Factorial Coin is a new system to manage your income and savings. In stead of using a system of centralised banks, it uses a decentralised system of connected computers (nodes) all around the world. This interlinked system (the FCC-core) is always synchronised, each protecting a copy of the complete ledger. The larger the FCC-core, the more protected your money is. Transactions stored in this ledger are anonymous and protected by very complex mathematical encryption.
Transactions can be made at any time, and respend by the receiver almost immediately (in contrary to other cryptocurrencies). To ensure the FCC-core becomes very large, all participants are rewarded. Therefore a surcharge (0.5% of the amount) on any transaction is added.
FCC does not know interest. To ensure a stable value of FCC as demand grows, on average every 5 minutes, 10.5 FCC will come into existence,
given to the one solving a mathematical riddle with a variable difficulty. A central server handles the distribution and verification of these problems to ensure security and accuracy. This central server does not know the ledger, ensuring the decentralisation of the FCC-system in his principles.
The initial market capitalization is 5,015,000 FCC Coins, which you can earn and buy!
An end to wasting computer power
Cryptocurrencies like BitCoin have proven two important points.
- The need for current power to flow back to the majority increased after leaving the gold-standard, and demands a need for a new system where nobody has power over money.
- Cryptocurrencies using blockchain technology have a lot of practical disadvantages, they are too complex, too expensive, too slow and use too much electricty.
Factorial Coin let the connected nodes validate the transactions, in a voting system based upon the theories of John Conway and Alan Turing, describing and proving cellulair neural networks. They do this not into blocks of collected transactions, but one after another, ensuring the ledger is completely synced in between all transactions passing, in every step.
By freeing miners from the validation-process, the way how to mine coinbase money is completely free to implement, we could use it for all good to be calculated in this world, like folding molecules to create medicines, or new construcs to go to outer space.
Respend your received money very fast
Nodes in the FCC-core are connected through WebSockets, reducing the response-time and making the voting system very fast. Even in peak hour FCC will be able to process tens of thousands of transactions per hour. Normally FCC you receive will be respendable immediately!
Get rewarded by securing your FCC
Mining FCC is not the only way to gain FCC. Every transaction has to pay a fee of 0,5% of the total sum, which directly go to the nodes. Every Sunday at 24:00 GMT the nodes will get payed a percentage of the total payed fees, determined by the whole hours that nodes were online. The minimum payout is FCC 0.01.
Also nodes get rewarded for hosting miners. Every node that contributes a correct solution from a miner, will be rewarded FCC 0.5 !
So go ensemble your miner-team, running a node.