I would pick Gridcoin (GRC), as it is one of the more interesting coins out there. It's idea is brilliant but also easy to understand for people not in crypto before, see for example this thread that was on the frontpage of reddit: https://www.reddit.com/r/Futurology/comments/4b4drk/a_currency_minted_by_doing_science/t1_d16hch5Gridcoin (GRC) replaces mining with doing research for scientific projects, for example to cure Ebola ( http://www.worldcommunitygrid.org/research/oet1/overview.do), fold proteins ( https://boinc.bakerlab.org/) or find aliens ( http://setiathome.ssl.berkeley.edu/). From a user's point of view, he simply has to run simulations from the different projects using the BOINC software ( http://boinc.berkeley.edu/). Then the network comes to a consensus, who has contributed how much computing power to BOINC, which can bee seen for example here ( http://www.gridresearchcorp.com/gridcoin/?result&t=CPID_Leaderboard). This process is decentralized among all nodes, there is no central server issuing all coins like it is for example the case with Curecoin. In some blocks this consenus is saved in the blockchain and the reward one gets when staking a block is proportional to how much research was recently done for BOINC by this researcher. Setting it all up has been quite complicated in the past, but the pool on pool.gridcoin.co has made alle this easier and already has more than 800 active miners/researchers ( http://pool.gridcoin.co/rankings) I also has very active development, here is the main forum: https://cryptocointalk.com/forum/464-gridcoin-grc/More information and tutorial to set it up here: www.gridcoin.us If you are interested visit our IRC: https://kiwiirc.com/client/irc.freenode.net:6667/#gridcoin |
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The fact that the BU credits eclipse the rest of the projects has no bearing on the rewards!!! Gridcoin accounts for the difference, BU miners get the same share of the daily mint as the rest of the 34 whitelisted Boinc projects by Gridcoin.
Thanks for the explanation. Is there a decent info-graphic that shows how this works? I think it would really help bring the complexity down to earth for the "casual cruncher". It is rather easy: Each day each project gets ~1470 Gridcoins paid out to it's researchers/miners. How much coins you get for a single project depends on your percentage of the whole RAC in this project in team Gridcoin. What you earn in total is the sum over all projects. Because of this projects that give out RAC easier do not have any advantage over other projects. I also agree with Scaletrix, the Gridcoin community is great, it's only very underrepresented here on bitcointalk, as the main forum is somewhere else: https://cryptocointalk.com/forum/464-gridcoin-grc/ |
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I invested in curecoin and then found out about gridcoin. Both are "help the medical world" coins. Which one has better LONG term prospects and why? Are there other coins in this sphere?
GridCoin has a large community with a diverse mix of projects, but it has some exploits in its history, and overall output of the BOINC network in terms of PetaFLOPs is about half that of Folding@Home. BOINC projects are hard to value. People are crunching 10x more RAC on MilkyWay than Rosetta@Home. It becomes a question of priorities. But certainly they have a larger platform to experiment on, like their Neural Network statistics server and the finance project they experimented with. Perhaps what makes GridCoin somewhat confusing to me (and I mine and hold it) is the eccentric relationship with bitcoin utopia whose RAC on the Gridcoin network exceeds the TOTAL out of the network by a factor of 40! I think you have a slight missunderstanding how Gridcoin rewards work, Bitcoin Utopia does not pay out more Gridcoins than any other project. Each project pays out exactly the same amount of coins, independent of how easy it is to get RAC in each project. How many coins you get depends on (your RAC/sum of all RAC in this projet in team gridcoin). So Bitcoin Utopia does not "produce" any more coins than any other project. As you can already imagine, I have a very strong preference towards Gridcoin, as it is the only decentralized coin out of the three, which is a must for any cryptocurrency. This was technically very hard to pull off, but it works and now with the recent addition of the pool (pool.gridcoin.co) it has also become easy for newcomers to mine/research. Gridcoin also works for many projects and not only a single project. Another big advantage is the possibility for custom projects, which does not exist for the other coins. It is possible to create commercial projects, for example for stock trading, machine learning, data mining,... that uses the computational power of the Gridcoin network for free (it's a whitelisted BOINC project basically) and for this has to so something in order to stay whitelisted, for example buy coins on the markets and send them to a burn address. This would truly raise the value of Gridcoin and also makes sense for the commercial application, as the computing power is still much cheaper than commercial servers. This is where I see the true potential of Gridcoin. But a fixed amount (say 80%+ of all computing power in team Gridcoin should always go to science for free). edit: The reason why I think these "science coins" will become much more valuable is that it is very easy to convince people not in crypto before how good of an idea they are, see for example here: https://www.reddit.com/r/Futurology/comments/4b4drk/a_currency_minted_by_doing_science/ |
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If a scientist or a commercial entity wants to get computational power from Gridcoin they will have to setup their own Boinc project, which then has to be vetted by the Gridcoin community and voted on for acceptance into the whitelist: http://gridcoin.us/Guides/whitelist.htmCan someone explain me the economics of GRIDCOIN?
