FoldingCoin is a cryptocurrency reward system designed as part of Stanford University’s [email protected], a project that allows remote users to contribute computing power to run computations for Stanford’s research into how protein folding can aid in combating the effects of degenerative diseases.
Stanford University’s [email protected] project began in 2000 as a way to outsource some of the computational load for the university’s research into protein folding and the role it plays in health and immune response. Users downloaded a program to their remote computers that would run in the background, crunching numbers for the project, and then send the results back for integration in its central database.
FoldingCoin is an outgrowth of this project, designed to provide a reward system for individuals who have contributed their computing power over the years. FoldingCoin uses technology built on the Bitcoin blockchain known as Counterparty that allows users to create unique assets through its open source tools – this includes digital tokens such as FoldingCoin.
The project itself is open-source, making use of volunteer developers, and is a registered not-for-profit company.
Participating in FoldingCoin involves downloading a software program to your computer and configuring it to run in the background. This is made simple thanks to the FoldingCoin website’s many different tutorial videos. Additionally, participating in FoldingCoin, and [email protected], is completely free.
FoldingCoin pays out to [email protected] participants on a monthly basis. The payout schedule is also posted on the organization’s website.
The opportunity presented by FoldingCoin is twofold: first, individuals can participate in the [email protected] project to lend computing power to a university that’s researching ways to combat and possibly cure degenerative diseases like Parkinson’s, Alzheimer’s, and many types of cancer.
For anyone with a family history of dealing with these issues – or for people who have lost loved ones to these diseases – this is an excellent way to directly do something to defeat these illnesses.
Secondly, as FoldingCoin is a publicly-traded coin, users can accumulate trace amounts of cryptocurrency that can then be exchanged for fiat currency or for another cryptocurrency. The valuation of FoldingCoin isn’t particularly high – somewhere between $0.02 and $0.03 USD at the time of this writing – but even this can add up over time.
FoldingCoin is not going to make you into a cryptocurrency high roller. Not unless you’ve got a bank of computers with high-end processors grinding away at [email protected]’s computational work; besides, the amount of money you’d possibly gain from such an endeavor would be small change compared to using that same bank of computers to mine cryptocurrency in the traditional manner.
No, the main draw for individuals getting involved in FoldingCoin is to make a contribution to [email protected], help the university possibly find a cure to diseases like Alzheimer’s, and receive a couple of bucks a month in cryptocurrency as a small bonus. It’s more about making a difference, no matter how small, than stacking fat crypto coins in your digital wallet.
If you’re the kind of person that has a desktop or laptop computer that’s always on because you’re constantly working on it, then FoldingCoin might be something that interests you. With the project working on a “set it and forget it” system, you can go throughout your day and just contribute to [email protected] effortlessly.
The only possible downside is that running the program in the background might degrade your performance. However, you can configure [email protected] to run only when your computer is idle, eliminating this problem. This may slow down your accumulation of FoldingCoin tokens, but the drop off is likely to be negligible, especially considering FoldingCoin isn’t valued very high to begin with.
The long and the short of it is that FoldingCoin is a great way to get some crypto pocket change by supporting a worthy cause, all at virtually no cost to you. It’s hard to argue against that.