1. The encryption and decryption functions of asymmetric cryptography can be used to achieve more secure and efficient transmission of Internet information;

2. A more secure and efficient online confirmation and authorization can be achieved with the signature verification function of asymmetric cryptography;

3. With the help of distributed consensus system, a decentralized, anti-hegemonic, and free-flowing global economic public infrastructure will be established.

FreeCash is an important attempt to return to the essence and historical mission of the crypto-economy, inherit the great achievements of Bitcoin, summarize the real problems encountered in the development of the crypto-economy, and continue to explore the path of the crypto-economy on the premise of recognizing the drawbacks of the "blockchain economy".

FreeCash's mission has two main aspects:

The first is to summarize the inherent and long-standing problems in the Satoshi Framework that have been exposed in the ten years of Bitcoin development, such as developer incentives, inefficient community governance, and high evolution costs, and to solve these problems through technical or mechanism adjustments.

Second, based on cryptocurrencies, we will explore how to further build a global crypto economy. In addition to currencies, other decentralized infrastructures are also needed. How to build these infrastructures and establish various upper-layer applications is the focus of exploration.

With the help of more than ten years of accumulation of the Satoshi Framework in the development of Bitcoin and Bitcoin Cash, the decentralized currency system of FreeCash was successfully established. The Genesis Post was released on December 25, 2019, and it was launched at 0:00 Greenwich Time on January 1, 2020.

Compared with Bitcoin, FreeCash inherits Bitcoin Cash's block-by-block difficulty adjustment mechanism (DAA) and reorganization protection mechanism, further shortening the block time to 1 minute to improve user experience; extending the mining maturity period to 10 days to increase the cost and risk of computing power attackers; changing the mining output to a 20% annual decay to smooth out cyclical fluctuations, etc.

Compared with the Nakamoto Framework, the biggest improvement of FreeCash is the addition of a mechanism to form a public governance fund during issuance , and the gradual establishment of a dynamic, competitive, and decentralized public governance mechanism through off-chain exploration and evolution, in order to incentivize developers, improve decision-making mechanisms, improve community governance efficiency, enhance resistance to social attacks, and improve evolution efficiency, etc.

FreeCash has made rapid progress in the past two months, exceeding expectations. At present, the main network is running stably: there are 70-100 nodes in the whole network, and the computing power is 120P-200P; the infrastructure is basically complete, with 3 portals, 4 browsers, 6 mining pools, 9 trading pairs, 3 desktop wallet versions, 2 mobile wallets, 1 web wallet, and 1 offline wallet.

The improvements made to the Nakamoto framework have been verified . The 1-minute block generation significantly improves the user experience; the extension of the maturity period increases the credit risk of the mining pool, increases the motivation to build a mining pool, and rapidly increases the number of full nodes from 2 to more than 70, which also enables the system to successfully survive the high-risk period of extremely low computing power.

The design advantages of the governance fund are significant . Starting from the early miners, the number of talents who understand FreeCash and voluntarily invest in FreeCash research, development, organization, and promotion has continued to grow. The number of developers has increased from 7 at the time of launch to 36 at present, and 80% of the programs and applications are completed by developers who voluntarily joined after the launch.

During the development process, the infrastructure accumulated over many years of development of Bitcoin and Bitcoin Cash was quickly transplanted into the FreeCash system, such as mining pool code, coincurve, bit, coininsight, etc.

The design has completed 9 protocols in four categories: network consensus layer, network auxiliary layer, on-chain extension layer and off-chain. On the basis of cryptocurrencies, the basic application consensus required for building a crypto-economy, such as file storage, identity account, information signature, and contribution evaluation, has been standardized.

With the help of existing and under-designed protocols, FreeCash has made important progress in building the public infrastructure of the crypto economy based on the decentralized cryptocurrency through the Nakamoto framework:

The Cryptographic Identity (CID) protocol establishes an easily identifiable universal account system for the entire network, so that various applications in the future can obtain a common, non-centrally monopolized, user-controlled secure public account system. CID has been open for registration for 6 days, and more than 1,200 have been registered so far.

