Now i'm definetly not the most technically versed person on the interwebz but one thing is very clear to me: Gridcoin will become one of the coins with highest demand if the current user growth rate will remain the same throughout the year.
I started my Gridcoin journey in 2014, when it was quite new. I remember the day when my friend introduced me to Gridcoin. We drank a beer on his couch and his face had something conspiratorially, but in a positive way. He began the presentation for me along with about five other guys from the university with a sentence (memory protocol) like "what I'm about to show you guys might change the world".
It took five minutes until I was hooked and the rest is history.
I dedicated a lot of my spare time to crank out the strategy for our projects uscore.de and grcnation.com. Then, i had to finish my thesis and after we split up due to personal reasons, i moved to Switzerland and started to work at the company of my dreams.
A few weeks ago, I remembered the Gridcoin story and what i saw flashed me: The price shot up like a rocket and more and more people show interest in a crypto currency that actually doesn't shouldn't rely on marketing (but needs it though due to the fact that it has a decentralized and open team as well as due to the commercial alternatives like GOLEM and SONM). I took all the savings of last months and made a full buy-in.
I dedicated the last weeks to researching other altcoins and I have to admit that there are some coins that base on strong ideas: ETH, STEEM, LBRY, SIA and GOLEM are my go-to's when it comes to my savings portfolio.
However, from a marketing perspective, there is no coin that offers me a unique value proposition that is stronger than those (plural) of Gridcoin. For me, a cryptocurrency should work for humanity. It should provide a real value that is not only based on ideologies like decentralization or anonymity. The value of one Gridcoin is not based on senseless hashing. Yes - it consumes your energy, but one coin can be seen as one step towards progress in science (or any other project that YOU choose to support). Heck, you can even set up your own BOINC project and as long as team gridcoin regards it as support-able, you will get the power of a damn supercomputer for free! Ultimately, if there is a tangibility scale for the value of altcoins, then gridcoin will come for me right after ETH. You can not touch the value, but it can materialize through milestones of scientific research that have a direct impact on our lives.
If youre wiping off the questionmarks over your head now and are not familiar with Gridcoin and BOINC, please read this article now!
So why am I so sure that Gridcoin will have a boom very soon?
- I believe in collective consciousness. I analyzed data from different sources and found a huge increase that started in May. I am very sure - Gridcoin is about to go viral.
- The Telegram and Slack Group/Channel is growing faster each day.
- New members are actually committed - they ask the right questions at the right time and have the urge to be part of Gridcoins succeess
- Gridcoin is not only about the money - the altruism and ideology behind it make the continually growing supporters hold their coins. BTC fluctuations? Analyze how Gridcoin is reacting to those...
- The team requirement for BOINC might be removed in the next months. If this happens, waves of BOINC-Members (400k or more is realistic) can get paid for their scientific contribution without changing their team. Wanna be a part of the solution?
- Last but not least: I am working out a distributed marketing plan for the whole gridcoin community right now. After making it available, each member can pick a legit marketing method for himself. If only 10% of our community will dedicate 10-20 minutes per day into spreading the word, we might grow exponentially
- The disadvantages that are holding away interested people from mining Gridcoin can be counted on one hand: No (central place with) good onboarding for new members, too many old information spread all over the web and too scientific landingpage which is not optimized for conversions (which is in our case the download of the client). If we tackle these three things, people should have less questions.
- The core team has some of the most dedicated guys i've ever met (shoutout to @cm-steem !)
Please answer me one question, after reading this: If Gridcoin won't succeed and im just talking crap here - what will be the reason number one?
Thanks for reading this sunday-evening article :)
Thanks for this article! I agree that users spreading the word is key and that bringing in long-time BOINCers is a good idea. I still think that installation and setup are the biggest hurdles for non-techie people with no previous experience in cryptocurrencies. Maybe the process has improved but it was a long nightmare for me to get from wanting to do gridcoin to where I actually had everything working properly. Typing gibberish into console windows, joining multiple crypto websites to get bitcoin then trade it for gridcoin then send it to your wallet after you've troubleshot a few unexpected errors...
