Basel Bitcoin Meetup: Distributed computing on the Block Chain

Bitcoin's Proof of Work is consuming vast amounts of computing power and electricity, approximately 200 MW. To use the energy of half a nuclear plant for a single task is wasteful. Wouldn't it be useful to use an algorithm that can prove any type of computational process and at the same time confirm transactions? Sebastian will introduce Gridcoin, a system proving BOINC distributed computing work on the Block Chain. Discussion will focus on security, application towards different computing tasks…