Florincoin is a scrypt minable crypto-currency with quick transaction processing. It’s a product of Skyangel, who is a member of the bitcointalk.org community . It was first introduced into the market in June 2013 with no pre-mine and no IPO. It is based on the Bitcoin and Litecoin source code, with improvements in several areas.
Florincoin is the first coin to implement transaction metadata storage. You can attach transaction comment of up to 528 characters to every traction and store it in a permanently on the Florincoin network. This feature also enables Florincoin to facilitate a number of unique applications and enhancements within the blockchain.
The coin includes 40-second block generation times. It also has a sane block reward halving schedule (once every year approximately, compared to once every week like most new coins).
FEATURES.
Open Source.
Florincoin is free software with an open ledger of transaction history known as the block chain. Florincoin extends the Bitcoin codebase and stores additional information on the network. Building applications on Florincoin is easy with the transaction message protocol and API tools.
Transaction comments.
Florincoin allows for transaction comments to be added to any coin transaction. The text field can store 528 characters per transaction. Transaction comments are included when sending coins over the network. This can be used simply as a greeting or a thank you note, or on a business level, expressing important details about the transaction.
The transaction comment can be seen under the “Transactions” tab when you double click on a transaction (“Transaction information”). Note that transaction comments are stored in the block-chain and are therefore public. If you want to send private information in your transaction comment you should encrypt the message using a method agreed upon by the sender and receiver.
Transaction comments have minimal impact on the size of the block chain due to their small size (relative to the size of a block in the chain) and the fact that they do not take up any extra space when not used in a transaction. Transaction costs (calculated on transaction size) also offset the impact of slightly larger transactions when a comment is included.
Decentralized applications.
The transaction comment capability can be used in more complex ways:
1. Alexandria.
Current methods of content distribution work well, but leave quite a bit to be desired when you look under the hood. Major organizations in most forms of media charge a premium for distribution services. There can be numerous third parties between the content creators and viewers, that sometimes take as much as half of their revenues, and there needs to be a solution to reduce the publishing and distribution costs.
The Blockchain Technology Group aims to solve this problem with Alexandria, a decentralized, open-source, peer-to-peer “library” for all sorts of media. Using blockchain technology, Alexandria allows users to distribute practically any sort of media, — including videos, music, podcasts, books and 3D-printable objects — over a global and uncensorable network of computers. Content creators have complete control over how their work is published and will be able to choose from several different monetization options.
Although Alexandria is promoted as a library, it should be noted that the Alexandria software does not technically store any media itself. Instead, it uses blockchain technology to store and distribute magnet links, which in turn link to the popular peer-to-peer file-sharing protocol BitTorrent. The actual Alexandria software is built on top of Florincoin’s blockchain because it allows for more data storage per transaction (528 bytes) than the bitcoin blockchain. Alexandria uses this option to store the magnet links, the pointers telling your application where the file you’re searching for is kept.
Florincoin also has block times of only 40 seconds long making it ideal for quick updating. It also features a decentralized messaging service which can be attached to transactions, giving Florincoin a built-in commenting system. All this means that content uploaders need to own some Florincoin in order to pay for the mining fees, which can be bought with bitcoin inside of the Alexandria app itself.
- Colored coins.
Colored Coins are tokens that are marked or ‘colored’ to represent real world assets. Colored coins can be used to represent anything, such as stocks, bonds, smart properties, securities, precious metals, commodities, other currencies (such as dollars, pounds or euros), and even other crypto-currencies.
The Color coin system uses Florincoin transaction comments stored in the blockchain. Florincoin users color these coins by specifying the guidelines of the coins within the text comment. For example, we can encode in a Florincoin transaction that 100 units of a new asset were issued and are now credited to a given Florincoin address. A colored coins wallet can create a Florincoin transaction that encodes sending 50 units of an asset from one address to a new address, and so on.
Real world Value is attached to those units (or “digital tokens”) by the asset issuer’s promise to redeem them for some goods or services. For example, a 100 seat movie theater can issue 100 units of a “watch movie X at time Y” asset and promise to redeem each unit for a right to enter a certain screening of a movie.
Colored Coins can also be used to transact and hold virtual titles on the Florincoin blockchain. You could for example have a colored coin that represented your house or your car, if/when you sold your house/car you would send the colored coin to the new owner, there would be no need for a physical deed as the proof of ownership is in the blockchain.
The main advantage to the colored coin/open assets protocol is that it lives on the blockchain and is therefore secured by the massive investment in hardware that supports the network. You are able to create an unlimited # of coins that don’t need their own network or dedicated hardware, whether its 1 or 1000, they all are supported by one network.
- Proof of Publication.
Florincoin can facilitate a ledger of intellectual property on top of its blockchain. When posting an idea, quote, song, or other intellectual property to the blockchain, it is immediately hashed, signed by the author, and timestamped by the miners. This signing and timestamp verification process is unique to the blockchain, and can be used to prove that the idea or creative piece is the product of those who claim it. Proof of publication can also be used for provably fair gambling sites, to ensure users that their bets won’t be skewed and the results of a dice roll haven’t been changed.
FLORINCOIN (FLO) OVERVIEW.
Coincapmarket ranking: 195.
Current coin Value: $0.083205 (-2.15%).
Market Cap: $11,403,844.
24hr volume: $189,771.
Circulating Supply: 137,056,532 FLO.
Maximum Supply: 160 million FLO.
40 second block generation allows for fast confirmations, but not too fast to cause problems with network synchronisation.
No pre-mine, super-blocks or zero-blocks at the start.
Quick difficulty adjustment to limit insta-mining after launch.
Difficulty retargets every blocks.
Block reward: 100 FLO, halving every 800,000 blocks (about 1 year).
Network port: 7312.
RPC port: 7313.
Transaction messages on the blockchain (528 characters).
Scrypt mining algorithm.
Exchanges.
- Poloniex https://www.poloniex.com/exchange#btc_flo.
- Bittrex https://bittrex.com/Market/Index?MarketName=BTC-FLO.
Wallets.
- Official Florincoin Desktop Wallet.
- FloVault is an online Florincoin wallet service which uses in-browser cryptography to reduce the risk of the coin operator running with the funds. This same system is used by Blockchain.info - a well-known online Bitcoin wallet (UNAFFILIATED WITH FloVault).
Mining pools.
- Alexandria pool https://api.alexandria.io/pool/.
- Aika Pool http://aikapool.com/flo.
- Suprnova https://flo.suprnova.cc/ (0% Fee).
- Mining Dutch http://www.mining-dutch.nl/pools/florin/public/index.php.
IN CLOSING.
Because it differentiated itself from other altcoins and provided a highly demanded functionality that other coins were lacking, Florincoin opens doors and enables the growing field of blockchain techology.
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