Proof of Cooperation: Difference between revisions
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Revision as of 13:41, 16 July 2017
Example
"In contrast to FairCoin1 which implemented proof-of-stake (PoS) in the creation of new blocks, the new FairCoin software implements the innovative proof-of-cooperation (PoC) algorithm. The FairCoin code base was forked from the Bitcoin v0.12 code base in March 2016, and the PoC algorithm was implemented on this. This new PoC algorithm is based on a group of authenticated nodes called 'Cooperatively Validated Nodes' (CVNs). These nodes cooperate together to create new blocks in a round robin manner. There is no competitive mining or minting going on anymore. Blocks are created at agreed intervals (initially every 3 minutes). Block-creation is effortless and does not waste energy or computing resources.
FairCoin1 and the new FairCoin blockchain have nothing in common other than the balance of the addresses.
In contrast to PoS/PoW coins, in the FairCoin blockchain the money supply is constant. No new coins will be created. The block reward (coinbase transaction) only contains the transaction fees." (https://github.com/faircoin/faircoin/wiki/FairCoin2-migration-FAQ)
More Information
- More information about proof-of-cooperation can be found in this document: https://github.com/faircoin/faircoin/blob/master/doc/on-proof-of-cooperation.md.