Freicoin (FRC)

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Description

Freicoin is considered a “Bitcoin-type” cryptocurrency, in that it utilizes that currency's general coding example, and it also uses the SHA-256 mining protocol for the validation of transactions and the creation of new coins. The currency's name come from the German word for “free,” and it reflects the personal philosophy of Freicoin's founder and supporters; specifically, more of the power in the world's economies will eventually be in the hands of the consumers, and less so in the hands of governments and regulatory agencies. The concept of cryptocurrency is seen as a first step toward that ultimate goal. One feature that sets Freicoin apart from other types of digital currency is its use of demurrage fees. In order to keep the currency active in the marketplace, these fees are levied against any Freicoins that are being “hoarded” or remain inactive for an extended period of time. Its critics point out that 80% of Freicoins mined go directly to the Freicoin Foundation, which they consider a method of hoarding in and of itself.

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History

Freicoin was developed by Jorge Timon, and was publicly introduced in December 2012. Timon insists his currency does not exist as a competitor to Bitcoins and other currencies, and that all types should be allowed to coexist and thrive.