The majority of volcanoes erupt with some warning, others simply explode! Let’s take a look at the use case of FLO and explore any apparent warning signs of a potential eruption and see what we can discover.
Background:
This coin has been fuelled by passionate developers. It was released June 17th, 2013 by a group of developers named ‘Skyangel’. Joseph Fiscella is the lead developer of FLO and has been involved since the genesis.
The coin was fairly launched without an ICO nor a pre-mine. ie) No smash and grab by founders. FLO is a community-driven, decentralized, open-source initiative.
FLO is a Nakamoto consensus cryptocurrency allowing anyone to append metadata to the blockchain. FLO coins are needed to pay for storage, and participants are awarded FLO in exchange for their work securing and distributing information. FLO is often used to build blockchain applications because anyone has the ability to write data into FLO quickly and read it easily. Many decentralized applications have been built on FLO because of the reliability of the proof-of-work network in combination with the permissionless read and write data field called floData. The main use of FLO is the floData, where it allows you store 1024 bytes per tx. BCH only allows 256.. so FLOW is x 4 factor ahead.
FLO is a public record for building decentralized applications that introduces a new feature called floData. This metadata layer allows reading and writing to the blockchain quickly and easily, encouraging unique apps and tools to be built with FLO
FLO is a script mineable crypto-currency with quick transaction processing. It is based on Bitcoin (+Litecoin) source code, with improvements in several areas.
The Numbers:
The current price is around 6.9 cents. The ATH was around 37 cents. The main exchange FLO is traded on is Bittrex.
FLO has a current market capitilization of US$10.4 million and is currently ranked 230 on coinmarketcap.com This leaves substantial head room; in terms of market cap and rankings growth.
Daily volume is also steadily growing.
FLO coin has max supply of 160,000,000 FLO and 149,445,286 FLO already in circulation already.
Key Events:
Halving is in 2 days. The last time this happened, there was a consolidation period and then the coin did 3-4 x. Reference: https://t.me/FLOblockchain/62581.
The countdown for halving is: http://floblockhalving.com/
tZero launches on January 10th, 2019 (more about this connection later)
Dapps:
There is already a number of dapps utilizing the FLO blockchain. I strongly suggest you dig deeper here and you will uncover some real gold. To give you a quick head’s up:
Alexandria (Media) is a decentralized, open-source front end where users create, upload, and access digital content distributed with the Open Index Protocol. Think: creating a version 3.0 internet. No censorship! Alexandria, essentially takes out the middle-man. Allows content creators to set their business model commission structures and allow anyone to either collaborate or sell their content. Alexandria uses FLO to store an index of digital content.
The current web is broken and represents nothing but a glorified old business model where the corporations and Dr. Evil's of this world 'pull the strings' and can censor via private servers. We currently have massive censorship and those with their eyes open know it. Alexandria solves this issue and would be greatly applauded by long deceased freedom advocate George Carlin. If you know or don’t know George….watch this to remind yourself of where we are today
O.I.P. (All apps) Open Index Protocol is a standard for defining, publishing, indexing, timestamping, updating, monetizing, sharing, viewing, and claiming ownership of any digital content. O.I.P. uses the FLO blockchain for the meta-data index and interoperable transport protocols for file/ storage and payments. Ground breaking in every sense.
tZERO (Markets) is an exchange trading regulated security tokens. tZERO makes use of FLO by storing proof of trades in its immutable ledger. FLO acts as a neutral repository for auditing trade history and ensuring integrity of trade data. tZero aims to revolutionize the financial markets (Wall street etc) by blowing away their inherent sloppiness, dated structures and inefficiencies. tZero launches on January 10th, 2019.
Medici Ventures is supporting projects that develop applications and tools for individuals or organizations to record property records on blockchain, making it possible for anyone in the world to access them. Open Index Protocol on FLO Blockchain provides the open, decentralized index that exposes those records. Essentially making it easy to find. Check out CEO of Overstock’s letter of support to Wyoming County: https://www.wyoleg.gov/InterimCommittee/2018/S3-20181029LetterofSupport-PatrickByrneOverstock.comCEO.pdf
Caltech: Caltech uses the neutral data storage provided by FLO to store electron microscope data in a public database in such a way that no one owns the data and it is always accessible and free for anyone to download.
