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multi-purpose mining alt-coins

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Andreas M. Antonopoulos 2014-08-14 11:31:10 -04:00
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@ -138,8 +138,39 @@ Vericoin was launched in May 2014. It uses a Proof-of-Stake consensus algorithm
==== Dual-Purpose Mining Innovation: Primecoin, Curecoin, Gridcoin
Bitcoin's Proof-of-Work algorithm has only one purpose: securing the bitcoin network. Compared to traditional payment system security, the cost of mining is not very high. However, it has been criticized by many as "wasteful". The next set of alt-coins attempt to address this concern. Dual-purpose Proof-of-Work algorithms solve a specific "useful" problem, while producing Proof-of-Work to secure the network. The risk of adding an external use to the currency's security is that it also adds external influence to the supply/demand curve.
*Primecoin*
Primecoin was announced in July 2013. It's Proof-of-Work algorithm searches for prime numbers, computing Cunningham and bi-twin prime chains. Prime numbers are useful in a variety of scientific disciplines. The Primecoin blockchain contains the discovered prime numbers, thereby producing a public record of scientific discovery in parallel to the public ledger of transactions.
* Block generation: 1 minute
* Total currency: No limit
* Consensus algorithm: Proof-of-Work with prime number chain discovery
* Market capitalization: $1.3 million USD in Summer 2014
*Curecoin*
Curecoin was announced in May 2013. It combines a SHA256 Proof-of-Work algorithm with protein folding research through the Folding@Home project. Protein folding is a computationally intensive simulation of biochemical interactions of proteins, used to discover new drug targets for curing diseases.
* Block generation: 10 minutes
* Total currency: No limit
* Consensus algorithm: Proof-of-Work with protein folding research
* Market capitalization: $58,000 USD in Summer 2014
*Gridcoin*
Gridcoin was introduced in October 2013. It supplements scrypt-based Proof-of-Work with subsidies for participation in BOINC open grid-computing. BOINC is an open protocol for scientific research grid-computing, which allows participants to share their spare computing cycles for a broad range of academic research computing. Gridcoin uses BOINC as a general purpose computing platform, rather than to solve specific science problems such as prime numbers or protein folding.
* Block generation: 150 seconds
* Total currency: No limit
* Consensus algorithm: Proof-of-Work with BOINC grid-computing subsidy
* Market capitalization: $122,000 USD in Summer 2014
==== Anonymity-Focused Alt-Coins: Cryptonotes, Bytecoin, Monero, Zerocash/Zerocoin, Darkcoin
=== Non-currency alt-chains
==== Namecoin