MFCoin (MFC) is a cryptocurrency of a virtual project called Freeland. According to the whitepaper, Freeland is an organized and newly discovered democratic state that supports social and economic relations between people. The platform understands that everyone has rights, and hence provides rights to people based on their intellect. However, Freeland relies on a decision-making algorithm for all possible problems. As per the decision-making algorithm, any issue can’t have more than two possible solutions for which people may vote. The final outcome depends on 2/3 majority votes for any of the solutions.
MFCoin seeks to act as a project for serving virtual states and offline social networks, and economic relations. The project doesn’t collect tax, but users have to pay for the services they wish to avail. Users can choose to become a guest, resident, or citizen of this virtual project. For instance, guest users can only communicate within the project, whereas citizens seek to have full rights to services, enjoy benefits managed by smart contracts, and get access to escrow service. Escrow service means the project acts as a middleman between two parties and ensures that they fulfill their part of the agreement. Further, the users can have ownership of their assets without any intermediary. The user’s data gets recorded on the blockchain, where it can’t be deleted or manipulated. MFCoin aims to develop a virtual community with modern management tools to benefit the users and vice-versa.
The project uses proof of stake (PoS) and proof of work (PoW) as security protocols. Before users earn or purchase tokens, users must hold a crypto wallet to keep the assets secured. Therefore, the project aims to offer multi-project solutions like Android, mobile/web, and paperback wallets.
MFC is the native cryptocurrency of the MFCoin project. The users can mine MFC from the project’s mining pool or purchase MFC from DEX, credit cards, or major cryptocurrencies. The developers can also participate in bounty programs to seek to earn MFC. A bounty program is a process where users can earn incentives by promoting the project.
