Kelly Robertson
Gridcoin (GRC) is a decentralized, open source cryptocurrency which performs transactions peer-to-peer cryptographically without the need for a central issuing authority. It allows near-instant transactions and worldwide payments at very low processing fees. Plus, it is made to help researchers relying on the Berkeley Open Infrastructure for Network Computing (BOINC) platform. Here’s what you should know about Gridcoin…
1. What is Gridcoin?
GridCoin is a decentralized cryptocurrency platform that enables its users to digitize any of their assets. It is the first cryptocurrency platform to utilize a blockchain technology that simultaneously offers rewards and provides cryptographic solutions to the Berkeley Open Infrastructure for Network Computing (BOINC).
BOINC is free and can be used to unlock many digital clock cycles from processors and graphic cards that are extensively used in cryptocurrency mining.
2. Mining that makes the difference
Gridcoin rewards miners for BOINC computations, which in turn help researchers in their projects ranging from attempting to cure diseases to searching for extraterrestrial life. So unlike other cryptocurrencies that are mined for the sake of mining — and earning coins — this one also helps the research community which in turn should help all of us.
Also by participating you will help establish and strengthen the Gridcoin economy, and eventually push volunteer computing into the mainstream to provide support for scientific research.
3. Companies get to benefit, as well
While scientists use BOINC to create volunteer computing projects, companies can create commercial BOINC project — such as a video rendering project — charge customers and distribute pay to BOINC contributors. This is one of the way Gridcoin tokens get their value as there is real work (computing power) involved behind some of these projects.
4. Everyone can mine Gridcoins
Yes, you are better off if you have computer(s) dedicated to mining, but you can “get away” with a regular desktop PC. The network generates approximately 50,000 Gridcoins each day through the Distributed Proof of Research (DPOR) reward mechanism.
You can mine Gridcoins either solo or in a pool with other “crunchers.” In the former case, your individual user statistics are tracked across multiple BOINC and Gridcoin statistics websites; and by regularly staking, you’re processing broadcast transactions and helping secure the Gridcoin network. Also, you get to vote using your balance and DPOR weight within the client. You lose this ability when pool crunching.
However, when you’re part of the “pool,” there is no need to stake or acquire an initial balance of Gridcoin in order to earn Gridcoin. Using this method, users with a low Gridcoin balance in their wallet (less than several thousand) earn Gridcoin rewards faster 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.
5. Where can you buy Gridcoins?
Although it is not as widely available as Bitcoin and Ethereum — Gridcoin is available on many of the popular exchanges. On its website, they say you can trade Gridcoins at BitSquare, Bittrex, BTSABC, BTSBOTS, Bitshares-Light, C-Cex, HolyTransaction, OpenLedger, Poloniex and RUDEX.
And when the time comes to spend Gridcoins, you can do that at Crypto-Games, Cointopay Marketplace and BlockPay, among other places.
