Following on from my last post regarding how to continue creating value for the Gridcoin cryptocurrency, I have been reading the comments and refining ideas.
Note: This idea is more for long term roadmapping of the direction of Gridcoin. In the short term stability and security are the focus. I have tried to sketch it out to require minimum developer time but I am still learning and my technical knowledge in this sphere is limited so these ideas are just that.
https://steemit.com/gridcoin/@guk/gridcoin-how-to-generate-value
Latest Idea Iteration – The Gridcoin Project
- Non-profit projects rewarded through existing DPoR mechanisms. E.g. All normal projects work exactly as they do now with the Whitelist, meaning original research mints GRC.
- A new BOINC umbrella project is set-up for Gridcoin commercial projects.
- Commercial Projects do not “mint” GRC instead they are funded by it.
- The “Gridcoin Project” is not whitelisted as such, all rewards are done by the “Project Rain” feature.
- As commercial demand increases, the price of GRC increases, therefore the reward for doing non-profit computing increases.
- Commercial entities will have to price their computational tasks competitively to get them completed.
- Possibility for setting up time limited challenges with enhanced rewards and penalties.
- Pricing must compete with other cloud computing such as Google and Microsoft etc.
- Possibility of burning coins as a base cost to accepting new applications into the project, gives us a limited method of currency value control. Burn X coins to add application for discounted computing rewards.
How the Project would work
Commercial Entity (Customer) agrees project with Gridcoin reps (reps funded by bounty?), application proposal is published and put to the vote, including reward prices.
- Customer either creates an application, or Gridcoin developers may create an application/wrapper at a cost to the customer within the Gridcoin project.
- Possibility of GRC donation fund to get non-profits set-up with their own BOINC project, Paid to Devs who do the work.
- The Customer acquires Gridcoin and pays into a “funding” Gridcoin address, the customer owns this address.
- Gridcoin devs add application to the project and Crunchers are able to select the application as per current projects with several app's
- Project rewards credits to each user using existing BOINC credit process.
- At the end of each period (Day/Week/Month) as defined by the customer, the customer rains GRC on crunchers at a rate of xGRC per credit using existing Project Rain.
- Any failure of rain leads to project suspension and possible blacklisting. (Breach of Contract)
The projects external description / advertising
The Gridcoin Project
A project run by the Gridcoin foundation to manage commercial projects that utilise the BOINC network. Your work is completed by volunteer computers who also help scientific projects.
Project Key Points
- Assists companies in setting up and completing distributed computing at low cost.
- Utilises the proven BOINC network developed by the Berkeley University of California.
- Supports charitable non-profit projects within the BOINC network by attracting users to distributed computing.
- Work on commercial projects is rewarded by you through Project Rain.
- Gives you access to x Gridcoin users (x GFlops) of processing power.
The projects cruncher description / advertising
The Gridcoin Project
A project run by the Gridcoin foundation to manage commercial projects utilising the BOINC network. You are rewarded with Gridcoin, provided by the applications for your computational work on these commercial applications.
Work on these applications help increase Gridcoins cash value and therefore draws more people to support voluntary support of your non-profit projects.
Project Key Points
- Utilises the proven BOINC network developed by the Berkeley University of California.
- Mint new Gridcoin by supporting a wide range of charitable non-profit computational tasks using your computers idle time.
- Or get paid in Gridcoin for selling your idle computing power for commercial use.
- The choice is yours…
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