FoldingCoin - Mine for Medicine
What is Folding?
Folding uses your computer to simulate how proteins fold in your body. This is the Folding@home project developed by Stanford University https://folding.stanford.edu. Anyone's everyday laptop, PC, Mac, or GPU can produce meaningful research results, but the stronger your CPU or GPU, the more credits will be produced. Medical and scientific researchers use the simulated proteins to find new advances in medicines. Please watch this video https://www.youtube.com/watch?v=7sJx9z1uB9k.
Donors to Folding@home have always received a "feel good" high score on a web page. They are helping create medicines without doing anything other than running a program. But there were no tangible rewards.
Using Bitcoin 2.0 technology, we have created a "FoldingCoin" token (FLDC) http://foldingcoin.net that is distributed to you as a reward for folding. This is a new currency that can be transferred from person to person using the Bitcoin blockchain and the Counterparty protocol.
FoldingCoin is valuable because it represents time and resources you contributed to research new medicines. Since this is an asset with a value, it becomes tradable. We are currently listed on the https://masterxchange.com/market.php?currency=xcpfldc exchange and are actively working on becoming listed on more exchanges.
The FAH program and FLDC has made it incredibly easy for anyone to start right away. http://foldingcoin.net/index.php/step-step/
Distribution Methodology
Counterparty Asset with 1,000,000,000 FLDC created and locked.
500,000 FLDC distributed per day, 100% of the FLDC distributed everyday is divided amongst all folders combined daily credits.
July 14th, 2014 was the first distribution payment
Since July 20, 2014 distributions have used the Let's Talk Bitcoin! token distribution platform.
Since August 11, 2014 payouts have been daily distributions of 500,000 FLDC based on 24 hour folding snapshots. The automated PHP calculator is used to determine payouts, which are being sent by the LTB distributor. https://github.com/FoldingCoinNet/Calculator
We currently scrape the text file on the FAH website once daily and produce a "snapshot" of folders on our team that day. We then compare to the previous day's snapshot, compute that day's folding credits, and determine the FLDC payout amounts. This is done by having donors give their Counterparty wallet address as their FAH username. Their FLDC payouts go to this address.
Crowdsale
FoldingCoin is currently running a crowdsale that will consist of one million FLDC sold for 10 BTC. This values 0.00001 FLDC per BTC or 100,000 FLDC per BTC.
You must use a Counterparty address when sending funds to the crowdsale in order to receive your FLDC. To buy FLDC from the crowdsale, send the desired amount of BTC to this address:
1FrY7Y92CHraeVL8QHiYCZm63EQd4j2G8h
We will use the funds to help pay for transaction fees associated with sending FLDC, and to implement a new FoldingCoin Off-Chain Distribution System described later in this article.
The only expiration for this crowdsale is when all one million FLDC have been purchased. There is no deadline.
Any BTC sent before the 10 BTC goal is reached will have FLDC sent back to the sending address.
Any BTC sent after the goal of 10 BTC has been reached will be refunded to the address where the BTC came from.
To track the BTC sent to this wallet, check https://blockchain.info/address/1FrY...CZm63EQd4j2G8h and to track the remaining FLDC in the crowdsale, check http://blockscan.com/address.aspx?q=...CZm63EQd4j2G8h
What separates FLDC from other AltCoins
FoldingCoin is based on the Counterparty protocol https://counterpary.co. Counterparty has a web wallet https://counterwallet.co that stores all FLDC. This is secured by a 12 word password process making it virtually impossible for potential hackers to steal funds.
All FLDC transactions are transferred on the BTC blockchain rather than its own separate blockchain. Since FLDC is built on the BTC blockchain, it shares the following advantages of the Bitcoin network:
We automatically get security and GUI updates as the Bitcoin and Counterparty developers release them.
As Bitcoin and Counterparty developers innovate, we evolve with them. With FLDC you do not have to wait on our dev team to develop new apps like mobile wallets. When Counterparty creates them, FLDC is compatible automatically.
No mining is required by FLDC. All one billion tokens have already been created and are held in a distribution wallet http://blockscan.com/address.aspx?q=...9MUL8x8St8ZX9P . The advantages of not requiring mining are as follows:
No energy is wasted securing a blockchain, all resources are strictly for Folding@home work units.This allows our team to focus on the adoption, distribution, and economy of the coin, and not software development.
There is no exposure to a 51% attack unless it happens to the Bitcoin network itself.
Since ASICs took over mining, there are a lot of old miners with a lot of idle GPU and CPU hardware. FoldingCoin (FLDC) was developed as both a way to use that hardware productively, and also to provide a boost to the Stanford University Fodling@home (FAH) network.
People may not have contributed idle hardware to FAH if all they were getting was points on a leaderboard and a "feel good". But now that they can get a cryptocurrency token in exchange for their folding credits, FAH becomes attractive
FoldingCoin Off-Chain Distribution System
We plan on implementing a new off-chain distribution system in the near future. The web development team will be paid with funds received from the crowdsale. We have developed the following requirements for the new system:
Implement a secure account storage and password authentication system
Securely associate any Folding@home (FAH) folder username from any folding team on the Stanford network with a unique account identifier on the FoldingCoin system.
- The driver behind this requirement is that some of the prolific folders on Stanford's network would love to earn FLDC, but do not want to give up their credits earned on their own well-loved username, and they have camaraderie with their existing team. FoldingCoin requires you to join our team 226728 http://fah-web.stanford.edu/cgi-bin/...teamnum=226728 because currently for FLDC to verify your identity, your username must be a Counterparty address.
Take a "Snapshot" of the Folding@home credits and record the current credits of all registered folders.
- FAH produces publicly accessible updates of folding at http://fah-web.stanford.edu/daily_user_summary.txt.bz2
Calculate the total number of FAH folding credits folded by all registered folders in the FLDC earning period.
- This will determine how many FLDC to award per folding credit. A fixed amount of 500,000 FLDC are distributed per day.
Divide 500,000 by the total folding credits to determine "FLDC per folding credit".
For each folder, determine how many FLDC they earned in this FLDC earning period.
- Retrieve how many folding credits they had in the current FLDC earning period.
- Multiply by the previously computed "FLDC per folding credit".
- Record this FLDC award to the ledger.
- Move on to the next folder.
There need to be strong measures to secure the database and FLDC balances against attack
Integrate an instance of counterpartyd with FoldingCoin's system.
- This will be required to send the FLDC withdrawals to the folder's Counterparty wallet when the folder requests it.
Provide a GUI form to request FLDC withdrawal.
Implement a logging system for folding credits, FLDC awards, and FLDC withdrawals.
- Allow the folder to view all folding credits in a particular FLDC earning period, and the associated FLDC award amounts and date/time.
- Allow the folder to view all FLDC withdrawal amounts and date/time that were done, and what Counterparty wallet address they were sent to.
Official Website:
http://foldingcoin.net
