What is Florin (FLO)?
Future of FLO Cryptocurrency and know how to buy FLO

#1: What is Florin?

FLO: The Basics

Florin is a decentralised, peer-to-peer, secure and tradeable cryptocurrency, using the blockchain technology. Unlike most other altcoins, which are merely rehashes of more popular coins such as BTC or ETH, Florin aims to use the blockchain technology for a varied set of applications, such as messaging services and data-storage and transfer services, apart from just cryptocurrency.

FLO Development

  1. Florin was launched on 17th July 2013. It was launched by the developer Skyangel on the bitcointalk.org forums.
  2. The reason for developing the Florin coin was to expand the applications of the blockchain tech beyond facilitating transactions using cryptocurrencies.
  3. There was no ICO or premining done for FLO.

 

#2: What are the benefits of Florin?

FLO Technology

  1. Florin coin is a fork from Litecoin. Thus, it inherits the use of the Proof of Work mechanism and Scrypt hashing algorithm from the LTC code base. However, key changes have been made to the code to allow for features which include:
    - Running Decentralized Applications (DApps) on the Florin blockchain,
    - A shorter block time,
    - A large amount of maximum possible FLO coins,
    - A quicker difficulty adjustment algorithm, and
    - Longer block reward-halving time.
  2. The Proof of Work (PoW) consensus mechanism is a popular approach used by many cryptocurrencies, including BTC, for their blockchain implementations. In PoW, a miner must compute hashes using computational power and time with complex mathematical algorithms in order to solve a problem. If a miner manages to solve the mathematical problem, it has successfully mined a block in the blockchain and receives a block reward. For larger coins such as BTC, the difficulty has risen to the point where it is practically impossible for a solo miner to successfully mine a block.
  3. One of the first innovative additions of Florin to the blockchain technology was the ability to attach a message to a coin transaction and publish it along with the transaction to the blockchain. The message, called a transaction comment, could be anything with a limit of up to 528 characters. This meant that transaction comments could act as decentralised, immutable, and permanent descriptive records of coin transactions in the FLO blockchain, safe from tampering and visible to all in the blockchain.
  4. SegWit is a proposed soft-fork for BTC which has already been implemented in FLO. SegWit is short for Segregated Witness, which allows for protection against transaction malleability and also fixes issues with network scaling as the number of miners grow. SegWit does this by increasing the block size limit, which in turn increases the network capacity and its ability to support miners as well as secondary applications such as DApps or smart contracts on top of the blockchain.
  5. The Open Index Protocol was developed on the FLO blockchain to specify a decentralised, peer-to-peer, trustless, and secure publishing, distribution, and payment for any digital content, implement with the help of blockchain technology. This form of distributed file indexing, storage, and distribution is revolutionary in the world of the blockchain, and protects content from tampering and censorship.
  6. Florin improves upon the code it is based from to allow a very fast block generation rate of 40 seconds. This means new blocks take far less time to authenticate transactions compared to other cryptocurrencies. It also means FLO mining is much faster than traditional blockchain implementations.
  7. A fast and efficient difficulty adjustment algorithm (which adjusts the difficulty of the network after each block) promotes fairness in the network by not allowing miners with high-end rigs or Application Specific Integrated Circuit (ASIC) setups to rule over a large portion of the network, unlike BTC or LTC.
  8. The block reward is 100 FLO, which halves every 800,000 blocks. This happens once every year or so. The maximum cap of FLO is much higher than that of BTC at 160 million. The current circulating supply is around 137 million.

Key Features

  1. Transaction metadata storage - The Florin blockchain supports a transaction comment to be attached with any coin transaction on the network. This allows a secure and tamper-proof descriptive record to be saved along with any transaction. It also opens up new ways of utilising this feature to expand the applications of blockchain, such as Flotorizer[1]. Flotorizer which uses the comment field to notarize any file on the FLO blockchain.
  2. Blockchain-based content distribution - Alexandria[2] is a peer-to-peer, decentralised, and open source library on the FLO blockchain. It acts as an aggregator of magnet links to content of any type - from audio, video, and ebooks, to podcasts, recipes, and even things like 3D printing templates. This allows content creators to distribute their media on their own terms, free from censorship, with a permanent record in the blockchain.
  3. Support for coloured coins - Coloured coins are FLO coins with specific characteristics that are used to represent value, such as a deed, an asset, or even fiat or other cryptocurrencies. They can be used to exchange said value between users in a decentralized, peer-to-peer, tamper-proof, and permanent way through the FLO blockchain. This means that sale of an asset would only involve the transfer of the coloured coins representative of that value, along with the transaction comment, from the seller to the buyer, resulting in an efficient and secure way of transferring assets.
  4. Support for a vast array of Decentralized Applications (DApps) - The improvement of the FLO blockchain over LTC or BTC means that it supports extended applications of blockchain technology, such as DApps, which can run on the Flo blockchain in a decentralised, and highly secure manner. A number of DApps have already been developed, such as TokenFM[3]. TokenFM is a music distribution service that allows artists to transform their songs into tokens and set the exact pricing and quantity for the release of the tokens. Another is SharedSecret[4], an app that encrypts a chosen message which is then published on the FLO blockchain, producing multiple keys that must be combined in order to decrypt the encoded message.
  5. Support for Blocknet - Florin supports Blocknet, a revolutionary new protocol which will allow seamless, peer-to-peer, and highly secure transfer of data and/or between individual, separate blockchain networks while being completely decentralised and trustless. This protocol will allow the FLO blockchain to support a new generation of cross-blockchain decentralised applications, smart contracts, and efficient use of the vast network of blockchains and hashing power available.
  6. Improved blockchain technology - Florin’s block time is much faster than those of most other altcoins, with only 40 seconds between blocks. The difficulty is adjusted every block, to prevent miners with high-end rigs from controlling too much of the network. The block reward is also halved only once a year, allowing faster distribution of all FLO coins and features like a secure and decentralised messaging system, and a storage/backup database (called Alexandria) which the developers plan to use to power decentralised applications of the future.

