Technical characteristics of the coin
The project was created by Russian programmers who popularize coins not only in their native country, but also outside the Russian Federation. Prism is characterized by a relatively new approach to payment and mining. The developers tried to eliminate the errors of the main blockchain platforms, in particular Bitcoin.
READ Bitcoin.org - features of the site
The main feature of Prism is that the platform solves the 51% problem using moderate paramining. Coin generation occurs in stages and in small sums; coins are evenly distributed among participants. The Prism network does not reserve coins for creators and large investors; the entire volume is in circulation. Developers are not interested in having most of their assets concentrated in the commercial sector, as this increases the chances of speculative fraud on the part of large investors.
Another feature of the platform is its small block sizes, each of which does not exceed 32 KB. Compared to Bitcoin, where one block takes up 2 MB of additional space, the figures seem paltry. The factor simplifies the use of the Prism platform.
The strengths of the project include the speed of transactions. The Bitcoin network, for example, processes 7 transactions per second, Ethereum - 15 transactions. Prizm developers increased the indicator to 65. The Transparent Forging protocol is used, which reduces the time of payment verification.
A powerful network node that wants to obtain a large number of tokens will face difficulties. Since the Prism cryptocurrency is characterized by a small number of coins, the situation will lead to an increase in the price of the asset. Owners of tokens will not rush to sell them, waiting for the peak in value, which will lead to a shortage of cryptocurrency and increased demand. The number of participants will increase, which will lead to the launch of rapid paramining and further confirm the decentralization of the platform.
READ Bitcoin exchange: profitable exchange methods, proven services
The network has nodes - special nodes for checking transactions and adding them to blocks. For this, nodes receive a reward in the form of Prism tokens. To create a node, you need to have at least one thousand coins in your account. The more tokens a holder has, the more signatures are available to sign blocks.
What is Paratax and how long will paramining last?
So, we have talked about the advantages of paramining, now it is reasonable to ask the question, how long will paramining last in Prism, because it cannot be that this pocket printing press will work forever.
It’s true, such an assumption would have killed the coin in its infancy due to future hyperinflation, so the developers introduced a system for increasing the difficulty of paramining . This system was called Paratax - from the words paramining (paramining) and tax (tax), that is, like a tax on paramining.
Similar practices are also programmed into popular cryptocurrencies such as Bitcoin, Litecoin, Ethereum, etc. Only there it is called halving. This will be the first halving for the Prism cryptocurrency.
I recommend reading:
- Bitcoin Halving 2020: What is it and what to expect
The difference between the Prism halving and other cryptocurrencies is that the reward is not halved, but the complexity of the network is doubled - also known as paratax.
This value is measured as a percentage of the total number of Prism coins already mined. The paratax value increases linearly, that is, gradually over time.
The maximum Paratax limit, full paratax , will be 99% by the time 3 billion coins are mined.
It is by this time that paramining will almost completely lose its relevance and will be replaced by forging, mining through nodes.
It is impossible to predict exactly when the next step in increasing the paratax will occur, because its value directly depends on the speed of coin mining, and it is constantly changing. Let’s say, if 100 million coins were mined per year, then full paratax would occur much later than if 1 billion coins were mined.
Therefore, for example, in the old white book, the developers predicted the date of full paratax by 2027, but with the advent and development of huge pools and structures like Paravoz, Roy Club or Prizm Space Bot, where paramining is much faster, this date has been greatly reduced .
To understand when full paratax will occur or, in other words, how long paramining will remain relevant, you need to track the growth dynamics of Prism production.
From 2020 to September 2020, a little more than 300 million PRIZM cryptocurrency was mined. And at the time of writing, the number of mined coins exceeded almost 1 billion! In just under six months, the number of coins increased by 233%!
The production rate is growing at a furious rate, so it is easy to calculate that full paratax will occur at the end of 2020-beginning of 2021.
The next interesting question is what will happen to the Prism cryptocurrency after full paratax ? Prizm will finally turn into the full-fledged payment system that its developers have always envisioned. The growth of coins will now become slow, due to which the final issue of 6 billion will be achieved only by 2030-2031.
