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For those that are wondering how this works, Gridcoin uses PoS - not PoW - and then rewards for research on top of it. It is not locked into any algorithm becau

For those that are wondering how this works, Gridcoin uses PoS - not PoW - and then rewards for research on top of it. It is not locked into any algorithm because it's not PoW. There are currently 18 different BOINC project [1] that it rewards. New projects can be voted in or can be voted off. To try to reduce the centralization, there is a system of oracles that gathers the stats from each project and the nodes verify that the oracles match each other. As well, each project only consists of 1/18th of the rewards [2] from research and there's also new coins rewarded for just staking, so if a project acts up, they wouldn't be able to largely manipulate coin supply. If you have any more questions about it, feel free to ask me [1] https://gridcoin.us/guides/whitelist.htm https://gridcoin.us/guides/whitelist.htm [2] https://gridcoin.us/wiki/magnitude.html https://gridcoin.us/wiki/magnitude.html Note: I help work on the gridcoin.us website and have ~5000 Gridcoin, so I may be biased in my view of the coin :)

noxer 6y ago
Whats the use for the coin? Its an incentive obviously but its only so because it has a price tag. Who should buy the coin from me if I "mined" one and what would he do with it?
- deeeeplearning 6y ago
  >Whats the use for the coin? Its an incentive obviously but its only so because it has a price tag. Who should buy the coin from me if I "mined" one and what would he do with it? This is the same for any crypto coin. Certainly not unique to Gridcoin.
  - noxer 6y ago
    That doesn't answer the question.
    - neolefty 6y ago
      It's more a history question than a technical question. What's the use of Bitcoin or Ethereum?
      - noxer 6y ago
        Bitcoin was mean to be p2p cash. It has no legitimate use case anymore as it obviously failed to be p2p cash. Ethereum tried to be many things mostly a decentral computer. Turned out to be a super expensive decentral computer and that it isn't really so decentral in the current version. However its technically used this way by some people so that de-facto means it has a valid use case. It can hardly compete against newer similar projects but thats another story.
        odrekf 6y ago
        The Bitcoin idea didn't fail to be cash. BTC failed to be cash because it forced a permanent 1mb block size limit. If you want to see the original Bitcoin idea working as a charm, use Bitcoin Cash (BCH).
        RinTohsaka 6y ago
        Or check out Monero!
        noxer 6y ago
        Well if its meant to be used as p2p cash but can not be used in this manner since many years that ticks all the boxes for me to call it failed. but you are entitled to your own opinion on this. BCH solves nothing, the larger block size may allows some more Tx but you still have 10min block times and then wait for however many confirmation blocks you want. Not exactly how I imagine p2p cash is supposed to work. and if the throughput would reach the new max with the new block size it would suffer exploding fees just like the "main" bitcoin. It does not scale better it just has a higher limit not one that would allow any meaningful throughput to use it as a global p2p cash system. no one has it to use it as p2p cash. Everyone has it to sell it for profit later on.
- roboticmind 6y ago
  As one of the commenters mention, it's an issue with all cryptocurrencies. Right now one of the reason people want to get Gridcoin is to get enough to stake regularly to earn their rewards or because they believe in the coin. In the future, there's been some ideas floating around that I think are very interesting. For instance, one idea that's been floating around is to create a service that accepts GRC and offers assistance to researchers for setting up a BOINC project
  - noxer 6y ago
    No, its not with all, maybe with most but regardless this doesn't add any anything. I want to know specifically for this coin. >to get enough to stake regularly to earn their rewards Reward paid in, let me guess, more coins. self fueling like most other coins. Thats not a real usecase >because they believe in the coin so it has religion-like properties, awesome /s not a use case >create a service that accepts GRC and offers assistance to researchers for setting up a BOINC project so its used as a medium of exchange which boils down to the price tag it has. you could just pay someone with normal money no one would want to be paid in gridcoin unless one gets overpaid. Obviously this is also not a use case.
    - stonesweep 6y ago
      In it's heyday during 2018 it got up to 15-17 cents (USD), but by the end of 2018 it was at 1/2 cent and by the end of 2019 it was at 1/10 cent. It's been delisted from most of the major exchanges and pulled from wallet apps like Coinomi; your observations above are correct, you need to have coin to make coin and you cannot make coin quickly without throwing a lot of hardware at it. You must use their wallet, which is... well, it has a lot of users having to deal with it not working right/needing repaired frequently (see /r/gridcoin). There were a few businesses accepting the coins for awhile (VPN providers, there was a hosting provider for a bit, I think a stickers/mugs/tshirt website, etc.) but that seemed to have dried up by 2019. The community itself has always seemed nice/pleasant, this is not a comment on those working the coin just on it's actual viability in real life - kinda has no use beyond owning it to make and own more of it as a curiosity. When I stopped using/trying I just dumped whatever random couple hundred coins I had into a public faucet, wasn't worth the hassle of trying to cash out $10 after a year of participating.

