A Comparison of Cryptocurrency

6 June 2017

Primecoin gets its name from the unique algorithm used to mine it. Bitcoin miners use a hashcash algorithm, which acts as a proof-of-work to verify legitimate Bitcoins and eliminate duplicates. Primecoin miners, on the other hand, look for Cunningham chains, long strings of prime numbers. As it turns out, increasingly enormous prime numbers are exceedingly valuable for RSA encryption, which allows two users to pass secret messages back and forth, and has been the standard for confidential message encryption since the 1970s.

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Quark Coin Developed in October 2013, Quark is one of the youngest Bitcoin alternatives. The total value of Quark in circulation is equivalent to $50 million, but one Quark is worth just $0. 20. Relatively similar to Bitcoin in most other ways, Quark drastically improves on Bitcoin’s security measures by using nine rounds of secure hashing from six different algorithms. For comparison, Bitcoin uses Just two rounds. That makes Quark one of the most secure competitors, and its accessible open source code should keep it that ay.

Worldcoin Worldcoin is less than a year old, but has a total circulation value equivalent to $18 million. One worldcoin is worth $0. 60 as of this writing. Like many of the others on this list, Worldcoin is very similar to Bitcoin excepting improvements in one area. In this case, it’s speed. Worldcoin has a 30-second transaction time, making it 20 times faster than Bitcoin. While it could take all day for your Bitcoin transaction to be verified a dozen times, Worldcoin transactions are fully verified in 60 seconds.

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