How to calculate the Paratax percentage and your income
First, you need to find out how many coins have been mined so far. This is very easy to do, you need to find the address of the genesis wallet in the PRIZM blockchain - the very first block was created from it. His task is purely statistical, for reporting, so he is the only one with a negative balance
Genesis address – PRIZM-TE8N-B3VM-JJQH-5NYJB
At the time of writing, a total of 990 million PRIZM have been mined - this is almost 1/6 of the total coin issue of 6 billion, that is, 16.(6)%. The paratax value is always an integer and decreases downwards. Thus, 16% is the paratax value as of 02/15/20.
To make it easier to understand, paratax is a tax on income, so it must be deducted from your total income. To calculate your final income from paramining, you need to multiply the percentage of earnings from paramining by the net income coefficient . Formulaically it looks like this:
If at the moment Paratax is 16%, and the monthly income from paramining is, say, 20%, then our final income, according to the formula, will be 20% * 0.84 = 16.8%
What will happen on block 888888
As you know, the PRIZM blockchain was launched on February 17, 2020. The total amount (10 million available coins) was distributed in the genesis block. Paratax itself was introduced at block height 571800 on August 9, 2020, and since then has increased by 1% for every 60 million coins mined. As of 02/15/20, the paratax value is 16%.
At block 888888, it is planned to double the paratax and introduce a compound interest rate for paramining.
In addition to the fact that the paratax value will be multiplied by two, now for every 60 million mined coins the paratax will increase not by 1%, but by 2%. The introduction of compound interest also means that reinvestment in order to increase the volume of paramining will become irrelevant.
From the height of block 888888, with absolutely identical wallet parameters (personal balance, structure balance, deposits or withdrawals), everyone will have the same paramining amount, regardless of whether reinvestments are made or not. We can say that reinvestment will become automatic.
When will block 888888 be generated? Based on the average block generation time of 55.4 seconds, smart people have long believed that in this way the generation of 888888 will occur during the second half of the day on February 18, 2020 Moscow time.
Investment component of Prism
Token mining is based on the principle of paramining. Users who have Prizm (PZM) cryptocurrency in their account will receive new coins. The speed of generating new tokens depends on the amount in the wallet. The more the user has in his account, the faster the paramining process.
New interest is accrued on previously generated interest, so the capitalization process is continuous.
https://youtu.be/Qlg60tOraFI
Paramining prism coins is a reward for storing coins in your wallet.
The linear-retrograde coin mining mechanism was created by prism developers. Of course, someone will say: oh horror, how complicated everything is! Yes, the devil is not as scary as he is painted. Here we are talking about replacing the currencies of any country in the world, the same dollar, with prism coins. Briefly, we will look at the essence of the idea of prisms in another review. In simple terms, this is the extraction of coins for your wallet, which has at least one coin. If this is about you, then you are already participating in the generation of coins, for which I congratulate you.
Prism Coins are essentially your little personal bank that prints money for you. The accrual speed depends only on your personal balance and the number of coins of your followers. Coin printing starts from 1 coin and stops when the balance in your wallet reaches 1,000,000 coins.
Advantages and disadvantages of cryptocurrency
Positive aspects of the project:
- ease of use of the platform, software in Russian;
- lightweight blockchain that speeds up verification and confirmation of transactions;
- paramining function, which increases the profitability of network participants;
- the presence of an exchange resource where you can convert currencies at the current rate;
- POS technology that saves electricity costs;
- fast block formation, which does not depend on the number of transactions;
- the ability to accompany payments with encrypted comments.
READ Bitcoin exchanger - list of reliable services
Disadvantages of cryptocurrency:
- scammers took part in the promotion of the project, which negatively affected the reputation of PRIZM;
- to start a node, you need to have 1000 coins in your account (at today’s rate - 100 USD);
- the mining process on the network is not open, which causes concern among participants.
Among the disadvantages is the active decline in the coin exchange rate. While the price of Bitcoin and other cryptocurrencies has stabilized slightly over the past month, the Prism quote continues to move down.
