Gridcoin is a cryptocurrency that rewards for specific work done on the BOINC (Berkeley Open Infrastructure for Network Computing) platform. The network runs by real work that helps researchers and scientists all around the world. Gridcoin is a Proof of Stake (POS) network, making it more energy efficiant than a Proof of Work (POW) network. BOINC is a platform that has been around since the 2002 and has an extensive user base. Projects like SETI@Home and World Community Grid has around 1,5 million users, roughly 500,000 are active on a daily basis.

The Gridcoin Network rewards users in two different ways:

Investor

An Investor are someone that holds Gridcoins in a wallet. Anyone that runs a wallet and has coins can generate blocks on the network. This is called Proof of Stake, and will give you roughly 1.5% APR on your holdings. How ofthen you will generate (stake) a block depends on how much Gridcoin you own.

Researcher

A Researcher are someone that runs the BOINC client with one of the projects on the current whitelist and has joined the Gridcoin Team on that project. Roughly once per day (every 1000 blocks) the network makes a consensus (called a Superblock) on what projects are valid for rewards. The reward for each project is calculated by a unity called Magnitude. There is a total of 115000 Magnitude units to be rewarded every 24 Hours.

The reward for work done on any project is done in the following way:
  • Researchers Recent Average Credit (RAC) / The Total RAC on the project.
  • This value is then multiplied with the projects Magnitude * The Magntiude Unit Value.
  • Each time the user makes a new block (Stakes) the owed reward will be sent.

How much a magnitude is worth changes over time to balance the amount of generated coins on the network to keep a stable supply of new coins. How ofthen you are rewarded depends on your Magntidue and your total Holdings. As a researcher you will always get both your Research reward and your staking reward at the same time.

Joining a Pool

There are pools to join on the network. I suggest joining the GRCPool which are the pool in the most development and pays once per day. There are some positive and some negative aspects of joining a pool. Below are some of the differences.
  • You don't have to run the wallet to receive your Reearcher Reward.
  • Your balance and magnitude does not affect the reward payout, but are limited to the pools payout schedule
  • The pool will get all voting weight for the research

When you join a pool you do BOINC Research work on the pools CPID who pais out the share of work made by your account on the pool.

However you join, you can do great work, real work, and support a decentralized cryptocurrency with a big community support.


Please note that all data is as-is and comes from the Gridcoin Project blockchain. Estimations may be incorrect.
If you enjoy this service, please consider voting for our Steemit Witness @sc-steemit.

Issues with the page can be sent to @startail on our TeamGridcoin Slack Channel
Page Rendered in 0.0165s
Ran 1 Queries in 0.0156s
Backend Status: 3 of 3 nodes in sync