Whitepaper: https://www.biorxiv.org/content/early/2018/10/25/453662
Events/ Key Connections:
Now let’s dig deeper on the tZero connection. *tZERO will be using FLO to store the record of every single trade that occurs for their DLR product. In order to store information on the FLO blockchain, FLO must be spent, and that is for each and every transaction. What does that do for FLO’s pricing?
tZero is no minor league operation. Backed by Patrick Byrne, this is a major play. To put the disruption potential into perspective, roughly 2–6 billion shares are traded on the NYSE each day. Using August 10, 2018 as an example, approximately 3,185,152,141 trades occurred. Can you imagine how much FLO it would take per day to store the trade history on the blockchain, if tZERO were to capture even 5% of that daily trade volume? That is exclusively using the NYSE as an example. If we combine the number of shares traded per day on both the NYSE and Nasdaq, the number of FLO needed is even higher, and that’s still not taking into account other global markets. Unlike traditional securities markets, trading on tZERO may potentially be 24/7 365, and will feature the ability to buy partial shares. Those two factors alone are revolutionary, and have the potential to massively increase the trade volume.Furthermore, it’s important to remember that tZERO is not the only dApp running on the FLO blockchain, which only increases the daily number of FLO spent on storage space.
Ref: https://medium.com/@valueprop/florincoin-the-tzero-connection-66697c81c873
*Based on the recent US$270 million investment by GSR Capital in tZero the company now has a current market value of US$1.5 Billion.
From the Co-Founder of FLO:
I chatted to one of the founding developers in FLO, Joseph Fiscella. When asked what were the main drivers to keep him passionate and motivated to stay involved with FLO he said:
“What keeps me interested is the fact that there isn’t anything like FLO that exists out there. It’s a cryptocurrency with a single purpose: metadata. As an engineer, I much prefer using a tool that’s meant for the job, rather than a Swiss Army knife that can do various things but not meant for or particularly good at any one of them”.
When asked how important ‘Alexandria’ was to the success of FLO Joseph highlighted,
“Alexandria as a company is important for FLO in that their product OIP is an organizational tool for metadata on the blockchain. You can think of OIP as the google search index for FLO, and you can think of Alexandria as the front end for searching that index. Everything there is decentralized and open source too. Something like OIP is necessary for building most apps on FLO. TZERO is one exception where they can throw metadata in the chain without OIP or even any strict formatting and it works, but not every app is like that, and most would make good use of OIP to function”.
On the privacy front Joseph said,
“FLO can be used in any application that needs metadata stored in a neutral public space. To expand on that a bit: the FLO blockchain has several unique properties:
- it allows data storage in a permissionless manner
- Everything on the blockchain is always available to be read
- The security of the network is through proof-of-work, arguably the most neutral security model possible”.
Could FLO be…another AntShares (NEO)?
An excellent comparison to the potential explosion of FLO - LavaFLO - is AntShares (now NEO). AntShares launched in late 2016. For most of 2017, AntShares had a marketcap between 5 to 6 million dollars. When AntShares was finally discovered, it rebranded to NEO, it rose ~170,000% in one year from its low to the ATH.
Summary:
We are in a bear market and FLO has recently been defying the odds. From my research, I've deduced that there is potential of an imminent volcanic eruption. Things may FLO is a big way. In my humble opinion the technical charts support such warning signs and it is a question of preparing oneself. Call me crazy but I am proud to declare; that I am prepared and decided to go with the FLO... And whilst FLO maybe just a murmur right now, I’ve joined what I believe is revolution that can disrupt the very censored times we live in. I'm looking forward to the disruption the FLO blockchain will provide as the substrate for dapps and a lot more.
Thank you!
I would like to thank a number of people for contributing to this article. N, and Joseph Fiscella for your valuable time. Machine user, Bitspill, Devon_James, Davi, Bradley Fink and all the other contributors on the FLO Telegram group. Reviken for your excellent article on Medium. Tijo Bear and the Arcane Bear Family.
Visit FLO website: https://www.flo.cash/ for more information.
*The information and data presented here does not constitute financial advice and is merely my humble personal opinion. I implore you to ‘do your own damn research’ (DYODR) and then decide what to do with you electronic or tree killing BS FIAT. And in full disclosure, I am a happy HODLER of FLO, and a member of their incredible community. I love disruption!