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Author Topic: [ANN][GRT] Grantcoin: Currency with a Conscience (old thread)  (Read 35746 times)
The Grantcoin Foundation
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May 03, 2015, 03:26:03 AM
 #1

Grantcoin: Currency with a Conscience


This thread is an archive of past discussion. Click here for new thread.

See also the official Grantcoin website at grantcoin.org.

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May 03, 2015, 03:29:22 AM
 #2

well established project with some info, happy to mine it for the time being. GL guys

"version" : "v0.1.0.0-unk-beta",
"protocolversion" : 60004,
"walletversion" : 60000,
"balance" : 0.00000000,
"newmint" : 0.00000000,
"stake" : 0.00000000,
"blocks" : 2723,
"moneysupply" : 10000000027.21999931,
"connections" : 3,
"proxy" : "",
"difficulty" : 0.08789966,
"testnet" : false,
"keypoololdest" : 1430624187,
"keypoolsize" : 101,
"paytxfee" : 0.00000000,
"errors" : ""
}


Technical Specifications & Code

 
Grantcoin Open Source Code — View the code that powers the Grantcoin digital currency network.

Codebase: Modified from Peercoin, which was modified from Bitcoin

Currency Abbreviation/Ticker Symbol: GRT

Network Ports: 9982 (default) and 9983 (RPC)

Token Divisibility: 6 digits after decimal point, i.e. smallest possible unit is 0.000001 GRT

Transaction Fee: 0.01 GRT for most transactions

Target Block Time: 90 seconds

Token Creation Method: PoW until block 250,000, then PoW/PoS hybrid

PoW Algorithm: SHA-256

PoW Block Reward by Block Height:

    1: 10 billion GRT — Grantcoin reserve for planned distribution
    2 to 49,999: 0.01 GRT — Pre-launch and up to 2 weeks post-launch
    50,000 to 50,999: 6.25 GRT
    51,000 to 51,999: 12.50 GRT
    52,000 to 52,999: 25 GRT
    53,000 to 53,999: 50 GRT
    54,000 to 54,999: 100 GRT
    55,000 to 55,999: 200 GRT
    56,000 to 99,999: 400 GRT
    100,000 to 149,999: 200 GRT
    150,000 to 199,999: 100 GRT
    200,000 to 249,999: 50 GRT
    250,000 to 299,999: 25 GRT
    300,000 to 349,999: 12.50 GRT
    350,000 to 399,999: 6.25 GRT
    400,000 and above: 0.01 GRT

PoS Reward: 1% annually

Planned Modifications: The Grantcoin Foundation will likely execute a hard fork in late 2015 or early 2016 to increase the PoS reward and end PoW mining.

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May 03, 2015, 03:37:31 AM
 #3

well established project with some info, happy to mine it for the time being. GL guys

Thanks. FYI, the mining reward is tiny now but jumps up to a significant level at block 50,000 which should be reached in about 10 days. We set it up this way to give lots of people a chance to do their due diligence on this project before profitable mining begins, to make it more of a fair start for everyone who might be interested.

There is a LOT of documentation about this project available. Please read, consider, and if you like what we're doing, support us in whatever way you can.
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May 03, 2015, 03:45:59 AM
 #4

"version" : "v0.1.0.0-unk-beta",
"protocolversion" : 60004,
"walletversion" : 60000,
"balance" : 0.00000000,
"newmint" : 0.00000000,
"stake" : 0.00000000,
"blocks" : 2723,
"moneysupply" : 10000000027.21999931,
"connections" : 3,
"proxy" : "",
"difficulty" : 0.08789966,
"testnet" : false,
"keypoololdest" : 1430624187,
"keypoolsize" : 101,
"paytxfee" : 0.00000000,
"errors" : ""
}

Blockchain is actually at block 39,994 right now and current difficulty is 20.25. See block explorer here: https://chainz.cryptoid.info/grt/

Are you sure you're on the correct chain?
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May 03, 2015, 04:28:51 AM
 #5

"version" : "v0.1.0.0-unk-beta",
"protocolversion" : 60004,
"walletversion" : 60000,
"balance" : 0.00000000,
"newmint" : 0.00000000,
"stake" : 0.00000000,
"blocks" : 2723,
"moneysupply" : 10000000027.21999931,
"connections" : 3,
"proxy" : "",
"difficulty" : 0.08789966,
"testnet" : false,
"keypoololdest" : 1430624187,
"keypoolsize" : 101,
"paytxfee" : 0.00000000,
"errors" : ""
}


yeah wallet was syncing when i posted that Wink
Blockchain is actually at block 39,994 right now and current difficulty is 20.25. See block explorer here: https://chainz.cryptoid.info/grt/

Are you sure you're on the correct chain?

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May 03, 2015, 04:43:02 AM
 #6

yeah wallet was syncing when i posted that Wink

Yeah, I figured that must be it, but you had me freaking out there for a second. lol.

BTW, I'm Eric, one of the founders.

