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FoldingCoin (OP)
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July 09, 2014, 01:31:16 AM
Last edit: September 28, 2014, 01:02:38 AM by FoldingCoin |
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*THIS IS THE OLD ORIGINAL FORUM, IT HAS NOT BEEN UPDATED. NEW FORUM FOUND HERE https://bitcointalk.org/index.php?topic=781352.0 If your like my team then you invested a ton of money into GPUs and CPUs for Bitcoin mining early on before the ASICs dominated the market. If your also like us then you have switched to doing Altcoin mining since last April and now with the Scrypt ASICs this year you find your self in the same situation where you cant turn a profit. Well we have the next generation of mining for us all - FLDC or FoldingCoin HOW DOES IT WORK? Instead of mining a coin directly, simply point your GPUs at the Folding@Home network developed by Stanford university by downloading their FAH client. What this program does is uses your computers resources to help fold proteins for scientific research. No configuration like CGminer or anything else is needed. This program is very well put together and straight out of the box. HOW DO YOU GET COINS THEN? The way Stanford has this setup is you create a user name and you choose a team that you would like to fold with. You are then given credits for the work you do. Now these credits do not mean anything for the folders at Folding@Home rather they are for bragging rights as you can see a list of all credits awarded on their stats page and you can see where you stand. Well with the counterparty Bitcoin 2.0 project that has recently been released you are able to build new coins on top of the Bitcoin network that already exists. The benifits of this is unlike altcoins that are subject to attacks and difficulty fluctuating all the time, your coin that you create on counterparty is actually secured by the Bitcoin network itself. To see one of these working coins just head over to Let's Talk Bitcoin! as they already have their own coin working using the counterparty protocol. What FoldingCoin.net will do is create a coin using the counterparty protocol and distribute them weekly to every participant in the FoldingCoin Team. 3.5 million coins will be divided equally amongst all participates according to how many credits they have contributed that week to the folding network. For example: if 17,600,000 credits have been folded on the network then the equation will be: 3,500,000 FoldingCoins / 17,600,000 credits = 0.199 FoldingCoins per credit earned. So if someone had 100,000 credits then they would receive 19,900 FoldingCoins. FoldingCoins are traded as FLDC on the CounterParty network, please click on The Coin in the menu bar for more information http://www.foldingcoin.net |
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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badon420
Full Member
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Activity: 159
Merit: 100
abaddon
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July 09, 2014, 01:59:30 AM |
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I will be very much so mine
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billotronic
Legendary
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Activity: 1610
Merit: 1000
Crackpot Idealist
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July 09, 2014, 02:09:22 AM |
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Kooness
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July 09, 2014, 03:11:18 AM |
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Yes, there are too many similar coins. |
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kqpahv
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July 09, 2014, 04:37:54 AM |
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Figure out a way how not to premine 100% of the folding coins and I am in. Developers having all the coins and then distributing them is stupid and low tech.
Thats what killed Curecoin and it wont be any different here.
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yang5034
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July 09, 2014, 06:03:03 AM |
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gpu efficiency is very low
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mafia
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July 09, 2014, 02:22:10 PM |
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Is cure coin dead? Damn!
