• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
Advertisement

Gridcoin: POW for BOINC

Nigel Dollentas by Nigel Dollentas
9 years ago
in Altcoin News, Altcoin reviews, Uncategorized
0
Advertisement

According to Gridcoins website

It is estimated that the Bitcoin network is currently using in excess of 76,000MWh a day of electricity on hashing sha256 alone.

What Gridcoin wants to do is taken even if it’s a little portion of that essentially wasted resources and put it towards distributed computing (BOINC) which would benefit a wide variety of fields of studies such as medicine, biology, climatology, mathematics, and astrophysics, just to name a few.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

It wants to benefit from the POW networks; it’s not changing the work. It’s simply repurposing what the work is doing. This allows the network’s BOINC contribution to scale properly with the POW network.

In order to compensate for a variable network rate, it also has a variable block reward which halves every 4 years (840,000 blocks), ranging from 5 – 150 GRC for a total of 168 million GRC. Rewards are based on this formula:

Rewards = ((User’s Individual Project RAC)/ (Individual project AVG RAC))*150

For reference RAC is the recent average credit one miner gets. The RAC is calculated by the average number of Cobblestones per day granted recently with this average decreasing by a factor every two weeks.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

A Cobblestone is the credit which BOINC measures how much computation you provide. A Cobblestone is measured to be 1/200th day of CPU time on a reference computer that does 1,000 MFLOPS based on the Whetstone benchmark.

Since it uses the scrypt algorithm, many come to the conclusion that it would like to remain CPU/GPU only. What I find interesting however, they state just the opposite.

We wish for GPUs to contribute towards BOINC projects, so we do not take an anti-asic stance.

I believe the reasoning behind this is because in terms of distributed computing projects, they don’t care where the computing power is coming from.  All of it is going towards a good cause, and if you’re in it for the money (as a miner, commercially some may benefit from distributed computing) I don’t think you’d be looking here in the first place.

If you are indeed in it for the money, Gridcoins website shows two fantastic examples on how you can do it. The first is to use BOINC for what they call “desktop Grid Computing”. In the first example, one would have a video rendering project, where they would charge the customer and pay proportionally amongst the contributors according to how computation they provided.

The second example would be a BOINC DAC, or a decentralized autonomous corporation. What makes BOINC DAC’s different from other DACs (Noirshare, Peershares, etc.) is that even though profit is being made, anyone can contribute towards a DAC and get rewarded with GRC.

I really hope that Gridcoin becomes a huge success, using computational power for the advancement of humanity as a whole is common sense, if only Satoshi had implemented it in when Bitcoin had been conceived. BOINC has already made plenty of success stories true, and now with the addition Gridcoin many more to come.

For more info, see Gridcoins website.

 

 

 

 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nigel Dollentas

Nigel Dollentas

Born in the Philippines, currently stationed in the USA. The youngest member of our writing team, Nigel is our freelance writer. Learned about Cryptocurrency right after the Mt. Gox crash and has been passionate ever since. @NigelDollentas

Related Posts

Shiba Inu

Why The Shiba Inu Community Is Baffled By Binance 6.4 Trillion SHIB Transfer

3 days ago
Shiba Inu

Shiba Inu Will Take 1,157,174 Years To Reach 100 Billion Tokens, Analyst Says

1 week ago
FTX

FTX Arena: Miami-Dade County Ends Partnership With Crypto Company Amid Financial Woes

3 weeks ago
Denver

ETHDenver Primer: What You Can Expect From Ethereum’s Largest Annual Conference

4 weeks ago
Solana Jumps To 11th In Market Cap List, Can It Dethrone Polygon For 10th?

Solana Jumps To 11th In Market Cap List, Can It Dethrone Polygon For 10th?

4 weeks ago
Chainlink Staking Successfully Launched; Already 11.1 Million LINK Staked

Chainlink Staking Successfully Launched; Already 11.1 Million LINK Staked

2 months ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Orbeon Protocol (ORBN) Grows 1625% During the Presale...

    30 mins ago
  • The 7 Best Altcoins to Buy Now to 10X Your Money

    52 mins ago
  • These 7 Best Cryptocurrencies to Buy During Presale

    1 hour ago
  • Which Is The Best Crypto Meme Coin To Invest In 2023...

    2 hours ago
  • Cardano On The Climb, Whilst Big Eyes Coin Extends 200%...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.