Excerpted from an interview with Jorge Timón, by Ferdinand Reyes.
Q: What is Freicoin’s stand about the never ending energy consumption’s run for currency generation?
Jorge Timón: We tried to separate the miner’s function as the way to make the system secure and, on the other hand, as a way to generate the initial units. Bitcoin joins them but we believe that while security is important, to issue all the money through miners is an energetic waste.
For this reason we are creating Freicoin Foundation in order to issue the currency at a lower cost than with mining; in our view currency shouldn’t have a production cost.
SCIP technology is also interesting. It was spoken about in the last Bitcoin conference at San José. Is a technique that allows one to trust an untrusted computer executed a program properly with zero knowledge. This can be mining’s future: instead of working out random hashes, all this computation power can be used for useful projects like volunteer computing. For instance, there is a group in Bitcoin’s community, Curecoin, dedicated to collecting rewards for solving work units from [email protected], a research project dedicated to finding cures to diseases.
We also support “merged mining”, namely, mining multiple chains at once, instead of chains competing for proof-of-work, they can reuse the same work. Namecoin does that with Bitcoin already and Freicoin will too because they share the same SHA256 algorithm as proof-of-work in Bitcoin. Others like Litecoin replaced it with Scrypt and can’t be merged mined.