The Gridcoin Fireside #16 - Wealth Distribution in Cryptocurrencies; Project brief: yoyo@home

jringo (63)in #gridcoin • 5 years ago

The Gridcoin Fireside #16

Wealth Distribution in Cryptocurrencies

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The Gridcoin Fireside is a participatory podcast brought to you by the Gridcoin community. It is intended to introduce and explore DLT, cryptocurrency, and crypto-economics from a science oriented perspective.

The audience is welcome to participate through voice-comms or via the discord text chat.

Join us every Thursday at 8:00pm EDT on the Gridcoin discord server.

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Recorded on August 8th

Wealth Distribution in Cryptocurrencies

In this episode we explore wealth distribution in cryptocurrency networks.

We discuss the problems centralization of wealth brings to crypto networks and cryptoconomics, the history of cryptocurrency generation and distribution, the rationale behind different methods of wealth distribution, and we dive into some specifics with GRC.

Time	Subject
2:00	News Updated White Paper Proposal BOINC Workshop Reimbursement Proposal Gridcoin.world Proposal GridcoinMemes Twitter Gridcoin Monthly Report The Gridcoin Fireside now on LBRY Browser Link LBRY App Link txbit exchange voting jringo emoji contest
16:00	Project Brief: Yoyo@home
29:00	Wealth Distribution in Cryptocurrencies
32:30	The Problems Created by Wealth Centralization in Cryptocurrencies Problem 1: Network Security and Decentralization Problem 2: Depressed Velocity of Money Problem 3: Counteracts Cryptoeconomic Incentives Mentioned Article Problem 4: Network Morale
39:50	History of Cryptocurrency Genesis
43:00	Distributing Coins from Early Miners
47:45	Discussion Bitcoin Wealth
1:00:00	History of GRC
1:07:00	Using GRC to build Gridcoin
1:10:00	Should we be worried about GRC wealth centralization?
1:19:00	A Potential Technical Solutions
1:31:00	The Network Effect
1:35:00	Why Aren't GRC Whales Using Their GRC?

Project brief: yoyo@home

This week @delta1512 introduced us to math.

yoyo@home is a mathematical project that aims to solve problems in number theory through "brute forcing". One of the problems it is working on has close correlation to internet security whereas others have some real-world applications.

What is Gridcoin?

Gridcoin is a multi-incentive permissionless blockchain initiated in 2013. It mints and distributes cryptocurrency in relation to the processing power a network participant directs toward data-driven analysis and scientific discovery, as well as through a proof-of-stake reward mechanism. The Gridcoin blockchain monitors processing contributions to the Berkeley Open Infrastructure for Networked Computing (BOINC). BOINC hosts major institutional computing projects such as IBM’s World Community Grid, SETI, and CERN, alongside projects developed by students, enthusiasts, mathematicians, researchers, and citizen scientists. Access to Gridcoin's computation resources is free, while computation contributors are incentivized with cryptocurrency minted by the Gridcoin protocol.