Author: Norah Amboko

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FoldingCoin

What is FoldingCoin?

Blockchain technology has been described as the ultimate method with the potential to spur growth in every sector of the globe.

When Bitcoin was unveiled, its applications were largely directed at facilitating peer2peer payments across the globe.

Now, newer blockchains are targeted at other areas to extend the blockchain’s use. One such cryptocurrency network is the FoldingCoin.

FoldingCoin is a cryptocurrency designed to help with medical research

FoldingCoin is a cryptocurrency and a blockchain based reward system implemented as part of Stanford University Folding@Home. The project allows remote users to contribute their unused computing power to run computations for Stanford research about protein folding and its use in combating degenerative diseases.

This project has provided a new view on cryptocurrencies by demonstrating that they can be used for a noble cause.

Since inception, many administrations had developed a negative perception about cryptocurrencies with some such as China resulting in extreme measures like banning their trading. FoldingCoin is out to change this perception.

  • FoldingCoin performance in the market

In the markets, the performance of the native coin, FoldingCoin, has been impressive. It started in mid-2014 at $0.0004 before climbing by 800% to $0.0039 a week later. Then, the price dropped to $0.00016 early in November 2014 and traded below $0.002 until April 2017.

Starting from May 2017, the price rose steadily to hit a peak of $0.03. This was a huge growth of about 7400% from the starting price in 2014. But the growth did not last. It dropped in the subsequent months to reach a low of $0.008 early in November.

The biggest price growth was recorded in December 2017 and January 2018. On January 7th, 2018, the price shot to the highest point of $0.1. This was a growth of about 24,900% from the starting point and the highest in the FoldingCoin’s history.

After the good performance reported in early January, the price took a downward turn and stabilized around $0.002 in the third quarter of 2018. The community is very optimistic that the price will finally take an upward turn because of its association with a reputable institution.

What is the problem that FoldingCoin Solves?

As the blockchain industry continues growing, new platforms that support different sectors have started joining the market.

The new platforms are designed to help address the issues identified in the previous blockchains and specific issues in the society. Here are some of the problems that FoldingCoin solves.

  • Poor adoption of blockchain technology in non-financial sectors

From afar, the blockchain industry might appear to be flourishing. This is the perception that many people have especially when they hear of a large number of digital coins that are in excess of 1600 in the market.

However, a closer look at the blockchain niche reflects a different picture. The industry has slowed down as uncertainty sets in.

The uptake has slowed down as people become more analytical about crypto networks. The recent attacks and losses on blockchain niches have especially made people to rethink their commitment to joining the industry.

FoldingCoin targets to redefine this analogy and attract more people to join the niche. It targets to demonstrate that the blockchain can be used effectively in the healthy sector.

  • The complexity involved in owning digital currencies

The process of owning digital coins is very complex. If you prefer a specific coin, the method of getting the token to the digital wallet is very complex. One of the means of acquiring digital coins is through mining.

Mining is complicated because of the technical requirements for expensive equipment and associated cost of energy. The other method of owning digital coins is buying through digital exchanges. These are trading platforms that operate like forex exchanges but deal with digital coins.

To buy coins from the exchanges, you are required to join the exchanges, open a trading account, and verify with personal details. The biggest issue with the exchanges is that they are very risky. Every attack and significant losses in the blockchain niche is likely to have taken place in the exchanges.

Recently in January 2018, Coincheck was attacked and over $520 million worth of altcoins lost. Other trading platforms that have suffered losses from attacks in the past include Youbit, Poloniex, and Mt. Gox.

  • The negative image of cryptocurrencies in the society

Cryptocurrencies received very negative publicity starting from 2009 when Satoshi Nakamoto launched Bitcoin. The administrations feel that cryptocurrencies are out to usurp their powers and render governance impossible.

From the United States to Russia, the administrations have expressed their reservations about digital coins. In the EU, the EU Commission has indicated that cryptocurrencies raise the risk of total loss, are highly volatile, and lack consumer protection.

