Prizm

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Discover Prizm's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Prizm?

Prizm (PZM) is a fully decentralized, self-regulated, peer-to-peer blockchain network that utilizes a 100% Proof of Stake consensus algorithm. It is built on the NEXT core using open-source Java language. Prizm allows users to securely store and transfer coins, offering a convenient alternative to traditional international payment systems.

How is Prizm used?

Prizm (PZM) is a fully decentralized, self-regulated, peer-to-peer blockchain network that operates on a Proof of Stake consensus algorithm. It is built on Java v.8 and is open source with a limited edition. The primary use of Prizm is as a convenient alternative to international payment systems, allowing users to easily store and make secure transfers of the cryptocurrency. Additionally, users can receive new coins through the network. Prizm is designed to be a pure form of cryptocurrency, providing a secure and efficient means of transactions.

How do I store Prizm?

To store Prizm (PZM) tokens, it is recommended to use a wallet outside of an exchange. The safest option is a hardware wallet, followed by a software wallet. For Prizm specifically, you can download the Prizm Wallet software from the official repository on prizm.space. This software is available for both Windows and Mac OS X.

Setting Up the Prizm Wallet
  1. Download and Install the Wallet:

    • Go to the prizm.space repository and select the link to download the Windows or Mac OS X client.
    • Download the wallet installation file for your operating system and install the Prizm Wallet software.
  2. Wallet Registration:

    • Launch the installed Prizm Wallet application.
    • Click on the Registration button in the upper right corner to generate a private key.
    • Add 16 characters in Latin to different places of the key, or you can completely erase the generated words and come up with the whole key yourself. In this case, you must enter 113 characters in Latin.
    • Copy the private key to a safe place and duplicate it on paper.
Secure Private Key Storage
  • Store the private key in a cropped form, keeping the missing part in your head.
  • Print the private key on paper or write it by hand and store it in a safe place.
  • Make an electronic copy of the key on a flash card or hard drive.
  • Store part of the key in notes with a password.
  • Avoid entering the wallet with a private key without the need to complete a transaction.
  • Do not share your computer or phone with anyone else.

By following these steps and guidelines, you can securely store your Prizm (PZM) tokens.

How to buy Prizm?

To buy Prizm (PZM) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports your preferred payment method and policies. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. Download the wallet extension or app from the relevant stores.

  2. Set up Your Wallet: Create an account, provide personal information, and set a strong password. You will receive a secret recovery phrase or seed words, which are crucial for wallet recovery.

  3. Buy Base Currency: Choose a cryptocurrency exchange platform and purchase a base currency, such as Bitcoin, Ethereum, or Tether. This will be used to trade for PZM.

  1. Transfer Funds to Wallet: Withdraw your base currency to your crypto wallet by providing your wallet address and the amount to transfer.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet. For instance, if you use the Binance wallet, you can use Pancake Swap.

  3. Buy PZM with Base Currency: Connect your wallet to the DEX and trade your base currency for PZM. Ensure you have the correct smart contract address if PZM is not listed.

  1. Store Your PZM: For security, store your PZM tokens in a wallet outside the exchange, preferably a hardware wallet or the official Prizm wallet.

Currently, you can buy PZM on ProBit Exchange using the USDT trading pair.

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History of Prizm

Prizm (PZM) is a fully decentralized and self-regulating digital currency that was launched in 2017. Since its inception, it has been traded on various exchanges and has had a significant supply of coins in circulation. As of now, the total supply of Prizm stands at approximately 3,846,408,892.71, with the majority of these coins already in circulation.

The cryptocurrency has been tracked by several platforms, providing real-time price updates, historical charts, and market capitalization data. These platforms include Cointelligence, Coinbase, and Blockworks, among others.

Prizm's decentralized nature and self-regulating mechanisms have contributed to its growth and stability in the cryptocurrency market. Despite market fluctuations, Prizm continues to be an attractive option for investors seeking to diversify their portfolios.

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How Prizm works

Prizm (PZM) is a fully decentralized and self-regulating digital currency that operates on the NEXT core network, built using JAVA and the Proof of Stake (PoS) consensus method. This means that instead of relying on energy-intensive mining processes, the network is secured by users who "stake" their existing coins to validate transactions and create new blocks.

