What Is PRIZM (PZM)?
PRIZM is a computer software created for recording short messages in the blockchain and for recording information about changes in the balances of project users. When adding a new record to the blockchain distributed ledger, a commission of 0.5% is charged, but not more than 10 PZM. The commission for transactions in the generated blocks is received by the users of the project who support the peer-to-peer network, by storing the complete blockchain database on their computer.
PRIZM it is a 100% Proof-of-Stake cryptocurrency based on the NEXT-kernel, built on Java with an open source code. The unique proof-of-steak algorithm does not depend on any implementation of the “coin age” concept used by other proof-of-steak cryptocurrencies, and is resistant to the so-called “nothing at stake” attacks. The total number of coins available was distributed in the Genesis block. Curve 25519 cryptography is used to provide a balance of security and the required processing power along with the more commonly used SHA256 hashing algorithms.
PRIZM Storage Key Points
|Circulating Supply||2.97B PZM|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Bitcoin is the world’s first decentralized digital currency, allowing you to store and transfer cryptographic coins easily using the P2P network to transmit information, hashing as a synchronization signal to prevent double spending, as well as a powerful scripting system to determine the owner of coins. This demonstates a growing technology and business infrastructure.
PRIZM According to the original design, bitcoins are interchangeable and seen as a neutral means of exchange. Bitcoins may have special properties supported by either the Issuer or a public agreement, and have a value independent of the underlying nominal value. Bitcoin has proven that the P2P electronic payment system can really work and process payments without any third party involvement.
Proof of Stake
In the traditional “Proof of Work” model used by the majority of cryptocurrencies, network security is ensured by participants performing “work”. They use their resources (calculation/processing time) to reconcile transactions with double costs and in order to impose extraordinary costs on those who attempt to collapse transactions. For this work, participants are awarded with PRIZM, and their frequency and amount vary depending on the working parameters of the cryptocurrency. This process is known as mining. The frequency of block generation, which determines each available reward for mining cryptocurrencies, as a rule, should remain constant.
Proof of Work
PRIZM As a result, the labor intensity of the work required to obtain rewards should increase as the network becomes more efficient. As the Proof of Work network develops, the individual user has less incentive to support the network, since their potential reward is distributed among more colleagues. In search of profitability miners continue to invest resources in the form of specialized, patented equipment that requires significant investment and high current energy costs.
Over time, the network becomes more centralized as smaller partners (those who can do less work) drop out or pool their resources into pools. The Creator of bitcoin Satoshi Nakamoto, intended bitcoin network to be completely decentralized. But no one could predict that the incentives provided by Proof of Work systems would lead to the centralization of the mining process.
Security is regulated
PRIZM bitcoin IO pool has reached 51% of bitcoin mining power in the past, and the top five bitcoin mining pools make up 70% of the hashing power of the network. The concept of decentralization is at risk of total loss. In the Proof of Stake model used by Prizm, network security is regulated by partners who have a stake in the network.The incentives provided by this algorithm are not conducive to centralization as Proof of Work algorithms,and data show that the Prizm network remains highly decentralized since its inception a large (and growing) number of unique accounts contributing blocks to the network, and five top accounts generate 35% of the total number of blocks.