Proof-of-Research Genesis Block
Foundation Block Calculation Explained – Proof Of Research
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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 laymans 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 we retire Classic.
Coins left over after Mar 30 2015 will be audited, highly scrutinized, and used wisely by the foundation for advertising and dev bounties.