Review on GridCoin by David Olayide
GridCoin And Scientific Computation
Many people may not have heard of Gridcoin, which is a cryptocurrency that makes use of the blockchain technology in connection with the scientific projects. When I first came across this cryptocurrency I could not immediately understand what it was all about, at least not until I was able to get a really good look at the structure and make-up of the cryptocurrency project. Essentially, Gridcoin rewards users who contribute or participate in scientific distributed computing.
I think that this Gridcoin project is quite innovative. For one, plans to make use of way less energy than Bitcoin does and to do this, they have implemented the Proof of Research (POR) system, which rewards users with Gridcoin for performing useful scientific computations on BOINC (Berkeley Open Infrastructure for Network Computing), a well-known distributed computing platform.
In addition the network also makes use of the more efficient and less energy intensive proof-of-stake system.
In fact if I am to be very honest, I will say that there are a lot of attractive features possessed by Gridcoin. Instant peer-to-peer global transactions, low charges are just some of the features I’m talking about. The project is also totally open source and anyone is free to have a part in developing the currency.
GRC can be mined more efficiently and with way less energy than it does to mine Bitcoin. I would like to see the large scale impact GRC will have on the cryptocurrency community as soon as possible. Meanwhile, the benefits are there to enjoy by everyone.
Pros
- Gridcoin rewards users who contribute to scientific computing with their devices
- GRC makes use of more efficient and less energy demanding systems
- GRC offers global peer-to-peer transactions
- The project is open source and anyone can contribute to it's growth
Cons
- Low value
