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Joined: 05/09/2008
Groups: None

Millions of dollars a day are currently wasted on electricity only for bitcoin mining - on finding sequences with low hash value, a task which is otherwise completely worthless.
I would like to propose a discussion about possibility of replacing this bitcoin mining activity with some socially/scientifically valuable computational task, like protein folding - such foldcoin could contain low energy configuration for given protein. "Mining" would be finding a configuration which is essentially better than currently best. Each protein would require a separate currency, with limited amount of coins.

How do I imagine such "foldcoins":
There is a fixed generally known protein energy formula, given task is defined by a sequence of aminoacids of a difficult to fold protein - its "foldcoin" would contain a sequence of angles determining a configuration of this protein, which should be a local energy minimum.
Checking proof-of-work for given foldcoin would be inserting this configuration into the energy formula and checking if
- it is a local energy minimum (|gradient| - it is essentially better than previously best energy (energy < previous_best - epsilon2),
where epsilon1, epsilon2 are some small constants initially fixed for given protein.
Given foldcoin would initially have probably 0 value, which could grow accordingly to general market rules - when people start focusing on given protein and appreciate its difficulty and significance.
After finding the global energy minimum, the amount of foldcoins for this protein would freeze - there would remain a limit resource market, like for pieces of art, which prices could then further evolve - for example accordingly to significance of this protein.
For example buying foldcoins for given protein would be a form of investment in working on it - would increase its price, motivating people to work on it, and finally they could be sold.

What do you think about such adding financial value and motivation to what you do?

(removed outside link ~ inkycatz)

Joined: 02/09/2015
Groups: CureCoin
I think this is a very good

I think this is a very good idea, In fact there is roughly 4 coins trying to achieve this venture as we speak. I propose we could build a system to reward players of Foldit and any other similar games, to be rewarded in a currency in which you speak of. The system could be as simple as, earning Y amount of points earns you X amount of coins. The player could then exchange the coins for Bitcoins, then either use at some online retailer like Microsoft.com or exchange then for Dollars. The devs. would have the final say, but we could discuss which coin would be best for this. If there is an interest I can elaborate.

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