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10,000 GRC Gridcoin.io Launch Giveaway
Angaben gemäß § 5 TMG:
WE plus plus UG (haftungsbeschränkt), Geisbachstr.24, 56072 Koblenz
Vertreten durch:
Maximilian Weigel
Kontakt:
E-Mail: gridcoinio[ _at_ ]wepp.info
Quelle:
http://www.e-recht24.de
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A comparison between cryptocurrencies and fiat money
The History of Cryptocurrencies – from Bitcoin to Gridcoin
When Satoshi Nakamoto introduced Bitcoin in 2009, a multifaceted technology was published: the blockchain. In a blockchain network, e.g. Bitcoin, all transactions ever conducted stay visible. The transaction list is public, thus everyone knows on which (pseudonymous) address how much currency units reside. This results in security and transparency. Among other features, this implicates many advantages of cryptocurrencies in comparison to fiat money like the Dollar or the Euro. But Bitcoin also has disadvantages.
Bitcoin is based on the SHA-256 algorithm, also known as Proof-of-Work. This algorithm secures the Bitcoin blockchain with all available computation power a user has at its disposal. Simply speaking, a user gets a reimbursement in Bitcoin created by the algorithm itself, depending on the amount of their conducted computations. This is known as Bitcoin mining, but apart from securing the network and creating new currency units, Bitcoin mining has no purpose. In consequence, Bitcoin is a highly wasteful technology. In 2013, the Bitcoin network already consumed electricity worth 15 Million Dollars – daily. In 2014, its consumption was comparable to the electricity demand of Ireland. In figures: 3 big power plants are running just to feed the Bitcoin network.
The next logical step has been the development of a technology that inherits the advantages of Bitcoin without inclusion of the wasteful nature of the Proof-of-Work algorithm. This can happen by enhancing the efficiency of the security algorithm or by ensuring safety via efficient SSL and giving the massive computation power a useful purpose.
In 2012, a new cryptocurrency called Peercoin has been introduced containing a security algorithm called Proof-of-Stake. The network security does not rely on as many computation cycles as possible. The currency units themselves secure the blockchain when the user is online. New coins are created by issuing an interest rate on currency units that take part in securing the network. This algorithm is much more energy-efficient compared to Proof-of-Work. But without another way to produce coins, one effect is obvious: the rich become richer.
In 2013, Rob Halförd published a cryptocurrency called Gridcoin. The Blockchain is secured by the energy-efficient Proof-of-Stake algorithm while the Matthew effect is removed. To achieve that, Proof-of-Stake is combined with the unique Proof-of-Research algorithm. In addition to issuing interest, new coins can be created by a user due to provision of computation power for crowd computing projects within the BOINC network. Similar to Proof-of-Work, the amount of produced Gridcoins is equivalent to the conducted computations, but the computations are useful. Thus, a Gridcoin miner can earn money by donating computation power of his home PC or smartphone to scientific projects. The spectrum of projects reaches from cancer, AIDS or malaria research to climate prediction as well as astro or particle physics. A user can even search for aliens within the SETI@home project.
There is only one way to generate new Gridcoins: a user has to create a block within the Gridcoin blockchain. Therefore the user needs Gridcoins that already participate in securing the blockchain to start with the Proof-of-Stake algorithm. Optionally, the user can join crowd computing within the BOINC network to increase the block subsidy and therefore generate more Gridcoins by creating a block. The amount of Gridcoins generated in a block depends on two parts: Firstly, the number of Gridcoins the user has for securing the blockchain. No coins are lost in the process. Secondly, their relative BOINC contribution measured against the whole Gridcoin network BOINC contribution.
A block reward necessarily includes interest and optionally contains research subsidy.
Interest: The interest rate is 1.5% p.a. Example: 6 months after their last transaction or block creation, 1000 GRC will generate about 7.5 GRC of interest. The owner can collect that by creating a new block.
Research: The research subsidy is added to the interest on block creation with the formula Magnitude * MagnitudeUnit * days. Example: A user has a magnitude of 10 while the magnitude unit is about 0.25. 30 days after their last transaction or block creation, 1000 GRC will generate about 1.25 GRC of interest plus 10 * 0.25 * 30 = 75 GRC of research subsidy once they create a block.
The magnitude is an indicator of a user's participation in BOINC compared to all Gridcoin members active on BOINC. All whitelisted BOINC projects share 115000 magnitude, a figure from the history of Gridcoin Classic. All BOINC projects issue credits for completed workunits which result in a recent average credit, or RAC. The RAC is used in every project to compare the computation efforts made by users against the whole Gridcoin network, resulting in the magnitude. Example: There are 30 whitelisted projects, thus each project gets about 115000 / 30 ≈ 3800 magnitude. A user has RAC of 100,000 in project A and RAC of 1,000 in project B. The whole team Gridcoin RAC is 1,000,000 in project A and 2,000 in project B. The user has a total magnitude of 3800 * 100,000 / 1,000,000 + 3800 * 1,000 / 2,000 = 380 + 1900 = 2280
Mining Gridcoins can be profitable in regions where electricity costs are comparably low. The amount one gets depends on the project(s) you crunch, your hardware and the price of electricity you pay. If you are indifferent to the projects you participate in, read this guide to optimize your earnings. In any case, you will produce valuable scientific results, which should not be neglected.
There is a maximum of 50,000 GRC produced a day by research subsidies, resulting in 50,000 * 365 = 18,250,000 GRC produced a year. The annual maximum combined inflation is about 1.5 % + 18,250,000 / 400,000,000 ≈ 6 % as there are about 400 million GRC currently. The combined inflation is declining every year because the daily research subsidy is fixed at 50,000 and the creation of blocks is limited.
A pool is a community of users that are researching on one Cross-project identification account, or CPID. Researchers in a pool do not need to generate blocks themselves, thus they do not need Gridcoins to generate blocks.
A superblock contains information about each user's magnitude. It is generated every 24 hours by the neural network.
Only BOINC projects on the whitelist generate a magnitude, and thus Gridcoins, when a user is participating in the project. Gridcoin users can vote on which BOINC projects are to be added to or removed from the whitelist.
The magnitude unit is used to limit the research subsidy payouts generated by the Gridcoin network. It can have a value between 0 and 1. For its calculation, the kitty has been introduced. It contains information about the research subsidy paid within the last 14 days. It has 14 * 50,000 = 700,000 GRC to pay out to researchers. Example: If 350,000 GRC were paid within the last 14 days, the magnitude unit would be (700,000 – 350,000) / 115000 / 14 = 0.217
The neural network is a subnetwork of Gridcoin wallets within the Gridcoin network. Some wallets query the BOINC project servers in a certain timeframe to download all user statistics. In order to not overwhelm the servers, not every wallet can participate in getting the data. Those who did not request it themselves need to be brought up to date by other wallets. To rule out misinformation by malicious wallets, they try to find a consensus. Every 24 hours the approved statistics are used to generate a magnitude for each researcher within the Gridcoin network and write the statistics into a superblock.