Freicoin Foundation

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= seeks to create a world where commonplace non-usurious complementary currencies inspired by the works of Silvio Gesell


URL = http://foundation.herokuapp.com/

Description

"The Freicoin Foundation seeks to create a world where commonplace non-usurious complementary currencies inspired by the works of Silvio Gesell are brought into being through economic development, charitable action, and the support of global commons and which engender perpetual prosperity through sustainable development.

The Freicoin Foundation will issue 80% of the total initial Freicoins through several issuance mechanisms that are safe from potential corruption from the Foundation management team itself.

One of those mechanisms is to match Freicoin donations to non-profit organizations and other projects listed on this site. The foundation will periodically give away some freicoin to those organizations in proportion to how much they have received in donations through this site. Help decide how the Foundation's funds are going to be used by donating to your preferred non-profit organizations and projects on the donations section. The foundation will increase the amount of FRC you donate by 10%.

If you're a non-profit organization or part of a project that fits the goals of the Freicoin Foundation (described in the first paragraph of this page), register in this site and list your organization on the donations section. Start receiving Freicoin donations as well as newly issued Freicoins.

If you're a merchant accepting Freicoin you should advertise your business in the trade section so the recipients of donations, faucet funds or just any other Freicoin holders know that they can spend their Freicoins in exchange of your products.

If you don't have any Freicoin and want to get some, go to the faucet to start using them." (http://foundation.herokuapp.com/)


2. About Freicoin, the currency:

"Freicoin is a p2p currency based on Bitcoin and Silvio Gesell's Freigeld.

Although mining is necessary for security, it consumes real world resources and it is not necessary to issue 100% of the total initial monetary base through mining in order to secure the network. The Freicoin Foundation will issue 80% of the initial monetary base to prevent this wasteful issuance (that maximizes the costs of production to minimize seigniorage) and to experiment with new issuance mechanisms.

The goal is to distribute the 80 million FRC before 2016. After this 3 year period the monetary base will remain stable at 100 million FRC and the 5% demurrage will be distributed p2p. This 3 year timeframe is a compromise between the foundation as a tool to bootstrap the currency and the need of an eventual removal of the issuance role of the foundation in order for the currency to become purely p2p. That means the annual 5% will go in full to miners if no alternative has been found.

The challenge is to design schemes in which the foundation doesn't have much control over the final issuance decisions while at the same time it can ensure transparency and that funds aren't issued against the foundation's principles.

If a fully p2p issuance mechanism alternative to mining is found, a mechanism (for example, proof-of-stake voting) could be established to determine how much goes to security (miners) and how much to the alternative." (http://foundation.herokuapp.com/about/)