 

#3: How to Buy & store Florin?

How to buy Florin

  1. Florin can be bought and traded at various exchanges such as Bittrex, Poloniex, and Nova Exchange, with Bittrex being the largest by volume.
  2. Florin can also be mined using CPU or GPU based mining software, or with ASICs. A list of mining pools can be found on the official website[5].
  3. Flo can also be earned by being a contributor on the official forum[6], or in exchange for goods delivered or services offered.

FLO Wallet

  1. The official wallet for FLO, with support for multiple desktop platforms, can be downloaded from their website[7].
  2. Since Florin is based off of the LTC code base, any wallet that supports LTC will also most likely support FLO, with Litevault[8] being an innovative, trustless browser-based wallet with that removes the power held by the owners of other online wallet services by using client-side cryptography to store coins, private keys, etc.

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the FLO cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for FLO on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate FLO wallet from the exchange to store your FLO cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of Florin?

Also Read: Complete Analysis of Florin | Live Florin (FLO) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.045075

0.046945

0.043983

0.04497

27782

6520720

Dec 01, 2017

0.097594

0.103295

0.091445

0.100167

399499

13682700

Jul 01, 2017

0.083347

0.096273

0.069947

0.071674

439651

11260900

Dec 01, 2016

0.003415

0.003426

0.003262

0.003265

734

424074

Jun 01, 2016

0.001138

0.001423

0.001134

0.00131

191

140886

Dec 01, 2015

0.000821

0.00084

0.000738

0.000754

851

83391

Jun 01, 2015

0.001856

0.001889

0.00163

0.001633

244

156172

Dec 01, 2014

0.000236

0.000246

0.000235

0.000236

19

19272

Jun 01, 2014

0.001093

0.001123

0.00091

0.000913

430

51321

Dec 01, 2013

0.041018

0.048815

0.016653

0.02067

-

1232140

  1. Despite remaining relatively under the radar for a while, the continuous and innovative development of Florin over the years signals stability and a dedicated development team.
  2. FLO has had a relatively average run, but support for more advanced applications of blockchain technology, such as DApps, could see more people adopting FLO in the future, raising prices.

 

#5: How is Florin different from other cryptos?

  1. Extensive array of inbuilt features - Many advanced features such as a secure, decentralised, peer-to-peer messaging system via the transaction comment functionality, a crowdsourced media aggregator database (Alexandria), a trustless content publishing and payment protocol (Open Index Protocol), and many other such applications of the FLO blockchain, set it apart from similar altcoins
  2. Support for DApps - The support for DApps is unlike most other altcoins, allowing decentralised, peer-to-peer, and secure apps to run on top of the blockchain network.
  3. Active and Dedicated development team - The development team of FLO has been active throughout the years, introducing regular updates to the Florin blockchain technology, bringing new and improved functionality to the network.
  4. Fast and efficient network - The new and improved technology of the FLO blockchain has resulted in a block time of 40 seconds, significantly faster than even BTC, allowing for much faster transaction times, and transaction confirmation. The long interval between halving of block rewards and higher cap of FLO coins also means more incentive for people to keep mining thus improving the security of the network, which is also enhanced by the integration of SegWit into the blockchain.

 

#6: Should you invest in Florin?

  1. The improved technological infrastructure of the FLO coin from LTC and BTC lend it an advantage over other altcoins, increasing probabilities of being adopted by more people.
  2. The support for advanced implementations of blockchain technology such as DApps and smart contracts provide a strong case for adoption by more users in the future.
  3. While investing in any cryptocurrency is subject to their inherent volatile nature, the frequent development and innovative technology of Florin make it worth a deeper look into for investing.
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