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://coincheckup.com/coins/foldingcoin/
https://www.reddit.com/r/FoldingCoin/comments/6g2eok/imported_idea_from_the_past/
https://en.bitcoinwiki.org/wiki/FoldingCoin