Re:FoldingCoin
by lappa on Wednesday January 28, 2015 @06:56PM
(#8963407)
Being difficult to compute and easy to verify doesn't meet the full criteria for being a secure hashing function.
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The hashing function is the Bitcoin network. FLDC is simply in 140 bytes of data inside a BTC transaction. Thats why we chose to go with Counterparty, all computational power that users donate to the FAH program goes 100% in the project, and the existing miners for BTC are the ones who hash FLDC
Mentioned this in my first post. Basically the currency is a speculative asset that doesn't do anything for DNA folding since the amount you lose from monetary supply increase is could just be donated through bitcoin to DNA folding.
Your right, the currency directly does not do anything, but in the crypto currency space people love the altcions. There are arguments for both sides on the value and the need for altcoins but the fact remains that people mine them.
The way our coin helps is by convincing the mass amount of computational power that is dumped into altcoins that will eventually fade away, or become scam coins, to be better used towards something that will benefit the world.
The BTC miners i do not believe waste energy as they are providing a fantastic transaction ledger.