In China, the administration has been very harsh towards cryptocurrencies. In the third quarter of 2017, the country blocked ICOs by indicating that most of them are scams. Now, it is blocking exchanges including the international exchanges from accessing the local market.

How does FoldingCoin solve the problem?

When FoldingCoin platform was created, the Stanford University wanted to demonstrate that blockchain can become a solution to many issues facing the society, especially in the blockchain niche. Here is a demonstration of how FoldingCoin addresses the problems.

  • Easy onboarding

To make joining and using the blockchain technology easy and direct, the FoldingCoin project has an easy onboarding process. To become part of the project, you only need to visit the FoldingCoin site and download the application.

Once installed on your computer, the application guides you to the setup. This implies that even if you are not a computing expert, the setup is easy and direct. Therefore, if you have some extra computing power, consider lending it to Stanford for medical research for pay.

  • The direct motivation of the involved community

Every time that people think about the process of joining the blockchain community, they are interested in knowing about the returns. Many want to know the coins they will be rewarded with and the expected growth in the market over time.

The Stanford FoldingCoin project allows users to benefit from the project in two ways. One, they can lend their computing power for a reward. The computing power helps to process research of diseases such as Parkinson and cancer.

Users can also trade the coins they get for being part of the FoldingCoin. This involves trading the coins for a profit. You can pair them with other coins in the market such as XRP and Bitcoin and trade in the forex markets.

  • The connection to a noble medical course

The main goal of FoldingCoin is not to make people rich overnight. Rather, it targets to link them to a noble medical course. Many people especially those who have seen older people suffer from diseases like Alzheimer easily come onboard to support the development.

Indeed, people who join the network cannot make much by owning the coins. Rather, the platform has opened the doors for more people to become part of the research system that will help to make the society a better place for all.

What makes FoldingCoin better than it’s competitors?

By 2018, the number of cryptocurrencies that had entered the market was more than 1600. Because most of them target the same niche, the competition has become very stiff. Here are some of the things that make FoldingCoin better than its competitors:

  • FoldingCoin is targeted at a very noble cause: Even though some people have had their reservations for joining cryptocurrencies, FoldingCoin has become a special attraction because it is associated with a noble cause. From people who understand the degenerative conditions to learners and the entire medical community, no one wants to be left behind.
  • It is a very easy to use platform for all people: Unlike other platforms that require users to follow complicated setups, FoldingCoin is as simple as downloading and installing in home computers. This makes it easy for any person with a computer connected to the internet to have an opportunity to become part of the FoldingCoin system.
  • The FoldingCoin has been in the market for long enough, and its systems are considered stable: One of the main indicators that people use to gauge the effectiveness of a cryptocurrency platform is the length of time it has been in operation. The FoldingCoin is considered stable because it has been in operation since 2014. This implies that most of its features have been tested and proven to work.
  • It is associated with a reputable institution: The fact that FoldingCoin is associated with a reputable institution, Stanford University, has helped to give it some legitimacy. This means that people joining the platform are sure it is not a scam.

How can FoldingCoin be categorized?

FoldingCoin is a unique blockchain platform targeted at helping to redefine and take the crypto niche top all sectors of the community. The simple and easy to use design has helped more people to easily join and enjoy the benefits of the fast-growing blockchain industry.

People have developed extra confidence in the FoldingCoin platform because of its association with a reputable university and commitment to a noble cause. These considerations have made the community to believe that its value could ultimately grow and surpass even the top coins in the market today.

What is FoldingCoin’s vision on Security?

The FoldingCoin’s vision of security is providing people with an opportunity to own the native coin and participate in the medical research securely. The FoldingCoin development team targets to achieve this through complete decentralization, advanced encryption, and regular updates to close vulnerabilities.

Examples of FoldingCoin’s use cases/ applications.

