik Bauterin : There are three specific types of chains that are of interest: Cunningham chains of the first kind, Cunningham chains of the second kind, and “bi-twin” chains. The rule behind a Cunningham chain of the first kind ...

Full article: http://www.businessinsider.com/primecoin-2013-7

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