Bitcoin Forum

We are pleased to announce the Research Support Coin (RSC) (http://www.researchsupportcoin.org/).

http://www.researchsupportcoin.org/rscpromo.jpg (http://www.researchsupportcoin.org/)

Until now, there was basically no way to mine some cryptocurrency by using the computing power in a useful way. We have thus decided to create a new Ripple (https://ripple.com/)-based currency called "Research Support Coin", which will be used to reward people for donating their computing power to grid computing research projects. Unlike in standard Bitcoin-like mining, the computing power used to "mine" RSC is thus used to help scientists understand how proteins work, or find new treatments for cancer or HIV.

We are a group of researchers working in the field of natural sciences, mainly focusing on problems in applied physics. We have decided to create Research Support Coin to achieve following goals:
•   support grid computing research projects (such as those within the World Community Grid (http://www.worldcommunitygrid.org/)) by trying to transfer at least part of the huge computing power wasted to mine other cryptocurrencies to projects which are useful for humanity.
•   support our own research in applied physics by additional funding, which may (or may not) arise from this project
•   support research of other people about whom we know they’re doing a great job

A total of 2 billion (2,000,000,000) RSCs have been minted.
The RSCs will be distributed as follows:

60% (1,200,000,000) will be gradually given away to people donating their computing time to research projects within World Community Grid (http://www.worldcommunitygrid.org/). In the future, we would like to include also other projects, such as Folding@Home, Rosetta@Home and others.
For every WCG point earned, each day we will give members of the Research Support Coin team 0.01 RSC multiplied by % of the RSCs still available for distribution.
Examples:
At the beginning of the giveaway, 100% of RSCs is available. On the first day, the payout rate will thus be
1 WCG point = 0.01 x 100% = 0.01 RSC.
After 50% (600,000,000) of the RSCs is given away, 50% is still available and the payout rate for the next day will be 1 WCG point = 0.01 x 50% = 0.005 RSC.
After 86% (1,032,000,000) of the RSCs is given away, 14% is still available and the payout rate for the next day will be 1 WCG point = 0.01 x 14% = 0.0014 RSC.

10% (200,000,000) will be used to support our own research projects. For example, we could use a new spectrophotometer, x-ray photoelectron spectroscopy, some other smaller devices and a lot of coffee for overnight measurements.
10% (200,000,000) will be used to support research projects of other scientific groups, mostly in the field of natural sciences. We reserve the right to decide which projects will be supported. Be sure that we know quite a few people who do a great job in their research and would do even better with some additional funding.
5% (100,000,000) will be used to cover costs related to the distribution (support, bug fixing, website maintenance, etc.) and any other expenses we might have with this project.
5% (100,000,000) will be given away via various promotional giveaways, faucets, etc.
10% (200,000,000) is reserved as a reward for us.

You can find more information about the RSC and instructions on how to start earning RSCs on our website: http://www.researchsupportcoin.org (http://www.researchsupportcoin.org)

Note: all research projects currently running at World Community Grid (http://www.worldcommunitygrid.org/) are CPU-based.

Looks really interesting!! Thumbs up

Props for good thing. Hopefully you won't take your explaination for 60% of premine as advantage to camouflage your scam plans, that would be really rude.
Good luck.

Note that OP doesn't disclose his identity.
Very unusual for a researcher.

Doesn't look like something to switch to from mining other cryptos, but it might be a good way to make use of CPU while mining other coins on graphics card.

Did somebody try this yet? I'm curious if it really works, 'cause it seems to be quite different from "normal" coins...  Thx :)

Seriously shitcoins are getting shittier.

10% (200,000,000) is reserved as a reward for us.

