Gridcoin Research (GRC) has skyrocketed today to record gains of more than 300% during the past 8 hours. GRC recorded its all time high of 3600 satoshis on Poloniex a few hours ago, before dropping down to 3000 satoshis at the time of writing of this update. GRC’s 24 hour trading volume has already exceeded 2,820 BTC on Poloniex. GRC was one of the altcoins that have been witnessing a wildish bullish rally since the beginning of the year, as it rose from around 550 satoshis in the beginning of January, to 3000 satoshis at the moment, recording an astonishing %445 increase in market capital.
GRC is one of the most promising cryptocurrencies, especially that is the first ever blockchain that acts as a unifying computing grid combining all the computing power of participating users for purposes of academic and scientific research.
So, is GRC currently overbought? Is the current price way above the real value of Gridcoin Research?
What is Gridcoin Research (GRC)?
Gridcoin Research, or GRC, is an open source decentralized blockchain based cryptocurrency that relies on a mathematical algorithm. By far, GRC is the first ever blockchain protocol that offers a fully operating algorithm that fairly rewards and cryptographically validates solving of BOINC (Berkeley Open Infrastructure for Network Computing) work, which technically can be any form of distributed computational processes.
BOINC represents an open source computing grid setup and operated by volunteers. This computing grid combines all the computing power of all participating users in order to solve computational problems related to scientific and academic research. It makes use of processors’ and graphic cards; unused clock cycles in order to cure aids, cancer, malaria, ebola…etc; decipher enigma codes; map the milkyway galaxy…etc.
GRC is designed to incentivize those who volunteer their computing power to BOINC computation via the Distributed Proof of Research (DPOR) incentivizing mechanism, which represents a combination of Proof-of-stake (PoS) and Proof-of-BOINC (PoB)
Proof-of-work (PoW) consensus schemes are not utilized in Gridocin’s network, rendering Gridcoin a cryptocurrency which is way more efficient than any other present PoW cryptocurrency.
As such, GRC current price does not represent an overestimation of the real value of the coin. Instead, it means that the market is just beginning to realize the real value of GRC.
Chart from Poloniex