Introduction on the Gridcoin
Gridcoin is a cryptocurrency. Among the users of cryptocurrencies, there are many people who volunteer for distributed computing using the BOINC platform, an open software platform of the California Berkeley Institute.
For those who are new to the platform, this article will explain how it works and its goal of providing the idle power of your computer to modern scientific projects that aim to improve global issues.
The Gridcoin token and its properties
Gridcoin (GRC) allows you to participate in a wide variety of scientific projects. Gridcoin is a script hard fork that has existed since October 2013. The reward for the block is between 5 GRC and 150 GRC, and depends on the contribution to scientific projects in the distributed computer network BOINC (The Berkeley Open Infrastructure for Network Computing).
The projects are very diverse, from the deciphering of the Enigmacode or the simulation of subatomic physical processes for the Large Hadron Collider to the definition of the three-dimensional form of proteins in the search for cancer drugs.
Objectively speaking, it is an underrated fork that has been divided as a result of the almost complete absence of PR. Until recently, the exchange was only done through Google Docs.
Now GRC is available for trading on c-cex.com. The price has dropped twice compared to the Google Docs prices (from $0.09 BTC per 1000 GRC to $0.05 BTC per 1000 GRC).
Advancing science, mathematics and technology, and understanding the world around us
A secure blockchain developed on the philosophy of benefiting humanity.
Proof-of-work algorithms have been criticized for wasting energy on meaningless equations in the mining process, and centralizing transaction processing by promoting a special hardware upgrade. Gridcoin introduces a proof-of-research algorithm that makes computers productive.
Instead of running Grindcoin Miner to solve bland equations, researchers are working on complex issues, such as finding ways to cure diseases, mapping genomes and climate studies, while being rewarded for their work.
Gridcoin rewards you for your work. The goal of the project is to redirect computing power from wasteful hashing to productive computing, creating a supercomputing cluster that supports all types of scientific research and technology development.
Access to supercomputers has traditionally been restricted to large research universities and companies. By creating a large network of computing devices, complex calculations are now possible.
The Berkeley Open Infrastructure for Network Computing (BOINC) is an open computing platform that supports all types of hardware and adapts to technological change, providing distributed supercomputing since 2002.
So far, the network has been limited to those willing to make their resources available on a voluntary basis. Some cryptocurrencies, such as Ripple, Curecoin and Research Support Coin, have attempted to provide a compensation mechanism to increase research participation, but they have used a centralized model to determine the reward distribution and to select research topics.
With Gridcoin, you can decide what you want to research and receive payment for your research.
Gridcoin is based on BOINC and is not limited to any program, algorithm or type of hardware. BOINC supports Windows, macOS, Linux and Android. You do not need special hardware to participate and earn rewards for your research contributions.
The computer you use every day for a few hours can contribute to CPU-based science projects, if you are not using it. You will not waste power in competing with GPUs or ASICs for rewards.
Those with special GPU mining rigs can also participate in projects designed specifically for parallel calculations. You do not have to worry about losing your return on investment to the next generation of ASICs. There are currently over 30 different projects available, each with their own hardware needs – some require CPUs, others require GPUs and some require sensors.
The variety of supported hardware makes it possible to contribute to the network with almost any device, to make it more secure and to minimize the centralization of mining power.
The reward system and the project
The reward system is designed to pay you, as well as a mini-pool with pay-per-share, giving you fair reward based on your work, rather than by the speed with which you can solve a block. Among the devices you can use to contribute to scientific research through BOINC are the CPU, GPU, Android, Raspberry Pi and ASICs, with more being added.
The project asks the community to join them as volunteers, developers, investors and advocates, to enable a fundamentally different paradigm for the blockchain and the benefits it brings to humanity.
The World Community Grid distributes millions of small data-driven and computer-based experiments to thousands of volunteer devices. It collects the results and sends them back to the researchers, who query the data for patterns that may bring them closer to these world-changing results faster.
Since its inception, volunteer scientists have been doing what normally amounts to thousands of years of work in just a few years. The World Community Grid has made scientific breakthroughs in cancer treatment and solar energy research possible.
Their research partners have published more than 35 articles in a peer-reviewed journal based on research conducted within the World Community Grid to improve knowledge on health, poverty and sustainability.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.