FoldingCoin platform was created with the primary focus being to support medical research at Stanford University. However, its applications have grown over time and can be used in the following cases:

  • Use FoldingCoin to trade in the markets: Like other digital assets, FoldingCoin can be traded in the markets. This implies that you can pair it with others such as XRP and Loopring and trade for a profit. Remember that such trading requires a comprehensive understanding of the markets to make the right moves.
  • Use FoldingCoin as a platform for saving funds: If you have some funds to save, FoldingCoin is a good option as opposed to simply stacking in a bank. As a decentralized platform, it implies that there is no single point of failure and people who buy the coins can relax without worrying of third-party seizures. You could even enjoy some ROI (return on investment) when the value of the coin goes up.
  • A coin for paying products and services: Individuals and traders are now starting to accept digital coins such as FoldingCoin because they are considered more effective in facilitating payments. As a decentralized system, it implies that people in the FoldingCoin platform can send value for payment fast and at a lower rate than if they use the standard financial services.

You only need to identify the platform that supports FoldingCoin for its payment. Note that even if only a different coin is supported, you can still purchase by converting the FoldingCoin to the supported token.

  • A good way to support medical research: The primary target of FoldingCoin is contributing to medical research. Therefore, many people join the platform to become part of Stanford University’s medical research group. It is a unique way to make a personal contribution to get felt in the medical sector.
  • Use the native coin to pay for taxes in jurisdictions that support it: If you reside in jurisdictions that support digital currencies such as Singapore, Switzerland, and some States in the US, it might be possible to pay for government services with digital tokens. A good example is Arizona.

After passing the HB 1091 in April 2018, Arizona allows people to pay taxes with digital coins such as FoldingCoin. The new law requires the tax department to convert the token to USD and credit to the tax payer’s account.

https://foldingcoin.net/

https://coincheckup.com/coins/foldingcoin/

https://www.reddit.com/r/FoldingCoin/comments/6g2eok/imported_idea_from_the_past/

https://en.bitcoinwiki.org/wiki/FoldingCoin

 

 

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Novacoin

What is Novacoin?

Novacoin is a decentralized cryptocurrency and an open-source platform designed to provide multiple investment opportunities for users on a secure platform. The platform was launched by a developer called Balthazar in February 2013.

It also has a native token abbreviated as NVC is based on the Ethereum platform.

Unlike other cryptocurrencies that use either proof of work (PoW) or proof of stake (PoS) consensus algorithms, Novacoin is a hybrid of both consensus models. It was created as an improvement of another coin referred as Peercoin started earlier in August 2012.

Peercoin was among the early cryptocurrencies to use the hybrid model of proof of stake (PoS) and proof of work (PoW) consensus models.

The history of Novacoin price history demonstrates it has suffered extreme swings because of shifting forces of the market.  In April 30th, 2013, a short period after release, Novacoin was trading at $4.2 before growing steadily by more than 400% to reach $23.68 in early December of the same year.

Then, the growth took a sharp decline to less than $1 by August 2014 and remained within that range until early 2017.

In the third quarter of 2018, the coin was trading at a range of $2.5 and $5. Its market capitalization had also shrunk from $19.5 million in June 2018 to about $7.7 million within the same period.

What is the problem that Novacoin Solves?

  • Limitations and centralization of traditional financial services

Over the years, many people have suffered from the centralized bureaucratic design of the traditional financial services that has threatened to chock the financial industry.

When sending value using a banking platform, your details and those of the recipient have to be verified before the transaction can commence. The process results to serious delays that can at times extend to several days before the transaction is completed.

Other traditional financial services such as credit cards have proven to be highly risky as criminals adopt advanced technologies to steal user information and siphon funds away.

hese problems are making people lose trust in the banking system. Novacoin seeks to change this design by eliminating all the centralized parties and putting users in full control over their accounts and funds.

  • Centralized mining

When the blockchain technology was unveiled in 2009, Satoshi Nakamoto demonstrated that it was possible to run decentralized transactions without involving centralized third parties.

