Information About GridCoin
Gridcoin was launch on October 16th, 2013 by the Rob Halford, which have a following announcement on the cryptocointalk.org website.
Gridcoin (Ticker: GRC)
It is a disperse, as open source math-based digital asset (cryptocurrency). Therefore, GRID COIN performs its transactions peer-to-peer cryptographically without the need for a central issuing authority.
It is a “Proof of Work” as well as “Proof of Stake” through its hybrid designed to reduce risk of a “selfish miner” flaw and 51 percent attacks of the network.
Let us start with Grid Coin:
Just like as bitcoin there is a fixed rate of newly mint coins given out every day. Also, unlike Bitcoin, miners compete in doing calculations for the actual research projects to earn more coins.
Therefore, it is on Proof of Stake, with the modification that the PoS to reward gets bigger depending on how much research you do for comparing your fellow researchers.
Meanwhile, all clients regularly query which is the whitelistes BOINC projects and come to a consensus, to know how much research was done by each user in the so called “Neural Network”. Mostly, this information is then stored in the block chain and the basis for how much a researcher gets when he stakes about the next block.
Accordingly, it is build on top of BOINC and it is not limites to any one program, algorithm, or type of hardware system. BOINC supports Mac OS X, Windows, Linux, and also Android. So that you don’t need special hardware for participating and earn rewards for your contributions to research.
Thus the computer you use for a few hours every day can contribute, the CPU-based science projects when you aren’t using it. You won’t waste electricity competing with your GPUs or ASICs for getting rewards points. Those are special GPU mining rigs can also be participating in new projects designed specifically for parallel computations. They don’t have to worry about the loss of your ROI to the next generation of ASICs.
Accordingly, it has currently over 30 of different projects available. The each with its own hardware needs as some need GPUs, some need CPUs, and some need sensors.
Therefore, the diversity of hardware supported makes it possible to contribute to the network with almost any other device. The making it more secure and minimizing the centralization of mining power of the system.
The reward system is mainly designs paying you in the same way similar. The pay-per-share mining pool, so that you are rewards fairly on the work you do — not by how fast you can solve a block.
With these devices you can use to contribute the scientific research. Through BOINC include GPU, CPU, Android, R-Pi, and also ASICs, with most being added all the time.