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About PRIZM
What is Prizm?
- Decentralized, self-regulated, peer-to-peer blockchain network with Proof of Stake consensus algorithm.
- Built on Java v.8, open source, and limited edition.
- Allows users to store and transfer Prizm coins securely and quickly.
How does Prizm work?
- Concept developed since 2014, aiming for a peer-to-peer blockchain network.
- Proof of Stake algorithm used to avoid network complexity and energy consumption.
- Simple interface for intuitive learning and access with a weak internet connection.
About PRIZM: Empowering a Decentralized Future
Introducing Prizm: A Revolutionary Cryptocurrency
Prizm is a fully decentralized, autonomous, and self-governing peer-to-peer blockchain network, operating on a robust Proof of Stake consensus algorithm.
Crafted on Java 8, this open-source innovation boasts a limited edition distinction.
A pioneering embodiment of the cryptocurrency concept in its most unadulterated form, empowering users to effortlessly, rapidly, and securely store and transfer Prizm with ease.
Prizm presents a convenient alternative to traditional international payment systems, boasting the capability to receive freshly minted coins.
Prizm is unequivocally not a security, as substantiated by authoritative legal opinions from both the United States and European Union.
The Operational Dynamics of Prizm: A Comprehensive Overview
The Prizm concept has been in development since 2014, driven by the vision of creating a peer-to-peer blockchain network that is not only accessible and understandable in its development, but also environmentally sustainable, minimizing the enormous energy requirements typically needed to maintain the network.
The Proof of Stake algorithm, still in its nascent stages of popularity at the time, was adopted as the foundation.
This innovative solution empowered us to circumvent the intricacies of network complexity and the pursuit of power, thereby fostering a more efficient and streamlined ecosystem.
Prizm boasts a user-friendly interface, carefully crafted to facilitate intuitive learning and seamless access, even in areas with limited internet connectivity.
Prizm has garnered a reputation within the cryptocurrency sphere for its exceptionally rapid transaction processing capabilities, facilitating swift settlements on its blockchain network.
A standalone computer program, known as a Node, facilitates access to the blockchain, automatically verifying and confirming blocks upon the fulfillment of predetermined conditions.
Furthermore, any node can be designated as public, thereby providing secure access to personal wallets for all users. This decentralized approach enables individuals to access their wallets independently, without relying on third-party services, by leveraging the broadcasting node on any internet-enabled device.
The inaugural block of PRIZM was launched on February 17, 2017, marking the genesis of this innovative cryptocurrency. Notably, a premine of 10 million coins was issued and distributed through the Genesis block, laying the foundation for the ecosystem.
The grand total culminates at a staggering 6,000,000,000.00 PZM.
The Curve25519 cryptography is employed to strike a delicate balance between robust security and the processing power required, complemented by the more widely utilized SHA256 hashing algorithms.
The consensus algorithm is founded upon cutting-edge, eco-friendly technologies that prioritize energy efficiency.
The Prizm network is devoid of the capability to selectively process transactions. Notably, the system is designed to prevent the sending of coins to a non-existent wallet, thereby safeguarding users from inadvertently misdirecting their assets.
The maximum block capacity is capped at 255 effective user transactions, with the remaining space allocated for Genesis transactions and system information.
The transaction commission ranges from 0.5% to 10 Pzm per transaction, with the fee calculated based on the transaction initiator. In the event of insufficient coins, the system will automatically suggest the maximum number of coins available for transfer.
Mining PRIZM: A Comprehensive Guide
Prizm mining is founded upon the proof-of-stake (PoS) consensus algorithm, a protocol that ensures a secure and energy-efficient validation process.
Upon successfully mining a new block, a node broadcasts it to the entire network, thereby enabling other nodes to verify its authenticity and subsequently append it to the blockchain.
A distinctive feature of Prizm lies in its innovative reward system, which combines Paramining with traditional Forging, thereby incentivizing users to store coins in their personal wallets.
Each user is allocated a proportionate share of newly minted coins, determined by specific criteria.
