How to do good for doing good???
Hi friends!
It's very encouraging to see many of you commenting on my last post. Enough proof that RC drought is over now. So time for asking some serious questions to you 😉.
For some time I was mulling over an idea to regularly generate large sum for funding my regular AR awareness campaigns, which I plan to take it to the next level next year onward. For this, I have decided to pool in the surplus computing power of mobile & desktop devices available with everyone (willing volunteers) today.
Donating spare computing power of your idle devices can do wonders
It's amazing that distributed computing can be aggregated into a super computer and can be utilized to do humanitarian research work in medical sciences, astronomy etc. Several BOINC projects are running solely on such distributed power for years. Many of you must have been donating your surplus computing power to projects like World Community Grid (wcg) for the satisfaction it brings to our heart.
PoW vs. PoR
With the advent of Blockchain technology, when Proof of Work (PoW) mining appeared to be wasting tons of computing resources that could be put to better use for humanity; the concept of Proof of Research (PoR) was born. Today there are several crypto projects which work in tandem with Work Units (WU) completed through such distributed computing. These projects offer their crypto-tokens on the basis of computing power donated for these research projects.
Gridcoin (GRC) is probably the oldest coin in this sphere that I'm aware of. But now there are other projects like Biblepay & Byteball too. A recent EOS based PoR coin called BOID is a social blockchain meta-platform that makes it easy to participate in multiple blockchain coins. This project is still in alpha stage and you can only accumulate BOID as of now but they say, in future, you would be able to earn some other cryptocurrencies as per your choice too.
I'm running its native app on my laptop for over a week now. But I was thinking that there is a way that I can use the same WU for mining GRC, GBYTE etc. However, I couldn't find any such way. I'm very new to the world of distributed computing and PoR coin mining. So I thought to seek your help.
So here are some questions for you, answers to which will help me understand it better:
Which gives the max reward for using spare computing power:
(a) Gridcoin (GRC)with gridcoin team in wcg?
(b) Byteball (GBYTE) with wcg
(c) Biblepay (BBP)
(d) BOID
(e) Any other (please provide more detail on it).Can any of the above coin be mined simultaneously using the proof of completion of same Work Units? How?
As before, I'm setting up a small STEEM bounty for rewarding relevant comments to this post.
Thanks a lot for reading and responding here! 💓
Based on my experience, the highest reward will be achieved when combining GRC and Byteball crunching.
High level installation:
These are the basics to get you started.
That seems a perfect advice to me.
And what if I choose to go Solo mode instead of Pool mode? I can stake 1000 - 2000 GRC as required. Is that, much better than Pool or there isn't much difference?
Secondly, I want to pool the resources from all my community members to make it a significant amount. But I don't think there is an option to create your own team? So how should I go about it?
TIA!
There is little difference in earnings whether you go solo or start in a pool:
You don't need to create a team, you can just use one user name on all systems. You can manage a group of systems both solo and in the pool:
Hope this answers you questions.
For pool you don't need to do steps 1, 3, and 4 right?
Thank you for being here for me, so I can be here for you.
Enjoy your day and stay creative!
Botty loves you. <3
With https://www.grcpool.com/ you can mine Distributed Cloud Computing (DCC) and Gridcoin at the same time.
Another cryptocurrency based in proof of research is http://curecoin.net
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Yes, CURE coin is interesting too but I don't think it has got a mobile app. I would be more interested if mobile phone resources too can be tapped in easily.
So how is your experience with CURE coin? Do you mine it along with Folding Coin?
Yes, I was mining CURE and Folding coin for a while. I did not like it because the Foldit client options are not that versatile compared to BOINC, so I was not able to set it according to my requirements.
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It's not a matter of rewards but practicality. There is no point of earnings if there is barely any exchange volumes or even exchange support. This is the second best option Gridcoin for an example:
The tech behind coin is old. No merchants. No marketing. No Budget (as opposed to Dash which had 10 million USD per month at its peak) I see the recommendation to do both Byteball and GRC. But here is the thing.
You can choose Byteball as your team and earn extra 10% rewards. So the real question is "does extra 10% Byteball is worth more than GRC rewards I'm going to get?"
The answer is in the fundamentals. Just scroll down https://byteball.org and you'll see that it is the most advanced DAG listen on Coinmarketcap. The price is down 95% from it's high. You are actually paid in 1 USD worth Byteball per 100K WCG points. You are not paid in Byteball amounts. It's almost like buying a coin in the market while the price is low.
With the potential price appreciation extra 10% Byteball is going to worth more than GRC rewards. So select Byteball as your team.
Good Luck!
Very well put, makes a lot of sense to me! It's a good idea to be in Byteball team as long as it's market value is abysmally low. But what when prices are up? Personally, I like to distribute my portfolio into multiple coins though I agree that Byteball is among few DAG coins in existence today and GRC tech is old. But so is Bitcoin! But yeah, thanks for drawing my attention to Volume figures, that does make the case for Byteball strong.
And I wasn't aware that Byteball team is paying 10% extra on a regular basis for staying in their team. Too many things to calculate for 😊
Thanks a lot for your input!
I did the math and found that for 2 oct 2018 you could receive 0.162 satoshi per WCG point when you in Byteball team, and 0.152 satoshi per WCG point when you in Gridcoin team (0.1478 satoshi per WCG point for Byteball, 0.0045 satoshi per WCG point for GRC). So yes, @vimukthi is right.
Thanks for doing the math.
When you add the fundamentals behind each coin, things will look even better. There are already so many working smart contracts on Byteball and the UX is pretty damn good.
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