FaceCoin, found online at FaceCoin.tech, is a cryptocurrency based on the blockchain for social networking. Find out how it works today in our review.
What Is FaceCoin?
FaceCoin is a peer-to-peer digital currency based on blockchain technology. The currency promises to help friends connect and share in a cryptographically secure way.
Basically, FaceCoin aims to create a decentralized social network built on the blockchain. There’s no software required: the social network runs on any standard web browser. You can use the social network to connect with friends or meet new people.
One of the advantages that FaceCoin has over other social networks is the lack of a central authority. The network is run by a network of nodes. There’s no central authority selling your information to advertisers. There’s also no censorship. Anyone can post anything.
The ecosystem revolves around the use of FaceCoin tokens, or FC. The FC ICO is wrapping up at the beginning of September, with major development on the platform expected to take place until the end of 2017.
How Does FaceCoin Work?
Obviously, creating a decentralized social network is an ambitious goal. FaceCoin aims to bring the decentralized web to everyday users without the need for additional software beyond a web browser.
The power behind FaceCoin’s network comes from its network of nodes. These nodes have zero knowledge about the users of the platform, and they will not be able to read messages or content. FaceCoin plans to run thousands of nodes when the coins launch to keep transaction costs at an acceptable level.
Transactions are used to power the FaceCoin platform. A small minority of FaceCoin users will be able to service requests and earn FaceCoin microtransactions for the use of their internet bandwidth and storage. These users act as “nodes”. Each node will earn FaceCoin tokens based on the number of users and requests they service. FaceCoin tokens can be used by other users or businesses to create FaceCoin pages or apps.
Powering all of these protocols are the Ethereum blockchain, Ethereum smart contracts, and IPFS. IPFS, or Interplanetary File System, is used to store data without a central data server.
FaceCoin emphasizes all of the following features:
- Bridge for Object Storage: Bridge provides an object store. The primary function of Bridge is to expose an API to application developers. Developers do not require a knowledge of the network, auditing, or even cryptocurrencies to use the Bridge API.
- Photon: FaceCoin uses a peer-to-peer store/subscribe system called Photon. The whitepaper goes into deeper technical details about how Photon works.
- BitSwap: FaceCoin uses IPFS’s BitSwap feature, which works as a local accounting of previous interactions with other nodes.
- NAT Traversal: FaceCoin’s whitepaper describes this as a “robust reverse connection system” that enables systems behind NAT or other network devices to participate in the platform.
- Identity and Permissions: FaceCoin uses public key cryptography to verify clients and authorize access. Users register public keys with nodes, and API requests are signed.
- Encrypted Shards: Sharding has a number of advantages in terms of security, privacy, and availability. Files should be encrypted client side before being sharded into smaller encrypted pieces.
- Quality Content: FaceCoin will use a like or upvote system to push quality content to the top. The FaceCoin whitepaper also mentions some type of user reputation system. If a user has a consistent history of producing top content, then that user’s content is more likely to appear at the top of the network.
- Factual Content: Sources with weak reputation may have a lower reliability score on the FaceCoin platfrom.
- No Censorship: FaceCoin’s decentralized system enables unfettered freedom of expression and universal access.
- FaceCoin Messenger: FaceCoin is actively developing a messenger that can send and receive encrypted messages over a standard web browser.
- FaceCoin Pay: FaceCoin aims to create its own payment platform that lets users send, accept, and store cryptocurrencies.
Who’s Behind FaceCoin?
FaceCoin is led by a US-based team of developers with 15+ years of experience creating software solutions for Fortune 500 companies. These developers specialize in cloud solutions and server architecture.
Key members of the team include Richard Roman (Project Lead), Kenneth Withrow (Full Stack Developer), Eric Botelho (Solidity Wizard), and Manuel Fowler (Blockchain Expert).
The FaceCoin Token
The FaceCoin token is called FC. That token will be used to power the social network. FaceCoin aims to encourage widespread adoption using a two decimal-place model. Just like dollars and cents, FaceCoin amounts will be dominated like XX.xx, making it easy for consumers to see how much they’re paying.
There will be an initial supply of 20 million FC tokens. It’s unclear what the total supply of tokens will be (although it could be 20 million). However, the company claims that as the value of the tokens increases, they’ll be split down into smaller denominations to allow finer granularity.
As of September 13, the company had sold nearly all of its 20 million tokens with about 2 days remaining in the sale. 1 ETH = 500 FC.
FaceCoin is a decentralized social network built around the FaceCoin cryptocurrency (FC). The cryptocurrency aims to change the way we interact with a social network, using decentralized nodes that are rewarded with tokens in exchange for supplying bandwidth and data to the platform.
You can learn more about FaceCoin’s project by visiting the company online today at FaceCoin.tech.