How ‘Proof of Cooperation’ algorithm works
On July 18th 2017 the new ‘Proof of Cooperation’ algorithm was introduced to FairCoin and with this an energy-saving blockchain which facilitates cooperation instead of competition. With the innovative PoC algorithm block creation and network security is made by ‘Collaboratively Validated Nodes‘.
The consensus rules determine which CVN has to create the next block. Each CVN approves that CVN by digitally signing a piece of data which contains its unique ID. After the respective CVN has received all the necessary signatures, it takes pending transactions and forms a new block which is then stored in the immutable and distributed blockchain database.
Block-creation is effortless, that‘s why CVNs can be run on a Raspberry3 which consumes only a couple of watts and does not waste energy or computing resources. Even if the network of CVNs grows, the power consumption will remain negligibly low.
Technical insights into the mechanism of FairCoin:
The ‘Proof of Cooperation‘ innovation makes FairCoin more fair, secure, and sustainable than any other blockchain-based currency.
Many hours of voluntary work have been put into building the basic concept and the white paper. And even more working hours have been put into the implementation of that paper which can be found on Github (link is external). The focus of the draft paper is mainly on the technical and implementation side of the FairCoin2 project and its social design.
So, here is the 2nd revised version of the FairCoin V2.0 white paper. Enter the fair dimension of cryptocurrency and download the PDF file now.
FairChains – a blockchain for everyone
The FairChains project makes it possible for everyone to start their own energy-saving blockchain for various use cases. For instance, you can implement a social currency or a crowd investment campaign.
FairChains is built on top of the FairCoin open source core wallet software. Each new FairChain has its own set of properties to easily adopt to every use case.
More details about our FairChains project are coming soon. Stay tuned.
Our block explorer (link is external)shows all FairCoin transactions in the public blockchain. Needs some deeper knowledge in cryptocurrencies to understand this "public ledger".