Gridcoin (GRC) - first coin utilizing BOINC - Official Thread

[traderman]

Do some research on boinc and you'll understand.

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.htm

Can 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.

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[spassbold]

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.htm

Can 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.

[Quezacoatl]

Great news for the Gridcoin community!
PiGrid shipped the first plug-n-play devices, that combine BOINC research with Gridcoin wallet features.

https://twitter.com/PiGrid_com/status/728485208492810241

[traderman]

Great news Quez, does the PiGrid device connect to a pool?

Great news for the Gridcoin community!
PiGrid shipped the first plug-n-play devices, that combine BOINC research with Gridcoin wallet features.

https://twitter.com/PiGrid_com/status/728485208492810241

[berron]

Great news for the Gridcoin community!
PiGrid shipped the first plug-n-play devices, that combine BOINC research with Gridcoin wallet features.

https://twitter.com/PiGrid_com/status/728485208492810241

Only five months of delay from the original promised date, and the give a fantastic compensation of 200 GRC. How many GRC can have they made with the 50 PiGrid sold during this 5 month? You think it's nice and fantastic, from a bit more realistic point of view I feel goxed. And with no project update for more than a month, last on 27th March and they told that time that PiGrid was almost shipped.
 

[Quezacoatl]

In future updates you will be able to choose between pool mining and solo mining mode.

Great news Quez, does the PiGrid device connect to a pool?

Great news for the Gridcoin community!
PiGrid shipped the first plug-n-play devices, that combine BOINC research with Gridcoin wallet features.

https://twitter.com/PiGrid_com/status/728485208492810241

[Quezacoatl]

I want to clarify that a Kickstarter pledge is not like ordering in an online store. We are building a project for the Gridcoin community and the backers help us realize that project.

Obviously there can be unforseen issues during the development of such a project from scratch. This fact combined with high expectations that we have ourselves and only a small (but growing) development team leads to delays. We would like to apologize for any inconveniences.

Additionally I would like to point you to the Kickstarter conditions (https://www.kickstarter.com/terms-of-use):

"At the same time, backers must understand that when they back a project, they’re helping to create something new — not ordering something that already exists. There may be changes or delays, and there’s a chance something could happen that prevents the creator from being able to finish the project as promised."

Quez

Great news for the Gridcoin community!
PiGrid shipped the first plug-n-play devices, that combine BOINC research with Gridcoin wallet features.

https://twitter.com/PiGrid_com/status/728485208492810241

Only five months of delay from the original promised date, and the give a fantastic compensation of 200 GRC. How many GRC can have they made with the 50 PiGrid sold during this 5 month? You think it's nice and fantastic, from a bit more realistic point of view I feel goxed. And with no project update for more than a month, last on 27th March and they told that time that PiGrid was almost shipped.
 

[LegendaryMiner]

Gridcoin represents a good cause,
Wishing the best for the project.

[CryptoVision]

The coin and the cause are great. But why the low trading volume?

[traderman]

I guess people are too bizi with Ethereum, or all the other hyped-up coins!

The coin and the cause are great. But why the low trading volume?

[Hamukione]

I see the campaign going on atm..

How much would a Raspberry pie earn running 24 hours a day?

[traderman]

Prob a few cents per day and current prices.

I see the campaign going on atm..

How much would a Raspberry pie earn running 24 hours a day?

[solix]

Not trolling, but I'm trying to understand the monetization of this coin. I'm looking to make a big investment in GRC as I very much like that the energy expended serves a useful purpose, but I can't understand what drives the "value" of this coin. Is it just remittance with a side effect of PoW benefit? Or is there an intention to have projects "purchase/rent" CPU time on the network through some sort of portal (using the tokens/coins for the chain)? I understand there is a BOINC white list, and that is great, but is it still "free" like Seti@home? Clearly folks are willing to donate free cpu time historically to scientific projects, but beyond remittance I don't see what would drive value for this coin at that point. If remittance is your use case, there are a lot of other block chains with more momentum and visibility. Just trying to wrap my head around this project, sorry for all the questions.

[traderman]

Well, the GRC dev, Rob, will be launching a hedge fund that uses results from the Gridcoin Finance Boinc project to put on options trades. Kind of like a machine learning options trading fund: https://cryptocointalk.com/topic/11357-gridcoin-finance-project/

People will be able to buy into the fund with GRC. At this post, it's all in the early stages so there isn't anything really definitive yet.

Not trolling, but I'm trying to understand the monetization of this coin. I'm looking to make a big investment in GRC as I very much like that the energy expended serves a useful purpose, but I can't understand what drives the "value" of this coin. Is it just remittance with a side effect of PoW benefit? Or is there an intention to have projects "purchase/rent" CPU time on the network through some sort of portal (using the tokens/coins for the chain)? I understand there is a BOINC white list, and that is great, but is it still "free" like Seti@home? Clearly folks are willing to donate free cpu time historically to scientific projects, but beyond remittance I don't see what would drive value for this coin at that point. If remittance is your use case, there are a lot of other block chains with more momentum and visibility. Just trying to wrap my head around this project, sorry for all the questions.

[AndreaF]

Seems I cannot start without some Gridcoin ( I get the message no reserve balance). Faucets seems not working most websites down and the only with working website doesn't send me anything. I have send the mail to et free grind but nothing happened

Here my address if someone can donate me some Gridcoin to start:
SDoZntH3Ybf37EZ7Mq8AVwn52C72hbDcn1

[djoser]

It will be a lot quicker to sync if you use the snapshot... http://download.gridcoin.us/download/downloadstake/signed/snapshot.zip provided on the official Gridcoin site.

Once download just extract to the appropriate directory and it should sync the remaining blocks relatively quickly.

Try this...

[djoser]

And you could try to add more nodes to your gridcoinresearch.conf file.
That stabilised the connections of the wallet for me.

Here you can find a list of nodes: https://c-cex.com/?id=ws&shownodes=grc

Regards.

[djoser]

I will send you a PM shortly...

edit: PM send

[traderman]

New users can earn some GRC by commenting on certain blog posts: https://bitcointalk.org/index.php?topic=1504227.0

[spassbold]

can provide any more help be greatly appreciated

What the Wallace doing now it's running a little better but about the same still goes from 15 connections down to zero back up again and then still stops on certain blocks if I restart the wallet it will download like a thousand blocks now before it stops
 
I did update the gridcoinresearch.conf

what it appears to me  not stable connections to the network

If you have any more ideas  I appreciate it

 my gridcoinresearch.conf  - email
 
 

Code:

cpumining=true
email=
addnode=node.gridcoin.us
addnode=gridcoin.asia
addnode=sepulcher.wha.la
addnode=grcmagnitude.com
addnode=nyc.grcnode.co.uk
addnode=frankfurt.grcnode.co.uk
addnode=london.grcnode.co.uk
addnode=amsterdam.grcnode.co.uk
addnode=sf.grcnode.co.uk
addnode=typh00n.net
addnode=grc.z9.de
addnode=gridcoin.fr
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UpdatingLeaderboard=false
 

Rob the dev is currently working on an update to fix the syncing issue that sometimes still happens, I would wait until this is out and then give it another try!