Gridcoin

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Gridcoin
Gridcoin.jpeg
Mint Decentralised Consensus
Launch Date October 20th, 2013
Developed by Rob Halford
Ticker GRC
Plural Gridcoins
Subunit mGRC =0.001
Lowest Unit 0.00000001
Operating System Windows, Linux, Mac OS X
Algorithm Proof-of-Research;

Proof-of-Stake and Proof-of-BOINC hybrid

Current Version MSI v.6.1/Client 3.1.6.5
Blocktime 1 Minute

Gridcoin (Ticker: GRC) is a decentralized, open source math-based digital asset (crypto-currency). It performs transactions peer-to-peer cryptographically without the need for a central issuing authority. It is the first block chain protocol that delivered a working algorithm that rewards and cryptographically proves solving BOINC (Berkley Open Infrastructure for Network Computing) hosted work, which could be virtually any kind of computing process. Gridcoin provides benefits to humanity through contributions to computational research. It is the only crypto-currency that rewards individuals for those contributions in an energy efficient way without the need for a central authority to distribute rewards. There are no limitations to a single BOINC project, providing the flexibility to be rewarded for virtually any type of computational process.

Gridcoin was launched on October 20th, 2013 by Rob Halford, following an announcement on bitcointalk.org. Gridcoin was inspired out of Primecoin, which could do some very basic work for large primes, but had an absolute limit.

The coin compensates the coin miners (researchers) for participating in BOINC projects that may lead to advances in medicine, biology, mathematics, science, climatology, astro- and particle physics, thus providing real benefits to humanity. Gridcoin concentrates a large percentage of the computational power towards BOINC research - instead of generating heat and power in excess for the proof of work algorithms required to keep a typical coin network running. Gridcoin differs from other scientific crypto-currencies in its ability to support many different kinds of scientific projects and is only limited by what is currently broadcasted over the BOINC network.

Recently there was a change from the original Gridcoin protocol (Gridcoin-Classic) to Gridoin-Research. Gridcoin-Classic used a hybrid Proof-of-Work which allowed each computer to spend half of the time hashing and half the time contributing to science, an improvement compared to Bitcoin, but still resources were being wasted. The BOINC work was only used to measure the subsidy that was supposed to be minted with the block. Gridcoin-Research makes scrypt mining and Proof-of-Work hashing obsolete. With the change to Gridcoin-Research and the Proof-of-Research algorithm nearly all of the energy goes to science, while the compute power to secure the block chain remains minimal. In the Proof-of-Research algorithm the BOINC work is not only used to measure the subsidy and provide a unique alternative to classic work measuring Proof-of-Work schemes, but actually complements the security of the Proof-of-Stake system.

Current Situation

Currently, two different clients are running each on a separate chain. Gridcoin-Classic is running the original algorithm launched in October 2013. In Gridcoin-Classic a large percentage of computational power goes to science, an equal portion is used for Proof-of-Work (scrypt and CPU Skein, Groestl and Cubehash multiple algorithm hash function). The original algorithm will be discontinued, only running on scrypt at a block reward of 10 GRC Classic after October 20, 2014.

To maximize the contributions to science while continuing to secure the block chain a new client, running on a separate block chain, Gridcoin-Research was created. The new client, leveraging Gridcoin's innovative Proof-of-Research, is set out to deliver uncompromising energy efficiency and security. Gridcoin-Research uses the network-security mechanism found in industry leading implementations of Proof-of-Stake in combination with a groundbreaking mechanism to measure and reward contributions to scientific research to achieve the maximum contribution to computational research.

The new client was released on schedule on October 11, 2014. Coins from the Gridcoin-Classic chain can now be burned against a burn address, which destroys them and instead mints 10 times their original amount in Gridcoin-Research. Many have questioned how sha-256, or scrypt ASICs might benefit Gridcoin or how an ASIC could be used to acquire Gridcoin-Research coins.

There will be several ways to use a scrypt ASIC to acquire Gridcoin. First, during the switch period the old wallet will remain on the scrypt algorithm. It will be very important to continue mining scrypt on Gridcoin-Classic untill the burn phase has finished to prevent a 51% attack vector. Second, by the time the old wallet is phased out, a multi-pool will be set up, where ASIC machines can be pointed to. The pool will mine the most profitable scrypt, or sha-256 algortihm coin and sell it for Gridcoin. Third, the BOINC project "Bitcoin Utopia" rewards RAC based on contributions to their pool. They donate the proceeds directly to science. Their reward scheme is somewhat questionable however, which is why the project has not been whitelisted yet.

Gridcoin is the first crypto-currency to measure and reward contributions to scientific research with cryptographical evidence across multiple projects in a decentralized way.

