RE: Gridcoin [GRC] - State of the Union and Network Updates - July 29 2017

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RE: Gridcoin [GRC] - State of the Union and Network Updates - July 29 2017

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buzzbeergeek (73)in #gridcoin • 7 years ago

I just received some gridcoin. Could you link info on it for a complete newbie? How to use it most efficiently is my primary concern.

7 years ago in #gridcoin by buzzbeergeek (73)

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dutch (61) 7 years ago

How to use it? I assume you have a wallet set up, but if the GRC is in an exchange you can get the wallet from here. Once you have the Gridcoin in your wallet, it will:

Earn you 1.5% interest per annum (called POS - Proof of Stake)
Increase your likelihood to stake blocks onto the Gridcoin blockchain (called DPOR weight)

If you would like to get started mining too, the website above has a lot of information, and I am happy to answer any questions here as well. =)

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buzzbeergeek (73) 7 years ago

Well, fuzzy sent me some open.GRC in Open Ledger. Is it safe to send it to the wallet straight away?

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dutch (61) 7 years ago

Ah, great! Yes, so OPEN.GRC is an asset on the Open Ledger DEX that can be withdrawn as GRC. Withdrawal costs are very low for GRC too, which is great.

Have you got your wallet set up? If so, make sure you copy your wallet address instead of typing it. That way, you cannot accidentally withdraw to the incorrect address.

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