Folding Coin: The Innovative Intersection of Distributed Computing and Cryptocurrency
Proof-of-work cryptocurrencies are often criticized for wastefulness since they use a massive amount of computing power to secure the network thus “wasting” electricity. A next generation reward system for distributed computing has come forth in Folding Coin.
Folding Coin is rewarded by a point system based on how much distributed computing power you have donated to the project. You may compute for any of the various protein folding projects under the Folding@Home umbrella. It is easy to install and a simple way to distribute a cryptocurrency for a positive use of electrical energy. Instead of just hashes you are producing viable data for Stanford.
This is the primary pitch for both Folding Coin and Curecoin. The base mechanisms for securing the networks differ however. I implore you to give distributed computing a try if you have not, and you may earn some cryptocurrency for fun at the same time. Its a worthy cause and its crypto-related.
Alternatives to Folding Coin
Competitor Curecoin currently uses the same system as Bitcoin to secure the network and is otherwise a clone of Peercoin (an early Bitcoin clone itself) but there is a secondary distribution mechanism which is Curecoin rewarded for participating in the Folding@Home project.
While which particular project may or may not be successful this is a cool new use of cryptocurrency technology to encourage some of the money-seeking GPU farms to perhaps dedicate a bit of their power to distributed computing projects. While this may just be a fun trend for a while it could certainly introduce a lot of people to distributed computing and to help folks see how cryptocurrency can be used for a positive cause.