Gridcoin has updated to GRC 4.0! The hard fork took effect on November 6th at block 1,420,000, with 95.6% of the previous 1000 blocks staked by 4.0 clients denoting overwhelming consensus.
The most notable change with GRC 4.0 is the introduction of a constant block reward (CBR), rewarding those who help to secure Gridcoin’s proof-of-stake (PoS) blockchain with a static 10 GRC for every staked block. CBR replaces the 1.5% APR interest mechanism that was previously in effect. This change was approved by the network in three separate polls and produces a number of technological and economic advantages. These advantages include:
- Increasing the ratio of GRC minted to more heavily favor rewards for distributed computing tasks over GRC minted by staking
- Reducing monetary inflation from 3.93% to 3.4% while also implementing a disinflation model that will reduce inflation past 3.0% after 5 years
- Incentivizing members of the network to leave their wallets up-to-date and online to secure the network
- Encouraging members of the Gridcoin network to maintain balances of GRC sufficient to stake blocks
Gridcoin is a dual-incentive open-source blockchain that uses a PoS consensus mechanism to secure its blockchain. It incentivizes securing the network as well as contributing computing power to community-approved scientific, research, and data analytic tasks on the Berkeley Open Infrastructure for Network Computing (BOINC).
Gridcoin attracts a diverse network of science and technology enthusiasts who want to use currency incentive models to improve lives around the world while remaining environmentally friendly. Our journey began and continues by driving scientific discovery and research. The implementation of CBR is one more step on our endless quest to apply blockchain technology to real-world problems.
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I hope that GRC 4.0 increases participation and further secures the network. I have a question regarding your last bullet point (Encouraging members of the Gridcoin network to maintain balances of GRC sufficient to stake blocks). How many GRC is enough to sufficiently stake if my wallet is online 95%+ of the time? Thank you.
Several thousand probably
I have about 815. My 4.0 client claims with the current difficulty of 5.57 I should stake in 110 days. I am pool mining and receiving about 2 GRC daily. I also solo mine SETI@home and am currently owed around 50 GRC for research to the same wallet. Does this seem normal with the new client?
Staking frequency and time to stake did not change.
Let's make a little HardFork party, and let's hope it doesn't run like the HF20 did on steem (the fork was technically successful there as well) :P
"maintain balances of GRC sufficient to stake blocks": we will see how it works and how much GRC are optimal for staking...
but I'm staying with this...:"our endless quest to apply blockchain technology to real-world problems."
Thanks