FoldingCoin is a cryptocurrency of FAH Network, searching and studying of methods of treatment for severe diseases like canser, Alzheimer's, and others.
The FoldingCoin project has a very noble mission - to attract funds and computing power for the development of the program to fight cancer and other serious diseases, which is conducted by the University in Stanford, USA. The company has managed to grow to such an impressive scale, although once it all started with one post on the thematic forum LTBNetwork.
Now the price FLDC is about $0.045, capitalization of funds is over 25 million USD. FoldingCoin coins are distributed daily among all network members according to the contribution of each (on the principle of Bitcoin). As a result of one day, the amount of 500,000 FLDC is issued.
Stanford University is engaged in the study and search for methods of treatment of such serious diseases as cancer, type 2 diabetes, Parkinson's disease, Alzheimer's disease, Huntington's disease and other ailments. The work done by the University staff with the use of technology is very difficult, and even modern equipment sometimes can not cope with the solution of complex mathematical problems.
Therefore, the staff, led by Vijay Panda, head of the project, appealed to the public with a request to help all concerned, voluntarily providing their free computing power for digital data processing. But since volunteers were not enough, FoldingCoin decided to support the initiative, starting to supervise this project. It came up with a system of bonuses that can reward people for connecting to the necessary network. Now, based on the Counterparty platform, people will receive tokens for their contribution to science.
In contrast to the traditional algorithms Proof-of-Work and Proof-of-Stake, the leaders of the company decided to create their own concept - Proof-of-Fold. Thus, they were able to clearly see which of the participants invested how much of their power in the common cause, and directed these computing resources not to the empty work done for the sake of winning, as in the Bitcoin blockchain, but to more useful things for society — assistance in scientific and medical research. Bitcoin mining algorithms and the counterparty platform, including security and hashrate, are compatible with each other, which is very convenient, since the audience of former bithunters is very numerous, and now it is possible to switch it to counterparty. Now the equipment will not be idle, and electricity will be spent for the benefit of the business.
Calculation and payment
After the start of work, users need to wait for some time to be charged with points. Then they are converted into digital coins, which immediately rush to the wallet.
Payments occur when the task is completed, that is, the progress has reached 100%. Payments to the specified wallet will be made automatically. Calculation of coins is happening about 1 time per day. When there was an accrual, a new FLDC tab appears in the wallet. If desired, the coins can be exchanged for XCP, as directly for the XCP folding is not charged. This can be done on the built-in exchange. All operations during the process and accrual of points are easy to track in a special section "Web control". Statistics are updated every morning, at 09:00 Moscow time, and show data for the past day. The current statistics is updated once every 3 hours. But it may happen that web control of statistics will not work properly. The developers assure that this problem will be solved in the near future.
FoldingCoin States that it is always open to new ideas and will consider all proposals that are put forward by network users to improve services and make improvements to the system — the initiative is only encouraged. Also, all software works only with open source code. This is a principled position of the company.
The company has developed a system of incentives, according to which the reward depends on the length of experience of using the system. For users who have been in the system for more than a month, a bonus is 500 FLDC, more than 100 days — 1000 FLDC, more than 200 days — 5000 FLDC, more than 1 year — the bonus will be 10000 FLDC.