The Cryptographic Relationship (RCI) protocol records the relationship between CIDs signed by private keys on the chain, realizing the diversified and humanized account operation needs of cryptographic users.

Account binding establishes the relationship between the FreeCash CID and off-chain accounts (such as WeChat and Weibo) through two-way authentication, opening up the channel between the Internet economy and the crypto economy.

The offline APP "Secret Signature" cooperates with the website Sign.cash to realize various basic applications of asymmetric cryptographic technology: private key, public key, address, hash, encryption, decryption, signature, verification, sending and receiving of cryptographic currency, registration of cryptographic identity, etc. It provides a basic platform for popularization and application of cryptographic economy.

The public governance mechanism, especially the contribution reward mechanism, has basically taken shape. The governance principles, organizational structure, governance process, and evaluation methods have been clarified. The governance mechanism, which is realized through information disclosure, distribution based on contribution, decision-making by doers, checks and balances, and dynamic flow, eliminates the contradiction between decentralization and governance efficiency.

The Coin Days Rewards Program uses the "Coin Days" indicator unique to the UTXO mechanism for credit proof in the crypto economy, putting years of Bitcoin's Coin Days research and discussion into practice. Coin Days will work with other protocols such as CID to become an important tool for the crypto economy to identify credible economic behavior.

Relying on a decentralized organization supported by a governance fund, FreeCash has made far more progress than expected in the two months since its launch, and the underlying framework for building a crypto-economy has taken shape. The current main tasks are:

1. Develop and implement existing protocols. From March to April, using the first contribution reward evaluation and distribution as an example, develop and implement protocols such as cryptographic identity, cryptographic relationship, account binding, file storage, and contribution data structure, complete the first endogenous economic activity organization based on cryptographic technology and distributed consensus, and interpret the cryptographic world behavior of "you control your private key, and the private key controls your rights and interests".

2. Improve the development infrastructure. In the process of implementing the protocol and implementing contribution distribution, the underlying libraries, APIs, middleware, CID database, contribution database and other ecological infrastructure required for the development of the FreeCash ecosystem will be established. In particular, the mature technologies accumulated by the Bitcoin and Bitcoin Cash ecosystems over the years will be transplanted to the FreeCash ecosystem.

3. Standardization of existing applications. Currently, Sign.cash, CID, Freecash.VIP, etc. are constantly iterating based on relevant protocols, and have realized functions ranging from various basic password operations to free cash transfers, CID registration, contribution declaration, etc., and are gradually maturing and have the conditions for standardization, and will gradually be encapsulated into APP and desktop programs.

4. Popularize the knowledge of cryptographic application. With the help of tools such as Secret Signature and Sign.cash, and through various forms such as articles, videos, live broadcasts, and classes, starting from private keys, popularize the basic cryptographic skills required to achieve free development in the future cryptographic economy, and gradually establish the social foundation for the development of the cryptographic economy.

5. Integrate into the mainstream digital economy. With the help of the account binding protocol, the FreeCash ecosystem is connected with the existing digital economy by introducing external accounts through the creation of new FreeCash ecosystem applications and cryptographic identities through Internet applications. The advantages of cryptographic technology and the open underlying FreeCash are used to serve the digital economy and the real economy.

6. Evolve the protocol on demand. With the development and application of the protocol, the existing protocol needs to be continuously improved and revised according to practice. The exploration of crypto-economy will also continue to deepen, generating demand for new protocols. It is encouraged to modify and design the protocol based on actual application needs to realize the free evolution of free cash.

Although we are unable to plan a long-term roadmap, the direction and mission of FreeCash are clear. In the dazzling blockchain world, FreeCash needs to stick to its own direction, and continue to explore and evolve based on the Satoshi framework, to explore the way for a more secure, efficient and free global crypto economy.