Key Features
  • ParaMining: A unique mechanism that prevents users from interfering with the network and falsifying coins or double spending. This system works for any PRIZM wallet with a balance between 1 and 1 million PZM.
  • Fixed Block Time: Blocks are created every 59 seconds, regardless of the number of transactions inside the block.
  • Encryption: The network uses Curve25519 cryptography and SHA256 hashing algorithm to ensure secure transactions and protect user privacy.
  • Passive Income: Wallet owners can earn passive income by participating in transaction validation, with rewards based on the number of PRIZM coins they hold.
  • Pre-Mining: The network is fully pre-mined, meaning no new coins are created after the initial supply. Instead, transaction fees are used as rewards for validators.
Staking and Validation

To participate in staking, users need to have at least 1 PRIZM in their wallet. The staking process is automatic and does not require the wallet to be constantly online. This makes it user-friendly and accessible across various operating systems.

Network Security

The network has implemented measures to prevent DDOS attacks, limiting network requests to 30 per second. Additionally, the use of Curve25519 cryptography and SHA256 hashing ensures a high degree of protection against malicious activities.

Future Development

The future of PRIZM includes plans for fair money distribution, further blockchain development, and the promotion of eco-crypto technologies. The project aims to establish PRIZM as an international unit of calculation and an alternative to traditional currencies.

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Prizm's strengths

The token Prizm (PZM) has several strengths that make it an attractive investment opportunity:

  • Decentralized and Self-Regulated: Prizm is a fully decentralized, self-regulated, peer-to-peer blockchain network, ensuring that it operates independently without any central authority.
  • Security: Built on Java v.8, Prizm is open source and limited edition, which adds to its security features.
  • Ease of Use: Prizm allows users to easily, quickly, and securely store and make transfers, making it a convenient alternative to international payment systems.
  • Potential for Growth: Prizm is expected to experience significant growth in the future, with predictions suggesting it could reach new highs in terms of price points and market cap.
  • Lending Opportunities: Even though Prizm cannot be staked, users can still earn interest by lending their PZM holdings, typically around 5% APR.

These strengths highlight Prizm's potential as a secure, user-friendly, and growth-oriented cryptocurrency.

Prizm's risks

Prizm (PZM), as a cryptocurrency, is exposed to various financial risks that can impact its value and stability. Some of these risks include:

  1. Market Volatility: Cryptocurrencies are known for their price fluctuations, which can result in significant losses for investors. Prizm's value can drop rapidly due to market sentiment, regulatory changes, or global economic shifts.

  2. Regulatory Risks: Governments and regulatory bodies around the world are increasingly scrutinizing cryptocurrencies. Changes in regulations or laws can negatively impact Prizm's operations, liquidity, and value.

  3. Security Risks: As a digital asset, Prizm is vulnerable to cyber attacks, hacking, and other security breaches. If the security of the Prizm network is compromised, investors may lose confidence, leading to a decline in value.

  1. Liquidity Risks: Prizm's liquidity can be affected by various factors, including low trading volumes, limited market participation, or restrictions on withdrawals. Illiquidity can make it difficult for investors to buy or sell Prizm, leading to significant losses.

  2. Investment Risks: Prizm, like other cryptocurrencies, is a high-risk investment. Investors may not fully understand the underlying technology, market dynamics, or risks involved, which can lead to poor investment decisions.

  3. Competition Risks: The cryptocurrency market is highly competitive, with numerous alternatives to Prizm. If other cryptocurrencies offer better features, security, or returns, investors may shift their attention away from Prizm, impacting its value.

  1. Technical Risks: Prizm's underlying technology and infrastructure can be prone to technical issues, such as network congestion, scalability limitations, or smart contract vulnerabilities. These issues can negatively impact the user experience and the overall value of Prizm.

  2. Reputation Risks: Any negative publicity, scandals, or controversies surrounding Prizm can erode investor confidence and lead to a decline in value.

These financial risks highlight the importance of thorough research, due diligence, and risk management strategies for investors considering Prizm or any other cryptocurrency.

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Did Prizm raise funds?

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Prizm’s team

  • Founder and Team Members: The team behind Prizm (PZM) is not well-documented, but it is known that the project was founded in 2016. The founder, Aleksey Muratov, has been linked to Donetsk separatism in Ukraine.

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