Forging
The complexity of the Bitcoin network has made mining difficult for users. Today, coin mining is available only to owners of expensive equipment. Even participation in mining pools with 10 latest model video cards does not bring the expected income, which increases the cost of maintenance and negatively affects the decentralization of the platform. Experts have calculated that the cost of a mining farm that brings real profit can reach up to $60 thousand, not counting the tens of megawatts of energy consumed during the mining process.
The Prism cryptocurrency excludes classic PoW mining. New coins are awarded to active accounts, and not after signing blocks. The mechanism is called Forging (minting coins). It is based on a simple principle: the more coins are frozen in the account, the higher the earnings. There is another factor that affects profitability - the amount of funds in subscribers’ accounts up to level 888.
The approach provides an abundance of unique accounts and high decentralization. To maintain the network you only need 60 USD per year (several times cheaper than BTC mining).
Transaction blocks enter the blockchain already signed. The crypto signature is calculated by the active nodes participating in the forging. Hashing occurs using the SHA-256 algorithm; the first 8 bytes of the 64-byte signature are decisive for generation.
When the target is higher than the calculated value, you can proceed to create a new block. The algorithm allows you to determine the time required for generation, accurately calculate the accounts that will be next to check the accuracy.
Prizm wallet registration
To store Prism tokens you will need a wallet, which can be downloaded from the official website of the platform. You can register an online wallet on the Prizm Store internal exchange.
Wallet registration steps:
- Go to the official website.
- Account registration.
- Password generation (keep it carefully).
- Creating a four-character PIN - must be saved.
When the process is completed, the user has an account. The next process is obtaining the Public key. You need to click on the wallet address - a set of symbols that are needed to credit funds to your account.
After creating a wallet, you can start working: receive and send coins, convert cryptocurrency at the current value, etc.
READ Bitcoin Forecast for 2020 and 2020
Purchasing Prism tokens
Buying coins is relevant for many network participants, since without frozen coins in the account it is impossible to join mining.
Current ways to purchase Prisms:
- Prizm internal exchange . To buy tokens, you need to register and select the direction of the transaction. Today, many traders sell coins, so there will be no problems with purchasing. Prizm Store is a resource where buyers and sellers find each other and transactions become direct transactions.
- External exchange BTC- Alpha. A commission is charged for transactions with cryptocurrency. Before trading begins, users must register. You can purchase a coin on BTC-Alpha for BTC and USD.
The BTC-24 and Alcurex exchanges also work with the PRIZM cryptocurrency, but the resources cannot yet be called reliable. Their activity is too low and there are practically no reviews on the Internet. Prism is exchanged on the PRIZM 247 resource (official VKontakte group). Here only dollars are exchanged for PZM - the opposite direction is not available. No more cryptocurrency sites work.
PZM rate:
| 1 PZM = | 0.03814000 AED |
| 1 PZM = | 0.00000000 AFN |
| 1 PZM = | 1.09900000 ALL |
| 1 PZM = | 4.30200000 AMD |
| 1 PZM = | 10.5400000 AOA |
| 1 PZM = | 0.01608000 AUD |
| 1 PZM = | 0.00000000 AZN |
| 1 PZM = | 0.00997100 BAM |
| 1 PZM = | 0.00000000 BBD |
