Gridcoin
(symbol: Ǥ[
unspecified 735 days
], abbreviation: GRC) is a cryptocurrency that uses blockchain technology to crowdsource computing for scientific projects[1]. The Gridcoin protocol was published on October 16, 2013, and it is designed in such a way that proof of stake is used when issuing. The key feature of Gridcoin is that the emission is associated with participation in scientific distributed computing, i.e. users are rewarded for their “computational contributions” to science.

Description

Gridcoin uses a scientific research verification algorithm[k. 1] in partnership with the Berkeley Open Platform for Network Computing (better known as BOINC)[3]. The protocol is designed in such a way that participants are rewarded for completing computational tasks in BOINC. The system is based on the connection between the project user ID (CPID[k. 2]) and the wallet (English)Russian. Gridcoin. The award is issued by the GRC in proportion to the earned RAC value (English)Russian, depending on the degree of contribution to a particular project.

BOINC supports a number of scientific projects that require significant computing power but do not have the financial means to use supercomputers[5]. At the same time, most cryptocurrencies consume a lot of electricity to calculate new blocks in the blockchain. Gridcoin is focused on using computing power not to form a blockchain, but in tasks that can benefit humanity. Only a small portion of the computation is devoted to securing the blockchain[6].

Gridcoin allows for near-instant peer-to-peer transactions with low transaction fees. The Gridcoin software is open and everyone has the opportunity to participate in the improvement and development of the project.

Gridcoin additionally supports a blockchain-based voting system, which makes it possible to initiate proposals and participate in issues under discussion. One of the main topics of voting is the list of BOINC projects recognized by Gridcoin. It is designed to prevent some users from being unfairly rewarded by maintaining a high RAC when other established projects do not provide it. There are also a number of fun and informal surveys to encourage new users to participate in the project.

How are Gridcoins created?

There is only one way to generate new Gridcoins: the user must create a block on the Gridcoin blockchain. Therefore, the user needs Gridcoins that are already participating in the blockchain to start with the Proof-of-Stake (PoS) algorithm. Optionally, a user can join the bulk computation on the BOINC network to increase the block subsidy and therefore generate more Gridcoin by creating a block. The amount of Gridcoin generated in a block depends on two parts: first, the amount of Gridcoin that the user has to secure the blockchain. No coins are lost in the process. Second, their relative BOINC contribution was measured against the entire Gridcoin network's BOINC contribution.

Story

Gridcoin was officially launched on October 16, 2013 by a developer under the pseudonym Rob Halförd[7]. Like most cryptocurrencies, Gridcoin is decentralized. — works without the intervention of a third party[8].

On October 11, 2014, a transition was made between protocol versions - from the original Gridcoin-Classic to Gridcoin-Research. Gridcoin-Classic used a hybrid issuance system that combined proof of work and proof of stake. The transition eliminated non-BOINC calculations. The amount of computing power used to secure the blockchain is minimal, unlike typical cryptocurrencies such as Bitcoin. Additionally, with the transition to Gridcoin-Research, the level of security for proof of participation has been improved.

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From 2009 to 2012, the Danish National Bank is replacing the 1997 series of banknotes with a new one, the theme of which is the bridges of Denmark and the surrounding landscapes. The first banknote issued on August 11, 2009 was 50 kroons.

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The Faroe Islands circulate their own banknotes in the same denomination as Denmark. The exchange rate to the Danish krone is 1:1, the Danish National Bank exchanges Danish kroner for Faroese and back without commission. Formally, Danish kroner are not accepted in the Faroe Islands, but in practice this rule is not always followed. In Denmark itself, Faroese kroner are not well known and are not accepted in many places.

1000 Danish kroner 2009 model

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Influence

Several news sites wrote about the impact of Gridcoin on the sphere of global cryptocurrencies: Hacker News[9], The Coin Telegraph[10], News BTC[11], The Merkle[12].

