Cryptocurrency Review: What Is FlorinCoin?

Cryptocurrency Review: What Is FlorinCoin?

FlorinCoin is a script minable cryptocurrency, which offers a quick transaction processing. It is mainly based on the Bitcoin and Litecoin source code

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FlorinCoin is a script minable cryptocurrency, which offers a quick transaction processing. It is mainly based on the Bitcoin and Litecoin source code but with a number of improvements in different areas. The cryptocurrency also introduces some useful features, such as transaction comments that allow FlorinCoin to facilitate various unique application and enhancement within a blockchain.

Florincoin is a product of Skyangel, which is a member of the bitcointalk.org community. It was first introduced into the market in June 2013 and is available in the market through http://www.florincoin.org/. The new coin includes 40-second block generation times without pre-mine. You can attach transaction comment of up to 528 characters to every traction and store it in a permanently on the Florincoin network.

In some previous FLO’s release, there were a lot of arguments on attaching messages to a transaction. Most prominent developers argued that it was not the best thing to adopt a convoluted method to manipulate online transaction to achieve your desired data storage results. Even the developer of Bitcoin, Satoshi, argued that if a message system was necessary, then it should be included in a parallel system which is different from the bitcoin network. They say that messages should not be recorded in the blockchain.

Florincoin is open source software designed to include open ledger of transaction history known as the blockchain. This type of FlorinCoin extends it’s codebase to store additional information on the network. Building application with this bitcoin tool is easy as it allows transaction message protocol and includes API tools.

FlorinCoin Features

FlorinCoin includes a number of features such as:

  • Florincoin allows 40-second block generation and fast transactions, which is not too fast to cause problems with network synchronization.
  • It does not involve super-blocks, pre-mine or zero-blocks at the start.
  • It has quick difficulty adjustment that may limit insta-mining in the first hour after its launch.
  • It allows an addition of transaction comments. This allows attachment of simple message or reference to the transaction.
  • Transaction comments can be stored in the block-chain and are public. If you need to send private information in the transaction message, you have to encrypt it using a method that is agreed upon the sender and the receiver.
  • The transaction comments are limited regarding size. They also don’t take an extra space when not in use. Transaction cost can also offset the impact of larger transaction comments.
  • Difficulty retargets each block in the blockchain.

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