Bitcoin has popularized the cryptocurrency world since 2008, with its recent skyrocketing of value against the petrodollar and gold standard, as well
Bitcoin has popularized the cryptocurrency world since 2008, with its recent skyrocketing of value against the petrodollar and gold standard, as well as increasing interest in other cryptocurrencies such as Ethereum.
With many attractive features similar to these and other virtual forms of money, Francs (FRN) have now also arisen and will be strategically rolled out as soon as the FRN infrastructure is fully operational.
In physical history, France as a nation has played a very significant part both culturally and economically. Now, with the collaboration of mutually interested corporations based in Paris, France is continuing to lead the global economic path by developing its own cryptocurrency. Francs (FRN’s) are designed with the objective of liberating the French people and expanding Francophone society from traditional, more corruptible forms of economy into the Digital Age.
At the moment there are a reported finite amount of 11 million FRNs circulating the Internet. Francs are kept on the Blockchain, similar to Bitcoin. The Blockchain network is a virtual database ledger that stores transactional information holistically and cannot be altered or corrupted by one single point of reference.
FRNs will operate the same way, in that it is a decentralized form of cryptocurrency, stored on the Internet’s public Blockchain used for real transactions. When FRNs begin trading on the Blockchain, all virtual memory of transactions will be shared with every user in the network for transparency. Every purchase, sale or transaction will be stored on a separate periodic ‘Block’ containing the same updated information by every user with a Blockchain wallet.
The Blockchain wallet is downloadable by any person who wishes to trade in FRNs, then they are then given instant access to the network. Unlike printed money or transactions via government sanctioned financial institutions, some benefits of trading in FRNs and cryptocurrency can be listed as: no transaction limit, no taxes, fees or commissions, instant transfers to any region of the world, an accessible network at all times, no risk of blocks accounts or transactional delays, no need to pass through verifications or checkings prior to payment (the Mining system does this by nature, which will be discussed below), security protocols that outdate banking standards and a free, accessible and open currency available to everybody.
As mentioned above, a Blockchain wallet is easily obtained and needed to trade in FRNs. Through use of an individual’s wallet, this is how FRNs will be sent to other people, with the collected information being stored on the Blockchain network.
This is where mining comes into effect and results in more FRNs continuing to be made and used by individuals on the network. Above, it was discussed that transactional information collected over a period of set-time is stored in a specific ‘Block’, which forms part of a larger, all-encompassing ledger of cryptocurrency trading information.
Computers around the world then ‘mine’ for coins, FRNs and other virtual money by competing with each other to ‘discover’ new FRNs; unlike traditional banking systems which just print new money and then create a value bubble.
Computers and processing servers use complex mathematical algorithms and protocols to sift through the Blockchain network, verify and settle transactions per each block that is mined. Technologically it takes a large amount of processing power to do this, particularly given the Blockchain network’s contingency of each piece of data being tied to every other piece.
This is how ‘new’ FRNs are found, as miners who complete and settle a block of information receive newly discovered coins as a reward and the cycle continues; new coins, new miners and new transactions for users.