Sweet Elyse: Freedom Reserve | Giving Money Back to The People

I’m sure a lot of you will agree that money should be in your control and not at the mercy of a centralised body. That’s the primary goal of cryptocurrency in general. You hold the currency in your wallet and you are able to use it as you see fit.

Most, if not all, cryptocurrencies have a fixed supply and this, in some cases, increases the value of it significantly. Once a cryptocurrency is deployed and in circulation, it’s very rare for new tokens to be minted, and with the amount of scrutiny performed on new projects, any minting functions in the source code of these projects are questioned and pressed until a reason for it is given.

That is one of the biggest differences between traditional money (Fiat) and cryptocurrency. People in control of fiat can print and create new money when they see fit. If too much is printed then inflation is often the result and the value of the currency, against others, drops.

The value of the pound is decreasing and the reasons are mainly political in nature, but printing and, subsequently increasing the supply, is a major reason. To combat this, Freedom Reserve — a project looking to replace the pound, have officially released their currency. As with all cryptocurrencies, Freedom Reserve is a decentralised, completely separate currency that has a fixed supply of 80 million “coins”. Because the supply is fixed inflation in the traditional sense, cannot happen.

Freedom Reserve is currently running as an ERC-20 token on the Ethereum network and the project website is hosted on IPFS (InterPlanetary File System) — which allows for persistence on the internet and a high level of censorship resistance.

The project features the Green Man heavily and uses it as the logo for the coin. As a Pagan, I associate the symbol of the green man with the life circle and a return to a more natural and traditional time. It’s clear to see that they have chosen this as a way to break free from the “state” and to symbolise the pounds rebirth, or replacement, into the £FR pound.

As with all of the projects I cover, I will make a note to say that you should research any project thoroughly before investing. Do your due diligence and never invest more than you can afford to lose.

Statement: Nothing to disclose — not a financial advisor.

Originally published at https://www.sweetelyseblog.com.