Ecosystemic Community’s Docs Minutes of the 10th FairCoop Open Assembly

Tenth FairCoop Assembly.

Time: Thursday June 16th 2016 and June 21rst 21:00 CEST
19h CET (barcelona-paris-berlin time)

place: this pad + faircoop assemblies telegram group. Contact us to join the group


1. Faircoin 2 roadmap until launch

* Call to CVN and decision process
This is a proposal for the CVN procedure:

* Administration group. Candidates and decision process

* Risks, bugs, communication and corrections

* new logo

See more detailed specifications in some of that points here

Notes on point 1:
Point 1:
Status report
Core wallet:
The consensus system design is mostly finished. Only some minor consensus checks in the code are going to be added. This means that proof-of-cooperation (PoC) can be considered stable from a design perspective. The wallet development is still continuing an more and more tests need to be created.

One of the last major part of the core wallet development is the transaction fee implementation. The current system inherited from Bitcoin does not sound fair, the more fee you pay the faster your transaction will be processed. We propose a general, mandatory fee that meet the markets needs and is equal for all users of FairCoin.

Infrastructure around FairCoin (work in progress):
Many more tasks exist around the FairCoin2 development. Some we already picked-up and others still pending.
Block explorer: at the moment we are working at two different implementations, but we are already able to inspect the current FairCoin2 test block chain.

Alternative wallets (pending):
We need to port the Electrum wallet and server, Android wallet and potentially other Bitcoin javascript libraries to able to create a web wallet.

Migration procedure (work in progress):
Once we decide that we have completed all necessary tasks to launch FairCoin2 we will start the migration procedure. This also includes to find and certify enough CVN operators.
This will include:
– contact exchanges, notify them about the change and give support for the new wallet
– build the new wallet for Linux, MacOS X and Windows
– start the new block chain
– Take a snapshot of all balances in the FairCoin1 network at a given block height and transfer these to the new block chain
– update block explorers, also we will leave one old FairCoin1 explorer running for reference
– update electrum servers and client

During the next weeks we should start discussion about certain important topics for the new block chain. Some discussions about these topics have already been started in the FairNetwork on the site.
These include:
– how appoint chain administrators
– how certify CVN operators
– various technical parameters like: block spacing, number of required signatures for certain tasks/procedures, etc.
– distribution, funding and configuration of smart card equipment
Faircoin2 fee (see notes below)
users know, who will get it and why,, because it is in the blockchain explorer but most of the people are not goin to see it neither the white paper so it will be good to explain in easy words.
The fee goes to the CVN who creates the block. As it’s a rotatory turn, so you don’t know in advance, you have to read it in the blockexplorer, the CVN holders get a share evenly distributed.
question from the pad:
“Whats the differents between high or medium priority and is there also a low one?” The bitcoin developers created a “fee market”. That means that the people that pay more are more likely to be included in a near future block that others who did not pay as much.
We propose a fixed mandatory fee rate for every one the same. So, there will be no priorities in the FairCoin network.
We will try to implement a microtransaction framework that operates within the FairCoin core wallet and within the CVN network.
so let’s say Faircoin gets well accepted, 100.000 Euro are transferred each day = 20 million FAIR, then about 20.000 FAIR are fees, distributed among 20 CVNs = 1000 FAIR / 50 EUR per day per CVN. This is too much, the the chain admins would dramatically have to reduce the fees with the the dynamic chain parameters to have a way to react to the market value and adjust the fee appropriately.
After a very interesting debate we decide to start with a fee of 0.1 Fair for each transaction.

*Notes about FairCoin 2 fee discussion:
Here are 3 examples of recent bitcoin transactions. They illustrate the current price that has to be payed in the bitcoin network to have a transaction included in a block. This gives us an idea about how to estimate a reasonable fee rate for FairCoin. The exchange rate has been assumed here. (1EUR = 20FAIR) By considering these amounts we should be able to at least figure out the fraction for FairCoin.

