In the past four weeks,
Gridcoin's value has increased significantly. To better understand whether this is because of the coin strength itself or if this applies to coins using scientific calculations in general, I took all coins that reward participants performing scientific calculations on their computers and compared them with Bitcoin as reference coin (which is not a science oriented coin).
In the chart below, I have presented the following four coins:
I took a period of eigth week from 15-November to 9-January, where 15-November is the zero point to allow a percentage comparison for any value increase or decrease.
Source: CoinGecko
Looking at the chart, all four coins moved up in a similar way until 7 December, after which Foldingcoin started to move up quicker than the rest. On 23-December, both Gridcoin and Curecoin started to pull away from Bitcoin as well. From the three science oriented coins, Foldingcoin has performed the best with an increase of 758%, second is Gridcoin with 450% and third is Curecoin with 398%. By comparison Bitcoin 'only' increased by 114%.
In summary, during the 8-week period all science oriented coins have outperformed Bitcoin significantly, which is a great achievement. This means that Gridcoin's value increase is not unique to the coin itself but applies more to the type of coin in general, which is nevertheless really positive. Let's see how this will further develop in the coming months.
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Gridcoin is an open source
cryptocurrency (Ticker: GRC) which securely rewards volunteer computing performed upon the
BOINC platform in a decentralized manner on top of
proof of stake.
BOINC (Berkeley Open Infrastructure for Network Computing) is a distributed Internet platform and was launched beginning of 2002 and it rewards participants with credits for performed work. BOINC is an application available for multiple Operating Systems and uses the unused CPU and GPU cycles on computers to perform scientific work. Currently there are over 170,000+ active members using BOINC and performing scientific work in more than 50 different projects [
1].
Just to clarify, Gridcoin uses Proof of Stake to secure the blockchain while it mints and distributes GRC based on processing power contributed to BOINC. Proof of Research is not a thing anymore = )... for now at least.
We are working on updating the documentation.
Thanks for the clarification @jringo, I have updated the text accordingly.
Interesting post, I jumped from folding coin to gridcoin because of the active users here on steemit that promote boinc & grc. Other scientific coins like Solarcoin & Powercoin have moved up also that past few days.
Post like these are great to read thanks for the time and effort you have put in. Tracking against Bitcoins price.
what is science coin
what is the concept of science coin
It is a coin that uses computing power to do scientific research instead of just maintaining the network.
If you would like to know more, I suggest you read up on BOINC and Gridcoin, it will all be clear.
I've went ahead and bought 1000 GridCoin and have been using 1 AMD GPU to mine it using GRCPool. It's been pretty successfull, generating about 3.4 GRC a day.
Well, the last day we had a big drop on GRC. Maybe this Korea thing going on?
https://cointelegraph.com/news/coinmarketcap-removes-south-korea-exchanges-ripple-market-cap-drops-20-billion
Well, it was due a bit of a correction due to a massive increase the day before, when it went from 1045 satoshies to 1458. That, coupled with market wide panic due to all prices dropping on CMC, combined to make a big drop. It should recover in the next week or so.
I think the only thing that is currently holding GRC back is also one of it's amazing strengths, and that is being open source. Since no one owns it, no one is taking the incentive to do some serious marketing and promotion.
It is a job we will all have to take up on ourselves as a community. I am also quite certain that some of the people that have accumulated a huge amount will realize that they are hitting diminishing returns by just accumulating and do some payed advertising themselves to increase the value. Getting an article or 2 published in some serious magazines wouldn't hurt either.
Nobody, and i say nobody, should trust a closed source crypto.
Well there is open source, and then there is Really open source. GRC is in the second category, which is great, but also means that it will take more time to gain traction. Once it does, and people start really investing themselves in it, and I am not talking about just money any more, it will skyrocket.
Look at Steem, it can self promote itself and gives incentive to be active and, by doing so, makes you promote the platform. Is Steem really more important or worth more then serious scientific research? IMHO it's not, but it's concept has made it easy to promote, as marketing, content and rewards are in one connected cycle. GRC hasn't even managed to attract at least half the BOINC contributors, let alone the rest of the market. But the founding principle is great and it will succeed, and when it does, it will boom exponentially.
As a fellow BOINC contributor myself, I just make sure to promote the platform and give out knowledge as much as I can, every little bit counts.
I think what you mean is opensource and community driven, which is still accurate.
But yes. Just buying GRC is a good way to support science. Many of the sellers may reinvest it in better number crunching hardware.
Good post your fren
I learned new thing that which coin it using what calculations.
I really appreciate your post thumbs up.
Hmm...this is something I have been thinking about but totally missed somebody already did the homework. Excellent observation, now i got some points that i missed. That could be "the type of coin".