Introduction
Gridcoin Classic was the first version of Gridcoin launched in 2013. It used a Proof of Work hybrid system. In 2014 there was a transition from Gridcoin-Classic to modern Gridcoin (referred to here as Gridcoin-Research to clarify between it and Gridcoin-Classic). The unclaimed coins from the transition went into a foundation fund. After this transition, Gridcoin-Research went to a Proof-of-Work and Proof-of-Stake hybrid then later on to Proof-of-Stake system with research rewards on top of staking.
Gridcoin-Classic to Gridcoin-Research Conversion
The Gridcoin-Classic to Gridcoin-Research conversion began October 12th, 2014 and concluded April 26th, 2015, a 6 month window. The process involved destroying or “burning” coins to a designated Gridcoin-Classic address that can not have a private key generated for it.
Classic coins were converted to Research coins at a rate of 1:10, 1 Classic coin for 10 Research coins.
During conversion Gridcoin-Classic traded under the ticker GRCX. Gridcoin-Research replaced the original Classic ticker and is currently traded under the ticker GRC.
During the 6 month conversion window the Gridcoin-Classic continued in an end-lifetime mode with a fixed 10 coin reward for 5 months, followed by a 0.1 coin reward for the remainder of time. Coins generated on the Gridcoin-Classic block chain during this period could have been converted to Gridcoin-Research before the chain was retired April 2015.
As an added security measure against double spending, there were more confirmations required for large conversion transactions. Following is the Confirm Required Schedule by amount of Classic coins burned:
| Classic Amount | Confirms Required |
|---|---|
| 0-100 | 10 |
| 101-500 | 50 |
| 501-1000 | 75 |
| 1001-5000 | 100 |
| 5001-10000 | 200 |
| 10000+ | 300 |
Proof Of Research Foundation Block
All Gridcoins ended up in the Proof-of-Research chain when the Classic chain was retired.
Some coins were not burned/converted due to being lost or other reasons. Additionally, the foundation addresses will receive the interest on coins held during the burn process. There will be coins left over at the end of the process. The disposition of the coins was agreed to be used wisely by the foundation for advertising and development bounties, etc.
The following CCT threads were used for discussion of disposition of the coins:
- https://web.archive.org/web/20150417132330/https://cryptocointalk.com/topic/26169-gridcoin-foundation-thread//
- https://web.archive.org/web/20150417040443/https://cryptocointalk.com/topic/31314-discussion-leftover-burn-process-coins-what-should-be-their-fate/
- https://web.archive.org/web/20160119120234/https://cryptocointalk.com/topic/38199-foundation-block-coin-distribution-promotion-and-development-discussion/