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 48,000 Gridcoins are generated each day through the DPOR reward mechanism.
Solo Crunching
Advantages
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.
Disadvantages
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. An desired increased probability/frequency of staking requires an increased gridcoin balance.
Pool Crunching
Advantages
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 GRC 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.
Disadvantages
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
Investor mode
Advantages
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 using your balance to vote on important matters within the Gridcoin client.
Disadvantages
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 GRC participants.
Proof of stake (POS) and Proof of BOINC (POB) are tied together by Distributed Proof of Research (DPOR).
The GRC 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.
With Gridcoin, not only will you be rewarded with GRC - you'll be aiding important research such as attempting to solve cancer/aids/ebola/malaria, mapping the milkyway, folding protiens, finding prime numbers, etc.
Even just by using Gridcoin as a currency, you'll be helping establish the Gridcoin economy - ensuring the thousands of BOINC contributors are able to cover electricity costs.
