Faircoin (FAIR) is a virtual and decentralised digital currency. Faircoin is an innovative blockchain technology. It is supposed to perform better than Bitcoin and most of other Altcoins. Faircoin consumes very low energy, ensures a faster transaction and a very low fee is redistributed. Faircoin was created with the vision of bridging the economic gaps, both on a regional and the global level.
Faircoin (FAIR) was distributed adopting an enormous airdrop process. It was airdropped during the 6th and 8th March, in the year 2014. In this airdrop, an approximate address, amounting to 49,750, were logged for the give way. Each address was able to claim about 1000 FAC an hour.
Faircoin (FAIR) has reached a historical land mark after developing and testing for two years. Faircoin blockchain is changing its consensus algorithm to Proof of Cooperation from Proof of Stake. This new version of Faircoin needs minimum energy to confirm transactions. Its nodes work with minimalist hardware. It also needs minimum energy to ensure the security of the system. The concept of use and distribution of Faircoin is based on equality criteria and social justice.
An additional amount of 50,000 Faircoins per month has been given to minters until July the 17th, 2017, with combined mechanism of Proof of Work and Proof of Stake. This was given as a reward for remaining online with their wallets. Faircoin mining has stopped from July the 18th, 2017, with the introduction of Faircoin Proof of Cooperation mechanism.
Faircoin cannot be stopped exactly like all other blockchain technologies with mathematical models. Faircoin is a common distributed database. Faircoin is available to every wallet for adding up its transactions. The wallets need to be upgraded to match the conversion of Faircoin algorithm from Proof of Stake to Proof of Cooperation.
Faircoin is a digital currency which is supported by a world cooperative movement. Cooperatively validated nodes do the job of solving difficult validation puzzles to earn cryptocurrency, with cooperation in Faircoin, instead of thousands of computers doing the job. Faircoin introduced a certain level of trust and democratic values, even on the technical level. It is a big difference between Faircoin and other cryptocurrencies. In terms of creation of blocks, Faircoin is not trust less. Faircoin has a stable growth. With Faircoin, mining is minimal. Mining takes place as a task on behalf of the community, receiving a small direct reward. Faircoin operation is based on the savings by all members in the community.
Faircoin (FAIR) is now the most resilient and ecological cryptocurrency. It consumes very low power for control of transactions. It has Cooperatively Validated Nodes and it provides very fast transactions and its confirmation, within 3 minutes. Faircoin is fully ethical as it supports only fair business. So, the future of Faircoin is safe.
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