Grantcoin: Currency with a Conscience. Distributed as charitable grants by a 501(c)(3) tax-exempt nonprofit organization. Learn more at Grantcoin.org
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May 03, 2015, 06:58:40 AM
 #7

10 billion premine, 50000 empty blocks, pow that is 3% of the premine, 520 blocks to mature. You should kick me in the balls and punch my mama while you're at it.

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May 03, 2015, 07:46:06 AM
 #8

10 billion premine, 50000 empty blocks, pow that is 3% of the premine, 520 blocks to mature. You should kick me in the balls and punch my mama while you're at it.

The purpose of Grantcoin is to provide an economic incentive for socially and environmentally responsible businesses using cryptocurrency grants. The purpose is not to provide most of the distribution of the token to whoever has the most powerful mining rigs, which is what 100's of other cryptos are doing, and which doesn't produce any effect on the economic system or other socially relevant change.

Using the term "premine" reflects a particular view of what cryptocurrency should be, i.e. that it, by definition, is supposed to be primarily distributed through competitive mining. The Grantcoin project doesn't share that view. We created a currency reserve, donated it to a charitable nonprofit, and now we're going to distribute it to promote the socioeconomic vision and goals we believe in. Mining is a small aspect of the project (about 0.4% of total distribution) which is necessary to maintain the peer-to-peer network until there are a large number of holders, and then the more energy-efficient methodology of Proof of Stake will become the primary method. Even then, PoS will be just a small part of what this project is about.

If you'd like to consider the idea of a grant-based cryptocurrency from a business angle, and how this project ties in with growing trends in the broader economy beyond the existing crypto space, check out our business plan. There are many ways that cryptocurrency can be used, and Grantcoin has a clear vision and purpose which is different from most altcoins. If it's not for you, that's cool. But we're confident that many people will find value in it.

Grantcoin: Currency with a Conscience. Distributed as charitable grants by a 501(c)(3) tax-exempt nonprofit organization. Learn more at Grantcoin.org
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May 03, 2015, 08:22:34 AM
 #9

not without me
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May 03, 2015, 08:32:32 AM
 #10

So you guys have some pent up anger at miners. I get it. There is 0 reason to mine this coin. Nothing about what you linked makes any sense for a PoW coin. Make it 100% PoS and stop insulting everyone's intelligence.

.ARAW.
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██████████████▀▀▀▀▀████████
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May 03, 2015, 09:05:29 AM
 #11

So you guys have some pent up anger at miners. I get it. There is 0 reason to mine this coin. Nothing about what you linked makes any sense for a PoW coin. Make it 100% PoS and stop insulting everyone's intelligence.

We considered that option, but there are some advantages to starting with a PoW phase before switching to PoS.

Here's how we think of both the PoW and PoS rewards. It's like a bounty. Whoever wants to claim that bounty will earn about 0.4% of the total coins for about 5 or 6 months of mining this year. That bounty for maintaining our P2P network could go to a handful of miners, or hundreds of them, or who knows how many. Similarly, when we switch to PoS, there's a 1% per year reward, sort of like a bounty, for staking your wallet and thus helping to maintain the network.

This is one way to look at the role of mining and/or minting in a cryptocurrency. We have nothing against miners, as long as the role of mining in a currency is for a specific limited purpose and is rewarded accordingly, just like any other type of bounty for volunteers who assist the project in other ways.

Grantcoin: Currency with a Conscience. Distributed as charitable grants by a 501(c)(3) tax-exempt nonprofit organization. Learn more at Grantcoin.org
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May 03, 2015, 11:11:22 AM
 #12

Is this coin a joke,a scam?there are no reason for mining it!!!
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May 03, 2015, 07:10:46 PM
 #13

Is this coin a joke,a scam?there are no reason for mining it!!!

Please take a look at the documentation we've released about the project, in the links provided in the opening post. After you do that, I don't think you'll think it's either a joke or a scam. Grantcoin is one of the most ethical and transparent projects in the crypto space.

Grantcoin: Currency with a Conscience. Distributed as charitable grants by a 501(c)(3) tax-exempt nonprofit organization. Learn more at Grantcoin.org
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May 04, 2015, 09:14:40 AM
 #14

It was brought to our attention that the Grantcoin Foundation Policy documents on our website were incorrect links. We apologize for the error.

Here are the correct links to these documents:

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May 04, 2015, 09:47:41 PM
 #15

Will Grantcoin be a DCO/DAO?

If not then I highly recommend they take that route. Please don't repeat the mistakes of the Bitcoin foundation.

http://bollier.org/sites/default/files/misc-file-upload/files/DistributedNetworksandtheLaw%20report,%20Swarm-Coin%20Center-Berkman.pdf

This is particularly important for legal security, technical agility, technical and social resilience. These are my suggestions and if you'd like to discuss it more then I'll discuss it in PM.

I like the idea of the project overall and will look deeper into it to see if it makes sense.
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May 05, 2015, 01:17:29 AM
 #16

Will Grantcoin be a DCO/DAO?

