The very first cryptocurrency platform to use the computational power of blockchain is Gridcoin. Gridcoin was launched in October 2013 by Rob Halförd, a pseudonym. Since other cryptocurrenicies are plagued with the allegations of not having any practical usage apart from being traded, Gridcoin tries to earn respect by showcasing how it can be useful for scientific researches, mathematics and more.
How Gridcoin makes itself useful? – Unlike other cryptocurrency, which are mined for the sole purpose of trading, Gridcoin does things differently by rewarding the miners for performing computations for BOINC. BOINC, or Berkeley Open Infrastructure for Network Computing, is an open source distributed platform which supports computations performed voluntarily. Since setting up a supercomputer for heavy computations is a financial challenge, BOINC thrives by allowing anyone in the world to offer the computation power of their personal computer. At the same time, BOINC has multiple project running. This covers medicine, mathematics, science and may more. The volunteer can choose the project of his choice to offer his share of computation power. Gridcoin awards the coins to the miners in proportion to the work they do for BOINC.
Who all can mine? – With a PC, anyone. If you have a personal computer, you can volunteer to share the computational power and be a part of the Gridcoin miners. For that, you can either go solo or in a pool with several other volunteers.
Where to Buy Gridcoins? – There are popular exchange platforms like Flyp, Bittrex bisq and other which can be used to buy Gridcoins. Point to note here is, if you go by the volume, Bittrex is the biggest platform among all that are available in the market. In addition to the point mentioned earlier where we pointed out how you can earn gridcoins by contributing to BOINC projects, you can also earn Gridcoins by ‘staking’. Consider staking as a fixed deposit where you buy and store the Gridcoins for a specific period of time. Like it happens in fixed deposit, as a reward you earn interest on the holdings, thereby increasing the number of gridcoins in your kitty.