Boinc and Coin Mining HELP!!

[unknowngamerfreak]

Can someone please explain these things to me? I have tried to wrap my head around these things but cant so I am hoping someone can break it down for me please. Any information will help.

[rashdanml]

Based on a really quick google search:

 

Boinc is a distributed computing system; you run a program on your computer, and your unused hardware is borrowed to run calculations/simulations. Scientific simulations can take a lot of time, and by using distributed computing, complex problems can be solved fairly quickly. That's where individual uses come in.

 

Coin mining is basically a method for earning bitcoins, an online currency which can be used for anything. You set up a bitcoin wallet, and use your hardware to solve mathematical problems (you can look up details, there are some guides here as well as links to good explanations), for which you get rewarded with bitcoin. You can also join a pool of bitcoin miners (basically distributed computing, as above) to solve problems quicker, and earn a share of the bitcoin reward depending on how much of the problem you helped solve. In a simple case with 10 computers in a pool, where 1 computer did half the work, that user gets half the reward for solving the problem, and the rest get split up accordingly. - I might be wrong here, so feel free to correct me - As you solve more and more problems, the problems get harder to control the total amount of bitcoin being traded.

[Jay123]

Different coin mining pools have different reward schemes

Reward types

• Proportional - When a block is found, the reward is distributed among all workers proportionally to how many shares each of them has found.
• PPLNS - Pay Per Last N Shares. Similar to proportional, but instead of looking at the number of shares in the round, instead looks at the last N shares, regardless of round boundaries.
• PPS - Pay Per Share. Each submitted share is worth a certain amount of litecoins. It is risky for pool operators, hence the fee is highest.
• RBPPS - Round-Based Pay Per Share. Like PPS, but payouts are delayed till a block is found and confirmed by the network. If a found block gets orphaned, earnings relative to it are not paid.
• SMPPS - Shared Maximum Pay Per Share. Like PPS, but never pays more than the pool earns.
• RSMPPS - Recent Shared Maximum Pay Per Share. Like SMPPS, but aims to prioritize the most recent miners.

https://github.com/litecoin-project/litecoin/wiki/Comparison-of-mining-pools