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Faircoin

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Faircoin
252px
Official Faircoin logo
Denominations
PluralFairCoin
Ticker symbolFAIR
NicknameFair
Development
Original author(s)Anonymous
White paperLink to v2 White Paper
Code repositoryhttps://github.com/faircoin/faircoin
Development statusActive
Forked fromforked from Bitcoin 0.12
Written inC++
Operating systemWindows, OS X, Linux, Android
Developer(s)Thomas König
Source modelOpen source
LicenseMIT License
Websitehttps://fair-coin.org/
Ledger
Timestamping schemeProof of Cooperation
Hash functionsha-256
IssuanceInitial coin creation in block 143 (https://chain.fair.to/block?block=143) by the chain admins. The amount to create was taken form the FairCoin V1 blockchain at height 399028.
Block rewardThe transaction fees go to the CVN operator whose node created the block.
Block time3min [1] The block time depends on the current setting of the dynamic chain parameters. (https://chain.fair.to/blocks?block_type=params)
Block explorerhttps://chain.fair.to
Circulating supply53193831.467966 FAIR [2]
Valuation
Exchange rate1FAIR = 1.2 EUR (20 feb 2018) [3]

FairCoin (abbreviation: FAIR) is a cryptocurrency that was created in 2014 by an anonymous developer but abandoned soon afterwards. It was Enric Duran, with the help of Thomas König, who rescued the currency[4] and relaunched it in order to promote a fairer world economy within the framework of the global Faircoop project.[5][6][7][8]

In addition to being a cryptocurrency that could be an alternative to the conventional monetary system,[9] FairCoin also aims to contribute to the creation of a cooperative global ecosystem capable of functioning as an alternative to capitalism by promoting economic justice in the relations between people, collectives, cooperatives and non-profit organizations.[10][11][12]

It is on the basis of the ongoing collaboration between people involved in these kinds of initiatives that this currency has gradually increased in value relative to fiat currencies. It now has a value that is useful at the level of global exchange and, therefore, of fulfilling its promise of building an alternative economic system.[13]

Origin[edit | edit source]

FairCoin was created in March 2014 by an anonymous developer, who then abandoned it a few weeks later. In April 2014, Enric Duran recovered it with the help of Thomas König, an experienced software developer, and in May 2014 FairCoin was taken over by the community[14].

At the beginning, 50 million FairCoins were created. During March 6th - 8th, 2014,[15] FairCoins were distributed through an airdrop or mass gift of 1000 FAIR per hour to everyone who registered to show an interest in the coin.[16] In this way, FairCoin became the first currency that did not have to be mined into existence, but was instead fairly distributed to promote equality instead of financial gain. Even so, obviously the scope of the airdrop system through an internet forum was very limited and therefore the initial gifting of FairCoins could not be said to have been equitably distributed in an efficient manner.[17]

Relationship between FairCoin and FairCoop[edit | edit source]

With the rescue of FairCoin, Enric Duran added a fundamental tool with which to build another global project: FairCoop, a global open cooperative that organizes itself through the internet outside the limits and controls of nation-states.[18] To achieve its aims, FairCoop has developed and built a series of resources and tools to work with FairCoin such as: FairMarket, useFairCoin, getFairCoin, FairToEarth, FreedomCoop, FairFunds, and FairSaving.[19][20]

Currently, FairCoop is putting forward FairCoin as a cryptocurrency on which to base the actions of redistribution of resources and the building of a new global economic system[21], as the transformation towards a fairer monetary system forms a key part of its philosophy.

Precisely what makes FairCoin different from other currencies and coins is its specific use as a tool for FairCoop[22], i. e. as a currency designed to act as a reserve of FairCoop's value and aid in the redistribution of its capital in socially and environmentally coherent projects, such as:[23][24]

5,000,000 FairCoins in the Global South Fund 2,500,000 FairCoins in the Commons fund 1,500,000 FairCoins in the Technological Infrastructure Fund 1,000,000 FairCoins in the pooled fund

FairCoin Features[edit | edit source]

The FairCoin cryptocurrency manages to overcome, via the development of a software wallet for electronic devices[25], the limitations of social currencies that are designed for local use only, and have not been not generally interconnected to each other until now; and that, in the final analysis, often remain tied to fiat money and can suffer the same vicissitudes.[26][27]

Initially FairCoin used a hybrid POW/POS system (Proof of Work / Proof of Stake)[28] but from 2017, with the implementation of FairCoin 2, it changed to a PoC, or Proof of Cooperation system.[29][30][31][32]

Unlike other cryptocurrencies, FairCoin no longer implements any blockchain mining or minting functionality (both competition-based systems).

The generation of blocks in FairCoin is now carried out by so-called Cooperatively Validated Nodes (CVNs) that cooperate to protect the network (hence this system is called Proof of Cooperation (PoC), because it is based on an automated rotation model where all CVNs discover an equal number of blocks). FairCoop is committed to cooperation as an effective and comprehensive approach that facilitates security and immediately confirms microtransactions.

To be part of the CVN network you need to complete a node certification procedure that is managed by the decentralized network of FairCoop local nodes.