Oh you deserve a huge reward for what exactly? Then

5% (100,000,000) will be given away via various promotional giveaways, faucets, etc.

which would make mining this irrelevant and no doubt you will be keeping most of this for yourselves. Followed by another whopping

5% (100,000,000) will be used to cover costs related to the distribution (support, bug fixing, website maintenance, etc.) and any other expenses we might have with this project.

on top of your 10% 'reward'. Then you proceed to give yourselves more coins via

10% (200,000,000) will be used to support research projects of other scientific groups, mostly in the field of natural sciences. We reserve the right to decide which projects will be supported. Be sure that we know quite a few people who do a great job in their research and would do even better with some additional funding.

which will never happen. No, no, just don't stop there, another whopping

10% (200,000,000) will be used to support our own research projects. For example, we could use a new spectrophotometer, x-ray photoelectron spectroscopy, some other smaller devices and a lot of coffee for overnight measurements.

for yourselves. You can't buy medical equipment using this shitcoins so you will have to dump it on the village idiots on here who called themselves investors. Of course no equipment will ever be bought.

Can anyone add....10% + 5% + 5% + 10% + 10% = 40% premine.

5 days and only 8 posts - give it up.

It took us a lot of time and effort to make it running and it will take a lot of time and effort to keep it running. So, for that.


I don't really see how distributing 5% of the currency via giveaways, if it's done over long time period, makes mining irrelevant. We will not keep anything of this for ourselves. We are currently working on a Stats page, where it will be listed in detail when, how and how many RSCs have been given away. We want to make it as transparent as possible. It is a note that all transactions on Ripple are publicly visible.


Well, if we would spend our reward for maintenance and support expenses, it would no longer be our reward. Or am I missing something here? Again, all expenses will be listed in detail on our Stats page, which will be online within a few days.


You can't buy any equipment using shitcoins as you call them. However, in the case they gain value (yes, we do realize this may never happen), you can convert them to fiat currency and buy any equipment you want. In such a case, our plan is to transfer this amount to given (in the latter case ours) university under agreement that it will be used to buy devices we specify. We will then display the acknowledgement of receipt on our website.

We are already helping science!

During the first week of the Research Support Coin’s existence, members of our team have already contributed with more than two months of computing time to research projects within the World Community Grid. Most of this computing time (37 days) has been used to help researchers identify new cancer markers (http://www.worldcommunitygrid.org/research/mcm1/overview.do). For their contribution, we have already paid the participants over 2700 RSC.

We would like to thank all members of the Research Support Coin team (http://www.worldcommunitygrid.org/team/viewTeamInfo.do?teamId=6PWSZF8V32) at the WCG for their help.

based on Ripple, meaning there is NO mining, correct?

Normally there's no mining of Ripple-based currencies and they are technically all 100% premined (in terms of bitcoin derivatives).
However, we are distributing RSCs based on the amount of computing power contributed to grid computing research projects, so it can be considered as mining. And similarly as for bitcoin and similar coins, the "difficulty" is increasing, since the amount of RSC paid for given amount of computing "work" is decreasing each day. The difference is that this "mining" is actually useful, not just wasted electricity.

So, it's a centralised crypto, who pays for the network and how?

It is a currency within the Ripple network, which is run by Ripple Labs. You can learn more about Ripple in this introductory document by Ripple Labs: https://ripple.com/ripple_primer.pdf
We are in no affiliation with Ripple Labs.

   support grid computing research projects (such as those within the World Community Grid) by trying to transfer at least part of the huge computing power wasted to mine other cryptocurrencies to projects which are useful for humanity.
•   support our own research in applied physics by additional funding, which may (or may not) arise from this project
•   support research of other people about whom we know they’re doing a great job

Above all.I think this is obvoious another kenrende project. Be careful guys

i'm all for research and i even threw the idea around in the forum. but i personally, will only join and support an established project endorsed by seti@home, WCG and the like if ever a project decides to issue and distribute tokens based on provable work aka donated computing cycles.

also, read this before opening a trust line in ripple:

It should take a fair amount of effort for newcomers to prove themselves trustworthy. A brand new forum account with a single anonymous post does not and should not engender trust. It should be obvious, but bears repeating anyway, do not add trust lines to address that you do not trust (and don't trust random strangers on a forum!).

