Gridcoin is a cryptocurrency designed to reward computing performed on the Berkeley Open Infrastructure for Network Computing (BOINC) platform voluntarily. The open-source platform operates using the Proof of Stake platform. BOINC is a computing grid that brings together the processing power of users for doing scientific research. It's free and ready to use. Computing power of voluntary nature is already being used to cure various types of health conditions such as Ebola, cancer, AIDS, malaria and others.
The Gridcoin platform which has GRC as its supporting currency, is also being used for mapping the Milky Way galaxy and cracking the Enigma machine codes to name a few. BOINC project can be created by those who require a substantial amount of free distributed computing power. The Gridcoin network can reward such user base to improve retention and offset utility bills.
Gridcoin makes use of Proof of Research algorithm that offers computers something positive and productive to work on. Most other cryptocurrencies make use of Proof-of-Work algorithms. They are not recommended and have invited criticism for wasting tons of energy on equations that are relatively meaningless and for making the transaction process centralized which entails use of specialized hardware. Gridcoin researchers do not have to waste time on equations. Instead, they work on solving problems such as finding cure for diseases, doing climate study and mapping genomes. The researchers are compensated for their project work.
Gridcoin is not limited to any one algorithm, hardware or program. It is built on the BOINC platform which supports all types of OS such as Windows, Linux, Mac OS X, and Android. No special hardware is needed to contribute to the platform or for getting rewarded for research work. The computer that’s generally used can contribute to projects that are CPU-based and importantly, it will not waste electricity while being in the process of rewards contention.
Special mining rigs powered by GPU can be used for projects designed specifically for some types of computations. There are 30 plus projects available currently. Every project has its unique hardware requirements. Some need GPUs, others run on CPUs, while a few need sensors. As it supports a variety of hardware, any device can support the network. This makes the system more secure and lessens mining power centralization.
The total number of GRC in circulation at present is 390,312,753. The market cap of GRC is $33,344,965. It is traded for $0.0854 with an average of $302,087 being traded in a 24-hour cycle.
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