Author: Norah Amboko

Posted on

FairCoin

What Is FairCoin?

FairCoin is a decentralized and open-source cryptocurrency created in 2014 for use in the Faircoop ecosystem.

It was created with unique features for facilitating saving money at low ecological cost.

Unlike other cryptocurrencies such as Bitcoin that use proof of work (PoW) algorithm or Dash that employ proof of stake (PoS) consensus model, FairCoin uses proof of cooperation (PoC).

The cryptocurrency departs from the common mining and minting models used to release new coins in other crypto platforms. Instead, it uses certified nodes through the new PoC protocol.

  • FairCoin was founded by FairCoop

FairCoop is the Earth Cooperative started in 2014 and designed for a fair economy through the development of tools and knowledge transfer features.

It is a global cooperative that runs its operations online outside the control of administrative boundaries. Its target is to run an alternative global system that is based on ethics, solidarity and cooperation and even redistribution of wealth and justice in the globe.

The main people who were involved in the FairCoion and FairCoop platform’s development included Michael Bauwens of the Peer2peer Foundation, Enric Duran of Catalan Integral Cooperative and Amir Taaki (a Bitcoin developer).

  • The FairCoin price

The price of FairCoin started at $0.0029 in March 2014 and traded within the same range until April 2015. In May 2015, the price rose with about 4000% to hit $0.088.

In the subsequent two months, the price fell to $0.012 and remained within the range of $0.04 until May 2017 when it started rising again.

In late November 2017, the price of FairCoin broke the $1 mark. Then, it grew significantly to reach $1.17 in mid-January 2018; the highest mark in its history. Despite this huge growth, the price did not remain at the top mark for long. It started a downward trend that saw the price drop by about 1000% to $0.1.

Though the price rose marginally to $0.5 in July 2018, it went further down and stabilized at the range of $0.1 and $0.25 in the third quarter of 2018. The community has indicated it is optimistic that the price will continue growing to deliver a higher return on investment (ROI) in the coming years.

What is the problem that FairCoin solves?

Since 2009 when Satoshi Nakamoto released the Bitcoin core code, newer platforms have emerged to help advance the blockchain niche to the next level. The new platforms target to address the shortcomings of preceding coins and even the problems in the society. Here are the main problems that FairCoin seeks to address.

  • High energy costs associated with mining

Mining is the main method used to release new coins in crypto networks. The common method used for mining cryptocurrencies is the proof of work (PoW) though proof of stake (PoS) is also gaining ground. As the name suggests, proof of work (PoW) requires users to do a lot of work to solve complex puzzles to confirm transactions and confirm new blocks for a reward in the native coin.

However, this method consumes a lot of energy which makes it harmful to the environment. Here is a demonstration using the case of Bitcoin.

Digicoinomist, a cryptocurrency trucker points that the network of computers used to verify Bitcoin was drawing 3.4 Gigawatts every second in December 2017. When this is compounded to annual consumption, it implies that more than 30.1 Terawatt hours are consumed every year to mine Bitcoin.

While this value is breathtaking, think about the combined power used to mine all PoW cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin among others. The FairCoin’s development group wanted to see the blockchain technology advancing without endangering the environment.

  • Centralized mining

When Bitcoin was unveiled, it was possible to mine with a standard desktop or laptop. However, advancing mining technology has made it impossible to mine many cryptocurrencies with standard computing equipment. For example, it is no longer viable to mine Bitcoin without advanced mining equipment such as the Antminer S9.  However, the advanced mining equipment is expensive and, therefore, out of reach for the standard people.

The impact of the high cost of mining equipment and power requirements implies that only the well to do in the society can afford. This centralization is going against the tenets of decentralized operations. Besides, it also raises the danger of 51% attack in many networks.

  • Slow adoption of cryptocurrencies by the society

Though the blockchain niche has advanced at a very fast rate, the adoption by the mainstream community has been relatively slow. Many people investing in cryptocurrencies are largely interested in reaping from price growth as opposed to direct applications such as buying services in the stores.

One of the main reasons standing on the way of faster cryptocurrency adoption is the complexity of understanding the blockchain technology. Many people still find it very difficult to comprehend the mechanics of the blockchain technology outside the standard fiscal brackets such as banks and money sending services.

