Unit of purchasing power
We have a bi-weekly open assembly on the second and fourth Monday of the month at 18:00 in the Fairo Telegram group where we look for consensus to adjusting the Fairo rates. You are invited to participate.
Fairo rates may be used voluntarily in the web-of-trust of the translocal fair economy.
Unit of purchasing power
since January 15th 2018
since June 27th 2017
The Fairo is a unit of measure for purchasing power. The value that 1 Fairo represents is based on the purchasing power of 20 FairCoin at the end of the year 2016, at the then valid FairCoop consensus value of FairCoin.
Nobody. Since Fairo is a unit of measure, that would be like creating grams or meters. Fairo is a quantity of a medium of exchange or store of value, not the medium of exchange or store of value itself.
FairCoin is the proof-of-cooperation crypto-currency that serves as medium of exchange and store of value in the fair economy.
The fair economy is a global grassroots movement that embraces intergral revolution, peer-to-peer culture and hacker ethics to make the transition to a new world, reducing as much as possible economic and social inequalities among human beings, and at the same time contributing to a new global wealth, accessible to all mankind as commons.
The Fairo rates are conversion rates for different mediums of exchange, adjusted for the inflation and deflation since year-end 2016. Fairo rates are currently set for FairCoin and for the Swiss Franc.
They account for the value of the level of trust in the economic reality for different tiers of the local, translocal and global fair economy. At each tier, they help to keep value from being extracted from the fair economy by external trading partners.
The conversion rates for Faircoin and the Swiss Franc are set by periodically reviewing and adjusting these rates to deflation and inflation based on consensus in an open assembly of all Fairo stakeholders.
Most commonly, Fairo is used to measure the quantity of FairCoin to be transfered in a trade transaction. It can also be used as reference when making transactions with another medium of exchange or transactions entirely based on trust.
No, Fairos are only backed with trust. If you want to back them with a medium of exchange, such as FairCoin, some form of ledger or a paper note, you can do so as part of your transaction.
Fairero is what we call the equivalent of a Satoshi in FairCoin, the smallest fraction of a FairCoin.
Based on a consensus assessment of the development of its fair economy, the FairCoop community raised its consensus rate from 1 to 1.2 Euro per FairCoin on January 15th.
Since this time the official euro rate is adjusted ahead of the market, the Fairo rate only needs a smaller adjustement.
The Fairo rate for FairCoin remains unchanged: 1 FairCoin is 1.5 Fairo.
The Swiss Franc rate is adjusted to 1.02 CHF per Fairo. The US Dollar rate is adjusted to 1.04 USD per Fairo.
Exchange rates based on FairCoop's consensus Euro/FairCoin rate for our global fair economy:
|Currency||1 FairCoin||Value in FairCoin|
Find out more: https://fair.coop