- dchapes

I fully agree that it's better to trust only senior forum members. I also have to say though that the number of posts of some user is in no way a measure of trustworthiness, as well as being a new forum member is not a proof of bad intentions.
I know it will take time, but I'm sure that we will earn our reputation.

Regarding the trust lines:
We only ask participants to trust our address with RSC, since there is no other way to make RSC payments. This means that we have no reach to any other currency this person might have in his/her wallet.

We are growing fast!
During the first week of RSC’s existence, members of our team contributed with about two months of computing time to research projects within the World Community Grid. Now, after two weeks, we are contributing with more than 3 months of computing time DAILY!

We've also created a new page with statistics about RSC distribution (http://www.researchsupportcoin.org/stats/), where you can see the global stats and track you daily payments.

Will there be some giveaway?

We are planning to start some RSC giveaways within a few days. We will announce them also here, so stay tuned :)

Can't wait :)

★★★★★ [TRIPLE GIVEAWAY] - Research Support Coin (RSC) giveaway ★★★★★

http://www.researchsupportcoin.org/rscpromo_giveaway.jpg (http://www.researchsupportcoin.org/)

GIVEAWAY #1:
Reply to the GIVEAWAY thread at http://altcoingiveaways.com/index.php/topic,1525.0.html with your Ripple address and we'll send you 10 RSC.

To get your reward, you need to:
- create a Ripple wallet (if you don't have one already) at https://ripple.com/ (https://ripple.com/)and fund it
- open a trust line for RSC to our ripple address rLTSuhKSNaWvGHyRcnTSjms3iFew345SdG
- reply to the GIVEAWAY thread with your Ripple address at: http://altcoingiveaways.com/index.php/topic,1525.0.html

The amount of trust you add limits the amount of RSCs we can send you. If you want to participate in all three giveaways and then continue earning RSCs, we recommend to put some high number, e.g. 10,000,000.

GIVEAWAY #2:
We are giving away 100 RSC to every new participant.

To get this reward, on top of steps in GIVEAWAY #1, you need to:
- register at World Community Grid:  http://www.worldcommunitygrid.org/reg/viewRegister.do?teamID=6PWSZF8V32
(if you register via this link, you will be automatically assigned to our WCG team)
or if you already have WCG account, join our team: http://www.worldcommunitygrid.org/team/viewTeamInfo.do?teamId=6PWSZF8V32
- register on our website: http://www.researchsupportcoin.org/registration/ (http://www.researchsupportcoin.org/registration/)

After you register, you will automatically get 100 RSC.

GIVEAWAY #3:
When you start donating your unused computing time to research projects via World Community Grid, we will give you additional 200 RSC when your computer will deliver the first result to WCG!

On top of steps in GIVEAWAY #1 and #2, all you need to do is:
- download the BOINC client from World Community Grid: https://secure.worldcommunitygrid.org/reg/ms/viewDownloadAgain.do
and install it. The client will automatically connect to WCG and will start running tasks.

Enjoy :)

I'm gonna watch it anyway, could Surprise me.

Great news, thanks for the giveaways :)

Don't miss another RSC giveaway now at Gecko Coin Central: https://www.geckocoin.com/

After 3 weeks, our WCG team is already contributing with 1 YEAR of run time per DAY!
http://www.worldcommunitygrid.org/team/viewTeamInfo.do?teamId=6PWSZF8V32

Yep, and I'm part of it. :)

I'm part of it too  ;) but price is down  :(

Yes, I saw that. Still, we're doin' good.

yeah, yeah...  :(

Looks interesting, definitely something to look out for, I hope you guys get the attention

you deserve

It is just the beginning and there are not many people involved yet, so the RSC price can highly fluctuate now.
However, the RSC payments per WCG point will gradually decrease as stated on our website, so we expect that the price will be increasing in the future.
Early adopters, who receive close to 0.01 RSC per WCG point are thus advantaged :)
The current RSC/WCG rate is recalculated every day and is displayed at our stats page: www.researchsupportcoin.org/stats/

We have started about a month ago and since then, all together we have contributed with more than 100 YEARS! of computing time to research projects within the World Community Grid.
Thank you all for your participation!

