[ANN][RSC] Research Support Coin (RSC) - mining with purpose

[researchsupportcoin]

We are pleased to announce the Research Support Coin (RSC).



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-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) 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. 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

Note: all research projects currently running at World Community Grid are CPU-based.

[y80]

Looks really interesting!! Thumbs up

[DubFX]

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.

[freequant]

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

[lotosminer]

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.

[lotosminer]

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

[The One]

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.

[researchsupportcoin]

10% (200,000,000) is reserved as a reward for us.
Oh you deserve a huge reward for what exactly? Then

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.

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

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.

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

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.

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.

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.

[researchsupportcoin]

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. 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 at the WCG for their help.

[bgmc]

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

[researchsupportcoin]

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.

[sussex]

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

[researchsupportcoin]

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.

[jianxinss]

   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

[tokeweed]

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

[researchsupportcoin]

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.

[researchsupportcoin]

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, where you can see the global stats and track you daily payments.

[lotosminer]

Will there be some giveaway?

[researchsupportcoin]

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

[lotosminer]

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