I do understand that miners use their calculating power to help scientific researches and then are rewarded with GRC.
However I don't understand how does it work on the customer side, if a lab need some computational power does he needs to pay the miners? Or he can use the miners for free?
Thanks for your answer traderman but that does not explain what is the purpose of the coin? When some projects are in the whitelist and use the computational power, do they have to use Gridcoins ? Sorry but it is still confuse for me even if this project seems really interesting. It's free for science projects and for commercial projects there might be some kind of fee in the future, but that is still open. |
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True, I'll let the person in charge of that blockexplorer know.
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Almost 3k upvotes and still going strong, many new users in irc and on the forum :0
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I do not see a problem with proof-of-stake really, could you explain further?
I also do not believe that it will be P&D, the good thing is that the miners do it mostly because of science anyway and have no background in the traditional crypto pump&dump.
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Already much more upvotes  The good thing is that the idea behind Gridcoin is actually that good and that easy to understand, that you do not really have to sell it, just explain the idea behind it. |
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Gridcoin: Mining consists of running BOINC projects to find Aliens, fold proteins, model the brain,... The whole thing is completely decentralized though, which is quite complicated to make: The network comes to a consensus who has done how much work for which project and this information is stored in a superblock. Gridcoin is based on PoS, but it has a large additional reward on top of PoS depending on how much research was done by this user. In the past the main problem of Gridcoin was that it was quite complicated to set up, as the whole decentralized proof of research idea is very hard to pull off. But now with the pool (pool.gridcoin.co) mining and participating has become much easier and I expect very large growth. Already now Gridcoin has 1100+ current miners ( http://www.gridresearchcorp.com/gridcoin/?result&t=CPID_Leaderboard), and around 87 additionally in the pool ( http://pool.gridcoin.co/rankings/). Also in regards to full nodes, scalability.... Gridcoin has a very elegant way to solve that. Any distributed BOINC project can be supported, so it is possible to create a boinc project that consists of running Gridocin (or also Bitcoin) full nodes. So you get rewarded in GRC for running full nodes, which is an incentive for many people to run full nodes. Mining by running full nodes Smiley |
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Gridcoin dessapear?
I try to research on BOINC, but i can't.
I stopped for 3 months, but when come back, don't exist any project.. :/
I have 4,8k gridcoins, another point is this coin falls..
Sorry my bad english..
No, it is very alive. 1300+ solo researchers ( http://www.gridresearchcorp.com/gridcoin/?result&t=CPID_Leaderboard) and an additional 100 on the pool ( http://pool.gridcoin.co/) BOINC is also still running, it has been around since much longer than Gridcoin actually. What is the problem with BOINC, do you not get any Work Units? |
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Gridcoin: Mining consists of running BOINC projects to find Aliens, fold proteins, model the brain,... The whole thing is completely decentralized though, which is quite complicated to make: The network comes to a consensus who has done how much work for which project and this information is stored in a superblock. Gridcoin is based on PoS, but it has a large additional reward on top of PoS depending on how much research was done by this user. In the past the main problem of Gridcoin was that it was quite complicated to set up, as the whole decentralized proof of research idea is very hard to pull off. But now with the pool (pool.gridcoin.co) mining and participating has become much easier and I expect very large growth. Already now Gridcoin has 1100+ current miners ( http://www.gridresearchcorp.com/gridcoin/?result&t=CPID_Leaderboard), and around 87 additionally in the pool ( http://pool.gridcoin.co/rankings/). Also in regards to full nodes, scalability.... Gridcoin has a very elegant way to solve that. Any distributed BOINC project can be supported, so it is possible to create a boinc project that consists of running Gridocin (or also Bitcoin) full nodes. So you get rewarded in GRC for running full nodes, which is an incentive for many people to run full nodes. Mining by running full nodes |
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