Freicoin FAQ v0.3.1 (02 Feb 13)

Monetary system

Q: What's wrong with modern financial system?
A: In current system money created by private organizations (banks), which lend them to other people. It's generates inequality - one should earn money, other gets them automatically.

Q: But money created by government, is not it?
A: No. Government not creates a money. Paper money creates a independent agency, called Central Bank. But cash is only 3% of all money. Most of them - electronic money. Commertial banks creates them when give credits. So government have almost no control over money distribution.

Q: You tell doubtful things. It can't be so!
A: These facts confirmed by many researches. For example, Positive Money (http://www.positivemoney.org/) according to UK economy and Web Of Debt (http://www.webofdebt.com/) according to US economy. You can look documental movie Money As Debt (http://youtu.be/jqvKjsIxT_8) if still in doubts

Q: And where the Solution?
A: Right now we can propose Freicoin. In Freicoin money creation process controlled by mathematical algorithms, implemented in software with same name. It's result of modern achievements of mankind - computing systems, distributed networks and applied cryptography.

Freicoin currency

Q: Do you want competate with Bitcoin?
A: No, we want coexist with Bitcoin. Bitcoin great for Internet payments, Freicoin targeted is do same for real payments.

Q: Aha! And author of program playing role of Main Banker.
A: Is distributed network. After launch this is self-controlled process. Quantity of freicoins is determined by entire network. Nobody can't produce "additional" money. Yes, it's almost Skynet :)

Q: Freicoin rely on computers and Internet. It can be turn off.
A. Yes. But most of modern society tied on electronics. End of Internet will stop current civilization.

Q: I was listen about something like this. It already exists. And called Bitcoin.
A: Bitcoin - is cake. Freicoin adds small cherry on top of one, namely demurrage fee.

Q: How I can imagine demurrage fee?
A: Money degrade over time. It's usual for traditional "paper money". They slowly wear out. You can think about freicoin as about cash.

Q: Why freicoin using demurrage? I bother about melting coins.
A: Bother? Is good. If money are stable, people prefer save them and don't spend. This decreasing money quantity in economics lead to violation of main purpose of money - medium of exchange. With demurrage you should think about money as they are, not as about treasure.

Q: How big this demurrage fee?
A: Estimated 5% annually. It depends on operations in network.

Q: How to invest money to save and multiply them?
A: Invest into long-term projects. Look into nature. Planted once tree will grow year from year and will give you more and more oxygen. If this is fruit tree, you also get better food for human being.

Q: With zero interest rate investments will impossible!
A: It's already possible, for example, in Islam banking. If investor want share profits he must share and risks. And thanks to Internet, today we have great tool for direct investing - crowdfunding. Every participant measures own expectations from new project and decide to fund it or no.

Freicoin project

Q: Where you got money for this project?
A: Freicoin was funded by public crowdfunding campaign on indiegogo.

Q: Sustainability, justice... You are damn communists!
A: Socialism claims money prohibition. Freicoin aimed to fix broken monetary system. It's different things.

Freicoin Foundation

Q: What is Freicoin Faoundation?
A: Freicoin Foundation is non-profit organization, aimed to support sustainability and biodiversity be means integrating Freicoin currency into economical relations.

Q: You wrote, that Freicoin is decentralized. But Foundation is centralization!
A: You are right. But we have no other solution. Initial coins should be distributed in society.

Q: You can just give these coins to miners. Why need a bureaucracy?
A: Miners is only thin category of enthusiasts, not ordinary people who uses computer to browse Internet.

Q: How many coins has Foundation?
A: Freicoin Foundation distributes 80% of total Freicoin money supply via grants. Remaining 20% is reward for miners, who protects network with computing power.

Q: When all coins will distributed?
A: Estimated after 3 years since project launch.

Q: Why you prefer give coins to producers, but not to online shops?
A: Most of production already moved from EU and US to China. We should supports small amount of producers, who remaining in our countries. Online shops are resellers.

Q: Why you want spread coins between interested customers, not between all?
A: Because if customer didn't interested in Freicoin, he will not use it. And coins, granted to him, will lost.

Q: Ha! You should fund hi-tech, not farmers!
A: For Freicoin Foundation sustainable future is priority. You can live without TV and mobile phone, but without food...? Family farms not funded by state, agriculture is low-profit activity. They need our help.

Freicoin client

Q: The little icon at the bottom of my wallet says "8 active connections to freicoin network" and "downloaded 12213 blocks of transaction history..." What is that all about?
A: You can treat it as some internal information about Freicoin. If histogram and check both green, all fine, program synced with network and ready to use.

Q: Histogram is mostly red & orange
A: Freicoin uses port 8639 for exchange with other nodes of network. Check your firewall settings to allow connections to this port and wait some time

Q: Why it constantly downloading something?
A: To be up to date with Freicoin network. Every copy of program keep history of operations. It should be synced.

Q: I run it first time. Why it's so slowly?
A: Initial download takes a time. Please, be patient.

Q: What is "block", "hash", "generation", "mining"? I'm not a scientist, so please, be clear.
A: If you just use Freicoin, you can forget about these cumbersome terms and sleep tranquilly :) They reflects internal structure of Freicoin and don't need for everyday usage.

Q: Are exists any special requirements for Freicoin client?
A: Not recommended to place it on SSD. Freicoin client actively uses disk subsystem, SSD has limited amount of rewrites, so it can speed up degradation of your SSD.

Q: Can I run Freicoin client on my smartphone/tablet?
A: Ubuntu was ported (http://www.ubuntu.com/devices/phone) to handheld devices and was successfully launched on Nexus 7 (http://wiki.ubuntu.com/Nexus7). So in theory, yes, you can. In practice it's strongly not recommended. Freicoin client heavily uses file storage and can damage your flash card.

Q: But how I can use Freicoin on my smartphone?
A: Freicoin support in online e-wallets will become available in near future.