FrankoThis is the approved revision of this page, as well as being the most recent.
Franko (FRK) is a peer-to-peer payment network built with blockchain technology. The blockchain is a synchronised public ledger that monitors ownership of FRK's (frankos). FRK (franko) is the financial instrument used on the Franko payment network. FRK's can be instantly sent to anyone in the world as simply as sending an email and at little to no cost. New FRK's are generated at a predictable rate of 0.25FRK/30 seconds (720 FRK per day) as an incentive to volunteers who secure the network against double spending. You can buy and sell FRK at cryptocurrency exchanges like bittrex, exchange FRK for goods and services at accepting retailers or invest in FRK as a store of wealth like gold and silver.
The Franko blockchain is a synchronized public ledger that is stored on a global network of computers. Blockchains are systems of accounting--that is, of keeping track of things and in this case FRK's. They represent a new and superior way of recording and memorializing transactions or of registering data publicly. There are three primary factors that distinguish the blockchain ledger from an "ordinary" accounting ledger or registration tool:
- The Franko ledger, the blockchain, is "open", meaning that any person in the world with the necessary credentials (that is, who controls shares) is free to make entries in the ledger.
- The Franko blockchain ledger is "distributed" and maintained by the public, rather than centralized and maintained by a "trusted third party" (such as a bank or registrar), meaning that anyone who may wish to do so can store a copy of the ledger on their computer or, theoretically, even print it out and read it.
- The Franko blockchain ledger is secure, meaning that, subject to exceptions that are irrelevant for purposes of this comment, all transactions entered into the ledger are effectively permanent, incorruptible, and irreversible.
Thus, blockchain technologies represent the world's first, and perhaps only, solution to the Byzantine Generals Problem ("BGP"). Because this age-old problem of computer science has now been solved, it is possible for the first time in human history to maintain a ledger or register that is both open to the general public and provably secure.
Individual FRK's or fractions thereof are both the technological means by which this distributed ledger is secured and the unit of account used to track entries on the ledger. To make an entry into the ledger, one must possess, or rather control via a private cryptographic key, at least the smallest available fraction of a share, and very importantly, one must transfer said share (or fraction thereof) to another account as part of making the entry in the ledger or register. Said another way, every single entry in the corporate ledger requires the transfer of share from one account (called an "address") on the ledger to another address on the ledger.
This requirement that every entry in the Franko blockchain ledger involve the transfer of shares from one address to another is an integral part of the solution to the Byzantine Generals Problem. Without this requirement, the ledger would be insecure and would quickly fill with spam. Furthermore, for a variety reasons, it would no longer be possible to keep all distributed copies of the ledger in sync or to incentivize unrelated parties for administering and maintaining the ledger on their computers.