Proof-of-Research Genesis Block
Foundation Block Calculation Explained - Proof Of Research
When the Foundation block was created the CryptoBlox explorer was not in operation. The GRCBX used a different method to extract the total coins created resulting in a group of blocks going uncounted. This resulted in the necessity for the extra steps in the calculation.
1. Classic Minted from GRCBX: @Block 192650 ( GRCBX=29,876,367 )
2. Classic Minted from Cryptoblox: @Block 188215 ( Cryptoblox = 31,575,238 )
3. CryptoBlox Block #s 188216-192650 = 4435 Blocks * 150GRC = 665,250 = 32,240,488
4. Difference between CryptoBlox and GRCBX = 2,364,121
5. Classic emitted between today and when subsidy decreases ( block 192650-199000 = 6350 ) Est 952,500 more subsidies before decrease
6. Estimated Subsidies for Classic between block 199000 and 285400 (when classic retires; betwen 10-20-2014 and 03-30-2015) = 86400blocks = 86400*10grc = 864,000
7. Foundation Block Calculation:
- 31,575,238 ( Cryptoblox mint during upgrade:block 188215 ) + 665,250 ( Cryptoblox current ( 10-11-2014 ) ) = 32,240,488 TOTAL GRC as of Today
- 32,240,488 ( Cryptoblox today ) + 952,500 ( Classic Emission schedule until 10-20-2014 ) = 33,192,988 Projected minted Coins on 10-20-2014
- 33,192,988 ( Total projected Gridcoins as of 10-20-2014 when subsidy decreases to 10grc) + 864,000 ( Classic emissions during end of life span @ 10grc ) = 34,056,988
8. Foundation Block Final Grand Total: 34,056,988 * 10 ( New multiplier ) = 340,569,880 <---- This is the amount for the Proof Of Research Foundation Block
9. Proof Of Research Foundation Block: 340,569,880
In laymans terms, this is the amount that will be distributed to our 750-1250 distinct GRC holders/investors through the coin burning process.
All Gridcoins will eventually end up in the proof-of-research chain when once Classic is retired.
It is highly likely that some coins will not be 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 left over after April 20, 2015 is still undecided, currently it is proposed that they be used wisely by the foundation for advertising and development bounties.
The following CCT thread is used for discussion of disposition of the coins: https://cryptocointalk.com/topic/26169-gridcoin-foundation-thread/