Gridcoin has had an impact on scientific research, and the cryptocurrency is mentioned in scientific publications and official documents. This includes reports: an original scientific report on Gridcoin[13], a report on the Sidecoin blockchain mechanism[14], on distributed consensus technologies in cryptocurrency applications[15], a report on crowdfunding on government GPU computing resources[16], principles and applications of blockchain technologies[17], about metrics for transforming participation shares in cryptocurrency communities[18], about new methods of using decentralized software[19] and others[20][21].

Reward calculation mechanism

Gridcoin rewards can consist of two parts: proof of stake and proof of exploration[22].

Proof of Stake represents the generation of new gridcoins based on the current wallet balance and an interest rate of 1.5% per annum. Proof of research is issued by the GRC to those participating in BOINC projects listed on the special Gridcoin list. The number of GRCs distributed depends on the number of other users who participate in the BOINC program[22].

Reward calculation mechanism[ | ]

Gridcoin rewards can consist of two parts: proof of stake and proof of exploration[22].

Proof of Stake represents the generation of new gridcoins based on the current wallet balance and an interest rate of 1.5% per annum. Proof of research is issued by the GRC to those participating in BOINC projects listed on the special Gridcoin list. The number of GRCs distributed depends on the number of other users who participate in the BOINC program[22].

Notes

Comments

1. For more details see[2]
2. Description see[4]

Sources

1. The Blockchain: What It Is and Why It Matters
2. Proof-of-Research - Gridcoin (English). wiki.gridcoin.us. Retrieved October 5, 2020.
3. How Can I Contribute to Science Right Now? (English), The Merkle
   . Retrieved May 26, 2020.
4. Cross-project identification - BOINC (English). boinc.berkeley.edu. Retrieved October 5, 2020.
5. Gridcoin - A Crypto that Empowers Scientific Research. NEWSBTC
   (October 11, 2015). Retrieved May 26, 2020.
6. Putting the Blockchain to Work For Science!. BitcoinMagazine
   (May 22, 2014). Retrieved August 9, 2020.
7. New Coin Launch Announcement - GRC - GridCoin - Gridcoin GRC. Retrieved September 24, 2020.
8. Gridcoin. Retrieved September 22, 2020.
9. Gridcoin. Retrieved January 9, 2020.
10. Gridcoin. Retrieved January 9, 2020.
11. A Crypto that Empowers Scientific Research. Retrieved January 9, 2017.
12. Cryptocurrency of Scientific Distributed Computing!. Retrieved January 9, 2020.
13. Crypto-Currency using Berkeley Open Infrastructure Network Computing Grid as a Proof of Work. Retrieved January 9, 2020. Archived March 5, 2020.
14. "Sidecoin: a snapshot mechanism for bootstrapping a blockchain." arXiv:1501.01039. Retrieved 2017-01-09.
15. Distributed Consensus Technologies in Cryptocurrency Applications. Retrieved January 9, 2020.
16. Z. Dong, Y. C. Lee, A. Y. Zomaya.
    Crowdware: A Framework for GPU-Based Public-Resource Computing with Energy-Aware Incentive Mechanism // 2020 IEEE 7th International Conference on Cloud Computing Technology and Science (CloudCom). — November 2020. — pp. 266–273. — DOI:10.1109/CloudCom.2015.73.
17. Marc Pilkington.
    Blockchain Technology: Principles and Applications. - Rochester, NY: Social Science Research Network, 2015-09-18. — No. ID 2662660.
18. De Filippi, Primavera.
    Translating Commons-Based Peer Production Values ​​into Metrics: Towards Commons-Based Crypto-Currencies. - Rochester, NY: Social Science Research Network, 2015-01-31. — No. ID 2725415.
19. A Novel Method for Decentralized Peer-to-Peer Software License. Retrieved January 9, 2020.
20. Loi Luu, Jason Teutsch, Raghav Kulkarni, Prateek Saxena.
    Demystifying Incentives in the Consensus Computer // Proceedings of the 22Nd ACM SIGSAC Conference on Computer and Communications Security. - New York, NY, USA: ACM, 2020. - pp. 706–719. — ISBN 9781450338325. — DOI:10.1145/2810103.2813659.
21. Mastering Bitcoin: Unlocking Digital Cryptocurrencies. Retrieved January 9, 2020.
22. ↑ 12
    Gridcoin.io.

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