If not then I highly recommend they take that route. Please don't repeat the mistakes of the Bitcoin foundation.

http://bollier.org/sites/default/files/misc-file-upload/files/DistributedNetworksandtheLaw%20report,%20Swarm-Coin%20Center-Berkman.pdf

This is particularly important for legal security, technical agility, technical and social resilience. These are my suggestions and if you'd like to discuss it more then I'll discuss it in PM.

I like the idea of the project overall and will look deeper into it to see if it makes sense.

I like the concept of a DAO in theory, but in practice it's difficult to implement for complex projects that require a lot of human free choice to make decisions and implement them. There may be aspects of a DAO that can work for Grantcoin, and those aspects should be explored to see how the project could benefit from that type of structure, such as by increasing resilience and minimizing single points of failure in the legal and technological realms.

Furthermore, some aspects of the Grantcoin project may be possible to automate, at least somewhat. For example, we may try to create standardized scoring systems for companies that apply for grants, to make the criteria uniform at least within each country. On the other hand, there are also aspects that require human input and review, such as audits of national and local grantmaking affiliates; decisionmaking about what the grant criteria should be in geographical areas with different economic conditions, laws and norms; and decisions at the national and local levels about how to allocate limited resources among various companies that meet the grant criteria.

Grantcoin is a people-powered currency, based on essentially the idea of crowdsourcing the distribution of a money supply within the boundaries of specific criteria to promote the values of sustainability. Or, to use a more old-fashioned term, a monetary democracy with a set of rules governing the people making the decisions. It's decentralized in that the decisionmaking will occur primarily in local communities, by people who directly know the small businesses in their communities and whether they are doing good for the people there or harming the local community and environment.

Grantcoin: Currency with a Conscience. Distributed as charitable grants by a 501(c)(3) tax-exempt nonprofit organization. Learn more at Grantcoin.org
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May 06, 2015, 04:11:00 AM
 #17

okay I have a feeling this is going to be a near immediate pump and dump on may 15th when GRT ripple trade goes live. Count me in. Im putting in a buy order now, how does one know what the value is exactly? am i just going to guess what itll be then? there wasnt any pre-sale it doesnt look like so I dont really have any bench mark.
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May 06, 2015, 04:21:34 AM
 #18

seems interesting.. will look into this later.

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May 06, 2015, 04:53:48 AM
 #19

okay I have a feeling this is going to be a near immediate pump and dump on may 15th when GRT ripple trade goes live. Count me in. Im putting in a buy order now, how does one know what the value is exactly? am i just going to guess what itll be then? there wasnt any pre-sale it doesnt look like so I dont really have any bench mark.

$17,500 in capital has already been raised from sales of the tokens to founders and a few other investors, before the existence of Grantcoin was announced publicly. The largest pre-market purchase came from a small private investment company owned by 17 shareholders (disclosure: I am one of them). That sale occurred at the price of $0.000075 USD per GRT.

The Grantcoin Foundation will start selling GRT on exchanges at an opening price of $0.0001 USD, or 0.00000050 BTC, or approximate equivalent in other currencies. There will be amounts for sale at ascending prices, so that when the amount available at one price is sold out, then buyers will have to buy at the next higher price unless people choose to dump.

The current draft of the sales plan is available in this spreadsheet. You will notice that much more GRT is available for sale at higher prices than at lower prices. It's designed that way deliberately, for two reasons:

1. Motivate people to buy at the beginning to get a good price while we're still selling it cheap. If this occurs, it will quickly capitalize the Grantcoin Foundation and enable us to run this project with a high level of professionalism, bring in high-caliber developer talent, afford a strong marketing campaign, etc. Please see Appendix B of our business plan for 4 different levels of budgets, explaining what the money will be spent on, based on how much money we raise.

2. As time goes on, more and more people will be discovering Grantcoin and therefore the network effect should support more units of the token being sold at higher prices after those prices are attained.

One caveat: If sales don't go as expected, or the growth rate of the Grantcoin community is slower than expected, the Foundation may hold back some of the GRT currently planned to be sold, so that there wouldn't be too much resistance on the price. One of the great things about having an organization selling a token is that the organization can use good judgment about how much to sell, when, and for what price. Our team will continually monitor market conditions to make sure that planned sales are not overburdening the market at any given time.

Finally, a very important point: Founders are strictly prohibited by the Grantcoin Foundation Ethics Policy from selling large amounts of the currency unless they publicly disclose their planned sale ahead of time. None of the founders have any plans to sell any, that I know of, for at least a year or two (and even then only small amounts if at all). We all believe in this project and don't want to do anything to jeopardize its success.

Grantcoin: Currency with a Conscience. Distributed as charitable grants by a 501(c)(3) tax-exempt nonprofit organization. Learn more at Grantcoin.org
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May 06, 2015, 05:08:57 AM
 #20

@freebird, thank you! is there a link to all of this? and the Excel is empty? how do i get in on the first patch, is it through rippletrade? can I enter an order now? what are the following prices? also you may want to push the rippletrade roll out a bit. RL is having everyone migrate their wallets by the 1st, could be some issues. https://idripple.com/
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