The Freedom Credit - Page 7
The Only Trustless, Open Source, Unhackable Money
What Is The Private Ledger?
A ledger is an accounting record of your financial balance and transaction history, whether it's fiat currency in banks, crypto in wallets, or Freedom Credits in your account. Without a ledger, managing your finances would be nearly impossible.
Banks provide a centralized ledger, allowing you to recover your account if you lose your phone or login details. However, this system has vulnerabilities, such as account freezes, privacy issues, and hacking risks.
Cryptocurrencies use blockchain technology for transaction records, but they also face challenges like public visibility, slow speeds, and limited transaction capacity.
So why not eliminate ledgers entirely, given their security vulnerabilities? Without a ledger, your balance and transaction history would be stored solely on your primary device, like your phone. This allows for true peer-to-peer transactions—directly from one wallet to another—without intermediaries that can be intercepted or hacked, significantly enhancing privacy and security. However, the downside is clear: if you lose access to your phone, you risk losing all your funds with no way to recover them.
The solution? A self-hosted, private ledger across your own network of devices. This goes beyond decentralization and empowers you to be your own financial custodian. No technical skills are needed—just install the app and log in on each device. Store them safely in multiple locations, ideally in safes and EMF bags, to protect against theft, fire, floods, and EMPs.
A private ledger eliminates the threats of hackers attacking a central server or decentralized blockchain. Using FC, your financial information remains private, making it very difficult for criminals to target you. The best security is privacy and private ledgers are the future which guarantee your financial sovereignty.
Sending & Security
You can secure your account with a 6-digit PIN, password, biometrics (like fingerprints or facial recognition), or a combination of these options. Two-factor authentication (2FA) and sending passcode confirmation is also available, giving you control over your security level.
Each Dit, representing 0.001 of a FC, has a unique ID to prevent fraud and counterfeiting. The system is programmed to accept only 10 quadrillion uniquely coded Dits, rejecting any attempts to create new ones.
Your public key, derived from your private key, allows you to receive funds and is integrated into your QR code and custom username. To send FC, your private and public keys must align with the receiver's. The app automatically signs the transaction and updates your ledgers, ensuring an end-to-end encrypted digital handshake.
No third-party verification is needed; your keys are all you require for secure, private transactions. With Freedom Credits, you have true peer-to-peer trading without middlemen or centralized protocols.
For increased protection, it's recommended to create several accounts. In the event that one account, network of devices and private ledger is compromised, you have another account and ledger to fall back on. There is no limit to how many unique accounts or devices on each private ledger you can have. This provides unparalleled protection.
All the code is open source, meaning that you can inspect it yourself for it's reliability. It can also be forked and improved upon.
Because all transactions are true P2P, using FC is "trustless". This means you don't have to trust a 3rd intermediary party to transport your money from point a to b. When using banks, you have to trust the staff to allow your transfers, as they have the power to reject transactions. When using crypto, you have to trust the blockchain protocol and other users to confirm your transactions. Whether it's proof of work, proof of stake, delegated proof of stake, proof of authority or any others, you're still reliant on other users actions or capacities to transfer or receive.
Using FC is like handing cash directly from buyer to seller. Using fiat or crypto is like handing cash to the postman and praying he delivers it.
Preventing Double Spend
A common issue with digital currency is double spending.
Imagine you have five devices with your account and balance installed locally. You use your primary device, your phone, to transact daily. If you spend your entire balance of 1,000 FCs but then check a second device that hasn't updated, it may still show 1,000 FCs, allowing you to make more purchases and double spend.
To prevent this, every transaction sends a ping to your personal network and private ledger. When you login online with a second device, it automatically receives the pings and syncs to reflect your new balance, ensuring double spending is impossible.
Additionally, a 3-second transaction limit allows time for your network to update, preventing simultaneous transactions from causing issues. By eliminating the need for a consensus mechanism and relying solely on public and private keys, the system facilitates unlimited transactions globally, free from bottlenecks caused by central servers or mining protocols.
This is true P2P and means money can transfer between accounts at close to the speed of light. The only limitation is now the internet itself.
An internet connection ensures you always see accurate, up-to-date information in your app. When a backup device is activated, it receives all pings in order of timestamps to avoid discrepancies, building a complete transaction history.
The Original Source / Initial Supply
The Original Source (OS) or Initial Supply (IS) is where all FC's are stored before you purchase them with fiat. A smart contract manages this process, releasing the appropriate amount of FC to your account in exchange for fiat.
Stored on a blockchain, the smart contract offers enhanced security against hacking. Each time FC is released, it's stamped with a unique code, ensuring its authenticity and preventing counterfeiting. Only FC originating from The IS/OS can be sent or received.
The smart contract doesn't need to record its own transaction history. It only updates the FC's left available for purchase. This further enhances your privacy.
https://james-school-3c92.thinkific.com/pages/the-freedom-credit-page-8Page 1 - Value / App / Transactions / Privacy / Fees / Bonuses / How Do I Get FC? / How Many Are There? / Where Can I Use FC? / Goods & Service Grant
Page 2 - What Is Money? | Comparing Monetary Characteristics | Sovereign Vs Democratic Money
Page 3 - Efficienomics - Closed Loop System - Morality Of The Current Monetary System - The Banks Own Your Money
Page 4 - Financing With FC : Misc
Page 5 - (Videos) Bitcoin Problems | Banking History | Currencies Compared
Page 6 - Fiat Inflation Vs FC Deflation \ The Value Of Money \ How Is The FC a Replacement To Modern Banking?
Page 7 - Sending Technicalities & Security : What Is The Private Ledger?
Page 8 - What's My Motivation? - Bitcoin Problems - Understanding Inflation
The Freedom Credit is in the concept phase. If you can improve or build it, reach out to James The Traveller on Facebook.