These sequences will have maximum possible period.
The sequences produced by the x2 mod P generator are usually not balanced.
Further reading
A SIMPLE UNPREDICTABLE PSEUDO-RANDOM NUMBER GENERATOR, L. BLUM, M. BLUM AND M. SHUB, SIAM J. COMPUT. Vol. 15, No. 2, May 1986. 1986 Society for Industrial and Applied Mathematics. Available at: www.math.tamu.edu/~rojas/bbs.pdf
IIEEE Tran nformation Theory, Volume:41 Issue:4, July 1995, Properties of the x2 mod N pseudorandom number generator by Cusick, T.W. Available at: http://ieeexplore.ieee.org/xpl/articleDetails.jsp?arnumber=391261
pseudo random number generator of this formula is easy to break. the sequence generated will have a period. This period depends on P. Higher P bigger sequence more hard to break.
P should be prime to generate all the numbers less than P.
The advantages of this generator that it is easy to implement. Easy to write in any programming language. In addition, only a seed X is required and a big prime P. For more information see this book
William Stallings, Cryptography and Network Security