Gridcoin is a peer to peer cryptocurrency which rewards miners for giving out processing power in order to solve scientific distributed computing projects through the BOINC project.
Through the BOINC project, it is hoped that Gridcoin will be able to benefit humanity via innovation in biology, mathematics, medicine, science, climatology, and astrophysics. It is a new idea in comparison to Bitcoin way of mining in that the processing power is utilized for research computational purposes instead of letting them to wasteful proof of work.
- Proof-of-Research Algorithm
- Re-target difficulty: 30 minutes
- 1 min block targets, for quick confirmations for merchants.
- Variable block reward
There is no hard cap on the total coin supply and it will converge to an inflation of 1% per year.