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Dear researchers, a brick wall was hit...HOpe someone can help

Started By Kenny Lau , Apr 22 2016 01:19 PM

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#1

Kenny Lau
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I learned about Gridcoin from Discovery channel! Yay! About people contributing their computing power for researches that benefits mankind. Immediately hop on my laptop, YouTube, and BAM! (literally), and I am here.

Just like to confirm how to actually get starter coins? Why do one need coins to start? I sipped some from Asia faucet, now stands at 1.4C. But someone said I need 100c to 200c to ''get started" ? So does it mean I have not started yet?

Too many new words and strange terms used in this 'coin' thing, like speaking an entirely new language. Help please!


Edited by Kenny Lau, 22 April 2016 - 09:45 PM.

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#2

TheShakingHand
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Welcome to the community Kevin, very nice to have you on board!

 

You need starting coins in your wallet because that is the only way you can start staking a block. It has to do with how the code underlying Gridcoin works, and what Proof of Stake (PoS) means. In order to receive payments for your research you need to show that you have coins in your wallet. The more coins you have the higher your "weight" and the faster you will receive your research payments. How much you earn depends on the amount of research you did through BOINC, in a specific project, relative to other researchers. This is expressed in "magnitude". Separately you will receive 1.5% interest per year on coins that are already in your wallet.

 

Moreover, how quickly you receive your research payments doesn't depend on the amount of coins in your wallet alone, the longer it has been since your last payment also plays a role. So does your magnitude. Around 100 coins in your wallet assures that you will get a payment within a reasonable time, provided you have a non-zero magnitude. This can still take about a week though.

 

If you give me your wallet address I will sent you 100 coins, so you can get started.


Edited by TheShakingHand, 26 April 2016 - 07:06 PM.

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#3

Kenny Lau
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WOw, thats very generous of you! Thnaks.

here: S2yS4B6GqYCK3ZGYsE9GsPcvEjo3xgxWDg

 

Your explanation is very helpful! Thanks again.


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