Gridcoin

Gridcoin (GRC) is a decentralized, open-source cryptocurrency that rewards participants for contributing to scientific research through the Berkeley Open Infrastructure for Network Computing (BOINC) platform. Unlike many cryptocurrencies which rely on Proof-of-Work or Proof-of-Stake consensus mechanisms, Gridcoin utilizes Proof-of-Research (POR).

POR leverages the computational power users contribute to BOINC projects, which span various scientific disciplines including medicine, mathematics, and environmental science. By running BOINC on their computers, users perform calculations that help researchers analyze data, simulate experiments, and ultimately advance scientific understanding.

The amount of Gridcoin a user receives is proportional to the amount of computation they contribute to BOINC projects. This contribution is measured in Credit, a BOINC-specific unit. Gridcoin is designed to incentivize participation in BOINC, thereby increasing the overall computational resources available for scientific discovery.

The Gridcoin network maintains its integrity and confirms transactions through a distributed ledger, similar to other cryptocurrencies. Holders of Gridcoin can transact with each other, and the cryptocurrency is traded on various cryptocurrency exchanges.

Gridcoin aims to provide a tangible benefit to society by harnessing the power of distributed computing for scientific purposes, while simultaneously rewarding individuals for their contributions with a digital currency. The system promotes citizen science and democratizes access to computational resources for research.