With today’s second article we’re looking at a project that has already been around for quite some time, but like a fine wine it has only gotten better with age. That project is called FLO and it takes the blockchain and adds a procol on top of it that truly takes blockchain technology and hopefully the entire internet from 0 to 1.
FLO to put it simply is a PoW cryptocurrency started in 2014 as a fork of Bitcoin and Litecoin that added functionality to the blockchain with its floData metadatalyer. With that addition FLO labels itself as a “public record for building decentralized applications.” That change in itself seems minor at first but as we will explore below that change along with some standardization for how its written on the blockchain makes FLO great.
Some other basic information about FLO is as follows. The FLO’s blockchain has blocktime’s every 40 seconds and FLO uses the scrypt algorithm for mining.
The FLO blockchain is remarkable for the projects and applications that are being built on top of it so were going to go ahead and take a look at my favorite of the DApps Open Index Protocol and the one that makes FLO special and its other DApps possible.
OIP is one of the major developments of the FLO blockchain and the December 2018 update from FLO stated that most of 2018 had gone to back-end development “with signficant resources going towards the Open Index Protocol.”
What the OIP is exactly can be a little daunting at first but with OIP the organization structure and how much of the internet is decentralized and running at a protocol layer would change. Currently, most of the parts of the internet you work with everyday is an application and in that layer each platform/application is responsible for making sure everything they need to work well works. With an OIP designed internet more of the layers that the people use would be at the protocol layer meaning there is a shared protocol that any platform would share in the benefit from.
The image above describes how the internet would be layered using OIP and taking into account what I said in the previous paragraph OIP is moving layers from the top grey layer down to white and blue layers. At the base of the structure is OIP and the FLO blockchain. The blockchain is an index of the system and accomplishes that task through the metadata transaction comments or floData we spoke about at the beginning of the article. Those comments contain the indexing information and are written to the blockchain for immutability.
Now, at this point you may be thinking “who cares putting comments on stuff isn’t anything new.” What makes the system special is the OIP implements a set of standards on how the metadata is stored within the blockchain which makes the information searchable. Basically OIP adds Google search to the blockchain.
After the base layer there is the Interoperable Transport layer which has distribution and payment networks. In this layer you will see familiar faces like IPFS. OIP uses IPFS for P2P file sharing. How the whole process works is that when a user shares a file while using OIP the file is seeded with IPFS and the hash of that seed is then included in the metadata transaction for indexing. Then if an application needed to display the shared content they would reference the OIP metadata on the FLO blockchain.
Payments are the other protocol at this level and operate through putting cryptocurrency addresses in the OIP metadata. The goal with the system is to have support for a variety of cryptocurrencies including FLO (of course) Bitcoin and others. The process for payment won’t change though if the currency does. The crypto address will be referenced using OIP and then the payment options can be displayed to a consumer. With the use of this system a centralized payment processor (like PayPal) is no longer necessary.
Lastly, we have the Front End Layer. The front end is where you or eye would actually be interacting or clicking on anything and would have no idea of all the cool stuff going on in the background. There are currently plenty of DApps that are building off of OIP and creating their own front end layers to take advantage of the power of the system. One of those ins Caltech which is using it for publishing of scientific data. Medici Land Governance is using OIP for property rights, and Alexandria uses OIP for the sharing of content.
FLO is currently traded at a price of 1546 sats or $0.05. The total supply of the coin is 160 million and the circulating supply is just under 150 million. With those numbers the market cap of the project is at $8.5 million and the daily volume for the coin is at $95K.
There are two exchanges where FLO is traded according to CMC Bittrex and TOKOK. Bittrex has a BTC pairing and accounts for 70% of daily volume and TOKOK has 30% of daily volume on its BTC pair.
Bittrex — https://bittrex.com/
TOKOK — https://www.tokok.com/index
To learn more about FLO please see the following links:
Website — https://www.flo.cash/
Twitter — https://twitter.com/FLOblockchain
To be honest I didn’t see at first why everyone had been so hyped on FLO, but that quickly changed after about 10 minutes of digging into the project. OIP is one of the most interesting protocols that I’ve written about in the crypto space and gives FLO and crypto as a whole fantastic real world use and application. I encourage anyone who found FLO interesting to head over to their website and learn about some of the other DApps they feature such as Alexandria, Medici Land Governance and Caltech ETDB where the floData is already being used for interesting real world application. I would look at all of those and tZERO but this article would end up being 30 pages long.
Thank you for reading today’s article! As always follow me on here or on Twitter @thant1194 or on InvestFeed @thant11 in order to stay up to date on all my articles as I release them. I am not associated with the FLO team and am a holder of their coin. Thank you again for reading. I have to return some video tapes.