Gridcoin (Ticker: GRC) is a decentralized, open source math-based digital asset (cryptocurrency) which performs transactions peer-to-peer cryptographically without the need for a central issuing authority.
Gridcoin securely rewards volunteer distributed computing performed upon the BOINC platform in a decentralized manner on top of proof of stake. Projects range from attempting to cure diseases to searching for extraterrestrial life! You can distribute virtually any kind of distributed computing process through BOINC (utilizing GPU/CPU/Sensors/etc).
The BOINC network is currently made up of approximately 500k active users and 4 million registered users - a massive potential userbase for Gridcoin and a serious amount of computing power available for scientific research!
Proof of Work (POW) consensus mechanisms are not utilised by the Gridcoin network, making the Gridcoin cryptocurrency network far more energy efficient than any existing POW cryptocurrency.
How to earn Gridcoin for BOINC computation
Approximately 50,000 Gridcoins are generated each day through the DPOR reward mechanism.
Your individual user statistics are tracked across multiple BOINC and Gridcoin statistics websites.
By regularly staking, you're processing broadcast transactions and helping secure the Gridcoin network.
You can vote using your balance and DPOR weight within the client. You lose this ability when pool crunching.
Since Distributed Proof of Research (DPOR - BOINC reward mechanism) is rewarded on top of the Proof of Stake cryptocurrency reward mechanism, an initial balance of Gridcoin is required in order to continuously stake blocks. A desired increased probability/frequency of staking requires an increased Gridcoin balance.
No need to stake or acquire an initial balance of Gridcoin in order to earn Gridcoin.
Users with a low Gridcoin balance in their wallet (less than several thousand) earn Gridcoin rewards faster using a pool than through solo-staking. You can switch to solo-staking once you've built up a sufficient balance capable of staking at the frequency you desire.
Pools charge fees on earnings.
Pools introduce centralization to Gridcoin.
You cannot use your DPOR weight to vote on polls within the Gridcoin client.
Your individual BOINC statistics will likely only be reported on the pool website, all other BOINC/Gridcoin stat sites will report stats only for the pool's BOINC account.
Earn Gridcoin through Proof of Stake
Interest is 1.5% APR
By staking blocks, you're processing broadcast transactions and helping secure the Gridcoin network.
Staking with the windows client helps maintain an accurate Neural Network of BOINC statistics for the Gridcoin network.
You can vote on important community initiatives within the Gridcoin client.
You'll earn less Gridcoin than those participating in DPOR, since you'll only earn interest on your Gridcoin balance.
Gridcoin Research utilises proof of stake (POSv2) as its primary distributed consensus mechanism. There is no proof of work (POW) within the Gridcoin network's consensus mechanism.
The Proof-of-Stake mechanism uses the stake (balance) of the holder to attempt to mint the next block in the blockchain. The larger a user's stake in Gridcoin, the higher the probability that the user will mint the next block.
When a researcher registers for individual BOINC projects, a cross project ID (CPID) is generated by BOINC and used within the Gridcoin network to securely track verified BOINC contributions made by Gridcoin participants.
Proof of stake (POS) and Proof of BOINC (POB) are tied together by Distributed Proof of Research (DPOR).
The Gridcoin network queries BOINC project servers directly & the network agrees on a superblock once per 24 hours to track BOINC statistics and register new users. Users are rewarded their DPOR earnings on top of their staked blocks.
Gridcoin has implemented a BOINC project whitelist to improve security. Each BOINC project must meet certain criteria to be whitelisted, and no Gridcoin rewards will be given on behalf of projects that fail to meet our security standards.
The Gridcoin community is looking into creating a thorough whitelisting process; Stay tuned for more info!
With Gridcoin, not only will you be rewarded financially, but you'll also be supporting important research projects. These projects are working toward a wide range of goals, such as disease research and eradication (Cancer, AIDS, Ebola, Malaria, and others), mapping the Milkyway, and improving our understanding of mathematics.
Your participation will also help establish and strengthen the Gridcoin economy. A strong market will help to push volunteer computing into the mainstream and will provide much needed support for scientific research.