Submitted by David Rozas on Tue, 05/05/2015 - 21:15
All current cryptocurrencies require you to buy the coins, either through mining or through exchanges. This gives the advantage to those who already have capital and mining equipment, and can afford risky investments. FairCoin is the first project where the coins are not bought but rather distributed equally between everyone who wants them regardless of their current financial status, and promotes equality.
FairCoin is a crypto currency like Bitcoin. It is a descendant of Peercoin, meaning the block generation is done by PoW/PoS hybrid.
FairCoin is a decentralised virtual currency, distributed through a vast airdrop process during the 6th and 8th of March, 2014 (view airdrop statistics). An approximate 49,750 addresses were logged for the giveaway, each able to claim 1000 FAIR per hour. Automated airdrop claiming methods had no effect, as each IP address could register once per hour, and 2 different captchas had to be solved. These security precautions were hidden till the day of distribution. FairCoin's vast distribution method allowed a good portion of the cryptocurrency community to claim a little bit of the 50,000,000 FairCoins, each.