Main Page

From Gridcoin
Jump to: navigation, search
Gridcoin
Official Gridcoin Logo
Mint Decentralised Consensus
Launch Date October 16, 2013
Developed by Rob Halford
Ticker GRC
Plural Gridcoins
Subunit mGRC =0.001
Lowest Unit 0.00000001 = 1 Halford
Operating System Windows, Linux, Mac OS X
Algorithm Proof-of-Research;

Proof-of-Stake and Proof-of-BOINC hybrid

Current Version Client v3.5.7.8-g-research
Blocktime 90 Seconds
Reward Variable

For information about the Gridcoin Classic (retired in April 2015) see here.

Gridcoin (Ticker: GRC) is a decentralized, open-source, math-based digital asset (cryptocurrency). Gridcoin, while energy-efficient, is the first and only cryptocurrency that rewards individuals for scientific contributions and performs transactions peer-to-peer cryptographically - without the need for a central authority to distribute rewards. It is the first block chain protocol that delivered a working algorithm that rewards and cryptographically proves solving BOINC (Berkeley Open Infrastructure for Network Computing) hosted work, which could be virtually any kind of computing process. Gridcoin provides benefits to humanity through contributions to computational research. There are no limitations to a single BOINC project, providing the flexibility to be rewarded for virtually any type of computational process.

Gridcoin was launched on October 16th, 2013 by Rob Halford, following an announcement on cryptocointalk.org.

The coin compensates the coin miners (researchers) for participating in BOINC projects that may lead to advances in medicine, biology, mathematics, science, climatology, particle and astrophysics, thus providing real benefits to humanity. Gridcoin compensates researchers for contributing computational power towards BOINC research using an energy efficient Proof-of-Stake process, instead of generating heat and using computational power for a Proof-of-Work algorithm. Gridcoin differs from other scientific cryptocurrencies in its ability to support many different kinds of scientific projects and is only limited by what is currently broadcast over the BOINC network.

There was a change from the original Gridcoin protocol (Gridcoin-Classic) to Gridoin-Research, the actual Gridcoin. Gridcoin-Classic used a hybrid Proof-of-Work which allowed each computer to spend half of the time hashing, and half of the time contributing to science; An improvement on Bitcoin but computational resources were still being wasted. The BOINC work was only used to measure the subsidy that was supposed to be minted with the block. Gridcoin-Research makes scrypt mining and Proof-of-Work hashing obsolete. With the change to Gridcoin-Research and the Proof-of-Research algorithm, nearly all of the energy goes to science; The compute power to secure the block chain is minimal. In the Proof-of-Research algorithm, the BOINC work is not only used to measure the subsidy and provide a unique alternative to classic work measuring Proof-of-Work schemes, but actually complements the security of the Proof-of-Stake system.

Getting Started

Gridcoin Wallet Information

Gridcoin Technical Information

Related topics

Metrics

Gridcoin-Classic - Retired

  • Launched: October 16th, 2013
  • By: Robert Halford
  • Algorithm: Scrypt Proof-of-Work
  • Supply: 40 Million Approx.
  • Block time: 2.5 Minutes
  • Retarget: Every 30 Minutes
  • Reward: variable
  • Premined: 0%


Gridcoin-Research Proof-of-Research

  • Launch: October 11th, 2014
  • By: Robert Halford
  • Algorithm: Proof-of-Research, Reward based on Research contribution to BOINC secured via Proof-of-Stake
  • Supply: See Proof-of-Reseach Reward Schedule, inflation target approximately 3% per year
  • Block time: 90 Seconds
  • Reward: See Reward Calculation Example
  • Premined: 0% - Initial distribution based on Proof-of-Burn from Gridcoin Classic - Research Foundation Block = 340,569,880

P2P

Gridcoin allows near instant peer to peer transactions and worldwide payments at very low processing fees. The code is open source and allows everyone to take part in the success and development of the currency. Open Source is said to be more secure, since everybody can review and improve the code if needed.

BOINC's success is largely built on the credit system, which allowed for competition between partakers. Gridcoin furthers this competition by adding an interchangeable scale of measure. Peers can now directly see their contribution and own mark on the chain, a document of scientific progress.

Comparison to Bitcoin

Blockchain.info has estimated that Bitcoin is using approximately 23,312 megawatt hours per day, more recently it was estimated to 30,000 megawatt hours per day by a German blogger. Although controversial in modeling this figure, it shows that a lot of unnecessary energy is used by Bitcoin's sha-256 algorithm, which could be used for more useful calculations. Gridcoin is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware, therefore is not likely to be replaced by specialized ASIC mining chips in the future.

Gridcoin-Research is based on a Proof of Stake algorithm, which itself is much more energy efficient. Energy-efficiency was already propagated during the release of Peercoin, the first Proof-of-Stake coin. Proof-of-Stake allows miners to dedicate their compute resources towards scientific computations instead of securing the block chain.

Gridcoin has built-in sql, which allows full queries against the chain. If further developed such a ledger could potentially be used to store all kinds of data in a fully flexible and decentralized manner and therefore even have the potential to be more suitable in data storing and containing than similar attempts with block chain technology.

Official Resources

This Wiki

Consult the User's Guide for information on using the wiki software.

Nothing can be lost, all is reversible, so feel free to hack away. You can use this page as a sandbox: Test

Other Wikis

Use these as mirrors: [1] [2]

Wikipedia: [3]

List of non-English Wikis:

  • Russian Wiki: [4]
  • German Wikipedia: [5]

Discussion

For specific wiki discussion, see this thread: https://cryptocointalk.com/topic/15919-mediawiki-for-gridcoin/