Gridcoin FAQ

All the information you need

The base of knowledge to rule them all, the famous FAQ.

Here I’ve tried to include as many frequently asked questions and their answers. I’ve gathered this information from multiple sites, and I’ve also added the source of information.

If you came here to search for an answer and did not find it/found it elsewhere, please do send me a message to contact@whatisgridcoin.com with your question and preferably with the answer, and I will make sure it is added here!

This page is getting updated over time. Sorry for lack of answers for some questions, they are coming.

What is cryptocurrency Gridcoin/Gridcoin Research?

Gridcoin is an open source cryptocurrency (Ticker: GRC) which securely rewards volunteer computing performed upon the BOINC platform in a decentralized manner on top of proof of stake.
(www.gridcoin.us)

How does Gridcoin differ from other coins, like Bitcoin, Ethereum, Ripple and Litecoin?

While Gridcoin is a cryptocurrency, there are still a few differences when it comes to the structure.

Simply put, other cryptos use an algorithm called “Proof of Work”, which rewards the miners/crunchers for their work, with whatever currency is in question.

Gridcoin uses a very similar algorithm, called Proof of Stake. For all the work and finished tasks done by the volunteering crunchers, they receive GRC as a compensation for their efforts-

One of the moral differences between GRC and majority of other coins is the “end product” of mining. When mining other currencies, the work itself is generally speaking meaningless. When mining GRC, the work helps and advances towards scientific experiments and goals, therefore proving to be important and meaningful. Scientific organizations constantly publish study results on broad area of different subjects. You can check some of the study results here.

Why is Gridcoin (GRC) special?

Gridcoin introduces an innovative consensus algorithm named Proof-of-Stake to let miners do a vast variety of useful calculations. Nearly all computing power can be directed at beneficial scientific and medical research while mining Gridcoin.

See list of Advantages & Features
(www.gridcoin.us/FAQ)

What is BOINC?

BOINC is an open-source volunteer computing grid which combines the processing power of all individual users for the purposes of scientific research. It’s free, production ready and many projects already harness volunteered computing power to attempt to cure cancer/AIDS/Ebola/malaria, map the Milky Way galaxy, crack Enigma machine codes, etc.
(www.gridcoin.us)

What is the relationship between Gridcoin, GRCPool and BOINC?

Ultimately, BOINC is not dependent on Gridcoin, but Gridcoin is dependent on BOINC.

BOINC is the platform for scientific projects to be listed on, and for volunteers to work on said projects.

GRCPool was created to serve as a middleman. Syncing your GRCPool profile with BOINC allows you to get rewarded for your work carried out over BOINC.

So in a way, Gridcoin acts as a rewarding system for volunteers.

What are the available projects for BOINC?

For list of currently active BOINC projects, see here!

What devices can I use for BOINC?

Any devices that you can install BOINC to. Including, but not limited to, desktop PC’s, laptops, tablets, mobile phones, Raspberry PI devices.

What is volunteer/grid/distributed computing?

Distributed computing is a field of computer science that studies distributed systems. A distributed system is a model in which components located on networked computers communicate and coordinate their actions by passing messages.The components interact with each other in order to achieve a common goal. Three significant characteristics of distributed systems are: concurrency of components, lack of a global clock, and independent failure of components. Examples of distributed systems vary from SOA-based systems to massively multiplayer online games to peer-to-peer applications.

(Wikipedia, https://en.wikipedia.org/wiki/Distributed_computing)

How could ‘useful’ work for a cryptocurrency be verified without repeating the work or trusting a central server?

In Gridcoin, work units are given out by distributed project nodes within the BOINC network which use their independent calculation to reward research. Gridcoin compares participants in each project by their subsidiary credits earned in BOINC to measure performance in relation to dynamic inner project network average.

BOINC has been rewarding scientific work units in a credit system since 2003. In case a project maintainer maliciously decides to give out more credits than appropriate, it only affects the inner project competition. The maximum share of new Gridcoins for this project stays the same percentage (subject to number of total projects). And projects can be blacklisted by blockchain vote.

Security in Gridcoin is derived from Blackcoin’s industry-leading Proof-of-Stake. This has been further developed into Proof-of-Research, which cryptographically secures a minting process in which nodes asymmetrically sign BOINC work units as approved by distributed BOINC credit nodes.
(www.gridcoin.us/FAQ)

How do I start mining Gridcoin?

To start pool mining Gridcoin, you will find more information and guide here!

How do I invest in Gridcoin?

To start investing in Gridcoin, you will find more information here!