| 1 PZM = | 0.85870000 BDT |
| 1 PZM = | 0.02577000 BGN |
| 1 PZM = | 0.00254100 BHD |
| 1 PZM = | 0.07763000 BOB |
| 1 PZM = | 0.06123000 BRL |
| 1 PZM = | 0.00000000 BSD |
| 1 PZM = | 0.00000098 BTC |
| 1 PZM = | 0.00000000 BTN |
| 1 PZM = | 0.34670000 BTS |
| 1 PZM = | 0.02806000 BYN |
| 1 PZM = | 0.01526000 CAD |
| 1 PZM = | 0.01046000 CHF |
| 1 PZM = | 0.07544000 CNY |
| 1 PZM = | 41.6000000 COP |
| 1 PZM = | 6.73600000 CRC |
| 1 PZM = | 0.24850000 CZK |
| 1 PZM = | 0.00012490 DASH |
| 1 PZM = | 0.09016000 DKK |
| 1 PZM = | 3.26500000 DOGE |
| 1 PZM = | 0.66350000 DOP |
| 1 PZM = | 0.24410000 DZD |
| 1 PZM = | 5.41200000 EAC |
| 1 PZM = | 0.17590000 EGP |
| 1 PZM = | 0.21200000 EMC |
| 1 PZM = | 0.26310000 ETB |
| 1 PZM = | 0.00002690 ETH |
| 1 PZM = | 0.00973800 EUR |
| 1 PZM = | 0.00609700 FCT |
| 1 PZM = | 1.04500000 FTC |
| 1 PZM = | 0.00877100 GBP |
| 1 PZM = | 0.03365000 GEL |
| 1 PZM = | 0.00207200 GGP |
| 1 PZM = | 0.00027090 GIP |
| 1 PZM = | 0.09906000 GTQ |
| 1 PZM = | 0.08845000 HKD |
| 1 PZM = | 0.27600000 HNL |
| 1 PZM = | 0.07017000 HRK |
| 1 PZM = | 3.48100000 HUF |
| 1 PZM = | 170.820000 IDR |
| 1 PZM = | 0.03981000 ILS |
| 1 PZM = | 0.85090000 INR |
| 1 PZM = | 10.1000000 IQD |
| 1 PZM = | 2261.17000 IRR |
| 1 PZM = | 1.41400000 ISK |
| 1 PZM = | 1.95500000 JMD |
| 1 PZM = | 0.00800900 JOD |
| 1 PZM = | 1.22300000 JPY |
| 1 PZM = | 1.13400000 KES |
| 1 PZM = | 0.58380000 KGS |
| 1 PZM = | 37.6500000 KHR |
| 1 PZM = | 13.4700000 KRW |
| 1 PZM = | 5.00500000 KZT |
| 1 PZM = | 15.9500000 LBP |
| 1 PZM = | 2.17000000 LKR |
| 1 PZM = | 0.00020350 LTC |
| 1 PZM = | 0.10470000 MAD |
| 1 PZM = | 0.14950000 MDL |
| 1 PZM = | 0.00000000 MGA |
| 1 PZM = | 12.3500000 MMK |
| 1 PZM = | 0.00000000 MVR |
| 1 PZM = | 11.0400000 MWK |
| 1 PZM = | 0.25410000 MXN |
| 1 PZM = | 0.04732000 MYR |
| 1 PZM = | 0.00000000 MZN |
| 1 PZM = | 0.23920000 NAD |
| 1 PZM = | 5.32100000 NGN |
| 1 PZM = | 0.01100000 NMC |
| 1 PZM = | 0.10410000 NOK |
| 1 PZM = | 1.45400000 NPR |
| 1 PZM = | 0.04938000 NVC |
| 1 PZM = | 0.87680000 NXT |
| 1 PZM = | 0.01771000 NZD |
| 1 PZM = | 0.00448700 OMR |
| 1 PZM = | 0.01048000 PAB |
| 1 PZM = | 0.03854000 PEN |
| 1 PZM = | 0.06238000 PGK |
| 1 PZM = | 0.54130000 PHP |
| 1 PZM = | 1.80900000 PKR |
| 1 PZM = | 0.04269000 PLN |
| 1 PZM = | 0.03528000 PPC |
| 1 PZM = | 75.0700000 PYG |
| 1 PZM = | 0.03703000 QAR |
| 1 PZM = | 0.04170000 RON |
| 1 PZM = | 1.18200000 RSD |
| 1 PZM = | 0.83160000 RUB |
| 1 PZM = | 0.05266000 SAR |
| 1 PZM = | 0.10200000 SEK |
| 1 PZM = | 0.01572000 SGD |
| 1 PZM = | 0.00000000 STR |
| 1 PZM = | 0.00000000 SVC |
| 1 PZM = | 0.20790000 SZL |
| 1 PZM = | 0.33310000 THB |
| 1 PZM = | 0.02087000 TND |
| 1 PZM = | 6.09300000 TOP |
| 1 PZM = | 0.08451000 TRY |
| 1 PZM = | 0.09451000 TTD |
| 1 PZM = | 0.36730000 TWD |
| 1 PZM = | 24.3700000 TZS |
| 1 PZM = | 0.31010000 UAH |
| 1 PZM = | 39.6200000 UGX |
| 1 PZM = | 0.01102000 USD |
| 1 PZM = | 0.46500000 UYU |
| 1 PZM = | 132.100000 UZS |
| 1 PZM = | 43148.0100 VEF |
| 1 PZM = | 154.560000 VND |
| 1 PZM = | 0.03692000 VTC |
| 1 PZM = | 1.17100000 VUV |
| 1 PZM = | 0.00000000 WST |
| 1 PZM = | 6.80700000 XAF |
| 1 PZM = | 0.00012470 XMR |
| 1 PZM = | 7.01500000 XOF |
| 1 PZM = | 0.13470000 XPM |
| 1 PZM = | 0.03890000 XRP |
| 1 PZM = | 0.20900000 ZAR |
| 1 PZM = | 0.21960000 ZMW |
Further forecasts
Analysts are skeptical about the positive forecast for the Prizm price. This is due to the fact that the project is being developed by Alexey Muratov, who formerly headed MMM. But besides the dubious identity of the project creator, questions remain about the functionality of the cryptocurrency.