However, tech companies started developing Application-specific integrated circuit (ASIC) miners that generate very high mining power to optimize rewards. However, the high cost of ASIC miners implies that only the wealthy can afford to buy, mine and own Novacoins.

  • Lack of privacy in the financial sector

One of the main reasons why people are seeking alternatives to conventional financial services is the lack of privacy.

When you save funds in a bank account, send money, or run a transaction via traditional financial services, the details can easily be pulled out by many entities such as the banking administration and courts of law. The Novacoin network is targeting to help users operate in total privacy.

How does Novacoin Solve the problem?

To address the outlined problems, Novacoin was designed to provide users with a seamless investment and trading experience in a completely decentralized manner. The focus is on employing the blockchain technology to transform the financial industry to make blockchain and its resources more affordable. Here are the main features and strategies used at Novacoin platform.

  • A hybrid consensus-based algorithm

When Bitcoin was unveiled in 2009, the most notable thing was its proof of stake consensus model. Its design has helped Bitcoin to become one of the most secure platforms for sending value.

However, another consensus model referred as proof of stake was introduced a few years later to ensure that people who confirm transactions own commit to protecting it because their funds are also locked there.

To make Novacoin better, it employed a hybrid model that combines proof of stake consensus with proof of stake. This implies that you can enjoy the benefits of both sides. This application model has made the network more secure and reliable.

  • Use of ASIC resistant scrypt hash function

When Bitcoin was launched, blockchain experts concur that Satoshi did not anticipate the sudden explosion of interest in the coin especially by the tech industry that started creating Application-Specific Integrated Circuits (ASIC).

To address the danger of centralized mining, Novacoin opted for the scrypt hash function that is ASIC resistant. This implies that users do not need the expensive ASIC mining equipment to mine Novacoin.

Scrypt is a HashCash proof of work that uses a memory-intensive hash function to lower the effectiveness of logic circuits used in ASICs. This implies that Novacoin users with GPUs and CPUs can participate in the mining the coins and building consensus.

  • Advanced encryption of the network

Novacoin founder was concerned that though the blockchain had started to expand, people transactions and personal details were still getting exposed.

Therefore, the development team adopted advanced encryption to guarantee users of greater privacy when sending and staking value on the network.

To operate in the network, you are required to have a supported wallet that generates a private key and public address. When running transactions, miners on the network can only follow the public address to check the balance but cannot get the details of the user. You can also enhance the privacy and security of your transactions and coins by using advanced wallets such as Ledger Nano S and Trezor.

What makes Novacoin better than it’s competitors?

When Novacoin was founded in 2013, the development team wanted to create a network that provided workable solutions to financial issues that faced people by then.

Even as more cryptocurrency networks join the market, Novacoin has demonstrated to be one of the reliable networks. Except for its downward trending coin value, here are key things that make Novacoin better than its competitor.

  • Novacoin employs a hybrid of proof of work and proof of stake models

Unlike Bitcoin or Ethereum among other networks that employ either PoS or PoW consensus models, Novacoin combines them so that users can enjoy more benefits.

The hybrid model provides users with a robust, dynamic, secure platform to send value of run other transactions.

  • It is ASICs resistant

This is perhaps the most crucial component of Novacoin because it targets to advance the primary goal of decentralization by Satoshi Nakamoto. As a scrypt based platform, it implies that more people even those with standard CPUs and GPUs can mine and own Novacoin. This will be very crucial in keeping the network fully decentralized and more secure.

  • The Novacoin community has been growing steadily

Though the value of the Novacoin was not doing very well especially in the first six months of 2018, the community continued to grow. Many Novacoin holders posit that the downward shift was not unique to Novacoin, but it affected almost all the coins. Therefore, they are optimistic that the price will take an upward trend and deliver high ROI.  

  • Users can operate in a fully decentralized and anonymous manner

As a fully decentralized network, Novacoin platform allows users to operate on a peer2peer basis. Whether you are running a transaction such as sending value or trading the coins, the details are completely decentralized.  As long as the sender and recipient are on the Novacoin network, the transactions are private and do not require profit-seeking third parties such as banks.

