Freeos is a new class of currency that represents cooperation as a currency.
Freeos is solving the dilemma of accessibility vs. value in crypto by being free and open to enter, while tying earnings to participation and willingness to pay a Mint Fee to access a freely liquid market.
Points can almost be thought of as a “pre-token” that can be claimed by the participants for their weekly voting.
Although Points are not tradable—and therefore don’t have a market value—they can be used by the participants of Freeos—at their discretion—to mint either FREEBI or FREEOS tokens.
FREEBI is a universal community currency that can:
FREEBI —a Free Basic Income— is designed to be freely earned, freely minted and freely transacted within the Freeos community with ease.
The FREEOS token is the underlying asset that is used for trading outside the Freeos Economic System.
It is designed so that its supply can be governed by both the community and conditions based on its value—this is important as this can have an impact on the open-market price of this asset.
FREEOS requires a minimum Mint Fee in order to mint it into circulation. Either Points or FREEBI may be used to mint FREEOS.
The premise is that an ongoing base level of demand for the token—to pay the Mint Fee—is akin to how modern national currencies require taxes to pay back their Central Bank as a debt for mint. Some economic theories suggest that taxes provide a base use case and demand for a national currency and can positively affect its value—so this mechanism is intended to provide a similar benefit to the FREEOS token.
Unlike taxes, the Mint Fee is a voluntary action—after all FREEBI tokens can be minted and used within the Freeos community without a Mint Fee. And any FREEOS paid for the Mint Fee is held in the Reserves and its fate is decided by the community—to use it strategically, or to decommission it out of circulation. That’s the community’s choice.
The Mint Fee is also decided (within a range) by the community, and other tokens can be used, and priced by the community to grow the Reserves of the Freeos Economic System.
Like the FREEOS Reserves, the use of the other tokens can also be voted on directly by the community—with an effect almost like a nation’s use of its national reserves of foreign currency.
Besides the Mint Fee, the FREEOS token will have further use cases as the Freeos Economic System develops.
Most cryptocurrencies have a concept of a supply—how many tokens are in circulation and how many can ever be minted.
Some tokens have a fixed supply—like Bitcoin’s 21 million.
Other tokens have an unlimited supply—like the infamous Dogecoin.
Freeos takes a different approach. Instead of having either, it introduces the concept of bringing a fixed supply per person entering the system. A type of “lifetime” supply per person.
Each person’s lifetime supply (a theoretical supply that exists only as a number in the system), gets added to all other participants’ lifetime supply to create a total supply that we call the Conditionally Limited Supply (or CLS).
The CLS is limited IF no other people enter the system.
If a participant drops off, their addition to the supply gets shared amongst all other participants evenly.
This creates a dynamic system that changes based on how popular and active the system is, and the weekly Points that can be claimed by the participants are based on this CLS.
Imagine if a nation’s Central Bank was only allowed to mint a certain amount of money that was determined by the size of its population? This is a little bit like how you can think of the Conditionally Limited Supply.
This concept is used to ensure that the Freeos Economic System matches the level of participation and is not overly tuned to be best for early participants instead of the later participants.
There are a number of votes that affect the supply of the tokens in the Freeos Economic System.
The initial voting systems are:
More voting features are coming as the Freeos Economic System develops to provide even more valuable tools to manage the economy.