Most of fedi is anti-cryptocurrency though, however Gridcoin is not evil, so fedizens might tolerate it.
Its a cryptocurrency right? So it has zero utility and exists to move money from people to the founders?
this post was submitted on 04 May 2024
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Gridcoin
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Gridcoin (GRC) is a cryptocurrency that incentivizes participation in the production of science. We reward people for volunteering their computational resources towards open drug discovery, physics, astronomy, math and other community-approved research projects. Help cure diseases, fight cancer, solve mathematical equations and map the galaxy while being rewarded for your contribution. We're building an economy based on science which you can participate in every time you use GRC.
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The boinc project, which gridcoin is mainly connected to, exists for decades, the concept is great an the scientific results are verifiable, so of course gridcoin is somhow different in that connection. PoS on the other hand is very common but i dont think thats the point here. I get it that you dont like the concept of cryptocurrency, but i think you oversimplify things a bit
Why does a successful decade old project, which like you say has great scientific results, need a cryptocurrency slapped on the side? What problem does that even solve?
except moving real money from A to to B in exchange for monopoly money?
What problem does that even solve?
A little cashback for energy bills.
In the form of “grid tokens”? Which I can then exchange for money.
Not exactly cashback.
What makes it cashback for you? If it comes in the form of dollar banknotes or what? Why does the currency matter as long as you can exchange it? I honestly think youre more into staying your ground than to discuss anything (dont want to sound too offensive and i would love learn new things about pros/cons of decentralized currency/fiat, i didnt form any opinion about that and dont understand too much about that to be fair)
I didt say it solved anything, i just said, what the difference to other crypro projects is... I contributed to boinc projects long time before gridcoin existed but i do like the project, the share of workunits contributed by the gridcoin community far from negligible. I mined a few coins by contributing to boinc without paying anything but the electricity i had to pay if it was not from my solar panels... I later bought a few coins to support miners and thats it. The price is relatively stable over the years, so i dont see any rising profit for the founders, and if it was so, it happened a few years ago. The problem you describe, that early adopters (or early owners) profit when demand is growing or supply is low is immanent in most sytems, not only crypto. Good example is stock companies, but its usually the same in ervery capitalistic subsystem.
So it has zero utility
While other cryptocurrencies reward bruteforcing hashes (PoW) or hoarding lots of coins (PoS), this one rewards actually useful computing, which is great.
“We arent like every other cryptocurrency ever”
k
the website literally shows proof of stake on the homepage.
So your very first comment in defence of gridcoin is to just outright lie?
Staking rewards are miniscule compared to volunteer computing rewards, which can be claimed by other means.
But you straight up lied. Standard practice for crypto projects
I see crypto = I downvote and block. See you never! 👋