It is unclear how the network will deal with the problem of scaling and congestion. Self-regulation of the project is questionable. The creators of the project say that gradually all blockchain platforms are centralized; it remains unclear how Prism will be able to avoid this, since there is nothing innovative in the system.
A distinctive feature of the project is paramining. The developers do not disclose the nuances of the process, explaining this by their reluctance to share technical details with other projects so that they do not use them to the detriment of users. There is no guarantee that the creators of the currency have good intentions.
Prism mining is based on the pyramid principle (increasing bonuses as the number of coins stored in the account increases) and an affiliate program. The more referrals are attracted to the network, the faster new tokens are generated. The developers call this fair coin sharing. The richer the user, the greater the income and the faster payments are made.
The general issue of cryptocurrency also causes skepticism. By 2037, it is planned to issue 6 billion tokens. Such an amount can lead to the depreciation of the Prism cryptocurrency. These points raise many questions, so analysts are more inclined to make negative forecasts. In their opinion, the cryptocurrency rate will continue its downward trend in 2020.
Summary
Prizm is a cryptocurrency with good earning potential as it offers users income from paramining. You can simply store coins in your wallet and will receive daily profits, and by attracting partners, your earnings will increase significantly due to the progressive affiliate program.
And the most important thing is that the coins are stored in your wallet , and not somewhere with the admin. So I would highlight the fall in the exchange rate as the main potential risk, and not the loss of coins. I hope my instructions have shown that working with PZM is very simple, and the conditions for making money with it will be familiar to many participants in investment projects.
Do you want to earn an income of up to 18% per month using this cryptocurrency, albeit with larger risks? Then I recommend reading the review of Prizm Space Bot.
Denis HyipHunter Knyazev
Blog creator. Private investor. He has been making money in highly profitable investment projects and cryptocurrencies since 2014. Consults partners. Join the blog's Telegram channel and our chat.
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Prospects for investing in the Prizm coin
Despite the pessimistic forecasts of analysts, there are positive factors that may affect the rise in the cryptocurrency rate. One of these is a good marketing campaign. Already at the very beginning, the developers showed professionalism. The presentation was held in three languages, the cryptocurrency wallet was released immediately, and the product did not require any modifications. Skepticism towards paramining is not shared by network participants, since they have good profits.
Paramining calculation table:
The problem is that experts see it as just another pyramid because the Prisms have no particular purpose. The functionality of the project cannot be called original - there are many other transparent platforms that are ahead of Prizm. There are many mysterious aspects that the developers are in no hurry to reveal to the public.
In terms of investment, Prism is not of particular interest. The skeptical mood of the cryptocurrency community will not contribute to the increase in network participants and the growth of the rate. It is unlikely that anyone will want to invest a lot of money in a project in the absence of guarantees and transparency of work. Considering these factors, investing in Prism coins is not recommended.