In this way, FairCoin is the first blockchain that combines human and computational trust.

With the PoC or Proof of Cooperation, there is no reward for computing blocks on the blockchain (otherwise known as 'mining'). It is the mandatory transaction fees that now serve to compensate of the CVNs for their block creation.

References[edit | edit source]

  1. "Real time statistics of FairCoin blocks". Roland Alton. 20 February 2018. Retrieved 20 February 2018.
  2. "Real time faircoin explorer showing the coin supply". Faircoin developer team. 20 February 2018. Retrieved 20 February 2018.
  3. "Historical of Faircoin Official prices". Faircoin developer team. 20 February 2018. Archived from the original on 20 February 2018. Retrieved 20 February 2018.
  4. El Asri, Lucía (2015-05-04). "Faircoin, la criptomoneda del Robin Hood catalán que "expropiaba" a los bancos para dárselo a los pobres". ElDiario.es.
  5. "El 'Robin Hood' español habla en RT de Fair Coop, la primera cooperativa mundial". RT - Canal de Noticias en Español. 2014-09-17.
  6. Schneider, Nathan (27 May 2015). "5 Ways to Take Back Tech". The Nation.
  7. Kothari, Ashish (2015-06-22). "Is Europe staring at a second Renaissance?". India Together.
  8. Baceiredo, Fabien (24 July 2015). "365 initiatives pour réinventer notre Monde". libro interactivo: 51.
  9. BOLLERO, DAVID (2014-09-18). "Nace Fair.coop, la cooperativa que combate el capitalismo desde dentro". Diario Público.
  10. "Faircoin, criptomoneda para un cambio social". Tecnoparanoids. Radio Ela. 2015-05-22.
  11. G. de Juan, Carlos (2015-05-27). "Criptomonedas para cambiar el mundo (I)". El País.
  12. FRESNEDA, CARLOS (2 August 2015). "'El cambio en las relaciones sociales y económicas es irreversible'". El Mundo.
  13. "Entrevista a Enric Duran: co-creador de FairCoop". Informa't! BCN. 5 November 2014.
  14. Schneider, Nathan (7 May 2015). "On the Lam with Bank Robber Enric Duran". Vice News.
  15. El Asri, Lucía (2015-05-04). "Faircoin, la criptomoneda del Robin Hood catalán que "expropiaba" a los bancos para dárselo a los pobres". El Diario.
  16. Community currency engineer, Matslats (22 May 2015). "Financial hacking with Faircoin". Matslats.net.
  17. Schneider, Nathan (7 May 2015). "On the Lam with Bank Robber Enric Duran". Vice News. Retrieved 2 August 2015.
  18. G. de Juan, Carlos (2015-06-04). "Criptomonedas para cambiar el mundo (II)". El País.
  19. Bolier, David (2014-09-30). "Faircoin as the First Global Commons Currency?". Resilient Magazine.
  20. "Fairsaving, el ahorro colaborativo de FairCoop". Pressenza International Press Agency. 2015-06-11.
  21. Manrique, Patricia (2014-09-16). "Occupy the money: a por la economía descentralizada". Periódico Diagonal.
  22. Prieto, Pablo (2015-01-09). "FairCoop: virus of cooperation infects a new economy". Roarmag.org.
  23. Redacción (18 September 2014). "Nace Fair.coop, la primera cooperativa mundial por una economía justa"". El Salmón Contracorriente. Retrieved 24 July 2015.
  24. Duran, Enric (17 September 2014). "Enric Duran, "Fair Coop: Objectiu Planeta Terra"" (in spanish). Archived from the original on 11 April 2015. Retrieved 24 July 2015.CS1 maint: Unrecognized language (link)
  25. Prieto, Pablo (8 May 2015). "Lo que 'Salvados' no cuenta sobre Enric Duran" (in spanish). El Huffingonpost. Retrieved 24 July 2015.CS1 maint: Unrecognized language (link)
  26. Manrique, Patricia (2014-09-16). "Occupy the money: a por la economía descentralizada". Periódico Diagonal.
  27. Álvarez, Yago (13 July 2015). "El crédito tiene que ser algo comunal y público". El Salmón Contracorriente. Retrieved 24 July 2015.
  28. Cat, Johnson (16 October 2014). "Fair.coop: Using Cryptocurrency to Bring Economic Justice to the World". Shareable.net. Retrieved 24 July 2015.
  29. Busy (23 July 2017). "FairCoin Activates World's First Cooperative Blockchain - Introducing the Proof-Of-Cooperation Consensus (PoC) - Busy". Retrieved 5 October 2017.
  30. "FairCoin 2: la moneda PoC cooperativa". Cointelegraph (in español). Retrieved 5 October 2017.
  31. "Hay vida más allá del capitalismo - Saltamos". Saltamos (in español). 17 August 2017. Retrieved 5 October 2017.
  32. "Una criptomoneda cooperativa, justa y ecológica - Opcions". Opcions (in español). Retrieved 5 October 2017.

External Links[edit | edit source]


This article "Faircoin" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Faircoin. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.



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