Gridcoin (GRC) is an open-source cryptocurrency which offers volunteers rewards based on the amount of computing performed on the BOINC platform which is decentralized and includes proof of stake. BOINC is computing grid which allows users to combine processing power for scientific research purposes. Examples of some projects that involve volunteered computing power to make an effort in finding a cure for AIDS, Cancer and many others, this allows people in need of computing power who need computing power that can obtain this for free. The community white paper can be viewed at https://bit.ly/2H1alKq (GitHub Download).
● Solo Crunching
● Wallets / Interest
● Innovation
Solo Crunching allows users statistics to be tracked across many BOINC and Gridcoin statistic websites and is easy and simple to be viewed at any time. If users are regularly taking this allows transactions to be processed helping the Gridcoin Network be the secure place it should be. One key advantage of Pool Crunching is it allows users to have no stake or acquire an initial balance of Gridcoin in order to receive BOINC rewards. Users with a low Gridcoin balance in their wallet will experience faster DPOR payouts through the pool than through solo-staking. However, Pool Crunching is a more centralized method of acquiring your owed BOINC rewards which are one key downside.
Gridcoin offers three online wallets (Desktop, Android, and iPhone) and one downloadable wallet for the desktop that allows you to run a full node. Online wallets allow you to send or receive Gridcoin through an app or web browser. In order to claim interest, you will need at minimum five Gridcoin to start collecting interest, to get Gridcoin you can obtain them through faucets or exchanges that list Gridcoin.
This project is really amazing as it offers scientists to help find real-world cures wishlist earning income. Most people aren’t aware of the damage mining does in particular Bitcoin as its energy consumption is 60.975 TWh which compared to countries places 40th in the world. Gridcoin helps real-world issues like these by giving scientists the computing power that they don’t have in order to come up with solutions.
Overall Gridcoin is really unique as the contributors believe in not just making money but helping the planet to find cures/solutions to problems in the real world. Gridcoin has a huge opportunity to really take off with such an innovative approach.
