What Is Gridcoin? (GRC) Complete Guide Review About Gridcoin.
What Is Gridcoin?
Gridcoin is an open source cryptocurrency (Ticker: GRC) that rewards volunteer computing for science through the BOINC platform. They an open-source blockchain that mints and distributes cryptocurrency in relation to the processing power a network participant directs toward datadriven analysis and scientific discovery. Currently, the blockchain is secured through a proof-of-stake protocol and monitors processing contributions to the distributed computing infrastructure, BOINC.1
BOINC, the Berkeley Open Infrastructure for Network Computing, hosts major institutional computing projects such as IBM’s World Community Grid,2 SETI,3 and data from the Large
Hadron Collider,4 alongside projects developed by students, enthusiasts, mathematicians, researchers, and citizen scientists.
Gridcoin Storage Key Points
Coin BasicInformationCoin NameGridcoin Short NameGRCCirculating Supply392,764,177.91 GRCTotal Supply423,417,210Source CodeClick Here To View Source CodeExplorersClick Here To View ExplorersTwitter PageClick Here To Visit Twitter GroupWhitepaperClick Here To ViewSupport24/7Official Project WebsiteClick Here To Visit Project Website
How can You participate?
Individuals: Join BOINC and start earning for your contributions! See the table below for more information
Researchers and institutions: Tap into the spare processing power of tens of thousands of volunteers by creating your own BOINC project for free! The Gridcoin network can reward your project’s userbase to encourage participation and improve user retention.
Securing your wallet
Gridcoin If your wallet.dat file is stolen, and it’s unencrypted & you have no backup of the file, it’s the equivalent of cash being stolen; there’s no way of getting it back unless you catch the thief. Thusly, you must take proper precautions to prevent the loss/theft of your .
Wallet security recommendations:
- Regularly backup the wallet.dat and Resach.conf files and store them somewhere safe. Verify your backup system works.
- Encrypt your wallet within the client, don’t lose the password.
- Read this wallet security guide (for Bitcoin, but relevant to to some degree).
Stakers
Gridcoin Stakers are individuals who secure and advance the blockchain through the proof-of-stake protocol by maintaining an online wallet with a GRC balance.
Their participation ensures the decentralized creation of blocks and superblocks
while protecting the blockchain from adversaries.
Blockchain
The Gridcoin blockchain genesis block was mined using a proof-of-work protocol
on October 16th, 2013. continued as a proof-of-work blockchain until
October 11th, 2014, when it forked onto a proof-of-stake protocol which secures
the blockchain based on the number of active GRC on the network.
has evolved through several iterations of proof-of-stake and incentive
structures. Currently, proof-of-stake is used to secure the blockchain
while the primary incentive structure is based on processing power contributed
to approved BOINC projects
Open Access
Access to the network and its services is systematically unrestricted.
Network consensus is the only barrier to access of the network’s computing
services. This permits nearly instant, entirely borderless, censorship resistant
transactions between parties. supports open access to academic publications, as this encourages public engagement with science and open data, consistent with Gridcoin’s ideals
Open Education
The Gridcoin aforementioned open-knowledge principals culminate in open-education.
Being an open-source community means that Gridcoin supports the development
of Open Education Resources (OER).17 A more educated society means a more
educated network and more educated contributors from all relevant fields.
The current approved distributed-computing platform, BOINC, enables not only
massive laboratories, organizations, or research universities to produce projects
for discovery, but individuals as well. Gridcoin values this type of open education
initiative and whitelists projects which are large in scope, such as World Community
Grid,18 as well as smaller projects such as ODLK1.19
Decentralized Operation
A decentralized system is where some decisions by the agents are made without
centralized control or processing. An important property of agent systems is the
degree of connectivity or connectedness between the agents.’ Decentralization solves the single point of failure problem, allows for diversity, larger participation in decision-making, provides equality, and limits encroachment by centralized higher authorities.
Values
Open Source
Gridcoin software is hosted on GitHub15 under the MIT license.16 Anyone may
access, view, modify, learn from, experiment with, or copy the software. Gridcoin’s
commitment to open-source software brings several benefits. Since anyone familiar
with the programming language (currently C++) may contribute, the software is easily
extended, audited, and maintained.
Open Data
The data on the blockchain is accessible either through the wallet software
or through web-based blockchain explorers. As a global open-ledger system,
blockchain technology keeps the data both open and secure. Gridcoin supports the open publishing of data which in turn allows more people to analyze and otherwise experiment with the data.
Mission
Gridcoin is a blockchain-based distributed computing network powered by the
idle processing potential of existing hardware. Access to this network is free for
those with data to process, while participants of the network are incentivized with
cryptocurrency minted by the protocol.