Do we know how much gridcoin one needs in their wallet to collect research rewards regularly? I don't know how many BOINCers will be willing to invest $100-$500 just to hopefully get paid a few dollars a week and if enough people do, won't the amount required just go up?
To collect research rewards regularly, the amount of GRC in your wallet is actually largely irrelevant. What most newer members don't realise is that your wallet's 'estimated time to earn reward' is based on staking weight only. Research mag plays a large role in your actual payment rate.
I have a magnitude of about 640 today, and have been paid out four times already, despite only having 1000ish GRC...
What we will be seeing is a massive drop in GRC/mag paid out as more members join the community, as is to be expected. If you look at the growth rate of compute contributed to some projects, there is an almost exponential trend over the last weeks.
That is good to hear! I wonder if that is a recent change. It would make lots of sense.
Actually, it has always been like that. If you had BOINC running on one PC, you had enough research magnitude to receive rewards quite often, even if you had only 200-300 GRC in your wallet. However, if Gridcoin network increases 100x in size, magnitude will get dilluted for everybody and things may yet change.
But on the other hand, rewards are getting bigger - it's possible now (even for home users) to earn close to $1000 per month, solely through running BOINC and mining Gridcoins. Check @xaqfields and his experience:
https://steemit.com/gridcoin/@xaqfields/i-m-a-boincer-not-a-miner-how-i-built-two-gridcoin-boinc-powerhouses
Nice. Thanks for the info!
Thank you very much for your detailed comment, @johniec.
"Typing gibberish into console windows, joining multiple crypto websites to get bitcoin then trade it for gridcoin then send it to your wallet after you've troubleshot a few unexpected errors..."
When did you start with Gridcoin? Was it Gridcoin classic, before the burn process?
I started in October of 2015 (according to my wallet). I think that was after Gridcoin classic, but still many versions of the wallet ago. Some setup and most troubleshooting was in the console. I was new to cryptocurrency so that added several steps in terms of figuring out the right sites to join to get bitcoin and trade it for Gridcoin (which are the most secure, which can you use based on your country of residence, etc.). My computer crashed once with the wallet open and getting the wallet to work again was pretty technical/challenging for me. I am still really glad I stuck with it, just sharing since we are hoping to attract new people from new backgrounds.
I don't mean to be Devil's Advocate, but lets be realistic here:
Yes, there was a huge influx in market cap of GRC starting from May. This was the case for BTC, and almost every other coin conceivable way down the list. It speaks volumes about the crypto-sphere as a whole much more so than any individual player.
Gridcoin is about money. BOINC is about research. Despite that fact that lots of Gridcoin users are long time BOINC veterans, I am willing to wager that a massive portion of new Gridcoin members will be in it for the money. This is what crypto is - a currency. Unfortunate? Yes. But it needs to be a vital consideration in any marketing. Most of humanity is far from altruistic.
I don't know what you mean with the 'disadvantages holding away interested people'... If someone actually takes the time to read up on how to get set up, all the information is readily available. Granted, a lot of more in-depth stuff (and even to an extent project selection) is harder to find info on, but 95% of the questions I answer on Reddit or in the IRC help channel have been answered upwards of 5 times in the last week. A quick search does wonders.
I believe in Gridcoin. I believe in its potential. As a biomedical engineer I have high hopes for what it can do for scientific compute. I also agree there is room for improvement (which the dev team has made clear is in the works). Let's be realistic about what we are seeing though...
Good points Dutch, but one thing
I can't agree. Bitcoin is also about money, but yet a maaaasive amount of people are mining this coin. If Gridcoin get the same synergy effect it will be a huge leap for distributed computing as well. They are not separate, they are both equally important in the Gridcoin ecosystem.
