Primecoin

Thoughts on an undervalued blockchain

Primecoin is in the business of creating records of prime number chains. As opposed to Bitcoin and a host of other proof-of-work (POW) currencies, its energy use is directed at a provable useful cause. Why then are more investors not seeing the value? I posit that it’s because there is no way for current token holders to benefit from the potential value inherent in the product the blockchain creates. To solve this problem, it should be possible to patent a prime chain such that royalties from its use will be divied up by all token holders with the miner gaining a substantial percentage of the dividends. This would be most effective if primecoin became a DAO. Pending such a reformation, developers will return to this project, the price would skyrocket and it would create a model for scientific research that had not been possible. Imagine all the university mathematics departments and quantitative nerds who will be eager to engage in a blockchain that appeals to their interests. In fact, this might be the best way to adopt a cryptocurrency project.

Previously, I’ve posted about mergers & acquisitions in the cryptoverse with the takeaway being that in the future, certain coins will deviate from their original vision to meet the demands of society as we understand better the role of blockchain technology. In line with Nassim Taleb, the older a coin is, the more likly it’ll be to survive and therefore instead of creating a new token, it might make more sense to adopt a sleeper. Primecoin is a sleeper.