Primecoin - Definition from the Hotspot Shield Encyclopedia
Primecoin is a cryptocurrency that is open source and works with a peer to peer system. The currency differs from others on the market due to its proof of work system that uses a unique scientific computing process. Primecoin was initially released in 2013 and features several differences from the main cryptocurrencies like Bitcoin. The scarcity of Primecoin is based on a mathematical property involving prime numbers, there is no predefined number of total coins, and blocks can be generated around 8 to 10 times faster than Bitcoin blocks. Due to the reliance on CPU's for mining the coins, Primecoin has been subject to many malware attacks and has been the cause of many sport shortages of dedicated servers.