We are at a historical landmark: after two years of development and testing, Faircoin’s blockchain is ready to change its consensus algorithm from Proof of Stake (PoS) to Proof of Cooperation (PoC).
Have you ever asked yourself why bitcoin uses such a huge amount of electricity? And why it is controlled by a small amount of mining farms? The new version of Faircoin is the complete opposite in that sense: it barely needs energy to confirm transactions (nodes can work with minimalist hardware, such as Raspberry Pi3 and similar) or to guarantee the security of the system. In addition, the use and distribution of FairCoin are based on social justice and equality criteria.
Unlike other cryptocurrencies, Faircoin 2 doesn’t involve mining or minting systems, which are based on competition. Transaction blocks are generated by Cooperatively Validated Nodes (CVNs). These nodes cooperate to maintain the security of the network. This is why we call the system Proof of Cooperation.
Faircoin 2 has been fully activated few hours ago, and you can see how it looks in the new faircoin block explorer at https://chain.fair.to
Full statement here: https://fair.coop/faircoin-activates-the-first-100-cooperative-blockchain/