But this has two issues if i am reading this right:
1. Since only Gridcoin has the information of the users, than what is to prevent them from creating fake accounts that they themselves hold and paying themselves more Gridcoins?
2. Unless if every single donor has an encrypted Comodo (or something similar) email with Gridcoin, then emails can be stolen. And if gridcoin becomes valuable enough and emails are not encrypted, then its a sure thing that they will be stolen.
I disagree. I think that Counterparty adds value to the Bitcoin platform. I envision BTC almost being like gold, not something that will ultimately be used everyday. I think a token built inside of Counterparty will be that everyday used token.
Its kind of like the internet, the original value of the internet was to transfer files from point A to point B.
Then came: email, the browser, instant messaging, online shopping, social media, streaming, ext.....
This adds additional value to the Bitcoin blockchain thus making it more desirable to have.
But i do agree that the miners should work on useless algorithms, that is the best way to keep it just and fair, but building applications inside of that is just fantastic
But with FLDC, you can have both :) The ASIC miners for Bitcoin cannot fold proteins, we are trying to bring in the Altcoin miners still using CPU and GPUS
Where there is profit there is competition. As a miner years ago, i was able to produce a lot of bitcoins with my GPU setup. When the ASICs came out i tried to compete, but simply did not have the capital. But other people did. And it wasnt just one person, it was a few big companies that did this.
So no longer is the individual able to mine BTC, its now a profession. So if this happened to FLDC, that wouldnt really be a bad thing, because if it is to happen, then that would mean FLDC has gained enough value for someone to pour money into being the top folder. So then the economy of FLDC would be where the general public has the interest and the Folders would simply be a profession.
Visa and the banks are the old way of doing things, they are analog. Blockchain technology and Bitcoin are digital.
Years ago when analog signals had no longer been useful and became outdated, it became a law that all signal for television must be broadcast in digital. This was because analog required so much more energy and bandwidth then digital does.
What bitcoin offers is a replacement for all the energy and resources that are poured into money transmitters, banks, credit cards, and even recently wall street. The technology is expensive to run, but not more expensive than all of the above combined.
And to answer the question of transactions per second, the Bitcoin network is endless. The problem isnt how many transactions can you do, the problem is storage. The blockchain currently is 25 GBs of data that must be stored by many nodes. Though not everyone has to have a nod, if many do not and only big companies do, then it can become once again centralized. Even though 25 GBs is not that much, that is with only around 100-200,000 transactions a day in the BTC network. Visa does 2,000 a second alone.
So if the blockchain was to transact 2,000 a second, you are looking at PB hard drives in a year or so. That is the issue to be concerned with. here is a great article for reading on possibly solutions / problems https://en.bitcoin.it/wiki/Scalability
We love gridcoin as they are a different platform. Being able to payout the same crypto for BOINC and FAH would be hard because the credits values are different.
You simply could not say half the Gridcoins go to BOINC and half go to FAH because what if there are more users on FAH in compared to BOINC?
Also POS has its issues like POW does: if someone controls half of the currency, then they could attack the network. At this point.. it would be very easy for somone with a couple thousands of dollars to buy half of the Gridcoin out there and perform the attack, its very expensive to buy half of the BTC mining hashrate.
BOINC has not released this system yet, it is still in the works and i look forward to seeing how it would work. Even though FLDC is centralized to an extent, every possibly solution dealing with BOINC and FAH has centralization leaks, just different degrees.
Also with BOINC, anyone can create a project to work on. Someone could potentially create a cron job application masked as lets say a protein folding aplication to harness BOINC power for not only A. Gridcoins but B. computational power used for something malicous like cracking email passwords. This bad actor would then gain two benefits.
Though after awhile BOINC may discover this and remove them, the possability for even a days worth of work could be problematic. Dont get me wrong, I love BOINC, but for this system to work, they would need to have an approved list of specific projects one could work on to receive Gridcoin.
Fair enough, i did not know that, and i do love Gridcoin as they are supporting a different platform than us. I wish them the best of luck, though i do think they should move over to Counterparty rather than a new POS blockchain they have been creating.
We actually just had a double spend try and happen to us. I cannot show you the links, because the blockchain already ignored them.
What happened was:
We run a fundraiser for helping in the expansion of foldingcoin http://foldingcoin.net/fundraising/ and we use a company called Vennd.io to help in this fundraiser.
What happens is someone will send BTC to a certain address, and in return they are given an amount of 1 FLDC per every 0.00001 BTC they donated. Someone recently tried to double spend a BTC transaction to trick Counterparty into giving them double the FLDC in return for their BTC. However since the double BTC was denied, so was the double FLDC.
Under the assumption that protein folding does get solved, we will simply transfer to the next humanitarian distributed computing platform out there.
We would not even have to decide what this is, we could leave it up to the holders of FLDC. We have a voting system (something that a traditional Altcoin cannot do) that allows us to distribute vote tokens to FLDC holders. http://foldingcoin.net/fldc-voting/
I hope protein folds fun out, then we would understand damn near everything about the human body, then i guess my next vote would be to help SETI and discover the aliens :D
Well said. A lot of my time in forums is spent explaining the benefits of Counterparty. It is a fantastic platform that allows anyone with any skill set to create an altcoin, known as an asset or token in the CP world.
This is great because it allows our development team to work on features, rather than a blockchain and wallet system that can be very hard for a small team of 5 to maintain. Please read this page if you havent already about the pros and cons of Counterparty http://foldingcoin.net/fldc-vs-alts/
1. Since only Gridcoin has the information of the users, than what is to prevent them from creating fake accounts that they themselves hold and paying themselves more Gridcoins?
2. Unless if every single donor has an encrypted Comodo (or something similar) email with Gridcoin, then emails can be stolen. And if gridcoin becomes valuable enough and emails are not encrypted, then its a sure thing that they will be stolen.