Here’s a good example of old style balloon framing. Click on the image for a better view. Note that the vertical studs go all the way from the foundation to the rafters. The floor joists are attached to the continuous vertical studs. In modern platform framing, the studs are only one floor high, going from the floor plate (or lower wall plate) to the ceiling plate (or upper wall plate). In the modern system, a floor supports each level of studs. This photo is from the town of Rice in eastern Washington, on Rt. 25. I don’t know what the project is; I was just driving by.