Gridcoin

Gridcoin
Denominations
Subunit
 10−3 milligridcoin
Symbol GRC
 milligridcoin mGRC
Demographics
Date of introduction 16 October 2013 (2013-10-16)
User(s) Worldwide
Issuance
Administration Decentralized
Valuation
Supply growth 3% Inflation. 1.5% Interest APR. Approximate total coin supply: >385,440,000 GRC
Gridcoin Research
Developer(s) Rob Halförd
Stable release
3.5.9.9-g-research-317 / August 11, 2017
Repository github.com/gridcoin/Gridcoin-Research
Development status Active
Written in C++
Platform Windows, Linux, macOS
Type Cryptocurrency
Licence MIT Licence
Website https://gridcoin.us

Gridcoin (sign: Ǥ, symbol: GRC) is an open source network protocol using blockchain[1] technology. Gridcoin, a proof-of stake-based (POS) cryptocurrency or form of electronic money, is similar to Bitcoin.[2]

Main features

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.

Gridcoin features Proof-of-Research (POR) algorithm, in partnership with Berkeley Open Infrastructure for Network Computing,[3] commonly known as BOINC (pronounced /bɔɪŋk/ - rhymes with "oink"). This protocol rewards users of the network once they have completed the computational work unit (WU) in BOINC by linking their Cross-Project ID (CPID) to their Gridcoin wallet. The reward for computation is a proportional payment of Gridcoin (GRC) based on calculations involving the user's recent average credit (RAC). BOINC supports a number of scientific projects that require significant processing power but do not have the financial means to use a supercomputer.[4] Most cryptocurrencies consume lot of electricity just to secure the blockchain and to achieve consensus on which node will have the privilege to add the next block to the blockchain. Gridcoin consumes most power in calculations that benefit mankind. Only a tiny fraction of the calculations are used to secure the blockchain.[5]

Gridcoin additionally supports a blockchain-based voting system, which allows users to stay informed and participate in further consensus. One of the main topics voted upon is a whitelist of BOINC projects. This whitelist is kept to ensure that other users don't gain an unfair advantage by maintaining a high RAC, without the ability for anyone to compete. There are also many fun/informal polls created to help users get used to voting and drive up voter participation.

History

Gridcoin was officially launched October 16, 2013 by its pseudonym developer Rob Halförd.[6] Like most cryptocurrencies, Gridcoin works without the intervention of a third party organization.[7]

There was a change from the original Gridcoin protocol (Gridcoin-Classic) to Gridcoin-Research, the "actual" Gridcoin on October 11, 2014. Gridcoin-Classic used a hybrid Proof-of-work that allowed for the network to be secured with the help of mining software alongside POS. Comparatively an improvement upon Bitcoin but computational resources were still being wasted. The work users were doing from BOINC were only being used to measure a subsidy distributed through the blocks. Gridcoin-Research no longer uses scrypt mining and POW hashing because of how much energy is required to secure the network through these algorithms. With the change to Gridcoin-Research, and the POR algorithm, nearly all of the energy goes to science. The compute power to secure the blockchain is minimal, in-contrast. 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.

Impact

The impact of Gridcoin on the cryptocurrency world has been reported on multiple news websites: Hacker News,[8] The Coin Telegraph,[9] News BTC,[10] The Merkle.[11]

Gridcoin has also had an impact on the cryptocurrency research and is referenced in many scientific papers and white papers: Original Gridcoin Scientific Paper,[12] Sidecoin: a snapshot mechanism for bootstrapping a blockchain,[13] Distributed Consensus Technologies in Cryptocurrency Applications,[14] Crowdware: A Framework for GPU-Based Public-Resource Computing with Energy-Aware Incentive Mechanism,[15] Blockchain Technology: Principles and Applications,[16] Translating Commons-Based Peer Production Values into Metrics: Towards Commons-Based Crypto-Currencies,[17] A Novel Method for Decentralised Peer-to-Peer Software License,[18] Demystifying Incentives in the Consensus Computer,[19] Mastering Bitcoin: Unlocking Digital Cryptocurrencies.[20]

References

  1. ↑ The Blockchain: What It Is and Why It Matters
  2. ↑ Douglas, Eric (2016-07-12). "Unlocking The Secrets Of Cryptocurrency: An Interview With Ethereum Co-Creator Taylor Gerring". Huffington Post. Retrieved 2017-05-26.
  3. ↑ "How Can I Contribute to Science Right Now?". The Merkle. Retrieved 2017-05-26.
  4. ↑ "Gridcoin - A Crypto that Empowers Scientific Research". NEWSBTC. 2015-10-11. Retrieved 2017-05-26.
  5. ↑ "Putting the Blockchain to Work For Science!". BitcoinMagazine. 2014-05-22. Retrieved 2017-08-09.
  6. ↑ "New Coin Launch Announcement - GRC - GridCoin - Gridcoin GRC". Retrieved 2016-09-24.
  7. ↑ "Gridcoin". Retrieved 2016-09-22.
  8. ↑ "Gridcoin". Retrieved 2017-01-09.
  9. ↑ "Gridcoin". Retrieved 2017-01-09.
  10. ↑ "A Crypto that Empowers Scientific Research". Retrieved 2017-01-09.
  11. ↑ "Cryptocurrency of Scientific Distributed Computing!". Retrieved 2017-01-09.
  12. ↑ "Crypto-Currency using Berkeley Open Infrastructure Network Computing Grid as a Proof Of Work" (PDF). Retrieved 2017-01-09.
  13. ↑ "Sidecoin: a snapshot mechanism for bootstrapping a blockchain". arXiv:1501.01039 Freely accessible. Retrieved 2017-01-09.
  14. ↑ "Distributed Consensus Technologies in Cryptocurrency Applications". Retrieved 2017-01-09.
  15. ↑ "Crowdware: A Framework for GPU-Based Public-Resource Computing with Energy-Aware Incentive Mechanism". Retrieved 2017-01-09.
  16. ↑ "Blockchain Technology: Principles and Applications". SSRN 2662660 Freely accessible.
  17. ↑ "Translating Commons-Based Peer Production Values into Metrics: Towards Commons-Based Crypto-Currencies". SSRN 2725415 Freely accessible.
  18. ↑ "A Novel Method for Decentralised Peer-to-Peer Software License" (PDF). Retrieved 2017-01-09.
  19. ↑ "Demystifying Incentives in the Consensus Computer". Retrieved 2017-01-09.
  20. ↑ "Mastering Bitcoin: Unlocking Digital Cryptocurrencies". Retrieved 2017-01-09.
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