noxer 6y ago

Whats the use for the coin? Its an incentive obviously but its only so because it has a price tag. Who should buy the coin from me if I "mined" one and what would he do with it?

deeeeplearning 6y ago
>Whats the use for the coin? Its an incentive obviously but its only so because it has a price tag. Who should buy the coin from me if I "mined" one and what would he do with it? This is the same for any crypto coin. Certainly not unique to Gridcoin.
- noxer 6y ago
  That doesn't answer the question.
  - neolefty 6y ago
    It's more a history question than a technical question. What's the use of Bitcoin or Ethereum?
    - noxer 6y ago
      Bitcoin was mean to be p2p cash. It has no legitimate use case anymore as it obviously failed to be p2p cash. Ethereum tried to be many things mostly a decentral computer. Turned out to be a super expensive decentral computer and that it isn't really so decentral in the current version. However its technically used this way by some people so that de-facto means it has a valid use case. It can hardly compete against newer similar projects but thats another story.
      - odrekf 6y ago
        The Bitcoin idea didn't fail to be cash. BTC failed to be cash because it forced a permanent 1mb block size limit. If you want to see the original Bitcoin idea working as a charm, use Bitcoin Cash (BCH).
        RinTohsaka 6y ago
        Or check out Monero!
        noxer 6y ago
        Well if its meant to be used as p2p cash but can not be used in this manner since many years that ticks all the boxes for me to call it failed. but you are entitled to your own opinion on this. BCH solves nothing, the larger block size may allows some more Tx but you still have 10min block times and then wait for however many confirmation blocks you want. Not exactly how I imagine p2p cash is supposed to work. and if the throughput would reach the new max with the new block size it would suffer exploding fees just like the "main" bitcoin. It does not scale better it just has a higher limit not one that would allow any meaningful throughput to use it as a global p2p cash system. no one has it to use it as p2p cash. Everyone has it to sell it for profit later on.
roboticmind 6y ago
As one of the commenters mention, it's an issue with all cryptocurrencies. Right now one of the reason people want to get Gridcoin is to get enough to stake regularly to earn their rewards or because they believe in the coin. In the future, there's been some ideas floating around that I think are very interesting. For instance, one idea that's been floating around is to create a service that accepts GRC and offers assistance to researchers for setting up a BOINC project
- noxer 6y ago
  No, its not with all, maybe with most but regardless this doesn't add any anything. I want to know specifically for this coin. >to get enough to stake regularly to earn their rewards Reward paid in, let me guess, more coins. self fueling like most other coins. Thats not a real usecase >because they believe in the coin so it has religion-like properties, awesome /s not a use case >create a service that accepts GRC and offers assistance to researchers for setting up a BOINC project so its used as a medium of exchange which boils down to the price tag it has. you could just pay someone with normal money no one would want to be paid in gridcoin unless one gets overpaid. Obviously this is also not a use case.
  - stonesweep 6y ago
    In it's heyday during 2018 it got up to 15-17 cents (USD), but by the end of 2018 it was at 1/2 cent and by the end of 2019 it was at 1/10 cent. It's been delisted from most of the major exchanges and pulled from wallet apps like Coinomi; your observations above are correct, you need to have coin to make coin and you cannot make coin quickly without throwing a lot of hardware at it. You must use their wallet, which is... well, it has a lot of users having to deal with it not working right/needing repaired frequently (see /r/gridcoin). There were a few businesses accepting the coins for awhile (VPN providers, there was a hosting provider for a bit, I think a stickers/mugs/tshirt website, etc.) but that seemed to have dried up by 2019. The community itself has always seemed nice/pleasant, this is not a comment on those working the coin just on it's actual viability in real life - kinda has no use beyond owning it to make and own more of it as a curiosity. When I stopped using/trying I just dumped whatever random couple hundred coins I had into a public faucet, wasn't worth the hassle of trying to cash out $10 after a year of participating.