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Faircoin, this asset is worth only $0.22. Something so small can’t even register on the global financial radar. Even in crypto exchanges, if we look at daily trading volume it’s nothing more than a slight glitch.

Ranked at 1134 on CoinMarketCap, this little asset presents a very reliable lifeline for its users. According to Sporos, a crypto enthusiast based in Athens, faircoin can be found everywhere in the world. He says he hasn’t relied on banking services for no less than 8 years thanks to this asset. If we look at the events from the last decade or so, Sporos’ definitely did well to stay away from banks.

Located in an anarchist stronghold in Athens, Sporos runs a faircoin information center. There are over a few hundred similar centers located all around the world. The centers are stocked with many homemade products like honey, soap, perfume, olive oil, tea and even jewelry. Of course all the products vary depending on the location on the center, but they all have one thing in common. They can all be purchased with faircoin.

If the provided information is accurate, we’re looking at over 620 centers all around the world. Sporos refers to them as the ecosystem of faircoin. This ecosystem includes a transportation sharing app combined with an AirBnB alternative and faircoin-based financial institution. The institution is called the Bank of Commons and is completely tax-free.

Faircoin redefines being human

In this global network, nodes aren’t exactly nodes. Usually, nodes are the computers, but in the faircoin ecosystem each human is a node. This node forges the links between local initiatives and the global ones. This is referred to as a FairCoop.

The people or nodes of this ecosystem have their agreement and they always trade faircoin at a fixed rate of €1.2. This consensus was reached back in January by an assembly of faircoin nodes. Essentially, this completely invalidates the official price at CoinMarketCap.

The story of faircoin finds its origins back in 2014. This cryptocurrency was abandoned by its initial creator. By all accounts he intended to use it as a pump-and-dump scheme. The project was later discovered by Enric Duran, who has strong anarchistic beliefs.

He had his rise to fame when he robbed almost €500 000 in loans from Spanish banks back in 2008. He later founded a post-capitalist collective named the Catalan Integral Cooperative (CIC). It’s from the website of CIC that Duran started organizing the faircoin community. He managed to transform the small community into an international body named FairCoop. FairCoop is always looking for other likeminded groups to start new initiatives.

Especially with the reputation most crypto projects currently have, faircoin is very easily distinguished. This community is run mostly on trust. The coin was originally build on the proof-of-stake protocol, but in 2017 a new protocol was made titled “proof-of-cooperation” (PoC). This is very light-weight consensus mechanism, which runs on a set of 19 raspberry pies.

Faircoin is in a league of its own

This is a complete counter to the competitive nature of mining. PoC requires all 19 nodes to collaborate in order to validate a block. They are paid for doing so in transaction fees.  The block creators require an approval from the FairCoop assembly. This assembly consists of around 280 faircoin users responsible for the decision making.

This of course will push away some of the interested users because this means faircoin has a big vulnerability to centralization effects. Even so, those interested can look forward to an interesting project that can give the start to something new.

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About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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