The process of owning, retrieving and using cryptocurrencies is complex. For example, owning digital coins requires one to join a cryptocurrency exchange such as Binance, Bittrex or CEX.IO, registering for an account and placing orders. Besides, you will also need to have a digital wallet and learn how to store the tokens safely.

FairCoop wants to make it easy for any person no matter the social status or location on the globe, to be able to acquire and use FairCoin.

How does FairCoin solve the problem?

To help advance the blockchain niche, the FairCoin network uses three things; the certified nodes, the proof of cooperation consensus algorithm, and distributed sub-chains.

Use of certified validated nodes (CVN)

Certified validated nodes (CVNs) are the trusted nodes used to verify transactions and add new transactions in the FairCoin network. The nodes create new blocks every 3 minutes. To operate as a CVN, the node is required to be connected on a 24/7 basis, and the TCP port 40404 should be reachable online. Other requirements to run as a node include;

  • The node’s computers must also have a public NTP server for easy synchronization.
  • The user’s wallet software must be configured in line with the certification data issued by FairCoop.
  • The user should have a smart card and a reader provided by the FairCoin development team.

Note that any person who joins the FairCoin network can qualify to become a certified node by meeting the outlined requirements. To add or remove a certified node, a small number of chain administrators are required to sign a corresponding command that is injected into the network through the wallets RPC interface.

Though the development team has indicated that the system of nodes is completely decentralized, concerns have been raised about the centralized administrators who must sign commands to change the certified nodes. In other networks using PoW, the node with the highest mining power confirms the network.

Proof of Cooperation (PoC)

This is the main strategy used to address the problems that FairCoin targets to address. PoC is a consensus algorithm used to maintain the integrity of the network. Note that the platform utilized a combination of proof of stake (PoS) and proof of work (PoW) since inception until July 2017 when it shifted to PoC consensus algorithm.

Unlike in many blockchain networks such as Bitcoin and Litecoin where all the nodes have access to the info for validating transactions, FairCoin PoC system only uses a limited number of certified validated nodes (CVN). The CVNs do the following tasks:

  • Examining the past blocks to establish the CVN that should mine the next block and publish its content.
  • Verifying validity of the previous block, its data (transactions) and confirming if the selected node is the right one to create the next block.
  • The CVN selected to create the next block collects all the signatures from participating certified nodes on a consensus about the new block. The report on consensus is stored together with the new block.

This new algorithm ensures that transactions are completed faster and the associated cost is very low. Note that any person who becomes a certified validated node does not need to have special mining equipment like the way it happens with PoW at Bitcoin.

 Distributed sub-chains

The FairCoin platform allows everybody to easily create a separate chain that hooks in the FairCoin’s main chain. This implies that you can run a parallel new chain. The focus is on ensuring that more businesses and people can easily join the blockchain industry and reap its associated benefits.

According to the FairCoin’s whitepaper, a number of certified nodes are allowed to take part in several chains. A plug-in architecture provides a method to design chains using new properties. For example, a new chain is allowed to implement a local currency based on a local network of nodes of the same city based on similar principles.

What makes FairCoin better than it’s competitors?

From the beginning, the FairCoin design was meant to provide the advantages that other networks had failed to deliver to the community. Here are the main things that make FairCoin better than its competitors.

  • The coin is ecologically sustainable

Unlike other cryptocurrencies that make people have very high power bills, people in FoirCoin system do not have to worry about high energy consumption. The system adopts a low power consumption model that facilitates smooth and fast transactions.

  • It Is Safe And Secure

Unlike the other platforms where the developers worry about the security of their clients’ information and transactions, all blocks at FairCoin system are generated cooperatively. The cooperation ensures that the network is secure.

  • The FairCoin system is very fast

FairCoin is created to facilitate the transfer of value between clients on a peer-to-peer basis. The decentralized nature of the network ensures that transactions are faster compared to the conventional banking systems. Even the integrated services that allow people on its network to use services such as prepaid cards are also very fast. They clear in less than three minutes.

  • The FairCoin system is transparent and ethical

FairCoin system was created and is operated on the principle of supporting fair business values. For example, the system does not force its clients to upgrade to other software when minor changes are made.