In users’ personal wallets, the anticipated coin yield is prominently displayed.
Creation and enrollment take place concurrently with transactions, whether incoming or outgoing.
Consequently, during the block generation process, Paramining* rewards are allocated to three key network participants: the Transaction Initiator, the Receiver, and the Forger responsible for generating the block.
Coin crediting is facilitated by transmitting coins from the Genesis wallet in a subsequent block, leveraging the available free system space.
The Genesis wallet functions solely within the negative realm, with a specific target of -6,000,000,000.00 pzm.
The network’s dynamic baseline target is pegged at approximately 59 seconds, remaining impervious to fluctuations in transaction volume.
The maximum commission per block is capped at 2550 Pzm. Network administrators, also known as forgers, are entitled to receive supplementary compound interest and have the opportunity to engage in hybrid mining.
Thus, each coin in the wallet can be conceptualized as a miniature, self-contained “mining farm”, harnessing the power of decentralized computing.
The platform effectively mitigates the risk of a “51% attack” by employing a novel approach to paramining*, which ensures a balanced distribution of resources among network participants, thereby preventing any single entity from dominating the network.
Furthermore, the issue is governed by the Paratax system, which entails a decrease in the production of new coins as the total supply increases.
- Paramining is a novel coin generation method integrated into the Forging mechanism, which incentivizes users to hold funds simultaneously, ultimately culminating in a final offer. This feature is activated with a minimum of 1 PZM in a personal wallet and is governed by three key parameters:
It is activated with a minimum of 1 PZM in a personal wallet and is governed by three key parameters: 1. The balance of coins in a personal wallet, 2. The number of coins staked under a personal wallet, and 3. The difficulty of extracting Paratax*.
Paramining within a personal wallet constitutes a predictable mining process, which can be modified prior to crediting when adjusting the second and third parameters.
What Purpose Does PRIZM Serve?
It can serve as a seamless international payment system, facilitating cross-border transactions with ease.
Enables users to securely store and facilitate rapid transfers of PRIZM coins globally, with absolute safety and convenience.
Empowers users to access their wallets independently, bypassing reliance on third-party resources, including multi-currency and hardware wallets, as well as custodial solutions.
By providing an open API, seamless integration of the payment system into the business sector and IT development field is facilitated, enabling the full automation of coin reception and transmission processes.
Furthermore, the inherent transparency of blockchain technology renders all data publicly accessible, thereby facilitating the generation of diverse statistical analyses of interest.
Forging: The Art of Crafting New Blocks in the Blockchain Ecosystem
Acknowledgement of ownership, accompanied by the opportunity to receive compensation in the form of commission fees, as well as eligibility for Paramining enrollment.
You can commence Forging:
- Initiate the PrizmCore installation process.
- Synchronize the blockchain with the main network, ensuring a seamless connection.
- Maintain a minimum balance of 1000 PZM, with a minimum of 1440 confirmed network blocks.
- Activate Forging by authenticating with a private key phrase.
Personal wallets have a storage capacity of up to 1,000,000 PZM. Once this threshold is reached, paramining for your wallet will cease.
Hybrid mining yields a 50% paramining bonus when the following prerequisites are satisfied:
1. Network administration (forging) is active.
2. The balance does not exceed 110,000 PZM.
3. A minimum of one block is created at least once every 100,000 block heights.
A hold status has been activated for your account, thereby preventing incoming transactions from being credited to Paramining, and subsequently preserving compound interest accrual.
* Paratax refers to the deliberate reduction in the rate at which new coins are minted or issued.
The complexity of the network is generated and exhibits a linear increase, with its growth rate expressed as a percentage of the already mined emission.
First and foremost, it is essential to rein in inflation. A key benefit of cryptocurrency over traditional fiat currency lies in the fact that the total supply of coins is capped and transparent, thereby preventing unchecked monetary expansion.
Paratax does not remove coins from circulation; instead, it prevents their initial release by the Genesis block.