With the successful progress chart of growth and development, the digital token or cryptocurrency market has attracted a lot of attention from the investment individuals, companies and also from the companies who want to earn out of this market not only from investing but also from floating there crypto product in the market. Due to this attraction, there are many new cryptocurrency entrants in the market, and one such is a ‘PRIZM (PZM).’
Overview of PRIZM (PZM)
PRIZM is a decentralized, sustainable, and self-controlled digital currency launched in April 2017 by Prizm Company, where stakeholders make the rules. It is termed as an autonomous digital currency with a hybrid consensus system.
Prizm is a fully Proof-of-Stake (PoS) type of cryptocurrency based on the NEXT core that is constructed with the Java language open-source code. This distinctive algorithm of PoS technology is not dependent on any enactment of the “coin age” concept, unlike any other PoS technology-based cryptocurrencies. Thus, it is resilient to the technology known as “nothing at stake” and its actions, if any. In constructing this PZM currency, Curve25519 cryptography is used along with normally used SHA256 hashing algorithms to balance security and necessary processing power for the currency users
PZM is currently trading on 24 active markets with a supply of 6,000,000,000 and out of which approximately 1,732,500,550.08 in circulation. PZM cryptocurrency concept execution is that it allows any operator or trader to directly transfer money more swiftly and securely, just like the speed of physical cash transfer from one hand to another hand. There are other competitors of PZM in the market, such as Decred, ReddCoin, NavCoin, etc.
However, PRIZM is supposed to a stronger one in the market as of now. But nevertheless, it cannot be declined that it is currently in an Ongoing development state, i.e., this currency technology is continuously developing. Also, there is a say in the market that this coin may be a tough competition for Bitcoin and also may be able to answer the problem question of Bitcoin.
How can be PRIZM an answer to Bitcoin’s problems?
In today’s cryptocurrency ecosystem, as it is evident, there are many digital investment products. While some are market rulers, some are old, and some are new entrants. Still, the vital point that differentiates them all is the size of the finally issued product in the market. This is the deciding and attracting parameter of the investors for choosing any digital currency. Now mainly when comparing Prizm with Bitcoin, it is said that PRIZM (PZM) is an answer to Bitcoin’s problems.
To probe more into this question, let’s see the following differentiating parameters as per a technological survey:
- Initially, Prizm was created as cryptocurrency version 2.0 as a retort to Bitcoin.
- PZM’s improvised functions are based on the alarmed or attention-seeking problematic functions of Bitcoin in order to be an improvised version of BTC.
- PRIZM caters to BTC’s problematic protocol & network issues.
- PZM’s technology can currently handle transactions per day that is almost more than nine times that of Bitcoin’s.
- In terms of cost and energy efficiency as per a technological survey states that the Prizm network entailed an operating cost that is approximately 2,200 times cheaper than the operating cost of Bitcoin.
- Unlike bitcoins, PZM does not have a hidden cost for the simple storage of coins.
The above-mentioned are some of the parameters, may further probed study and research may be able to bring a more precise picture in all aspects that this as of now.