Some exchange rates to get an idea: (FAIR/Kb):
0.0001 FAIR = 0,000005 EUR
0.001 FAIR = 0,00005 EUR
0.01 FAIR = 0,0005 EUR
0.1 FAIR = 0,005 EUR
1 FAIR = 0,05 EUR
10 FAIR = 0,5 EUR

I’d still propose a fee rate of 1FAIR/Kb which is 5¢ or 0.05€ per Kb. If we take the 226 byte example transaction at the very bottom that would make a mandatory fee of 0,226 FAIR (1,113¢ or 0.0113€). I strongly recommend to start at least with this value to prevent block spamming and thus prevent denial of service attacks. Microtransactions are a completly different story and are not covered by the FairCoin2 initial release.

I also want to explain two terms to avoid confusion:
The fee rate: this is the amount per 1000 bytes that needs to by paid.
The fee: this is the absolute amount that needs to be paid for a transaction. The fee is calculated by multiplying the transaction size (in Kb) with the fee rate.
size: 36917 bytes
Fee priority: Medium priority
Fee: 0.001 ~ 0,59€ ~ 11.8 FAIR (fee rate: ~0.33 FAIR/Kb)
Total sent: 1.17746053 BTC ~ 700 EUR ~ 14000 FAIR
size: 669 bytes
Fee priority: High priority
Fee: 0.00028984 BTC ~ 0.17 EUR ~ 3,4 FAIR (fee rate: ~5,08 FAIR/Kb)
Total sent: 0.27044266 BTC ~ 160 EUR ~ 3200 FAIR
size: 226 bytes
Fee priority: High priority
Fee: 0.0001356 BTC ~ 0.08 EUR ~ 1.6 FAIR (fee rate: ~7.08 FAIR/Kb
Total sent: 0.0106092 BTC ~ 6.27 EUR ~ 125.4 FAIR

2. Crowdinvestment campaign
* updates

* decision about calendar.
Notes on point 2
Decition about definitive day of finishing the campaign. We had some delays, like faircoin2 paper. The proposal would be to move to 6 of july or something similar. at final of the month or beginning of the month people receive payment and have easier to save some, also many people have double payment just at final of june. rojava crowdfunding has done something similar and was very positive, we should do an statement for that anyway and spread it. it should be fast because there are 5 days pending only officialy, also enric will try to make an article more general about the importance of faircoin and faircoin2 and publish in roarmag for instance to help the last batch.
The proposed day is July 7th at midnight

3. Freedom Coop launch preparation (to talk more in deep in the next freedom coop assembly tuesday 21st)

* updates

* economical management and first asignation

Notes on point 3:
Coop registration should be ready next week, only a last signature is pending. A bank account is not needed, and registration will bring a code. OCP can be demoed and hosting specifications will be agreed by the freedom tech group.
More details such as admin user needs/tasks, local node needs, how to get people to the registration page(awareness raising), documentation etc will be discussed at the freedom coop group next
tuesday 21st at 19:00
Economic management: mario is going to be in charge of this and paid from a central account until freedom coop activity picks up. Payment will be 600 + faircoin.

4. Internal economics and asignations management.
/docs/proposal-for-faircoop-staff-basic-needs/ ale’s proposal as a starting point to draft node level processes to show new cooperative workers what their rights and responsibilities are.
Notes on point 4
we are trying to push many important things, and the people with incomes makes possible to bring stable hard work to that projects, at same time their incomes come from selling faircoins, mainly and in that sense what we spend on salaries is compiting with what we spend for sustain the faircoin value and reserves for producers as we see in the coopfunding this means that the investment in that work is very valuable and a big responsability for all, for example we have realized i guess, that the development of fairmarket at user base level is going slowly that we envisioned in that sense some tasks should be clearly redistributed. in concrete, i has been thinking that Ale should officialy combine freedom coop and mainly ocp admin with fairmarket for the next months. We also need to see the way of use Faircoin for the daily needs of people
5. Participation in the fest Offgrid in UK in august
Jonny from Stir to action magazine invited us to participate in the fest and talk about FairCoop. They pay the travel and we pay the ticket for those days. Guy say he can help with accomodation. Maro and Mario is porposed to go or anyone who wants to attend.
Ale say he is going to be near so he can attend and we can tell them instead of pay the travel cost to pay the ticket, Mario want to go also so they are going to be in contact to know the final budget and what FairCoop can assume.

Remember you can see the whole debate in the Telegram assembly group and that the next Open global assembly will be next July 21th

Tags: assembly