Saturday, March 19, 2016

What is Gridcoin?

Gridcoin (Ticker: GRC) is a decentralized, open source math-based digital asset (crypto-currency). It performs transactions peer-to-peer cryptographically without the need for a central issuing authority. It is the first block chain protocol that delivered a working algorithm that equally rewards and cryptographically proves solving BOINC (Berkley Open Infrastructure for Network Computing) hosted work, which can be virtually any kind of distributed computing process (ASIC/GPU/CPU/Sensor/Etc).

Gridcoin rewards BOINC computation using a Distributed Proof of Research (DPOR) reward mechanism, which is a combination of Proof of BOINC (POB) and Proof of Stake (POSv2); Proof of Work (POW) consensus mechanisms are not utilised by the Gridcoin network, making the Gridcoin cryptocurrency network far more energy efficient than any existing POW cryptocurrencies

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