Has been published the Faircoin 2 new white paper version, with all the details related to the current implementation!!
- Read it here https://fair-coin.org/faircoin2.html
- Comment it here: https://fair.coop/groups/faircoop-community/faircoin/faircoin2/
- Code development here: https://github.com/FairCoinTeam/faircoin2
- Crowdinvestment for support development here: https://coopfunding.net/en/campaigns/faircoin-2-crowdinvestment
In contrast to other cryptocurrencies FairCoin 2 does not implement any mining or minting functionality, which are both competitive systems. Block generation is instead performed by so-called certified validation nodes (in short CVN). These nodes cooperate to secure the network. Therefore we call this system proof-of-cooperation (PoC).
In PoC, based in an automatized rotation system, all the CVN, find a equal quantity of blocks. Cooperation creates a full efficient procedure, that facilitates security, instant confirmation and microtransactions.
To run a CVN one needs to complete a certification procedure which is called a node certification procedure that will be managed by the decentralized network of Faircoop local groups. By this way, faircoin 2 wil be the first blockchain that combines human and computer trust.
There is no reward for block creation. Therefore, the money supply is not changed by creating blocks. The mandatory transaction fees go to the respective block creators to compensate their efforts for running a CVN.
Certain chain parameters, e.g. the time between blocks, the amount of the transaction fee, etc. are dynamically adjustable without the need of releasing a new wallet version.
This proposed system enables everybody to create a separate chain that roots in the FairCoin main chain and runs alongside it. E.g. a chain can implement a local currency based on a local network of nodes of the same region or city, or a thematic currency based on the same principles.