What is FoldingCoin (FLDC)?
Future of FLDC Cryptocurrency and know how to buy FLDC

#1 – FoldingCoin – The Basics

There is extensive research underway pertaining to find answers as to why the proteins fail to fold in a proper arrangement in some bodies. This research is aimed at deriving a medicinal solution to correct the process of simulated protein folding. The Stanford University provides the researchers with the data required to further their analysis of the misfold issues. For this purpose, the university established an organization entitled FoldingHome (FAH) that combines the use of cryptocurrency and technology to aid the research work.

What is FoldingCoin?

  1. FoldingCoin works as the token coin for Stanford University’s cryptocurrency platform Folding@Home. The project is aimed to enable users from across the globe to make computational contributions to run Stanford’s medical research department. The platform compensates the contributors in terms of its crypto coin, FLDC.
  2. The cryptocurrency has been formed under the Indiana Nonprofit Corporation Act 1991. It is awarded to the affiliated participants that participate in and contribute to the Folding@Home network.

FoldingCoin Development

  1. The Folding@Home (FAH) project began in October 2000. It works to create computational algorithms in order to create a way for the folding of a body’s protein molecules. This will present a treatment for diseases like cancer and Alzheimer’s. The data created at FAH is forwarded to Stanford’s researchers to find a solution for the protein folding process.
  2. FoldingCoin was initiated by a group of miners that wanted to utilize their mining skills and hardware for productive purposes. The group then created FoldingCoin in 2014 as a Proof of Fold concept for verifying computational power.

 

#2 – What are the benefits of FoldingCoin?

FoldingCoin Technology

  1. FoldingCoin runs the PHP code on its commercial hosting provider to keep track of the FLDC coins awarded to the users. The code awards 2500,000 FLDC coins in a day in proportion to the FAH credits earned by a user in a period of 24 hours.
  2. FLDC also uses LetsTalkBitcoin! (LTB) to build a crypto space for its user community. LTB has authorized the FoldingCoin platform to use its automated distributor facility to improve upon its transactional reward processes.
  3. The project also uses LTB’s Token Controlled Access (TCA) platform to provide a communication platform to its participants. TCA creates private forums that allow the users to hold conversations that are accessible to only those who have FLDC funds.
  4. FoldingCoin is developed on the Counterparty protocol. It is a component of the Bitcoin 2.0 blockchain that enables the developers to make their own assets on the network. It also creates tokens inside the Bitcoin blockchain. The counterparty protocol offered easy asset creation and allowed the platform to work on the proof of concept mechanism early on.
  5. Once the project began to grow, the platform switched from the proof of concept protocol. It now uses Proof of Fold algorithm to verify the computational contributions made by the miners.

Features

  1. Common Hardware: Unlike the expensive hardware required for mining on latest crypto platforms, FoldingCoin allows mining with AMD/ATI/Nvidia GPUs. Therefore, it is easy to mine this coin with minimal hardware requirements.
  2. Counterparty:  The protocol provides a strong system of security for the FoldingCoin platform. It allows the platform to lock the issuance of assets, barring even the owner of the assets from bringing the token into the market. Furthermore, it eliminates the risk of 51% attacks.
  3. Ease of Setup: FAH presents a download-and-go program to launch itself. It runs in the background with simple settings and is, therefore, easy to set up and use.
  4. Large User Base: FAH is the world’s largest distributed computing platform, after Bitcoin. It uses almost 50 PetaFLOPS of power, making it a large community of users. The presence of a large number of users on the platform also facilitates the spread of awareness regarding its reward system.
  5. Non-Profit: FAH’s goal is to contribute to medical research and it works for no profit of its own. The primary purpose is to facilitate the development of a treatment for the problem of simulated protein folding.

