15 Oct 2018 Josphat Kariuki
Left For Dead, a $0.22 Crypto Coin Becomes the Lifeline for Activists
Speaking in an anarchist stronghold in the heart of Athens (Exarcheia), Sporos – an Athen-based cryptocurrency enthusiast - claimed that Faircoin exists everywhere. Sporos maintains a Faircoin information center in Athens, alongside over 600 others, spread all over the world. Each of these centers forms a part of what Sporos refers to as a “Faircoin ecosystem.” The ecosystem also includes Bank of Commons – a tax-free financial organization based on Faircoin – and transport sharing app.
In the network, Sporos calls himself a “node,” typically referring to a human representative that facilitates the links between the global communities known as FairCoop and local initiatives. Users in this cooperative can trade Faircoin at €1.20, even though its price on Coin market cap is far lower. However, Sporos argues that the asset’s infrastructure remains resilient, despite its lower valuation on public crypto exchanges.
In a statement, Sporos claimed that Faircoin is the opposite of other crypto assets. Faircoin was discovered online in by Enric Duran in 2014. The anti-capitalist discovered the asset which had been abandoned by its forefathers, who allegedly launched the product as part of a pump-and-dump scheme. Duran is famous for scheming over half a million euros from Spanish banks before forming a post-capitalist collective, CIC (Catalan Integral Cooperative) in 2008.
According to Amir Taaki, early Faircoin advisor and Bitcoin developer, the Faircoin creators wanted to find bureaucratic loopholes in the legal system to create an internal economy with its structure outside the state.
A Trust-Based System
While using community-based efforts worldwide, Faircoin stands out from other crypto assets due to its emphasis on trust – a defining security factor in its blockchain. According to Duran and an anonymous key developer, the Faircoin ecosystem combines decentralized technologies and human trust-based relations.
In 2017, Faircoin switched from a point-of-stake system to a new way of protecting its asset, formally known as the Proof-of-cooperation. This new system is an ultra light-weight mechanism that operates on 19 raspberry pies. This system aims to disable the competitive nature of mining Bitcoin, using all the 19 nodes to validate a block – a task paid in transaction fees.
According to Sporos, the entire system operates on 60 watts, equivalent to two light bulbs.
With majority of the coins held by a small group of key holders that manage its reserve, there is a high level of social coordination that affects the Faircoin’s ecosystem. Sporos described this as extremely challenging, noting that human governance can be weak, conflicting and complicated.
In his statement, Sporos further added that while social coordination may be complex and challenging, it’s the grounding in human efforts that strengthens Faircoin. In conclusion, the crypto enthusiasts reckoned that unlike Faircoin users, most people would lose their assets in case of a super crash or an electromagnetic storm that kills all the world’s hard disks.