All Alt News: Florincoin: A Scrypt-based Coin with an Augmented Blockchain

Courtesy of Florincoin

FLO Accepted: FERhpBX5coRKbzZuDnA8ZrbtnBUX3NZrP3

Florincoin is a next-generation cryptocurrency with a new unique feature added to the already powerful blockchain. This open source software was created, with no pre-mine, on June 17th, 2013, by an anonymous member of Bitcointalk.org named skyangel. Introduced as an innovative alt-coin that has the scrypt proof of work algorithm and has a 40 second block timer. The technology built upon Florincoin is useful for the crypto world, and on a grander scale, can benefit the internet as a whole.

Florincoin adds the transaction comment feature to the blockchain. This 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. However, the transaction comment capability can be used in more complex ways. For instance, a platform can be built using the text function to store records of payment, such as the hash of a receipt, which will forever be associated with this transaction. It can be a permanent record of receipts for every Bitcoin, Litecoin, and Florincoin transaction. It can also be used to create a perfect freedom of speech application, harnessing hundreds of mining computers as well as wallet clients as a peer to peer network of decentralized free speech nodes.

The transaction comment text feature can also be used to add unique, un-mined coins to the blockchain, which are simply called “color coins”. The color coin protocol will allow users to create any coin they wish, and distribute it using digital signing, in a similar fashion to Bitcoin transactions. However, color coin transactions are more customizable and can be created in user-defined ways. You can create 10,000 color coins to represent 100% stake in a company, or do something totally unique with it. For example, it is possible to issue a color coin upon finding a block starting with the hash “1337”, in which case you’d be awarded some rare “leet coins”. Check out the beta version of colorcoin at http://colorcoin.org.

Proof-of-Publication is something that cryptocurrency has been used for in the past, and it makes the blockchain valuable as a public notary. In Bitcoin, this is usually achieved by storing strings of data in the address field of an special type of transaction. However, Florincoin simplifies this process by allowing a text message field directly in the Blockchain. Proof-of-Publication can be used in a variety of ways, including storing contracts or hashes of contracts in the blockchain for future reference. Proof-of-Publication was first introduced to Florincoin in the Valentine's Day promotion, Aterna Love. On this website, users can etch their name into the blockchain for their loved ones, effectively spreading their love around the world.

Florincoin can also use the transaction comment feature to store a game ladder ranking system. The Florincoin dev team has invented a protocol for playing a turn-based game in the blockchain, which has a many implications for professional gaming as well as professional card game websites. “Provably fair” games can use the Florincoin blockchain to store both the website’s random number results as well as user’s input, which will prove beyond any doubt whether or not the server is cheating the user by changing the numbers. Read more about games on the blockchain at http://florincoin.org/game.

Currently, Florincoin’s biggest value-add to the world of crypto currency is interfacing the blockchain with the user directly via mobile-friendly web applications. These applications don’t require the user to download any software or even own any Florincoin to make use of the technology. You can download the Florincoin client at their website, or trade FLO on Cryptsy here (https://www.cryptsy.com/markets/view/61).