zArchive~Gridcoin Classic

NeuralMiner edited this page Oct 18, 2018 · 1 revision

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Initial Announcement

Decision to Migrate the Blockchain

Gridcoin-Classic to Gridcoin-Research Conversion

The Gridcoin-Classic to Gridcoin-Research conversion began October 12th, 2014 and concluded April 26th, 2015, a 6 month window. The process involved destroying or "burning" coins to a designated Gridcoin-Classic address that can not have a private key generated for it.

Classic coins were converted to Research coins at a rate of 1:10, 1 Classic coin for 10 Research coins.

During conversion Gridcoin-Classic traded under the ticker GRCX. Gridcoin-Research replaced the original Classic ticker and is currently traded under the ticker GRC.

During the 6 month conversion window the Gridcoin-Classic continued in an end-lifetime mode with a fixed 10 coin reward for 5 months, followed by a 0.1 coin reward for the remainder of time. Coins generated on the Gridcoin-Classic block chain during this period could have been converted to Gridcoin-Research before the chain was retired April 2015.

As an added security measure against double spending, there were more confirmations required for large conversion transactions. Following is the Confirm Required Schedule by amount of Classic coins burned:

Classic Amount Confirms Required
0-100 10
101-500 50
501-1000 75
1001-5000 100
5001-10000 200
10000+ 300

Proof Of Research Foundation Block

When the Foundation block was created the CryptoBlox explorer was not in operation. The other block explorer available used a different method to extract the total coins created resulting in a group of blocks going uncounted. This resulted in the necessity for the extra steps in the calculation.

1. Classic Minted from GRCBX: @Block 192650 ( GRCBX=29,876,367 )

2. Classic Minted from Cryptoblox: @Block 188215 ( Cryptoblox = 31,575,238 )

3. CryptoBlox Block #s 188216-192650 = 4435 Blocks * 150GRC = 665,250 = 32,240,488

4. Difference between CryptoBlox and GRCBX = 2,364,121

5. Classic emitted between today and when subsidy decreases ( block 192650-199000 = 6350 ) Est 952,500 more subsidies before decrease

6. Estimated Subsidies for Classic between block 199000 and 285400 (when classic retires; betwen 10-20-2014 and 03-30-2015) = 86400blocks = 86400*10grc = 864,000

7. Foundation Block Calculation:

  • 31,575,238 ( Cryptoblox mint during upgrade:block 188215 ) + 665,250 ( Cryptoblox current ( 10-11-2014 ) ) = 32,240,488 TOTAL GRC as of Today
  • 32,240,488 ( Cryptoblox today ) + 952,500 ( Classic Emission schedule until 10-20-2014 ) = 33,192,988 Projected minted Coins on 10-20-2014
  • 33,192,988 ( Total projected Gridcoins as of 10-20-2014 when subsidy decreases to 10grc) + 864,000 ( Classic emissions during end of life span @ 10grc ) = 34,056,988

8. Foundation Block Final Grand Total: 34,056,988 * 10 ( New multiplier ) = 340,569,880 <---- This is the amount for the Proof Of Research Foundation Block

9. Proof Of Research Foundation Block: 340,569,880

In layman's terms, this is the amount that will be distributed to our 750-1250 distinct GRC holders/investors through the coin burning process.

All Gridcoins will eventually end up in the proof-of-research chain when once Classic is retired.

It is highly likely that some coins will not be burned/converted due to being lost or other reasons. Additionally, the foundation addresses will receive the interest on coins held during the burn process. There will be coins left over at the end of the process. The disposition of the coins left over after April 20, 2015 is still undecided, currently it is proposed that they be used wisely by the foundation for advertising and development bounties.

The following CCT threads are used for discussion of disposition of the coins:

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