HolyTransaction recently added a Fair Coin wallet system on its multicurrency wallet, so we want to make sure you know everything you need about this digital currency.
Faircoin is a digital currency that strives to have low fees for its users, by implementing the Proof-of-Cooperation system by the end of 2017, Faircoin aims of becoming the most ecological and resilient cryptocurrency, providing a safe and fast method of payment all around the world.
Faircoin history started back in 2014 when an anonymous developer created it. A few weeks later he/she abandoned the project, but Enric Duran retrieved the digital currecny with the help of Thomas König.
50 million faircoins were created and during the 6th and 8th of March they were distributed through an ‘airdrop’, or a massive gift of 1000 FAIR per hour to all those who registered.
In this way, Faircoin was distributed to promote equality over financial possibilities.
By using Faircoin, Enric Duran built a new project called FairCoop, a free worldwide cooperative that organizes itself through the web, outside the limits and controls of the State, as the group aims at create an alternative global economy based on ethic and solidarity, reducing financial and social differences among people.
What really makes Faircoin different from other currencies is its specific use as a tool for FairCoop: this cryptocurrency acts as a FairCoop value’s reserve and redistribution of capital in socially and environmentally coherent projects.
Faircoin aims at overcoming the limitations of social currencies that are designed for local use and not interconnected as they are still related to fiduciary money and can suffer the same ups and downs.
Faircoin is one of the most ecological cryptocurrency because it doesn’t need big computational resources to generate new currencies.
On a security level, Faircoin uses the blockchain: every 5 minutes there is a POW block and every 10 minutes a POS block. Thus, the two systems are combined together to provide the best result in each method and to avoid the complete control of the cryptocurrency from the Proof-of-Work.
In the next upgrade Faircoin 2: with Proof of Cooperation (POC), will go further, and the energy efficiency will be big, as no more coins will be created.
The first block contains 50 million coins mined, distributed initially to all the registered people, avoiding that only people with capital or mining resources could access them.
For these reasons, we at HolyTransaction decided to include a Fair Coin wallet among our services.
We think that it is a digital currency with important goals and objectives, so we wanted to let you use FairCoin on our platform.
Just like Bitcoin and the other cryptocurrencies we already have, you can now:
To know more about the new functions of our wallet and to manage your FairCoin Wallet, click here.
Open your free digital wallet here to store your cryptocurrencies in a safe place.