What is GridCoin (GRC)?
Future of GRC Cryptocurrency and know how to buy GRC

#1: What is GRC?

GRC: The Basics

  1. Most cryptocurrencies are accused of having no other use except for being traded around as digital representations of value. The immense computing power required to generate coins such as Bitcoin is not used for any practical purpose, other than confirming blocks and generating coins.
  2. Gridcoin aims to change that, by not only using the computational power of the blockchain to generate coins, but to also utilise it in advancing research in science, mathematics, and beyond.

GRC Development

  1. GRC was launched on the 16th of October 2013, by its developer who goes by the pseudonym of Rob Halförd.
  2. Initially being a Proof-of-Work/Proof-of-Stake hybrid, GRC later adopted a custom mechanism known as Proof-of-Work, along with PoS (Proof-of-Stake), thus minimizing wastage of computing resources.


#2: What are the benefits of GridCoin?

GRC Technology

  1. GRC uses a unique hybrid mechanism to run its blockchain. The blockchain is secured using the Proof-of-Stake (PoS) method where staking nodes earn an interest rate of 1.5% per annum. This works similarly to any normal PoS coin.
  2. However, new coins can be generated only by the unique Proof-of-Research (PoR) mechanism implemented by GRC. Via this method, a node that is contributing its hashing power to a whitelisted project on the Berkeley Open Infrastructure for Network Computing (BOINC) receives GRC coins proportional to the amount of work done by the node.
  3. The BOINC project lists a series of important scientific research projects that require a supercomputer but do not have the financial backing to access one. It allows anyone in the world to contribute their machine’s computational power to any project of their choice, thus contributing to the advancement of scientific research.
  4. GridCoin has a whitelisted set of 30 BOINC projects which users can vote upon to remove or include projects. Any contribution to these projects from a GRC network node will reward that node with a certain amount of GRC coins. This reward which is determined by the amount of work done by the node (workUnit), and the relative contribution of the particular node, as compared to other nodes contributing to the project. In this way, GridCoin rewards volunteers who donate their computational resources to the BOINC project, and help scientific research.

Key Features

  1. Innovative application of blockchain technology - Gridcoin is one of the most practical and innovative applications of blockchain technology yet. While most other altcoins merely generate cryptocurrencies using their blockchains, GRC actually utilises the massive computational power of a blockchain network to its full extent by contributing to important scientific projects via the BOINC.
  2. Unique consensus mechanism - GRC employs a one-of-its-kind Proof-of-Research mechanism, where a node is rewarded for the amount of computational power, and scientific research output, produced by it in one of the whitelisted BOINC projects. This means each node in the GRC blockchain network is not just performing mindless calculations, such as in Bitcoin. Instead, they are actively contributing to the benefit of mankind by generating valid scientific data, and in the process, being rewarded with a proportional amount of GRC coins.
  3. Decentralised voting system - GridCoin also has a unique, decentralised voting system. Using this, users can vote on any poll on the GRC network, which may range from informal polls, to deciding which projects should be on the list of whitelisted projects. This enables a truly peer-to-peer, distributed, and fair economy to flourish, where the users themselves are in control of which projects their computational power is donated to.
  4. Efficient use of energy and resources - GRC uses the PoS mechanism to maintain its blockchain security. All computational power goes to the BOINC project, with minimal wastage of resources. The PoS mechanism is the most environmentally-friendly method of securing a blockchain, with no continuous mining and no wastage of energy resources.


#3: How to Buy & store GridCoin?

How to buy GridCoin

  1. Gridcoin can be traded at exchanges such as Bittrex, C-Cex, Poloniex, Flyp.me and bisq, with Bittrex being the largest by volume.
  2. Gridcoin can also be earned by staking or by contributing to whitelisted BOINC projects. Staking earns the user a 1.5% reward per annum.
  3. The reward for PoR mining is decided relative to the amount of computational contributed by the node, and the consequent amount (workUnit or wU) of scientific research performed.

GRC Wallet

The wallet/client for GRC can be downloaded from the official website[1].


While cryptocurrency exchanges provide you with a platform to buy or sell the GRC cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for GRC on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate GRC wallet from the exchange to store your GRC cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.


#4: What is the future of GridCoin?

Price Graph

Also Read: Complete Analysis of GridCoin | Live GridCoin (GRC) Price Charts And Predictions

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  1. Gridcoin is one of the largest research-oriented cryptocurrencies right now, with a consistently stable graph.
  2. The coin’s value rose from $0.0024 in Mar 2015 to $0.03 in July 2018 - a rise of over 12 times! As of July 2018, it trades at $0.024, having delivered healthy returns to its investors.
  3. With its extensive integration into academia, and user-friendliness, GRC will most likely continue to see a slow, but steady growth pattern.


#5: How is GridCoin different from other cryptos?

  1. Real-world purpose - GRC in one of the few cryptocurrencies that actually have a practical purpose instead of the mere generation of decentralised currency. Most of the computational capacity of blockchains like Bitcoin are wasted, with no purpose to them except for the hashing of new blocks. GRC instead uses this extra computational power in the BOINC network, to power the advance of scientific research and benefit mankind.
  2. Sustainable, efficient technology - With its unique PoR/PoS hybrid technology, the GRC blockchain uses PoS to secure its blockchain, while the entire computational capacity is devoted to performing computations for scientific research via PoR. This leads to a very efficient, and lean network, whose computational power is used for a noble purpose.
  3. Interactive development process - GridCoin has regular polls on which users can vote, ranging from informal ones to the ones deciding which BOINC projects will be whitelisted. This allows the community to have a say in which research projects receive the computational power of the GRC network, and encourages user participation.


#6: Should you invest in GridCoin?

  1. Gridcoin is one of the largest decentralised research-oriented cryptocurrencies, making it an obvious choice in this sector.
  2. Even with other coins such as CURE being in the market, GRC still maintains a high degree of use and integration with popular research projects such as Rosetta@Home and POEM@Home.
  3. While investing in any cryptocurrency is subject to their inherent volatile nature, the noble aim of Gridcoin to advance scientific research while also rewarding volunteers, makes it a very noteworthy coin to invest in.
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