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Gridcoin
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Gridcoin is an open source peer-to-peer cryptocurrency with a decentralized public ledger similar to Bitcoin. It is being developed by Rob Halford and was launched on October 16, 2013 following a post on Cryptocointalk. Similar to Bitcoin users can transfer a cryptographic token between each other without going though a central authority. Its most distinguishing feature is its Proof of Research algorithm, which is able to cryptographically verify BOINC (Berkley Open Infrastructure for Network Computing) computing tasks and rewards a partaking client with a cryptographic token for completing such a task. BOINC currently hosts a series of scientific projects including cancer research, drug candidate testing, high energy physics, space mapping and disease control and may be run from most Operating systems including Windows, OS x, Linux, Android and Virtual Box. As an inspiration to Gridcoin serves the ability to use the vast amount of computational power that the Bitcoin network creates for a more universal and altruistic purpose. With the current influx on cryptocurrency acting as the fuel for storage, computing and data contracts, Gridcoin tries to ensure that the computing power is still available freely, while the client gets rewarded for his work. It also targets the direct usage of electrical power, as an argument for its more useful verification of work. Proof of Research To accurately measure and reward the user for the work he has done on the BOINC computing grid, after a series of updates and changes since the initial introduction, the much anticipated Proof of Research algorithm has been installed on October 20, 2014. It uses BlackCoin's Proof-of-stake as a timestamping mechanism. Just like every other Proof-of-stake cryptocurrency consensus on who gets to solve the next Block of transactions is achieved via staking. Blackcoin has upgraded the original Peercoin code to Proof of Stake 2.0 and has added additional levels of security. Additionally the Proof-of-stake block also contains vital data of the user's BOINC work and can therefore be openly verified by everybody. This is done with the hash of the BOINC Cross Project Identifier (CPID), a variable storing the user's amount of finished workunits. All this information guarantees a secure network and makes it infeasible to counterfeit BOINC work-units, or steal another person's identity. Features The main feature of Gridcoin is the ability to prove and reward virtually any kind of BOINC computing task. This main feature has brought a series of interlinked developments, that differentiate Gridcoin from Bitcoin including: * A payment network that has faster confirmation time and is more efficient than that of Bitcoin * The supernode project, which has the ability to support other cryptocurrencies and decentralised, or distributed payment methods (like Bitcoin, or Ripple) * A BOINC DAC (Decentralized Autonomous Corporation) * Full sql support allowing sql queries against the cryptographic ledger, attaching comments to transactions and potentially a distributed data field Criticism Criticism has primarily been targeted at Gridcoin's reward schedule. When looking at Gridcoin as a savings or investment vehicle it is said to favour early investors, while newcomers have a less attractive position. 
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