Take part in scientific projects with Gridcoin
While some are mining cryptocurrency, others are processing scientific data for cryptocurrency. Until recently, one had to choose between greed and benevolence, because distributed computing initiatives rarely provide rewards. However, the crypto sector has grown significantly in recent years, and now anyone may contribute to the advancement of science by participating in distributed computing and receiving a reward in cryptocurrency such as Gridcoin (GRC). In this article, you will get the answer to what is Gridcoin and how it can change modern science.
The concept of connecting devices from all over the world into a large cluster is not new, but it was only made possible with the emergence of high-speed Internet. The idea of Gridcoin appeared only in 2013. Volunteer miner pools participate in the “BOINC” (Berkeley Open Infrastructure for Network Computing) effort to get GRC and aid in research by leveraging computing capacity. BOINC is a system, using computational power to address problems in medical, biology, mathematics, climatology, astrophysics, and other fields since 2002.
By now, three or four hundred thousand active accounts remain of the multimillion-strong army of BOINC crunchers around the world. Currently, 8% of all registered BOINC users are actively working on its issues. However, in 2013 developers created Gridcoin to reward miners and promote distributed computing. This is since GRC mining is more profitable in terms of return than voluntary distributed computing projects. Also, Gridcoin mining can be performed with the help of CPU and GPU.
Furthermore, gridcoin functions similarly to other coins: you can easily store it in wallets, buy, sell and exchange it to USD, BTC, or other cryptos of your choice. It is important to note that GRC transactions are far faster than bitcoin transactions, taking only 5-7 minutes. Also, the point is that GRC mining is more than just a waste of time and computer resources; but it solves real-world problems. The Gridcoin client is essentially a blockchain-based electronic wallet. As a result, it takes a long time to load the blockchain and constantly synchronizes it. It employs a variety of tamper-proof technologies, the most important of which is DPOR (distributed proof of research) in BOINC research. Technically, it is a combination of POB (proof of BOINC) and proof-of-stake (PoSv2) algorithms, proving the presence of cryptocurrency in the account.
In conclusion, while cryptocurrencies broaden the scope of their application, scientists all around the world are experiencing a lack of processing capacity. Fortunately, anyone may assist researchers in finding and creating cures for cancer, malaria, and many genetic disorders, or in calculating the paths of asteroids, the hadron collider, and a full map of our galaxy just by downloading the BOINC client and creating a wallet for GRC. Thousands of personal computers, laptops, and even smartphones can function on par with supercomputers when combined.
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