«We decided to create a new version of FairCoin which corrects issues we encountered. The current version of FairCoin relies on PoS (proof-of-stake) which cannot be considered fair, because it confer an advantage on the already rich. Therefore we needed to come up with a new way to secure the network. We call it PoC (proof-of-cooperation). This innovation will finally make FairCoin fair, secure, and sustainable.» [from FairCoin2 white paper]
FairCoin2 Technical Road Map
– v2.0 (June’16)
- Certified Validation Nodes ( Web of trust )
- No money creation. Fees go to node operators (dynamically adjustable)
- Regular/predictable time for block creation.
– v2.1 (during summer’16)
- Instant transaction confirmation.
- Easily forkeable.
… v2.2 …
– About v3.0: This version problably will be no longer called faircoin as it’s a complete new system, a kind of decentralized and high efficient infrastructure, rewritten from scratch, with big data technology, distributed transaction confirmation (distributed load), several blockchain in a distributed database, etc…
Faircoin as a currency, should be one of the coins using that blockchain of the commons.
Certified Validation Nodes (CVN)
Until now, each node in FairCoin network validates transactions and creates new blocks to achieve distributed consensus, but with the new version this will be done by a network of Certified Validation Nodes.
These nodes cooperate to secure the network and they are in charge of transactions validation and blocks creation, in a process called Proof of Cooperation. In short, the nodes work together in a collaborative way, creating blocks in a rotative sequence. These nodes use Web of trust, a system to establish their authenticity. To run a CVN one needs to complete a certification procedure that is operated by FairCoop.
The ideal number of CVNs in the faircoin2 network will be between a minimun of 10 and a maximun of 50-60. The blocks creation will be fixed in a regular and predictable time, about 3 or 4 minutes.
No money creation and fees
One of the main differences of the new version is that there is no new money creation. In first version the block creation was rewarded with new money, but this will be no longer so. The CVNs could be rewarded with transaction fees, which could be dynamically adjustable.
Instant transaction confirmation
In version 2.1, the transactions will be confirmed in a very small time, near the time spent to confirm a buy with credit card, almost instantaneous. This will be a direct consequence of the way CVNs network confirm transactions.
A blockchain without money creation and based in certified nodes, is an innovation that have got interest of different initiatives that are collaborating in faircoop. Mainly the payments cooperative that is being developed. Makes sense to share the same main software characteristics, and then adapt the forks to the specific needs of each project.
Here we have collected more detailled information on faircoin rules.