Gridcoin is a decentralized cryptocurrency and blockchain which rewards users that volunteer to use their computing power to further scientific research. This network of volunteers forms part of the BOINC network (a project started by the University of California to help advance science), and volunteers get rewarded for the amount of “work” they do. These rewards and “work” are determined using a Proof-of-Research consensus on the Gridcoin blockchain. Proof-of-Research is a combination of Proof-of-Work and Proof-of-Stake; Proof-of-Work consensus “work” is determined by how long users contribute to the BOINC network, and Proof-of-Stake consensus staking weight is determined by the number and age of Gridcoins in a user’s wallet.
Gridcoin (GRC) is the digital asset of the Gridcoin blockchain that volunteers get rewarded in through the Proof-of-Research consensus.