THE ABACUS COIN is a revolutionary framework for alternative currency based on the monetization of rare, unique, and industry-applicable mathematical objects.
THE ABACUS COIN is unique among alternative currencies in that its proof-of-work has inherent value (in contrast to the essentially wasteful SHA-2 proof-of-work that BitCoin and LiteCoin use). Additionally, it has the capability to diversify in its value. It does this by forming “iterations”, or different lines of searches for mathematical objects.
For example, one iteration (which may be termed something other than THE ABACUS COIN) may search for prime numbers, while another would search for Hadamard matrices. These two discreet lines of proof-of-work remain under the parent currency (THE ABACUS COIN), making it increasingly valuable and versatile. This allows for different lines of research compatible (or more effective under) different computing architectures or hardware configurations.
Additionally, the proof-of-work algorithm for any given THE ABACUS COIN iteration is not fixed. One user may search combinatorially for an object, while another could develop their own method of searching. The second user would likely find objects faster and would thus have increased hashing power. This allows for user innovation and ever-increasing network power not dependant on technological advances, such as smaller transistors, or the development of application specific hardware (i.e. ASICs).
THE ABACUS COIN is almost entirely self-sufficient, in that mathematical objects are effective proof-of-work per se. The only central interference with any given instance is the actual creation of the instance. Once the instance is registered, any user on the peer-to-peer mining network may begin applying resources to that instance.
Falsification of work is impossible since mathematical proof of any instance is possible either by computer, or by theorem (which could be attained from a professional in the field or public academic materials).
THE ABACUS COIN will be attractive to both the private sector and academia in that it creates a high-powered computing network to do research that would otherwise be costly to the interested party. This provides additional value to the coin.
Sample Iteration & Algorithm:
A sample of an THE ABACUS COIN iteration would be a prime number search. Users would submit numbers or ranges of numbers that do not contain primes. The default algorithm may be to use a Fermat primality test, which could then be improved by users to run more efficiently (for example on hardware), or augmented with other sieving methods in order to provide more comprehensive proofs and ranges that do or do not contain primes.