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RE: The Gridcoin Treasury - A Proposal

in #utopian-io3 years ago (edited)

Here is an idea that could be added under Generating Funds.

Let's say a research institution has a grant that includes funding for computations on a large project, or a private corporation has a need to crunch through a massive dataset. The Gridcoin Treasury could have a mechanism in place for bringing self-funded computational work onto BOINC. The research institution or corporation could propose their idea to the Gridcoin Team. If it passes certain tests (legitimate computational work, etc), then the Gridcoin Team could provide the project with a path to quickly get their project onto a self-funded whitelist. The research institution or corporation could purchase GRC on the open market or directly from the Gridcoin Treasury. The purchased GRC would be used to fund the rewards for those who lend their computers to crunching the BOINC project. The Gridcoin Treasury could charge a fee for providing support to get the project to BOINC and integrating it into the self-funded whitelist.

For example, Company XYZ wishes to test a large dataset of potential biomarkers for genetic research. They see BOINC as a cost effective solution for the computational work. Company XYZ proposes their project to the Gridcoin Team and it is accepted (there may need to be an extra step for helping the Company to get the project into a format for BOINC work unit distribution). Company XYZ buys $1MM worth of GRC on the open market and/or from the Gridcoin Treasury. Their project gets added to a special whitelist for self-funded projects. Gridcoin participants direct their computing power towards the project. The rewards for generating RAC/magnitude are directly withdrawn from the Company's account that is held by the Gridcoin Treasury, i.e., the rewards from this project are not taken from the normal GRC supply awarded each day. The Company may wish to sweeten the pot to attract participants to their project by awarding higher levels of GRC for the RAC/magnitude than is typical with other whitelisted projects. Therefore, Company XYZ gets their computational work completed faster and sees quicker return on investment. When their GRC account is drawn down or the workunits are completed, the project is complete and taken down from the self-funded whitelist.

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I'm adding this to the github thread so we don't lose it. Excellent idea.

My idea is somewhat based on what is being proposed with Golem. However, Gridcoin is already up and running (Golem is still in development) and could bring a solution to market sooner and with the proven technology of the BOINC system. Also, BOINC/Gridcoin might be more attractive to a different set of clientele than Golem, such as research institutions or clients with larger computing needs.

True regarding clientele.

Also, I think implementation in the Gridcoin network would be a bit different than what they end up doing with Golem.

Looking forward to folding the idea into a more concrete proposal in the coming weeks.

I'm sure there is a market for research institutions or companies that need a large amount of computation but don't have unlimited work units and/or need their work completed in a rapid manner. Otherwise a project with unlimited work units or a long time horizon could go with a standard BOINC implementation and have to work done voluntarily like the other normal whitelisted projects.

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