Review on GridCoin by francis fernandez
contributing to global social welfare
The scientific community is in constant search of solutions to the most common problems that afflict society; for this reason, there have been many experts in science and technology who have joined forces to contribute to the creation of scientific endeavors that contribute to this noble cause.
Cryptors have funneled their scientific input through the Berkeley Open Infrastructure for Network Computing (BOINC) platform. This organization is in charge of channeling all scientific projects focused on solving problems that affect world society.
The creators of the GridCoin crypto project decided to be part of this valuable initiative; developing a wide range of scientific endeavors using the powerful Bitcoin blockchain technology.
In this sense, the GRC cryptocurrency was created that operates on the Bitcoin chain that serves as the driving force behind the scientific protocols developed by the GridCoin technological platform.
The GRC cryptocurrency is fully mineable and its miners get rewards for their work ranging from 5 to 150 GRC.
Technology:
GridCoin acts as a direct communication network due to its operation between peer-to-peer servers.
Consensus:
The network uses an efficient consensus mechanism called Proof of Research (PoR); which guarantees energy savings and decentralization of the platform.
The importance of this system is that its members try to decipher complex algorithms and decipher equations that represent solutions to transcendental human problems; such as cures for health ailments and other important problems that afflict society; and by doing so they earn income in GRC digital currency.
Pros
- Contributes to the development of many scientific endeavors
- Give rewards to their miners in GRC
- Promotes the creation of scientific solutions from different fields
Cons
- Listed on just one exchange