  • It allows users to join, use and own the network

If you save funds in a bank, the attachment is mainly felt when running transactions. People feel passive because of the centralized management that makes decisions in the organization. However, Novacoin network belongs to the people who use and own some stake in its system. You can participate in confirming transactions through mining and voting on major decisions affecting the network.

  • Sending value on the network is cheap and easy

The Novacoin network was created to operate as a decentralized network and not as a profit making organization. Unlike banks that adjust the fees for running transactions to meet associated costs and optimize profits, Novacoin platform is cheap and secure. The small fee charged on the network is used to motivate the staff on the network.

  • You can mine the network by simply holding Novacoins

While mining is central to the operation of any blockchain network, the process is technical and can often be elusive especially when you are required to generate optimal hashing power. However, use of CoinDayWeight to drive PoS system implies that you can now get rewarded by simply holding the native Novacoins.

  • The network is considered more stable after for having been in the market for longer

One of the methods used to gauge the stability of a cryptocurrency network is the length of time taken in the market. Many new networks cannot be considered stable because their features are still under test. However, Novacoin is considered stable because it has been in the market for more than five years.

How can Novacoin be categorized?

Novacoin is a truly decentralized and open source platform aimed at helping to advance the blockchain network. The platform is helping to take the blockchain technology and application to more people by simplifying the acquisition, trading, and use of the native coins in the market. More people are now associating with Novacoin because it is allowing them to mine with standard CPU and GPUs. Indeed, you can earn some rewards by simply holding Novacoins under the proof of stake system.

What’s Novacoin’s vision on Security?

The Novacoin’s vision on security is providing a secure platform where users’ assets, transaction details, and personal information are fully protected from nefarious attackers.  The network was created at a time when attacks on the blockchain networks and related establishments such as Mt. Gox had become very common. To keep the network safe, here are some of the main methods used at Novacoin network.

  • Use of scrypt hashcash system and hybrid consensus algorithm help to promote even distribution of tokens to avoid 51% attack.
  • The network utilizes advanced encryption that makes it extra difficult for attackers to break and steal user information. Indeed, even miners can only follow the public address to confirm if a user has enough funds to send.
  • The network has a very aggressive team that evaluates vulnerabilities and closes the gaps promptly to lower the risk of attacks.

Examples of Novacoin’s use cases / applications.

When Novacoin blockchain was created, the founder and the development team wanted to make it one of the most popular networks in the market. Here are the main Nova applications.

  • Paying transaction fee on the Novacoin platform. To send funds or run transactions in the Novacoin platform, you will be required to pay a transaction fee using Novacoin. This fee is used to motivate the miners who confirm transactions on the network.
  • Pay the transaction fee when trading Novacoin in the markets. If you target trading Novacoin in the exchanges, a transaction fee will be levied based on the traded volume. This fee can be paid in Novacoin.
  • Use Novacoin to pay for goods and services from the stores such as Virgin Galactic and Overstock.com that accept the coin. As more traders come to accept and adopt blockchain networks, they are allowing users to pay for goods and service using crypto coins. Note that even when a store only accepts another coin, it is still possible to use Novacoin by first converting to the supported coin.
  • Pay taxes with Novacoin. As more countries come to appreciate the special role of cryptocurrencies, some have started opening doors for direct use. In Arizona USA, Bill 1094 passed in April 2018 allows residents to pay transaction fee with cryptocurrencies such as Novacoin.
  • Use Novacoin to buy new tokens in the market. Most cryptocurrency enthusiasts are always on the lookout for new investment opportunities such as ICOs (initial coin offering) that promise good returns on investment. The ICOs allow investors to buy tokens on offer before getting released into the market. You can use Novacoin to buy such tokens and wait for them to gain value before selling.

http://novacoin.org/

https://github.com/novacoin-project/novacoin