FlorinCoin Whitepaper

Abstract

Florincoin is a next-generation cryptocurrency with a new 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. Florincoin 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 tx-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”.

Proof-of-Existence is something that crypto currency has been used
for in the past, and it makes the blockchain valuable as a public notary. In
Bitcoin, this is usually done by storing 12 bytes of data in the address field of
a transaction. However, Florincoin allows people to make use of the
commitcoin protocol without having to resort to measures like destroying
Bitcoin or executing complicated M of N transactions that bloat the
Blockchain. Proof-of-Existence can be used in a variety of ways, including
storing contracts or hashes of contracts in the blockchain for future
reference.
Florincoin can also use the tx-comment feature in the blockchain 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 hash digest 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.

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.

FlorinCoin Website
FlorinCoin Whitepaper

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