Primecoin

Primecoin is the first digital currency on the market that introduced a useful PoW, as opposed to bitcoin's SHA256-based PoW. Primecoin uses searching prime numbers as a PoW. Not all types of prime number meet the requirements to be selected as PoW. Three types of prime numbers (known as Cunningham chain of first kind, Cunningham chain of second kind, and bi-twin chains) meet the requirements of a PoW algorithm to be used in cryptocurrencies. The difficulty is dynamically adjusted via a continuous difficulty evaluation scheme in Primecoin blockchain. The efficient verification of PoW based on prime numbers is also of high importance, because if verification is slow then PoW is not suitable. Therefore prime chains are selected as a PoW because finding prime chains gets difficult as the chain increases in length whereas verification remains quick enough to warrant being used as an efficient PoW algorithm. It is also important that once a PoW has been verified on a block it must not...