Miranda Mowbray (HP) said that the "grid" means that its a type of parallel and distrubted system that enables sharing, selection and aggregation of resources distributed across multiple administrative domains.. (Rajikuma Buyya).
It is not (just) peer-to-peer, distributed or clustered computing, she says. To give examples she talks about the Oxford University cancer drug distributed computing (achieving over 190,000 CPU power years); other stories are grid storage for mammograms in the US and the UK.
In the virtual communities sense some examples are crisis management team, the access grid teleconferencing system, IBM's Butterfly net (for multiplayer online video games) and others. The other way around the Grid requires communities to develop its R&D but also support and training.
About the future of the grid she predicts:
- inerter company collaborative use
- wide public non commercial use (by virtual communities for example)
And even much later:
- general commercial trading of resources, for example receiving financial compensation for the use of resources that anyone can buy and sell.
The consequences could mean the commoditization of standard resources (storage space, processing power) and current vendors lose advantages of brand, bundling, lock-in, distibution and marketing. Consider also arbitrage opportunities for communities and community applications which will bloom.
This happened at 11:17:35 AM or

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