How to mine FoldingCoin Antonio Madeira 26 Sep 2016

Proof of Work, while being the most secure cryptocurrency consensus protocol, is extremely wasteful. A lot of electricity is put into maintaining PoW blockchains, especially Bitcoin. This wasted computational power could be put to use in many different ways, one of which is medical research.

Scientific Distributed Computing has been around since the 90s scientific investigators have found applications for distributing massively parallel computing jobs to individual consumers, allowing scientific investigators to use the computing cycles to assist in solving their scientific and medical problems.

The Folding@home (FAH) project was created by the Sanford University in October 2000, it uses distributed computing power to run computational algorithms that simulate the way protein molecules fold in the body, which is central to healthy biological processes as protein misfolding can lead to some of the most serious diseases out there.

Anyone can download and run the Folding@home software to help in the fight against these diseases. When doing so, users receive symbolic tokens that hold no real value and that's where FoldingCoin comes in. It is now possible to use your mining equipment to help Stanford University's Folding@home project and to be rewarded with FoldingCoin for doing so.

FoldingCoin is an asset issued on the Bitcoin blockchain using the Counterparty protocol and it is distributed to Folding@home participants, according to their contribution. "Mine Medicine, Not Hashes" is the motto of FoldingCoin, a project that can help in the fight of some of the worst diseases in the world.

Part 1 - Setting up your wallet.

The first thing you'll need is a CounterParty wallet. We are going to use the Counterparty Web wallet. You can always choose the mobile version or browser extension here.

Step 1: Click here to go to to the CounterParty Web Wallet.

Step 2: Click "Create New Wallet"

Step 3: Save the Seed generated by the wallet. This seed allows you to restore your wallet, so it is very important you keep a backup.

Step 4: Confirm that you've stored your seed (1) and then click "Continue" (2).

Step 5: In order to simplify your login process, you can create a password. Click "Create Quick Access URL".

Step 6: Enter a strong password (1) and click "Create Wallet" (2).

Step 7: Copy your Secret URL (1) and click "Create Wallet" (2). Remember to paste and store the link somewhere to store it.

Your Counterparty wallet is now ready to be used!

Step 8: Enter the wallet using your seed or password and accept the Terms and Conditions.

Step 9: Once inside the wallet, copy the wallet address

Now that you have created your XCP wallet and copied your wallet address, it's time to download and configure the Folding@Home Software.

Part 2 - Installing Folding@Home

Step 1: Now that you've set your wallet up, click here to download the Folding@Home software for Windows.

Step 2: Install the FAH setup

Part 3: Configuring Folding@Home

In order to receive your FoldingCoin tokens, you must configure the FAH software in a way that the FoldingCoin issuance protocol can recognize your wallet as a folder and send your tokens to the correct address.

Step 1: Open Folding@Home. The software will open a browser window.

Step 2: Click "Setup an Identity" (1) and then "Start Folding" (2).

Step 3: Enter the following information as a name: username_FLDC_yourbitcoinwalletaddress.

Replace "username" with a name chosen by your and "yourbicoinwalletaddress" with the wallet address you copied from the Counterparty wallet in the last step of Part 1.

Step 4: Enter "226728" as your Team Number to join the FoldingCoin team

Step 5: Click "Get a Passkey". You'll be taken to a new tab so you can fill out your email information.

Step 6: Enter your donor name (1) and email address (2) and click "Get Passkey" (3).

Step 7: Get the passkey from your inbox and paste it in the passkey space and click "Save".

You are now mining FoldingCoin! You can choose some advanced settings like which disease to fight against or how much CPU power to use and more. The FoldingCoin snapshot code will see how many points you've earned on the public statistics file and award your with FLDC automatically.

You can also mine other coins thoruhg a cloud mining contract with Hashflare or Genesis Mining.