I cannot see how RSC could ever be valuable.

Ripple Labs have ended their computing for good distribution program because it was progressively debasing XRP.

Research supporters donate their spare CPU to WCG anyway. While everyone would prefer a retribution, this leads to a tragedy-of-commons situation: "they give me something for practically no additional effort, so any positive amount is good enough".

RSC are IOUs backed by nothing. They do not even exist outside Ripple. They are not accepted anywhere. Their only value derives from that research support promise, but then again the 40% premine defeats this purpose. For example, let us say I am a wealthy research supporter. I already save enough taxes from my other donations, so I will instead give money to informally organized scientific computing projects on the internet. I can choose between two options:

- I can buy RSC, effectively donating to other supporters to retribute their WCG computations. They will get only 60% of my money, and many of them would have donated their spare cycles anyway.

- Or I can setup an inexpensive, massive digitalocean botnet to run WCG myself. WCG lets me select which projects I prefer. I will even get some RSC for doing this!

Who would ever prefer the first option over the second? In other words, what stops RSC price from falling to 0?

Mine RSC, sell if for XRP. If you don't like XRP you can sell if for anything (e.g. for LTC).

I'd gladly sell. But selling requires someone buying, and I can't see who'd rationally buy.

But someone is buying :-)

ASKS
Ask Price XRP / Size RSC / Sum RSC
0.02000 / 3,000.00000 / 3,000.00000
0.03200 /364.48000 / 3,364.48000
0.03330 / 3,350.00000 / 6,714.48000
0.05900760.660007,475.14000
0.05952563.000008,038.14000
0.060001,396.416919,434.55691
0.066661,500.0000010,934.55691
0.073001,000.0000011,934.55691
0.0750010,070.6850022,005.24191
0.0768613,010.0000035,015.24191
0.07692130.0000035,145.24191
0.080003,500.0000038,645.24191
0.0899910.8610038,656.10291
0.099993,736.0000042,392.10291
0.1000011,594.8942653,986.99717
0.105267,125.0000061,111.99717
0.1200017,215.7000078,327.69717
0.12500259.0582178,586.75538
0.130001,100.0000079,686.75538
0.179997,872.3926587,559.14803
0.181815,500.0000093,059.14803
0.18998460.3262393,519.47427
0.196075,100.0000098,619.47427
0.200005,300.00000103,919.47427
0.222224,500.00000108,419.47427
0.23000863.00000109,282.47427
0.249992,260.30000111,542.77427
0.250005,000.00000116,542.77427
0.269973.00000116,545.77427
0.29998519.15000117,064.92427
0.3000010,000.00000127,064.92427
0.400001,400.00000128,464.92427
0.500002,319.26000130,784.18427
0.800006,000.00000136,784.18427
0.990002,000.00000138,784.18427
1.0000010,400.00000149,184.18427
1.15000116.00000149,300.18427

Those are asks not bids! You just showed the opposite: someone is selling.

To be fair, there is also a rather thin bidding-side book: I count a total of 2100 XRP (around $10-15) with most of these at 0.000001 (one millionth) XRP per RSC. Even the average bid, 0.0001 (a tenth mill) XRP per RSC, is ridiculous: electricity costs orders of magnitude more, let alone a DigitalOcean droplet.

Anyway, my comment was about the fundamentals, not the actual book. The OP and a few dumb speculators are bidding these few dollars that we observe, but I still do not see how any rational research supporter would ever buy RSC in any significant amount.

First of all, sorry for the late reply.