I wholeheartedly agree that BTC is about money too, and that the amount of BTC mining happening is insane. What I mean to say is that while the philanthropic research aspect of GRC through BOINC is fantastic, I don't think it will draw anywhere near as many people as the chance to make money would. BOINC already had philanthropic research. GRC adds the potential to profit from it.
Exactly why Gridcoin came to life and I support the coin wholehearted 👏👍
Hey @dutch, thank you very much :)
"It speaks volumes about the crypto-sphere as a whole much more so than any individual player."
I disagree with that point. Data sources like the Google Analytics or these wonderful spikes in Google Trends can be attributed to a high rise in Gridcoin mentions. For example, very lately a very famous russian site (xaker.ru) wrote about Gridcoin.
I agree with your second statement but this is the beauty of Gridcoin: Giving an incentive to do something good and compensating those who are not here for money in the first place. Its in any case a good deal..
"(...) but 95% of the questions I answer on Reddit or in the IRC help channel have been answered upwards of 5 times in the last week. A quick search does wonders."
For me, it was mostly the same experience. However, we still have a lot of people who dont get there. The key is probably to "don't make me think".
❤️❤️❤️❤️ Articles like this make me really happy. I can't get enough info about gridcoin. Looks like they have a great team of developers behind them as well! Too 10 would be amazing, but top 10 on coinmarketcap
Please! 👑
We absolutely do, and everyone is welcome 🤓
Let's bring it to the Top 10 of Coinmatketcap 🎢🎆
@queeneleanor thanks for your feedback :) Of course Top 10 on CMC hehe
Go Gridcoin, go!
One question though: How does Gridcoin compare to CureCoin? What are the disadvantages and advantages of the former?
Hi my friend @hadbardceline, as far as i know, Curecoin is based only on one BOINC-project - it is called folding@home.
When using Gridcoin, you can choose from a wide range of BOINC projects which not only include health related projects like HIV research, but also several other scientific topics. You can see the list of supported projects here: http://www.gridcoin.us/Guides/whitelist.htm
This makes Gridcoin superior to Curecoin - but it absolutely doesnt mean that Curecoin has no existence right.
Thanks a lot for this clarification. Good to read that things are moving quite fast in this field. In any case, I'm following you now to stay up-to-date. :-)
@hagbardceline youre welcome and thanks, i followed you also :)
Nothing against the project. Been folding at home for years now.
Really don't see the value proposition behind gridcoin though. Time will tell.
Care to elaborate on this?
Good article, you made me bought some
Thanks for friendly feedback @htliao. I'm not an expert but i guess its a good time now for buying :) have a relaxed weekend
Gridcoin is a great one and is the first coin I ever acquire and I believe in there project and this is really going to skyrocket and millionia will be made. Is a great article.
@lxpcrypto hope it all works out for ya good post
Otli4no! :D
Spasibo @rambinho :))
Great article! I am facinated by Gridcoin.
IM ON IT love grid coin its about the best thing you can easily mine at home with a desk top laptop or several together phones tablets and its worth it both for investment and your helping the world and it has value
i BELIEVE in GRIDCOIN AND STEEM
I love seeing people making plans and executing. I will contribute if I can figure out what to do.
@live2love very nice, let's stay connected :)
Alright Im following you @lxpcrypto
Reason number one could be that most people don't care about progress of science or helping humanity. So it may require exceptional dedication from the ones who do care to get masses of people onto the platform.
@borislavzlatanov feel free to join the team channels, you will meet a lot of friendly people who actually care :)
interesting info. now I want to check out Gridcoin!
@rangertx thank you :) feel free to join our telegram/slack
Thanks for this article - getting me interested and a bit excited about yet another coin!
I'm only a few weeks into my crypto journey and just branching out beyond the exodus-supported coins
@tylergreen thank you for your friendly comment :) Well, i think after getting into Gridcoin, most other coins become uninteresting. At least, this is what I and many others experienced :))
You certainly seem passionate about it mate - I'll put some eggs in that basket!
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