As you have all heard a dozen times by now, we are working on updating the Gridcoin whitepaper.

A whitepaper is "a government or other authoritative report giving information or proposals on an issue."

With a little more flavor, a whitepaper is the guide behind the decisions made regarding the details of a proposal. The introduction to the bitcoin whitepaper, for example, describes the problem and how the proposal about to be described solves that problem.

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

The rest of the original crypto whitepaper goes on to describe in detail how a blockchain operates. At this point, that's something everyone here already knows -- it's amazing how time flies. After the bitcoin paper, crypto whitepapers essentially became documents which detailed the specific technical alterations a coin made to the blockchain security protocols. As blockchain security protocols have become more stable, the focus of whitepapers appears to be shifting toward the utility of a blockchain and its incentive structure.

This is Gridcoin's time to shine. We're not here to advance the blockchain protocols -- if a new better one comes out we can upgrade later -- we are here to...

And this is where we need your help! What are the things we must prioritize every time it comes to making a decision in the future?

The whitepaper is going to help define the direction of Gridcoin for years to come, so before we commit to any whitepaper, let's hear what we all think. We are not here to debate, that will come later. Let's try to keep this a positive thread that focuses on the possibilities we all see in Gridcoin.

I'll start.

Here is my condensed view as it relates directly to Gridcoin:

Gridcoin seeks to create a decentralized and sustainable distributed processing network which prioritizes both the utilization of existing Idle Processing Potential (IPP) and the creation of a free to host ecosystem for researchers and individuals with data to process.

To this end, Gridcoin has created an open source blockchain based digital asset (Ticker: GRC) secured by Proof of Stake, and which rewards those who volunteer their IPP to the grid computing network, BOINC. BOINC, The Berkeley Open Infrastructure for Network Computing, is an open-source distributed processing infrastructure which provides scientists and enthusiasts with a means to host and process data for the cost of a server (fractions of a penny when compared to the cost of renting processing power). Volunteers then offer their IPP to specific BOINC projects which help map the Milky Way, detect near earth asteroids, find prime numbers, fold proteins, test cures and vaccines, test chemical and molecular combinations, Search for Extraterrestrial Life (SETI), crack codes from WWII, and more.

Unlike our competitors, Gridcoin believes that the power to analyze the endless data of the universe belongs to everyone, not just those with the funds to purchase mass volumes of processing power. Gridcoin also believes that a network which encourages individuals and entities to volunteer their IPP presents a more efficient and sustainable option than a network which incentivizes the centralization of processing power.

For a more details into how I view Gridcoin in terms of the power of distributed processing, check out my article:

Distributed Data Processing - Freeing the Power of Information

Thank you for the time!

Edit Added for clarification:

IPP = Idle Processing Potential = All the spare processing power which exists in the world from idle PCs, phones, and the Internet of Things.