Gridcoin - holistic Cryptocurrency

Scientific Benefit through Mining

Gridcoin enables Science at Home

Energy-efficient Cryptocurrency turns Global Mining useful!

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Gridcoin: Decentralized Research

"Gridcoin-Research" is an application enabling you to search for solutions to scientific tasks with your PCs spare computing time.

Use left over clockcycles from your home computer to help advance science and get rewarded in Gridcoin.

Join our newsletter for free help and introduction. To get you started, we present you with 5 Gridcoin!

About Gridcoin

It's simple: After installing Gridcoin client you can leave your PC perform calculations and receive Gridcoins as a reward. Those can be traded for other virtual goods (e.g. Bitcoin), held as a storage of value or possibly spent on real goods and services in the future. The economic system is still in its infancy, be a part of it. There is much to achieve when working together!

Bitcoin was the first cryptographic payment method without a need for banks or trusted third parties. Among the useful properties of this new technology are data protection, fund security and decentralization. In order to get rewareded for computational contributions in Bitcoin, Miners invest large sums of money to get their hands on the fastest hardware available. A year ago, operating Bitcoin's global network already used up more than 15 Million US-Dollar in daily electricity. Ecologic effects resulting from this growing costs remain yet to be seen.

The abovementioned amount of energy is used by all participating computers in the Bitcoin network and directed at solving the next block (a winner is drawn approx. each 10 minutes). Imagine what might happen in case the available power was invested in research. Up until now there has been no monetary incentive to do likewise. Existing projects had to rely on volunteers. Now, do a rough estimate about the impact the unused computing power from myriads of private computers would have. E.g. diseases could be analysed faster and money for research projects could be spent on larger issues.

Gridcoin is a world-first decentralized crypto currency, that is able to direct its entire computational power at helping advance scientific progress directly. Therefore, various projects can be chosen that stem from Berkeley Open Infrastructure for Network Computing (BOINC). Those projects include research on cancer, Alzheimer's, defeating malaria as well as search for extraterrestrial life (SETI). As more people join in, more of those large mysteries and real world problems of our civilization can be tackled.

Holistic Network

Sustainability via Proof-of-Research

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Energy-Efficiency
Asymmetric Keys instead of Hashing Force
Bitcoin wastes too much electricity? Already a workaround called Proof-of-Stake was able to demonstrate cryptographic strength without necessitating a high power bill. Sadly though, this had detrimental effects on decentralization. Retention of coins was remunerated (coinage) or it led to transactional spam (coinvelocity). In contrast, Gridcoin is energy-efficient and rewards real scientific contributions. Securing the network is done via distributed signatures belonging to the majority of stakeholders of all coins. The amount in payouts is derived from individual quantified contributions to science.
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Distributed Research
Participation in BOINC as Requirement for Miners
In order to reward scientific contributions fair and proportionate, Gridcoin utilizes the distributed system of "credit nodes" in BOINC. In this program, University of Berkeley already distributes tasks in computational research to volunteers. Now, in Gridcoin this work gets directed by cryptographical validation for integrity of a world-first beneficial cryptocurrency. Gridcoin's protocol is robust even in case of a disaster downtime for the whole of BOINC lasting up to 14 days. Thereby, Gridcoin fosters new uses and incentives to direct ones own resources towards science.
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Remaining decentralized
Reward of Progress instead of Accumulation of Wealth
Gridcoin's low hardware requirements allow for an easy setup with beginners and leisure time researchers. Its Application enables the use of standard systems, home computers and soon mobile devices. Computational tasks are too various for construction of ASICs. This is due to "General Purpose Computing" being resistant against hardware optimization, bringing about long-time fairness. Each home computer is able to enter, if he aims to be rewarded for unused time and directing clockcycles at research operations.

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