FairCoin is arguably the most ecological and definitely one of the most resilient crypto currencies in the world. FairCoin is an extremely fast and secure means of payment across the globe. Enric Duran created the FairCoop project that developed FairCoin. The currency is the organization’s monetary base used for economic redistribution, empowering groups in the grassroots, ensuring justice prevails as well as transforming social and economic realms.
The FairCoop cooperative is structured and organized via the World Wide Web without the control of state/nation agencies. FairCoop’s mission is the provision of an alternative universal economy that’s anchored in the people’s solidarity and ethics, and focused on bridging the social and financial gap between individuals and communities.
Faircoin is a really distinctive digital currency as it is FairCoop’s tool for value reserve as well as for distributing capital in the cooperative’s social and environmental projects.
It is a highly ecological digital currency. Unlike most other crypto currencies,
it doesn’t require huge computational resources in the generation of new units.
The creation of Faircoin currencies
There’re various ways of creating coins in different crypto currencies. The most popular methods include Proof OF Work (POW) or mining which is popular with Bitcoin, and Proof.
Of Stake (POS) or minting which is majorly used in Peercoin. An earlier version of Faircoin combined POW and POS in its blockchain in a manner that a POW block was created every five minutes while a POS block was made every ten minutes. This combination of two systems resulted to an excellent performance and it also made certain that the digital currency doesn’t solely depend on mining.
Faircoin 2 POC upgrade
The recently launched Faircoin 2 uses a characteristic Proof Of Cooperation (POC) validation system that comes with greater energy efficiency. Unlike other crypto currencies, the new Faircoin shuns the implementation of both minting and mining, meaning that there’s no creation of more coins. Instead, Faircoin uses certified validation nodes (CVN) to generate
blocks. Essentially, the nodes cooperate in securing the blockchain, hence the term Proof Of Cooperation system.
POC is basically like other consensus algorithms needed by the peer to peer (p2p) networks of crypto currencies. Each node in the network must agree with the set rules for the network to maintain its integrity. Similar data is availed to each and every client using the system for authenticating the veracity of the system. Faircoop operates node certification procedure’ for CVN certification.
Faircoin 2 has two main advantages over its peers:
End of currency creation
Faircoin 2 puts an end to minting and mining of new coins. Instead, existing money are redistributed to relevant social projects around the world with the help funds like Refugees Fund and Commons Fund among others.
Instant confirmations
Faircoin 2 enables instant confirmations and thus security is brought to real time exchanges. This gives the currency a great power to becoming an indispensable tool for making physical as well as virtual payments. Additionally, the great efficiency of the Faircoin 2 system coupled with minimal fees occasioned by low energy costs, makes the currency perfect for making micropayments. This is crucial in meeting many wants,
particularly in poor nations.
Importantly, the POC innovation brought by Faircoin 2 makes the currency secure, energy efficient and fair as it is based on cooperation rather than competition which is present in POS and POW validation systems.
Faircoin wallets
A Faircoin user needs to firstly get a virtual wallet. This is important because it helps secure the coins and it is also necessary in transacting, whether sending or receiving Faircoins. Wallets are available in three basic types: the official wallet installed in the personal computer, the Electrum wallet and the Android wallet for mobile gadgets.
Faircoin verdict
The new Faircoin 2 is resilient, well organized, highly efficient and secure. Users find it utterly reliable when making commercial as well as personal payments, particularly due to its instant confirmations. It’s unmatched strength means that it cannot be devalued. The algorithms used in Faircoin hinge on POC or proof of cooperation, and this contributes to
equitable wealth distribution. Undoubtedly, Faircoin is a grand technological invention in the world of crypto currencies, which compares to the creation of Bitcoin.
You can be sure that this coin is going to be around for a long time, and that its use cases will only extend and become mainstream over time.
At the moment, there isn’t really that level of exposure the likes of BTC and ETH have been received, you can always be sure that Faircoin will only get better with time. This of course will depend on the support it receives from the community. The development ideals put in place will also go a long way toward making the coin one of the best in its space.
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