Yes, you can buy a massive digitalocean botnet to run WCG yourself. But it would still be just you and even if you were super-wealthy, your computing power would be limited.
Our records show that we brought quite a few new people to WCG. Also, some of those who switched to RSC from the Ripple giveaway probably wouldn't continue at WCG without RSC, or at least not with such a big computing power. It thus looks like we are succeeding in bringing people to WCG, or at least keeping them there. For us - good enough. And that's what you would support by buying RSCs.

About the premine - most of it will be used to support research as well, just in another way. When some of the premined coins will be used to buy some research equipment, we will display on our website a copy of the official acknowledgement issued by the respective university. However, none of the "premined" coins were released yet, so by buying RSCs you'll only support WCG contributors right now.

Regarding the RSC price: Strictly taken, every new coin has in principle zero value at the beginning. It gains value over time. And so does RSC. The RSC distribution formula is deflatory, what should contribute to increase of its price. Maybe that's why some people are already willing to buy RSCs. And I can assure you that none of the bid offers are ours. We are also working on new features that will bring more value to RSC.

Fundamentals not too strong? -  it's the same as with 95% of the cryptocoins.

And the list (just for the information; I'm not saying that you are wrong :-)
BIDS:
Sum RSC /  Size RSC / Bid Price XRP
17,603.23846 / 17,603.23846 / 0.02004
23,293.23896 / 5,690.00050 / 0.02000
24,333.48525 / 1,040.24629 / 0.01000
36,759.48525 / 12,426.00000 / 0.00917
76,526.4553539,766.970100.00628
126,526.4553550,000.000000.00600
136,526.4553510,000.000000.00500
159,029.1287522,502.673400.00494
195,660.2209936,631.092240.00395
231,789.6189036,129.397910.00335
331,789.61890100,000.000000.00300
367,489.6185535,699.999650.00285
469,011.74972101,522.131170.00250
472,678.416383,666.666660.00210
473,678.416381,000.000000.00200
573,678.41638100,000.000000.00100
1,563,678.41638990,000.000000.00010
1,894,008.41638330,330.000000.00005
2,364,008.41638470,000.000000.00004
4,364,008.416382,000,000.000000.00002
6,364,008.416382,000,000.000000.00001
16,364,008.4163810,000,000.000000.000001

Wow, RSC team on WCG over 400 years of runtime!

As of today, you can participate in the Research Support Coin program even without joining our World Community Grid team! Simply register at our website (www.researchsupportcoin.org) and you'll receive RSCs for your WCG points every day regardless of what your current team is.

This makes Research Support Coin the first BOINC-based-mining coin that doesn't require joining a team!

However, our WCG team members will remain advantaged, since the RSC/WCG ratio will be halved for non-team members.

if you are interested in a BOINC-cryptocurrency which is actually cryptographically strong, consider Gridcoin (GRC).
Team Gridcoin reached TOP50 in world contribution. Still no mainstream attention. Join in!
New Website is about to launch (http://beta.gridcoin.us/).
Contains all guides to get started!

We have reached a MILLENNIUM of contributed computing time!
We would like to thank all our WCG team members for their participation in the RSC project. Thanks to you, our team already contributed to WCG research projects with more than 1000 years of computing time!

Excellent research support coin,i will use my CPU power to earn some coins

hi,

hope will start to go up...

i'm helping WCG and all community, and i will earn money...

hope will start to go up...

by
kikan

What about an exchange? Could the RSC devs contact Poloniex, allcoin, cryptsy or any other good exchange? Or we're doomed to rippletrade.com?

Hi i have 1200 RSC in my ripple account...what can i do with them? how do i trade them or whatever?

You can exchange it at very low exchange rate to XRP on rippletrade and then XRP to BTC on Cryptsy or Poloniex. But it's a better idea not to exchange it now, but to write an email to Poloniex or other good exchanges asking them to add RSC. I did it. Your turn now :)