  • The FairCoin’s system allows more people to mine with standard devices

Unlike some of the common blockchain networks such as Bitcoin that require people only to have very advanced mining equipment, FairCoin allows people to use standard devices such as CPU.

§  FairCoin future is very bright.

The platform has built a strong community with regular meetings via online collaboration. The attachment is expected to help grow the network in both the medium and long terms.

How can FairCoin be categorized?

FairCoin is an eco-friendly cryptocurrency created to help advance the blockchain technology by demonstrating that everybody can be involved without causing adverse effects to the environment. The adoption of the new consensus algorithm, proof of cooperation (PoC) has helped people to deviate from other mining technologies that require expensive mining equipment that consume a lot of energy.

What’s Faircoin’s vision of security?

FairCoin’s mission on security is to become the most eco-friendly and secure blockchain network on the globe. The development team believes that economic and social justice can help to make everybody feel part and contribute to securing the current technological and economic systems. Some of the methods used to secure the network include:

  • Allowing anyone on the network to become a certified validated node (CVN) for an even distribution of coins. This helps to prevent the network from 51% attack.
  • In their white paper, the development team indicated that the FairCoin system stores the private keys for signing new blocks on smart cards. The cards are secured by a six digit pin that is only known to the certified validated node (CVN).

If the node puts the keys wrongly more than three times, it is blocked and can no longer be used. A new one has to be issued.

Examples of FairCoin’s use cases/ applications.

  • FairCoin allows users to link with conventional payment services. The FairCoin system has integrated a collective intelligence model that makes it possible for users to share point of sale systems, prepaid cards, and even pay for direct receipts. This is a breakthrough that will help the network to become more applicable.
  • FairCoin, like other cryptocurrencies such as Ripple, can be used as a means of sending value on a peer-to-peer basis across the globe. This is considered better than the standard banking services because transactions are fast and cheap.
  • FairCoin can be used to pay for transaction charges at the network or when trading it in the exchanges.
  • As more people join the network because of its strict focus on ethical values, the expectation is that FairCoin value will grow steadily over time. Therefore, some people are using it as a form of speculative investment.

https://chain.fair-coin.org/download/FairCoin2-white-paper-V1.1.pdf

https://coincheckup.com/coins/faircoin/charts#

https://fair-coin.org/

https://fair-coin.org/en/faircoin-faqs

 

 

Posted on

Infinitecoin

What is Infinitecoin

After Bitcoin was released in 2009, the finance and cryptographic experts saw a new way of looking at payments by crafting new blockchain.

Most of them were aimed at identifying shortcomings in the blockchain niche and addressing them. One such platform is Infinitecoin.

Infinitecoin is a decentralized and peer2peer cryptocurrency forked from Litecoin in 2013 with the primary goal of facilitating stress-free online payments.

The target of the founders was to come-up with a network that allows users to effect payment without involving third parties such as banks and credit card companies.

One notable thing about Infinitecoin is the high supply of its coins. Unlike Bitcoin and Litecoin that have 21 million and 84 million coins that will ever exist in their networks, Infinitecoin has 90.6 billion native coins abbreviated as IFC.

The large supply is aimed at promoting even distribution across the globe.

Around August 2013, Infinitecoin was trading at a price of $0.000006 and remained within the same low range before gaining marginally to hit $0.00011 in January 2014.

The price remained within the range of $0.000001 and $0.000026 until May 2017 when it started rising marginally. On January 10th 2018, the price shot to $0.000342, about 5600% growth from the price recorded in August 2013.

Note that the price gain of Infinitecoin did not last.

By January 19th2018, the price had dropped to $0.000236. It continued with the downward trend and stabilized at around $0.000033 starting from July 2018 through to the close of the third quarter of 2018.

What is the problem that Infinitecoin solves?

Infinitecoin was created at a time when the pioneer blockchain’s popularity was approaching pitch high. Many cryptographers were focusing on crafting their networks with the expectation to improve what the existing platforms had achieved. Here are the main problems that Infinitecoin targets to address:

  • Centralized mining through use of ASIC equipment

When Bitcoin was created, it was possible to mine BTC using a standard desktop. However, things changed when new mining equipment such as Application specific integrated circuits (ASICs) were created and released into the market.

