@pooktwo
UPDATE: Thanks to John and James for joining the team! We have exciting changes coming in the next few weeks so stay tuned. To give a sneak peek, we are currently developing an idea to make Foldingcoin the choice money for Meetup.com groups. We will release a full post soon on what you can do with your FoldingCoins at Meetups after i speak at my local Indy Bitcoin tomorrow.
If your like my team then you invested a ton of money into GPUs and CPUs for Bitcoin mining early on before the ASICs dominated the market. If your also like us then you have switched to doing Altcoin mining since last April and now with the Scrypt ASICs this year you find your self in the same situation where you cant turn a profit. Well we have the next generation of mining for us all. The best part is it is SHA-256 and Scrypt ASIC proof.
HOW DOES IT WORK? Instead of mining a coin directly, simply point your GPUs at the Folding@Home network developed by Stanford university by downloading their FAH client. What this program does is uses your computers resources to help fold proteins for scientific research. No configuration like CGminer or anything else is needed. This program is very well put together and straight out of the box.
HOW DO YOU GET COINS THEN? The way Stanford has this setup is you create a user name and you choose a team that you would like to fold with. You are then given credits for the work you do. Now these credits do not mean anything for the folders at Folding@Home rather they are for bragging rights as you can see a list of all credits awarded on their stats page and you can see where you stand. Well with the counterparty Bitcoin 2.0 project that has recently been released you are able to build new coins on top of the Bitcoin network that already exists. The benifits of this is unlike altcoins that are subject to attacks and difficulty fluctuating all the time, your coin that you create on counterparty is actually secured by the Bitcoin network itself. What FoldingCoin.net will do is create a coin using the counterparty protocol and distribute them weekly to every participant in the FoldingCoin Team. 3.5 million coins will be divided equally amongst all participates according to how many credits they have contributed that week to the folding network. For example: if 17,600,000 credits have been folded on the network then the equation will be:
3,500,000 FoldingCoins / 17,600,000 credits = 0.199 FoldingCoins per credit earned. So if someone had 100,000 credits then they would receive 19,900 FoldingCoins.
FoldingCoins are traded as FLDC on the CounterParty network
Please go to folding.stanford.edu for information on the project and go to foldingcoin.net for information on the coin. Lets get these GPUs back to work!
I can't believe my eyes, is really GPUs back in work again !!
Could you please give an ETA of the new post you are talking about.
Can I start folding right now ? If yes, can you show us in a detailed guide how to make this.
Thank you.