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FoldingCoin (OP)
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July 12, 2014, 04:01:24 AM |
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The difference between this coin and CureCoin is that CurCoin requires ASIC miners to mine their coin to help keep the integrity of their coin. The problem with this is that it is still possible to attack the coin if you move more miners over to this coin. As for FoldingCoin is built on the http://www.counterparty.co protocol which is built on top off the Bitcoin network and is secured by Bitcoin miners. And in response to the premine, i understand that premine is bad. The only way to make this coin possible to help the Folding Network is by premining though as you are not mining a coin directly. Their are 2 reasons why you should trust the coin though: 1. I am actively trying to get Stanford to control the coin directly therefore it is an established organization you can trust 2. ASIC have destroyed GPU mining and their are no other options |
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Aboy68
Member
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Activity: 96
Merit: 10
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July 17, 2014, 05:08:31 AM |
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The difference between this coin and CureCoin is that CurCoin requires ASIC miners to mine their coin to help keep the integrity of their coin. The problem with this is that it is still possible to attack the coin if you move more miners over to this coin. As for FoldingCoin is built on the http://www.counterparty.co protocol which is built on top off the Bitcoin network and is secured by Bitcoin miners. And in response to the premine, i understand that premine is bad. The only way to make this coin possible to help the Folding Network is by premining though as you are not mining a coin directly. Their are 2 reasons why you should trust the coin though: 1. I am actively trying to get Stanford to control the coin directly therefore it is an established organization you can trust 2. ASIC have destroyed GPU mining and their are no other options Hi How does you development plan looks like for FoldingCoin? What's your plans for making this coin worth buying? //Aboy68 |
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SalimNagamato
Legendary
Offline
Activity: 924
Merit: 1000
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July 17, 2014, 05:43:36 AM |
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if you can make it more smart
that somehow new coins will be generated every week automatically (without premine)
and will be distributed safely among all folders
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not hashing, folding and curing (check FLDC merged-folding! reuse good GPUs) |
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Aboy68
Member
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Activity: 96
Merit: 10
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July 18, 2014, 11:04:51 AM |
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if you can make it more smart
that somehow new coins will be generated every week automatically (without premine)
and will be distributed safely among all folders
Do you have any ide? I think it's almost impossible now when you only do folding, we don't need any mining on a block-chain to secure the net. If every transaction is reported in a excel file, the community can trace back and check if the developers are doing "wrong" things with the coins. Weekly payments to folders etc.... And if the coins are stored in a "secure" way so no one will ever hack the wallet. Then I'm happy with the handle of the coins. //Aboy68 |
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FoldingCoin (OP)
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July 21, 2014, 09:46:42 PM
Last edit: July 21, 2014, 10:02:15 PM by FoldingCoin |
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We now have 3 developers and we are making great strides in this first month. Adam from LTB just got me introduced to a great distribution system of theirs and it works perfectly. how we will distribute is we add all the credits up that week from the whole team and whatever percentage you have, times that by 3.5 million and thats how many coins you will receive. I just got the most updated Excel Spreadsheet and we will be posting it online soon. I am currently going through and making sure that everyone has received the right amount of tokens each week thus far.
Since the various sites that track Folding are not always up to date and it seems like the numbers can change, what we will start doing is taking the difference (of your total credits) from the previous payout to the current overall credits you have. This ensures that no credits will be lost due to websites lagging on updating information. Because even if some of your credits are not registered by the time we do payouts, then you will simply get them on the next payout. Now that we are in the top 2000 (655) we have access to a great quick stats page only offered to the top 2000 teams. This will make everything go much smoother in the future.
More will come throughout this week and it has been great gaining 2 more developers as i still have a fulltime job. We are trying to implement this as the currency of Meetup.com groups and i will be speaking at my meetup this upcoming weekend and supplying our organizer with 50k FLDC. We are all working on this project with all our free time and would love as much additional input/development skills on this project. Please keep all the feedback coming (negative or positive)
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tiger5056
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July 22, 2014, 03:13:41 PM |
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how long it takes to shows address on stat page?
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Aboy68
Member
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Activity: 96
Merit: 10
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July 22, 2014, 06:54:47 PM |
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how long it takes to shows address on stat page?
You need to send a complete working unit back to standford first, then later you show up on the stat pages. A wu can take hours or days .... you have to check that in you GUI of your folding software. //Aboy68 |
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Aboy68
Member
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Activity: 96
Merit: 10
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July 24, 2014, 10:06:38 PM |
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tiger5056
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July 26, 2014, 07:20:55 PM |
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if you tired of scam right now, this is better one to get in to. no ASIC right now and use GPU for something better use.
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Nitmeare
Newbie
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Activity: 8
Merit: 0
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July 31, 2014, 08:31:27 PM |
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I will support this project, better using GPU for supporting science than let it be idle all the time.
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FoldingCoin (OP)
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August 02, 2014, 06:08:30 PM |
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Thank you all for your support  we now have a code developed that will pay the coins out daily and we will start that this Sunday. Also it is a great thing to not let your GPUs sit idle but rather help support science and with our development coming along, this coins should hopefully be on exchanges soon |
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