These are specialized equipment created to generate high mining power to optimize profitability. Though this might sound appealing because one would make a lot of profits, the associated damage is too much. Because of the high cost of the mining equipment, it implies that they can only be owned by the well to do in the society.

This raises the risk of the coins falling into the hands of only a few people and danger of 51% attack. With the coins being funnelled to only a few individuals, it implies that many are those who will be left out. This compromises the original objective that the founding portrait of blockchain technology had of a completely decentralized system.

  • The high cost of sending funds across the globe

If you take a closer look at the conventional banking system, one notable thing is the high cost of sending value, especially at the international level. Because they are designed as profit-seeking organizations, banks have very high transaction charges to optimize returns.

But it is not just the high cost of sending funds that plagues the conventional financial system. The transactions also take very long. In some cases, users are forced to wait for several days before both parties (sender and recipient) are verified and transaction completed.

  • Lack of privacy in the financial system

Every time that you make payment or send value using conventional banking systems such as banks or credit cards, the details are known to a wide array of people. There is not privacy. For example, the cashiers who serve you over the counter and banking management can easily peruse your transaction, personal details, and history.

Other people who have access to your account into are the political administrators who are responsible for management of the economy. The details can even be accessed if a court issues such orders. Infinitecoin system was created to help people operate in total privacy.

How does Infinitecoin address the problem?

To address the different problems that faced the blockchain niche, Infinitecoin developers opted to improve on the existing technologies. They were especially focused on ensuring that the platform remained fully decentralized. Here are some of the strategies adopted to address the problem.

  • Scrypt Proof-of-Work

To address the problem of centralized mining and the danger of 51% attack, Infinitecoin team had to look for a mining algorithm that was resistant to the ASIC mining systems. They opted for the Scrypt proof of work mining system. What exactly is scrypt and how does it work?

Scrypt denotes the hashcash proof of work consensus algorithm that uses scrypt as the primary hash function. This function is memory intensive designed to lower the efficiency of logic circuits such as ASIC mining systems. The focus was to make it completely unviable to use ASICs to mine Infinitecoin.

While scrypt was highly effective at the beginning, the efficiency in preventing the use of ASICs on Infinitecoin was watered down after scrypt ASICs mining equipment was discovered. This means that people with advanced scrypt ASICs equipment still have the advantage of mining more IFC.

  • The Infinitecoin decentralized blockchain

The centralized system used in the conventional banking system implies that the data and funds can easily get lost or compromised in the event of an attack by viruses, malicious staff or even physical damage such as fire. To address this, the Infinitecoin operates as a decentralized network.

The system comprises of nodes spread in the Infinitecoin system to ensure that there is no single point of failure. All the data is stored in different nodes so that even if one node opts out or is not available, the integrity of the data and system cannot be compromised.

For transactions to be completed, the nodes spread in the Infinitecoin network have to come to a consensus. This involves checking that the sender has the funds he wants to send and there is no double spending. Then, all the details are captured in the next block and added to the Infinitecoin’s public ledger/ blockchain.

  • Infinitecoin is fully owned and controlled by users

The people who use the platform own it. Unlike the banking system where users only feel passive about the platform, people own and control all components in the Infinitecoin system. When a person joins the platform as a node, he is part of the main decision making organ. This implies that he will be called to vote on major changes taking place on the network such as the introduction of new features.

  • The difficulty of Infinitecoin blockchain generation adjusts with every block

For the five years that Bitcoin blockchain had existed when Infinitecoin was launched in 2013, the community had learnt how to go about optimizing the mining difficulties. Because the mining difficulty adjusts every 14 days in the Bitcoin network, miners who get it right early in the two weeks period can easily take advantage of their answers to mine the remaining block with ease.

To avoid this danger, the Infinitecoin system’s mining algorithm adjusts the mining difficulty after every block. Therefore, even if you have just created a block on the Infinitecoin, that alone does not give any added advantage over others. To mine every new block, all miners have equal opportunity.

Why is Infinitecoin better than its competitors?