Getting Started

Further topics

Metrics

Gridcoin-Classic - In Retirement

  • Launched: October 20th, 2013
  • By: Robert Halford
  • Algorithm: Scrypt based Proof-of-Work and a Multiple Algorithm Hash that uses Skein, Groestl, and Cubehash for Proof-of-BOINC CPU Mining
  • Supply: 300 Million Approx.
  • Block time: 2.5 Minutes
  • Retarget: Difficulty 30 Minutes
  • Reward: VARIABLE: 5 to 150 subsidy. 5 is rewarded per default for every Block found. Up to 150 is minted per Block according to BOINC participation.
  • Premined: 0%
  • After October 20, 2014, block reward will become fixed at 10 until block 285400
  • After block 285400 block reward will become fixed at 0.1


Gridcoin-Research

  • Launch: October 11th, 2014
  • By: Robert Halford
  • Algorithm: Proof-of-Research, Reward based on Research contribution to BOINC secured via Proof-of-Stake
  • Initial Supply: 340,569,880
  • Block time: 1 Minute
  • Reward: See Gridcoin Research Reward Calculation
  • Premined: 0% - Distribution based on Proof-of-Burn from Gridcoin Classic


P2P

Gridcoin allows near instant peer to peer transactions and worldwide payments at very low processing fees. The code is open source and allows everyone to take part in the success and development of the currency. Open Source is said to be more secure, since everybody can review and improve it if needed.

BOINC's success is largely built on the credit system, which allowed for competition between partakers. Gridcoin furthers this competition by adding an interchangeable scale of measure. Peers can now directly see their contribution and own mark on the chain, a document of scientific progress.

Comparison to Bitcoin

Blockchain.info has estimated that Bitcoin is using a power of approximately 23,312 megawatt hours per day, more recently it was estimated to 20,000 megawatt hours per day by a German blogger. Although controversial in modeling this figure, it shows that a lot of unnecessary energy is used by Bitcoin's sha-256 algorithm, which could be used for more useful calculations. Gridcoin is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware, therefore is not likely to be replaced by specialized ASIC mining chips in the future.

Gridcoin-Classic provides faster transaction confirmations (2.5 minutes on average) and uses memory intensive scrypt based proof-of-work algorithms to verify transactions.

Gricoin-Research is based on the Proof of Stake algorithm, which itself is much more energy efficient. Energy-efficiency was already propagated during the release of Peercoin, the first Proof-of-Stake coin. Proof-of-Stake allows miners to dedicate 95% of their resources on BOINC, while only 5% are needed to secure the chain. In comparison, a profitable setup of Gridcoin-Classic, had only 10-40% of the computing power dedicated to BOINC and the rest towards securing the chain with scrypt algorithm mining.

Gridcoin has built-in sql, which allows full queries against the chain. If further developed such a ledger could potentially be used to store all kinds of data in a fully flexible and decentralized manner and therefore even have the potential to be more suitable in data storing and containing than similar attempts with block chain technology.

Latest Announcements

Proof Of Research Official Launch Date

October, 11 2014 : 19:00 GMT

UnixTime: 1413054000

This launch will give us 9 days to work out any issues regarding the wallet, initializing our foundation, finishing the scrypt phase, giving the exchanges time to initialize the new wallet - and starting the coin exchange program by October-20th (one year anniversary).

Official Resources

This Wiki

Consult the User's Guide for information on using the wiki software.

nothing can be lost, all is revertable, so feel free to hack away



Discussion

For specific wiki discussion, see this thread: https://cryptocointalk.com/topic/15919-mediawiki-for-gridcoin/


Gridcoin exchange guidelines

Since the new client will be launched soon, exchanges should change from Gridcoin-Classic to Gridcoin-Research. On October 12, 2014 notices will be sent to current exchange to ask them to compile the current Gridcoin-Research client and get it ready for trading by the 20th October. On the October 20, 2014 trading should continue on the ticker GRC with the new Gridcoin-Research client. Gridcoin-Classic will be retired by March 2015 to allow enough time for the coin burn, which is supposed to convert coins from the Classic chain to the Research chain. "Burned" coins will be multiplied by ten when entering the new blockchain, so 10 Gridoins-Classic will give you 100 Gridcoins-Research. This step happens only once until all coins are burnt. There is no way back to classic.



Important Gridcoin Events


October 11th, 2014:


Proof Of Research Wallet is released for mining at 1PM CST Information: [1]

Wallet Download:

http://download.gridcoin.us/download/downloadstake/GridcoinResearch.msi

Please Scrypt mine for the first 2000 blocks, then transition to pure Proof Of Research.



October 12th, 2014:

Notices are sent to our exchanges to ask them to compile the Proof Of Research wallet and to ready the wallet for future trading under ticker GRC.

Compile link for exchanges: https://github.com/gridcoin/Gridcoin-Research



October 13th, 2014: Classic to Proof Of Research Coin Exchange program begins.

Please exchange your classic coins for Proof Of Research coins using this site:

http://pool.gridcoin.us/CoinExchange.aspx



October 19th, 2014: Exchanges rename the Gridcoin Classic ticker to GRCX and halt deposits.

Withdrawals are OK.


October 20th, 2014 (Gridcoins 1 Year Anniversary):

Exchanges bring Gridcoin Research Online under ticker GRC.

Exchanges open deposits/withdrawals for Proof Of Research wallet.

Official Launch of new PR campaign.



March 30th, 2015: Gridcoin Classic wallet is retired.

Coin Burning program ends.

All users must be transitioned to the Proof Of Research Wallet.


More Events can be found on our wiki page:

[2]


Coins

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