What is PRIZM?
PRIZM is a peer-to-peer cryptocurrency network. The protocol is built with a unique technology called Paramining. It enables secure, quick, and efficient processing of transactions to achieve a fully decentralized ecosystem. The project also aims to motivate its global users through minimal consumption of resources. Additionally, PRIZM works on a wide range of devices, including mobile. Therefore, its services are readily accessible globally.
Paramining is a special type of Proof-of-Stake (PoS) consensus mechanism. It is a method of creating new coins by nodes operated by people with a certain number of PRIZM coins in their wallets. Each coin in the wallet operates as a tiny mining farm. Therefore, all users can participate in mining since the coin they store in their wallets automatically generates new coins. The method is energy efficient, as it does not need powerful computers or expensive video cards to mine assets.
The following are other features that PRIZM employs to achieve its goals:
- Transparent forging. This feature allows the network to process transactions instantaneously. It can handle up to 367,200 transactions per day as of the time of writing. The limit can increase.
- Network nodes. Any device with the PZM software that can add transactions or block data in the network qualifies as a network node in the PRIZM ecosystem.
- Open Source. The protocol is an open-source project that utilizes Java language. Therefore, any developer can implement the protocol’s products and services in their projects.
- Blocks. PRIZM uses blockchain technology to record and store all transactions permanently.
- Speed. Unlike many other crypto networks, PRIZM offers a short transaction processing time of 80 seconds on average.
- Security. PRIZM employs Curve25519 cryptography to provide a balance between security and processing power. It also uses the SHA-256 hashing algorithm.
- NEXT wallet. The protocol has a smart wallet as part of its design. It provides personal keys for all account owners to manage their wallets privately and securely.
- Prism Aerial. This is a 3D visualization software for the PRIZM protocol.
PZM is the native token of the PRZM ecosystem. The PZM price is determined by market forces, including supply and demand.
Use Cases of PZM Tokens
PRIZM coin is a multi-utility token that fuels the PRIZM ecosystem. PZM is used as a medium of exchange. The fast transaction and low cost make it a suitable medium of payment. The token also supports the PoS consensus mechanism. PRIZM crypto holders can take part in mining to secure the network and earn income.
The PZM price may be volatile, just like with other cryptocurrencies. Thus, users should research the token price before buying the assets. The price chart above offers data on the PRIZM price that can help investors decide whether and when to buy the asset.
Who Founded PRIZM?
PRIZM was founded in 2016. There is little information about the team behind the project. However, an article posted on the PRIZM web page identifies Alexei Muratov as the project’s founder. Previously, Alexei Muratov was linked to the MMM Global Ponzi scheme and was even arrested by Indian authorities in 2013, accused of scamming local investors. However, PRIZM has been in operation since 2016, with no record of fishy activities from the team.
Tokenomics of PZM
PRIZM coin was launched with 10 million PZM tokens. Though it has a maximum supply of 6 billion PZM tokens. Paramining adds a bonus token to every wallet holding more than 1 PZM and less than 1 million PZM. The regulated supply of PZM prevents undesirable inflation that may affect the PZM price.
