Gridcoin (Ticker: GRC) is a decentralized, open source math-based digital asset (cryptocurrency). It performs transactions peer-to-peer cryptographically without the need for a central issuing authority.
Gridcoin was the first block chain protocol that delivered a working algorithm that equally rewards and cryptographically proves solving BOINC (Berkeley Open Infrastructure for Network Computing) hosted work, which can be virtually any kind of distributed computing process (ASIC/GPU/CPU/Sensor/Etc).
BOINC is an open-source volunteer oriented computing grid that combines the processing power of all individual users for the purposes of scientific research. It's free, and harnesses the unused clock cycles from processors and graphics cards to aid in curing disease, exploring the mysteries of the universe, and more.
Gridcoin rewards BOINC computation using the Distributed Proof of Research (DPOR) reward mechanism, which is a combination of Proof of BOINC (POB) and Proof of Stake (POSv2).
Proof of Work (POW) consensus mechanisms are not utilised by the Gridcoin network, making the Gridcoin cryptocurrency network far more energy efficient than any existing POW cryptocurrencies.
How to earn Gridcoin for BOINC computation
Approximately 48,000 Gridcoins are generated each day through the DPOR reward mechanism.
Proof of stake (POS) and Proof of BOINC (POB) are tied together by Distributed Proof of Research (DPOR).
Thanks to DPOR, Gridcoin no longer relies on a centralized credit checking system (netsoft); instead the client queries BOINC project servers directly & the network agrees on a superblock once per 24 hours to track all BOINC stats and register new users.
With Gridcoin, not only will you be rewarded with GRC - you'll be aiding important research such as attempting to solve cancer/aids/ebola/malaria, mapping the milkyway, folding protiens, finding prime numbers, etc.
Even just by using Gridcoin as a currency, you'll be helping establish the Gridcoin economy - ensuring the thousands of BOINC contributors are able to cover electricity costs.
Asteroid research - it uses photometric measurements of asteroids observed by professional big all-sky surveys as well as 'backyard' astronomers. The data is processed using the lightcurve inversion method and a 3D shape model of an asteroid together with the rotation period and the direction of the spin axis are derived.
Search for prime numbers. Primes play a central role in the cryptographic systems which are used for computer security. Through the study of prime numbers it can be shown whether current security schemes are sufficiently secure.
Gridcoin Finance is a research and development project that uses volunteers computing power to perform financial simulations, analysis of the block chain, consolidate humanitarian reports, calculate marketing strategies, perform stock option analysis, harvest business intelligence, and assimilate top level results for the crowdsourced web pages.
Simulations of various molecules and atoms in a classical mechanics environment. In contrast to other projects, Leiden Classical allows volunteers, students and other scientists to submit their personal calculations to the grid.
Lattice sieving step in Number Field Sieve factorization of large integers. Many public key algorithms, including the RSA algorithm, rely on the fact that the publicly available modulus cannot be factored. If it is factored, the private key can be easily calculated.
Astronomy Research. Combine the spectral coverage of GALEX, Pan-STARRS1, and WISE to generate a multi-wavelength UV-optical-NIR galaxy atlas for the nearby Universe. Calculate physical parameters such as: star formation rate, stellar mass of the galaxy, dust attenuation, and total dust mass of a galaxy; on a pixel-by-pixel basis using spectral energy distribution fitting techniques
International Centre for Radio Astronomy Research (ICRAR), a joint venture of Curtin University and The University of Western Australia