|What is Gridcoin?
Gridcoin is an open source cryptocurrency/cryptoasset (Ticker: GRC) which securely rewards volunteer computing performed on the BOINC platform
Gridcoin is a blockchain-based distributed computing network powered by the idle processing potential of existing hardware. Access to this network is free for those with data to process, while participants of the network are incentivized with cryptocurrency/cryptoassets minted by the Gridcoin protocol.
Gridcoin is an open-source blockchain that mints and distributes cryptocurrency/cryptoassets in relation to the processing power a network participant directs toward datadriven analysis and scientific discovery. Currently, the Gridcoin blockchain is secured through a proof-of-stake protocol and monitors processing contributions to the distributed computing infrastructure, BOINC.1
BOINC, the Berkeley Open Infrastructure for Network Computing, hosts major institutional computing projects such as
IBM’s World Community Grid,2
and data from the LargeHadron Collider,4
alongside projects developed by students, enthusiasts, mathematicians, researchers, and citizen scientists.
Idle Processing Potential
Gridcoin defines Idle Processing Potential (IPP) as the processing power of a computing device multiplied by the proportion of unused processing over time. Any object that houses a processor is potentially part of this network. This includes not only computers, but also everyday objects such as phones, gaming systems, cars, toys, and smart appliances. IPP represents an enormous resource which will continue to grow as processors and embedded devices become an increasingly pervasive part of modern life. Gridcoin taps into this significant potential from both legacy and developing systems by encouraging the contribution of IPP to approved distributed computing platforms.
Did you know that certain data analytic tasks work better on CPUs over GPUs? It is even possible to build tasks to work most efficiently on dated hardware.
|20 Dec 2020
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|Philip C Swift [Gridcoin]
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