Currency Announcement: Future Credit [FCR]
We heard that it is customary to announce new electronic currencies here. We have created a "currency" mostly as an experiment to explore the possibilities of what can be done with the counterparty platform. (see
www.counterparty.io)
It is associated with a small group of futurologists which is why we chose the name. Our new "currency" is an asset on counterparty called the "FUTURECREDIT". (If you don't get the name exactly right on counterparty, you can be dealing with a completely different asset issued by someone else.)
Like bitcoin and most altcoins, the future credit has no fixed value at its inception, has no businesses accepting it as payment, cannot be redeemed for anything by the issuer, is not directly backed by any assets and may or may not be worth anything depending on whether people decide it's worth having.
Issuance of new future credits is not locked and there is no limit on the amount that may be issued. The notional initial value is 10,000 future credits to one Canadian dollar, but that could fall even lower. Millions of them have already been issued.
Future credits cannot be mined.
We have not developed any new software or technical advances for this. Future credit is just an asset on counterparty. We are not associated with counterparty except as users of it.
We're not trying to recruit miners since the future credit cannot be mined.
We're not trying to get anyone to buy future credits since they can't be spent anywhere.
We're not trying to get anyone to invest in futurecredits since they are obviously not suitable for investment.
We're not trying to get anyone to accept payment in futurecredits since there is currently no way to spend them or convert them to any kind of real money.
We're just impressed with counterparty and want to experiment with it among ourselves and try out some ideas. If it starts being used, trades at a higher value or, for that matter, has much trading activity at all, then some of our ideas might be working.