Many of us have heard about Bitcoin already, so many things were said and written about this “new disruptive technology” which is going to “revolutionize Banks” as much as VOIP did for TELCOs.
While it holds true that P2P currency is extremely hot Innovation, in the very sense that Schumpeter would give to the “I” word, it should also be pointed out how Bitcoin is just an early manifestation of it and, we dare to say, a pretty naïve one.
Freecoin is born as a fork of bitcoin (on 18 May 2011) and its main goal is not that of preserving the Bitcoin currency or servicing its circulation, but that of continuing the development of P2P currency software as an educational experiment and a free reference implementation for further innovation.
Freecoin is not a currency, but a suite to create P2P currencies
What can be considered naïve in Bitcoin is a premature investment of time and resources in it. Bitcoin has been linked too fast to the already problematic world of existing physical currencies, especially considering its stage of development and its usability.
While it is fun to see it works, it is also obvious to many that this technology needs more development and that we cannot be concerned about the integrity of a network of stakeholders while at the same time adding features and correcting bugs.
In these regards, Freecoin can be seen as consolidated playground for experimentation on P2P crypto currencies and further growth of this technology, still open to the use people will make of it in future.
Additionally, one of the main points of Freecoin is that to make the genesis code configurable at runtime, meaning it will be possible to use the same technology that circulates Bitcoin today for new and diverse currencies in future, relying on a shared code-base and a set of configuration files that represent the “unique genetic code” for each currency.
Bitcoin is P2P Virtual Currency, here a video of a dyne.org hacker explaining it at the Software Freedom Days in Amsterdam
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