FAQs So, what is new about Riecoin? The process of money creation what is bitcoin pooled mining games Bitcoin – referred to as mining – involves executing software that utilizes your hardware running sha256 hashes until a certain criterion is met.
This part of the mining process is called generating a “Proof of work”. The whole mining process also has a critical role in processing transactions and providing security to the network. How does the “Proof of Work” work? That’s not much difference, so finding prime numbers is not practical for a PoW. Consecutive in this case means that they are grouped as closely as possible minimizing the distance between the first and the last one.
This allows us to make the generation arbitrarily more difficult than the verification. Difficulty can be adjusted by changing the length of the prime numbers. So each block represents six prime numbers. In binary, let basep be an 1 concatenated with eight 0’s, concatenated with S, concatenated with as many 0’s as needed to reach the required difficulty. Let Z be that quantity of 0’s. X is the first prime of a prime constellation of size n, where n is hardcoded at 6.
Z: this last restriction removes any chance of using the same actual constellation as PoW for more than one block. Since S and basep can be calculated from the block header up to the time field, only X needs to be stored in place of the usual nonce. PoW verification is done using Rabin-Miller primality tests. The intention of the eight 0’s before the hash is to minimize the influence that the value of the hash can have on the difficulty of finding a sextuplet. How is Riecoin different from Primecoin? Primecoin uses the Fermat primality test, which has some flaws. Carmichael numbers are not prime and still pass Fermat’s test for all bases, however those are relatively rare.
Primecoin uses only one Fermat test with base 2. Short version: Primecoin numbers are not guarranteed to be prime, they may be Fermat pseudoprimes to the base 2. Riecoin uses enough Rabin-Miller tests with random bases, so the probability of a number that is not prime being accepted by the majority of the Riecoin network is negligible. While it is still difficult to compare this number for different difficulties, it is a much better metric: it can be used to meaningfully compare different algorithms, hardware speed, etc as long as you have the same diff. Assuming the Riemann Hypothesis and the Hardy-Littlewood k-tuple conjectures are true, by using Hardy-Littlewood constants a miner can estimate the average time before a block is found, allowing profit calculations and to estimate the computing power of the network. In Primecoin there is no practical way of estimating the time before finding a block, moreover difficulty 10. 9 making it impossible to estimate how secure the network is.
A centralized checkpoint system is implemented inside Primecoin. While it is disabled by default, if FUD about attacks start to spread, I believe some people will panic and enable it. While it is arguable, we believe our deflationary model – similar to Bitcoin’s – is better. 1min block speed would bloat the blockchain and create more orphans, stales. 5min which was tested for years in LTC.
I don’t know of any 1min coin that has years of testing. I think it’s not true that 1min is fast enough for waiting in a line when you buy a coffee: with blocks targeted each minute, you have a 1 in 150 chance of having to wait more than 5 minutes for a block, this would still be unacceptable for some coffee stores. At the moment only a CPU miner exists, but I’m sure a miner that makes use of the GPU will eventually be released. Having shares simply be blocks with lower difficulty does not work for pooled mining.