Value Proposition

  1. Miners can receive many coins from a single platform with the help of FoldingCoin. FLDC is Merged Folding’s flagship token that is provided to all the participants. It is rewarded irrespective of the performance of other coins of the platform. This way, miners can earn more than one coin and exchange or store them.
  2. Folding@Home works with FLOPS instead of hashes. It does not heat the system and does not require a cooling system. Concurrently, it saves power and time as well. Therefore, FLDC reduces mining costs and hold value for miners.
  3. The Merged Folding platform enables the start-up developers to use its blockchain network on work on building their coins. It, therefore, makes the development process easier by removing the need to create and maintain a separate blockchain network.
  4. By combining FLDC to FAH, the project wishes to attract gamers, legacy miners, and computer enthusiasts as well. They can contribute their hardware in exchange for cryptocurrency.

 

#3 – How to buy and store FLDC?

FoldingCoin’s cryptocurrency FLDC is available for purchase on exchanges like Poloniex, Bittrex, Counterparty, UpBit and Huobi.

  1. CoinSwitch, as the largest cryptocurrency conversion platform, offers you the ability to exchange your cryptos for FLDC. You have the option to go through over 45,000 pairs of crypto exchange to choose your preferred one.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your FoldingCoin cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Storage

  1. FoldingCoin’s own wallet is a reliable means of storage for FLDC coins. Users can download the wallet from its official website.
  2. Furthermore, FLDC in an ERC20 compliant coin. One of the most suitable options for storing FLDC coins, therefore, is the myEtherWallet. You have to first visit the website and create an account, if you don't already have one. Download the keystore file and back it up at a safe location. You will then receive a private key to your wallet. Get a printout of this key for safety purposes.
  3. Another good means of storage is hardware wallets. It also eliminates the fear of online hacking and security loopholes. Ledger and Trezor are some convenient options to store FLDC coins. Both are available at Amazon.

 

#4 – What is the future of FoldingCoin?

  1. The team has created no roadmap for the project’s future development. The whitepaper also contains no information about the future plans. This may be understandably worrying for investors.
  2. The coin has witnessed a steep learning curve ever since its sudden price rise in January 2018. Analysts at WalletInvestor have predicted FLDC’s price to rise by +745.22% five years from now.

Also Read: Complete Analysis of FoldingCoin | Live FoldingCoin (FLDC) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

0.007947

0.008015

0.007203

0.007679

12,974

4,811,630

June 01, 2018

0.012389

0.012776

0.011934

0.012408

17,130

7,367,150

May 01, 2018

0.021374

0.022944

0.020283

0.022768

128,449

12,522,900

Mar 01, 2018

0.024299

0.026454

0.023898

0.025483

82,248

13,960,200

Dec 01, 2017

0.012828

0.014123

0.012215

0.013670

93,230

6,730,410

Aug 01, 2017

0.013488

0.015282

0.012714

0.014223

155,434

6,941,570

 

#5 – How is FoldingCoin different from other cryptos?

The purpose that FoldingCoin is built to achieve is unique in itself. There are a few other characteristics that distinguish the project from other cryptocurrency platforms.

  1. FoldingCoin can incorporate multiple coins. It calculates the credits for each user on the basis of the computational contributions made by them. In return, it can include multiple coins in its open-sourced distribution calculator.
  2. Folding@Home is a not-for-profit project that is available as an open-source for developers around the world to contribute their knowledge. Participation on the platform is completely free.
  3. It provides the users with the opportunity to contribute to the field of medical research via lending their computing power in exchange for cryptocurrency rewards that can be turned into fiat.
  4. A distinctive quality about the platform is its development team. According to the FoldingCoin whitepaper, FAH is a standalone project. This means the developers focus all their time on the development and maintenance of the platform. This focused operational setup gives it an edge over its competitors.

 

#6 – Should you invest in FoldingCoin?

  1. FoldingCoin is essentially aimed for individuals with computational know-how. It requires contributions in the form of algorithms for medical research. It may not be interesting for the ordinary investors without any prior experience in computing.
  2. A lack of a clear roadmap and other relevant information in the whitepaper may also be red flags.
  3. The FoldingCoin project has, however, grown a large user base over the four years of its foundation. It is, thus, a good investment for those who wish to lend their technical knowledge to make a change in the field of medicine.
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