Hello Trybe folks!
I thought I would write an article on Gridcoin, as in my humble opinion, I feel Gridcoin is a sleeping giant in the crypto world. Disclaimer: This is not financial advice, I do hold Gridcoins (GRC) and encourage you to please do your own research.
Here is a short video on explaining what is Gridcoin?:
Most people reading this post have heard of Bitcoin. Bitcoin is based on the SHA-256 algorithm, also known as Proof-of-Work and secures the Bitcoin blockchain. The problem is that it uses a lot of computing power to “mine” for Bitcoins. It is estimated that computers around the globe mining Bitcoins crunch 26 quintillion hashes every second of the day! That takes a lot of energy and Bitcoin miners use at least 2.55 Gigawatts of power, and is predicted to triple that by the end of this year. That’s more energy than some countries (eg. Ireland, and the Netherlands) use in an entire year (1). Instead of wasting energy on useless hashes, Gridcoin rewards “miners” for using their computer power to help with scientific research on the BOINC (https://boinc.berkeley.edu/) platform. Thus Gridcoin is energy conscious cryptocurrency that helps scientific research.
So whether you want to help cure cancer, aids, or search for extraterrestrial life or map the Milky Way your use of computing power is rewarded with Gridcoins. I think shared computing power is the way of the future and the BOINC platform has led to many publications of real scientific discoveries in the top journals like Science and Nature. For example see this paper in Science on Pulsar Discovery by Global Volunteer Computing (2).
What is BOINC?
Some of you may have heard of [email protected] (“SETI at home”) and its purpose is to use Internet-based public volunteer computing to analyze radio signals, searching for signs of extraterrestrial intelligence. The first BOINC project (2002) was for STET@home. BOINC (Berkeley Open Infrastructure for Network Computing), is a distributed work platform that has been around for over 16 years now and rewards all participants for using their computing power. BOINC consists of over 500,000+ active users and many more computers. It is a popular platform for researchers to do large amounts of distributed work. The infrastructure is already in place, and no payment is required. Doing distributed work is purely voluntary, where users can choose any scientific research project of their choosing.
So how do you get started with Gridcoin?
I recommend visiting the official Gridcoin site: https://gridcoin.us/
On this site, there are many resources (videos and manuals) on how to get started. You will have to download the Gridcoin Research Wallet and have it running on your computer. You can “mine” Solo or in a Gridcoin pool or if you want you can just hold (Stake) Gridcoins in your wallet as an investor and get dividends as rewards for holding Gridcoins and at the same time securing the network.
The BOID connection:
Some of you on Trybe may have heard of BOID.com the social computer (there is even a BOID Trybe team )and say to yourself that “Gridcoin sounds an awful lot like BOID”. Well the reality is that BOID is using BOINC to mine Gridcoins. Donny Letson, @Shadowcrypt wrote a Trybe article on this and I encourage you to read if you are interested in Gridcoin and BOID. Basically when a BOID user uses their computer to minewith the BOID App, they are contributing to BOINC through theBOID.com Gridcoin account. So BOID.com does mine Gidcoins and distributes the BOID tokens to BOID users. Some of the Gridcoin community (ie barton26) were not happy about this and even suggested BOID.com is taking profits for themselves. While I don’t know if there is evidence of this ,maybe BOID.com will chime in to clarify. I do feel that because BOID is using BOINC distribute computer research to obtain Gridcoins (GRC) this only exposes more people to Gridcoin that might not hear about it. btw another reason I think Gridcoin is a sleeping giant is that the developers have not really promoted Gridcoin. But marketing and promotion is a high priority.
So should you mine BOID or Gridcoin or Both?
Well, the answer is you need to choose one. At the moment you can’t “mine” both as it conflicts with the BOINC manager (trust me I have tried). If you are a hardcore computer geek then it should be easy for you to setup Gridcoin mining (solo or in a pool). But if you are not tech savvy then BOID is an easy (indirect) way to mine Gridcoins. It should be noted that @boidcom wrote a reply in Donny’ s post:
Saving people from that effort is one of the reasons we created Boid. While the Boid Alpha only pays out BOID tokens, future versions of the Boid app will allow users to withdraw GRC and other coins directly.
I think this is great for the Gridcoin community and it looks like the BOID App (rightfully so) will implement Gridcoin in the future.
Where to buy/exchange gridcoins?
If you don’t want to “mine” Gridcoins and want to buy some, there are exchanges where you can buy/exchange Gridcoins for other cryptocurrencies for example:
Or just go on the Reddit Gridcoin MarketGrid and make an offer to trade anything for GRC
Get Gridcoins for Free!
Once you have your wallet setup with a Gridcoin address you can get some free Gridcoin from these faucets every 24 hours here:
https://gridcoin.ch/faucet.php (this gets emptied fast so not always reliable)
There is also a gridcoin faucet app on the Google Play store:
Also you can join the Gridcoin discord and there is a wallet bot that gives gridcoins every 12-24h. This one seems to pay the most.
Hey if you really want some Gridcoins drop me your GRC wallet address in the comments below and I will sent you some.
If you want some Gridcoin right now there is a mobile wallet (for Android or iPhone) that does include Gridcoin as one of its currencies and it is called Coinomi: https://coinomi.com and you can get a GRC wallet address.
So do your research and get some Gridcoin today!
Gridcoin Research is a Proof-of-Stake (PoS) cryptocurrency that rewards Proof-of-Research (PoR) for BOINC computation.
Gridcoin is an amazing project with an amazing community.
I have gotten so much help from them!
White Paper: https://gridcoin.us/assets/img/whitepaper.pdf
— Github —
Many of the guides on the internet are compiled at one site and this can be helpful for new people:
Gridcoin Fun stuff:
My promotional cat videos for Gridcoin I made on Dtube:
(1) Bitcoins growing energy problem. https://www.cell.com/joule/fulltext/S2542-4351(18)30177-6
(2)Pulsar Discovery by Global Volunteer Computing: http://science.sciencemag.org/content/329/5997/1305?sid=eed4fa93-6423-4232-97d3-1ff046a880ad
Some interesting scientific papers made possible by BOINC:
A Computationally Designed Inhibitor of an Epstein-Barr Viral Bcl-2 Protein Induces Apoptosis in Infected Cells: https://www.cell.com/cell/fulltext/S0092-8674(14)00613-8
The first gravitational-wave source from the isolated evolution of two stars in the 40–100 solar mass range. https://www.nature.com/articles/nature18322?foxtrotcallback=true