FAC– A Fully Autonomous Corporation. Sometimes called a DAC, DAO or FAB. A corporation controlled by often open-source algorithms defining a set of rules. Fees for services purchased from the FAC are usually paid in the FAC’s self-issued Coin. Costs which the FAC incurs, e.g. computational infrastructure or services it depends on, are purchased by the FAC using this self-issued Coin. Crypto currency exchanges ensure liquidity and the free-floating pricing market sets the value of a FAC’s services by determining the exchange rates between Coins.
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