Gridcoin is an open source network protocol using blockchain technology. Like Bitcoin, it is a peer-to-peer cryptocurrency and therefore functions as a form of electronic money.
Gridcoin seeks to distinguish itself from Bitcoin by adopting "environmentally-friendly" approaches to distributing new coins and securing the network. Most notably, Gridcoin implements the novel Proof-of-Research (POR) scheme, which rewards users with Gridcoin for performing useful scientific computations on BOINC (Berkeley Open Infrastructure for Network Computing), a well-known distributed computing platform. Moreover, while Bitcoin secures its network through an energy-intensive proof-of-work scheme, Gridcoin uses a more energy efficient proof-of-stake system.
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