Hey,

Have you heard about gridcoin yet?

It's a cryptocurrency (similar to bitcoin/litecoin) that bases the reward quantity on the relative contribution to boinc.

I believe this could bring some serious horse power to boinc - think tens of thousands of GPUs/hundreds of thousands of cpu cores.

Would you be at all interested in checking it out and contributing to the open source development? If even just advising the lead developer, or participating in the community, it would be very much so appreciated.

Links:

http://gridcoinnetwork.org/ (main site)
https://cryptocointalk.com/forum/464-gridcoin-grc/ (main forum)
http://www.reddit.com/r/gridcoin (reddit community)
http://boincstats.com/en/stats/-1/user/list/0/0/118094994/0 (current team stats)
https://bitcointalk.org/index.php?topic=324118.0 (announcement thread)

If you are at all interested, put a gridcoin donation address on your project site and we as a community will donate towards the project's server expenses.

I hope you can join our community,

Regards,

Ricky.

How does this gridcoin thing work? The developers of Asteroids@Home add some custom code to A@H which tells the gridcoin servers that a user has invested X hous of computing into A@H and based on that the user not only contributes to A@H, but also receives this fictive coin thingie?

How does this gridcoin thing work? The developers of Asteroids@Home add some custom code to A@H which tells the gridcoin servers that a user has invested X hous of computing into A@H and based on that the user not only contributes to A@H, but also receives this fictive coin thingie?

I think he is talking about donations to the Project by giving his gridcoins instead of cash. The only problem I see with that is the Mt Gox situation where alot of theirs got stolen, if that happened then all the donations would be lost.

Is Gridcoin still a thing? If so, I love the idea, but I don't quite understand how it works. I only have a rough understanding of how block chains work in general, but from what I do understand, I don't see what would be stopping someone from making "counterfeit" gridcoins, or double spending them. If the projects supporting gridcoin is responsible for saying that user 'abc' contributed x credits/gridcoins/etc of work, what is stopping anybody from faking that message without actually doing any useful work? From the way I understand it, bitcoin prevents counterfeiting by consensus. A block (and therefore, the new coins created along with it) is only considered valid if a majority of the network says it is, so to counterfeit or double spend coins, you would have to control a majority of the network yourself, because you would need to make the majority of the computations say what you want to be valid, rather than what actually is valid. But with gridcoin, all the computation is going towards actual research, so none of it is being used to create a consensus on who did what work.

tldr: how does gridcoin secure transactions/prevent double spending/counterfeiting/network manipulation?