The design of Infinitecoin was targeted at surpassing what the competitors were offering. The main platform’s benefits are linked to its decentralized outlook. Here are some of the things that make Infinitecoin better than competitors.

  • The Infinitecoin operates as a completely decentralized platform. The decentralization helps to bypass profit-seeking organizations such as banks and credit card companies. Sending value using the Infinitecoin platform is, therefore, cheaper and faster.
  • The Infinitecoin system is considered one of the most stable systems because it has been in operation for more than four years starting from 2013. This implies that most of its features and structures have been tested and proven to work. It is, therefore, considered better than newer systems.
  • Though the price of Infinitecoin has been on a downward trend starting from January 2018, it is still far higher than the starting point. The community is optimistic that the value of the coin will ultimately go up and deliver a high return on investment.
  • The platform allows users to use the network anonymously. When people join the Infinitecoin platform, their details and transaction info are encrypted so that no one can easily pull out the info. Even the miners who help to confirm these transactions can only follow back to the public address as opposed to the private keys.
  • Though a large number of coins for the Infinitecoin platform was created to ensure that more people can access and use them, the approach has been contested. One part of the Infinitecoin community has blamed the large supply for the poor performance in the market.

How can Infinitecoin be categorized?

Infinitecoin is a fully decentralized platform designed to help make sending value cheap, fast, and reliable. The platform was created to help take the decentralization to the next level by ensuring that everybody has a chance to own and use digital coins through decentralized mining and a large supply of coins.

What is Infinitecoin’s vision for security?

The Infinitecoin’s vision for security is ensuring that people joining the platform can send their funds across the globe without worrying of attacks. When the Infinitecoin platform was launched, cases of attack on crypto networks had become very common.

The most notable of these security breaches was the MT. Gox attack that resulted to loss of more than 850,000 Bitcoins. To guarantee users of optimal security, here are the main strategies and features used at Infinitecoin network.

  • The platform uses checkpointing to prevent the system from 51% attacks.
  • Advanced cryptography helps to keep user information free from third parties.
  • The platform is progressively reviewed by the development team to identify the vulnerabilities and seal them before they become major issues.
  • The platform is fully decentralized to ensure that there is no single point of failure. The nodes use the scrypt algorithm to keep the system and information secure.

Examples of Infinitecoin’s use cases/ applications.

As a platform designed for facilitating peer2peer payments, Infinitecoin’s use cases in the society include:

  • The Infinitecoin’s network is used for sending value on a peer2peer basis. Whether you want to send value across the globe or in the country, the transactions will be easy to run no matter the time of the day or night.
  • Use Infinitecoin to pay for goods and services. As more traders and communities start appreciating the role of cryptocurrencies, it is becoming possible to make direct payment for goods and services. You only need to identify the stores that accept Infinitecoin for direct payment.
  • Infinitecoin can be used to pay for transaction charges in the native network. This is the fee used to meet the cost of developers of the network. The coin can also be used to pay the trading fee in the exchanges that list Infinitecoin.
  • If you live in jurisdictions that allow people to pay for government services with cryptocurrencies, it might be possible to use Infinitecoin. One example of such jurisdiction is Singapore. Unlike other countries that have been considering cryptocurrencies as threats, Singapore administration insists that they are accepted forms of sending value.
  • Use Infinitecoin as a saving and investment platform. If you want to invest or save funds in the blockchain niche, it is advisable to select the high potential ones such as Infinitecoin. Its growth of more than 5600% towards the end of 2017 and early 2018 is considered an indicator of the platform’s potential. Therefore, if you want to invest and see the returns grow with a huge margin, this could be a great opportunity.
  •  The Infinitecoin coin can be used to trade in the exchanges/ crypto markets. The exchanges require users to create accounts and pair Infinitecoin with other coins such as Ripple and Ethereum to start trading. Remember to follow trading best practices such as picking secure platforms and always moving the coins to a cold store after trading.

https://bitcointalk.org/index.php?topic=549432.0

https://coincheckup.com/coins/infinitecoin

https://www.quora.com/What-are-Infinitecoins

https://www.investopedia.com/news/wheres-missing-mt-gox-bitcoin-now-worth-2-billion/