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What is Gridcoin (GRC) and how does it work?

by Financial Economy

The company, also known as GRC, was developed in 2013 and took its place in the sector in 2014. Accordingly, the system draws attention with its scientifically defined discoveries and data-based analysis and its ability to rule out different cryptocurrencies. Information about some topics that what is GridCoin (GRC), how it works, how to buy it, on which exchange, how much is it, etc. is in continuation of the article. You can browse here for information about NXT coin.

What is GridCoin (GRC) and how does it work?

GRC was released on October 16, 2013 by its developer, under the pseudonym Rob Halförd. Originally a Proof-of-Work / Proof-of-Stake hybrid, GRC later adopted a proprietary mechanism known as Proof-of-Work along with PoS (Proof-of-Stake), thus minimizing the waste of computational resources.

GRC uses a unique hybrid mechanism to run the blockchain. The blockchain is secured using the Proof-of-Stake (PoS) method, where stake nodes earn an annual interest rate of 1.5%. This works similar to any regular PoS coin.

GridCoin main features

Innovative application of blockchain technology – Gridcoin is one of the most practical and innovative applications of blockchain technology ever.

Unique consensus mechanism – GRC uses a one-of-a-kind Proof of Research mechanism where a node is rewarded for the amount of computing power and scientific research output it generates in one of the whitelisted BOINC projects.

Decentralized voting system – GridCoin also has a unique, decentralized voting system.

Efficient use of energy and resources – GRC uses the PoS mechanism to maintain blockchain security. All computational power goes to the BOINC project with minimal waste of resources. The PoS mechanism is the most environmentally friendly method of securing a blockchain without the constant mining and waste of energy resources.

Which exchange is GRC coin on?

Gridcoin is listed on some cryptocurrency exchanges such as Txbit, SouthXchange, etc.

How to buy GRC coins?

GridCoin can be purchased from listed some cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

GRC token supply!

Total supply of Gridcoin is 448.301.768 GRC.

GRC token price!

As of November 6, 2022, at the time of the writing, 1 Gridcoin price is around $0,0067 (because of the volatility on crypto market the price can change instantly).

Caution: The information contained in this content is for general informational purposes only. It is not investment advice.

For information about cryptocurrency: https://en.wikipedia.org/wiki/Cryptocurrency

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