Gridcoin is a decentralized, math based cryptocurrency.
It was the first block chain protocol to deliver an algorithm that rewards the user for solving BOINC (Berkeley Open Infrastructure for Network Computing) hosted work, which can be almost any kind of distributed computing process (GPU,CPU,etc).
Gridcoin rewards completed BOINC tasks using the Distributed Proof of Research reward mechanism, which is a combination of Proof of BOINC (POB) and Proof of Stake (POSv2).
Proof of Work (POW) consensus mechanisms are not used by the Gridcoin network, which makes the Gridcoin cryptocurrency network much more energy efficient than any existing POW cryptocurrencies.
BOINC is a volunteer oriented computing grid that combines the processing power of all users for the purposes of scientific research. It harnesses the unused clock cycles from processors and graphics cards to attempt to cure cancer/aids/ebola/malaria, map the milkyway, crack enigma codes, etc..
You can set up BOINC manager and your Gridcoin wallet from http://www.gridcoin.us/. (Syncing your wallet will take a LONG time so be patient)
At the time of writing one Gridcoin is worth $0.039779 so you could also choose to just invest if you don't want to complete Boinc tasks, but that is up to you to decide.
If you go for BOINC tasks (thats great!) make sure you choose one of the whitelisted tasks and join team Gridcoin if you want to get payed.
Bitcoin: 1F7TMMc1LwUu626sUcBoPr5bNL2dpP5gz
Ripple: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy tag: 251072656
Ethereum: 0x8f52872c8263286fd160fc88c08d802e0d927e56
Reddcoin: RqjV3ZWnzsC7oz6CpG1KKVuMWWFUJpRdDG
Litecoin: LScHXjn9Nq4gJUU177P5nCSzo4EwMEuUFA
Great post. I really liked the idea and I'm going to check the difference between it and Golem.
Thank you for sharing.