With the support of Fair.Coop, FairCoin implements fair value exchange on a global level. After two years of preparation and a lot of testing, FairCoin will be switching from Proof-of-Stake to the Proof-of-Cooperation mechanism on
June 27th July 18th, 2017 [*]. Thus FairCoin will become the most ecological and resilient cryptocurrency.
(*) more time requested by Bittrex to integrate new FairCoin blockchain
After two years of planing, developing and testing, we are moving FairCoin to a Proof-of-Cooperation blockchain. Please install the new version of the FairCoin wallet from here. All coins will be transferred automatically to the new blockchain after
27th of June 18th of July 2017 (*). Any transaction on old wallets will not succeed anymore, unless you have upgraded.
You have to replace all the wallets you are using (Android, Linux, MacOS or Windows) as simple as:
The innovation about Proof-of-Cooperation is twofold: Instead of competing for a difficult puzzle to calculate to legitimize a block, the CVNs cooperate in a round-robin way. The next is usually the furthest in the past. This reduces energy costs tremendously and does not require mining anymore. The CVN operators get a very little fee (0,02 ¢ per transaction) to prevent spam and to cover the electricity and connectivity costs. Secondly, Chain Administrators are obliged to adapt some parameters in the blockchain for smooth operations for decades, without the need of every participant to update the wallet. We may fine tune certain blockchain parameters like block spacing, which may be necessary over a long time. Any change needs to be based on a decision in a fair.coop general assembly and is being executed by chain administrators with a multi-signature procedure.
(*) Bittrex asked for more time to integrate the new wallet into its exchange system