Freedom Reserve | Redefining Cryptocurrency Governance, Payments, and the Economic System
Working on open-source principles, Freedom Reserve (FR) is built by a group of anonymous cryptocurrency enthusiasts. The stated purpose of this cryptocurrency is to replace government-issued fiat currency.
Freedom Reserve is a decentralized and easy to use Ethereum powered currency that is looking to improve and bring reforms in the world’s economic system. The project goals of Freedom Reserve include replacing debased fiat currency, and creating a platform shielded from the effects of inflation, and to help people avoid expropriation and taxation by the State.
Freedom Reserve purports to create a financially strong and stable economy that is free from government control, taxation, and interference. It claims to be ‘Perfect Money’ characterized by zero inflation, low transaction fees, higher transaction speed, decentralization, and environmental friendliness.
The currency encourages the adoption of FR as a medium of exchange by encouraging the viral promotion of its currency using physical stickers placed by bounty hunters in locations across the UK and worldwide. As well as using Instagram.
Better Design Suited for the Future
Freedom Reserve is designed to tackle the present situation and the future prospects of the cryptocurrency market. Its white paper proposes massive scalability, implying that a huge number of devices can work on the platform simultaneously with low latencies while delivering thousands of transactions per second.
Added to this, Freedom is a permissionless system that makes it immune to a large number of attackers. Classical and Nakamoto consensus security systems eventually give in to unauthorized access if the attack frequency increases over 51%.
The system is designed to degrade gracefully if the attacker’s depth is over 51%. This means that Freedom Reserve will keep on protecting the user’s assets even if the 51% threshold is broken.
Governance and Flexibility
Freedom Reserve’s inclusivity is facilitated by the fact that everyone using the platform can participate in the voting and validation practicing first-hand governance. So, the system’s evolution and future development is in the hands of the user.
This is something that represents the platform’s initial resolve to work as a truly decentralized system. Freedom Reserve is also a highly flexible and interoperable platform that is built to support other blockchains that can be built on top of the existing structure.
So, when other blockchains will be built on Freedom Reserve, £FR will become a base for the exchange. The consensus protocol that delivers seamless interoperability is named Liberty and it is a combination of the best part of Classical and Nakamoto consensus.
Due to the changes in the consensus protocol, Freedom Reserve delivers functions like asynchronous safety, fast finality, and high throughput. It achieves these benefits by using a lightweight sampling system allowing the nodes to run with low latency irrespective of the membership type and features.
FR Token and a New Monetary Policy
The total supply of the £FR tokens is 80 million. 160 million £FR will be the total supply after the launch of the mainnet. The difference between Freedom Reserve and other capped-supply tokens is the rate of mining.
£FR is designed and developed to react proportionately to the changing economic conditions. So, the ultimate impact of this equilibrium sequence is to ensure the tokens used to interact with the platform and the incentives a user stands to earn with these interactions are balanced out and everyone gets an equal share as per the levels of their activity.
For instance, on-chain governance systems decide the staking rewards, and these rewards are not designed to surpass the capped supply of 160 million £FR tokens.
Lastly, under the new system, Freedom Reserve aims to build a smooth peer-to-peer payment system. The creators of this system believe that the P-2-P transactions capability of the cryptocurrency industry are still unexplored and hold a lot of potential.
To help uncover this hidden potential, £FR will channelize a fast, easy to use, and widely acceptable payments system better than Visa. At present, the users can use the £FR tokens to buy cigars, tobacco, and whiskey at the Green Man Shop, gift cards for Netflix and buy EquityPlus trading bot subscriptions. The places you can spend FR are helpfully listed on their homepage: freedomreserv.eth.link
Towards Mass Adoption
Freedom Reserve is offering access to an extensive, stable, and highly efficient platform. The type of freedom that a person would want from a cryptocurrency platform, Freedom Reserve is working towards mass cryptocurrency adoption as can be seen from their website and community, they have made some initial progress towards this aim.