This app provides Frequently Asked Questions (FAQ) dedicated for beginners in online earnings and blockchain space.
A: In today's world of many new and advanced complex technologies, it is completely natural that interaction with such new technology requires spending a few moments to familiarize yourself with the possibilities and functionalities of this new technology. This earnFAQ tries to introduce everyone interested in the most friendly and simple way using examples from everyday life.
A: The scope of the FAQ includes: 1) the Libereco network, 2) a Small Coin System (SCS), 3) SCS coins, 4) money, 5) the use of SCS coins (earning, spending and holding), 6) blockchain technology, 7) DAO, 8) Distributed Money Systems.
A: The word "Libereco" may stand for a network (the Libereco network), a DAO (the Libereco DAO), a coin (the Libereco coin), and a blockchain (the Libereco blockchain)
This nomenclature is similar to the approach used by Bitcoin which also uses the same word "Bitcoin" for a coin, a network, and a blockchain.
The word "Libereco" comes from Esperanto and means "Freedom".
A: There is a dedicated app which elaborates on the Libereco network.
A: Anyone can generate a new Libereco blockchain address from within the Saketo wallet by selecting Generate a new blockchain address & keys and clicking button Get address & keys
A: A Small Coin System (SCS) is the set of mechanisms, entities, rules, and instruments by which coin supply and transactions are managed. It governs how coins are created, valued, and exchanged. The SCS is community-driven with no central authority. It has small coin supply and small user base.
The Libereco network with its mechnisms, entities, rules, and instruments is an example of a Small Coin System.
A: A SCS coin is any coin running on any blockchain belonging to the Small Coin System. For example, there are many coins simultaeously running on the Libereco blockchain. One of them is the Libereco coin (LBRC). Others include the Ombrello coin (OMBRL) or the andchored USD coin (USDA). Besides, all coins running on all SCS blockchains other than the Libereco blockchain. These coins are collectively called the SCS coins.
A: Imagine that you have ordinary pebbles of different colors. They have almost no value. However, if you create an artistic picture from these pebbles, create an exciting game, build a house or a road or arrange them as a garden element, then such an arrangement of pebbles will have value resulting from the possibility of using a specific arrangement of such pebbles. Similarly, if you agree with your large group of friends and jointly accept certain rules, e.g. that very rare pebbles of a unique color brought from a distant country have value, for example, white ones are $1, gray ones $5, black ones $10, other single-colored ones are $20 and the most beautiful multi-colored ones are $50, then you have already created a monetary system and a set of these pebbles together with the agreed rules have value. The pebbles themselves have almost no value, but their system, properly designed and sustainably maintained, can gain real quite significant value. If now such a system of pebbles for ease of use is given a digitalized and distributed form with built-in privacy features, sustainably governed by a DAO, and a very large group of people (and in the modern world also financial bots) are interested in it, then we get modern money, which has value resulting from the need for its use, its internal structure, uniqueness, sustainable governance, technology, privacy, and other rules accompanying it. The first ancient monetary systems, currencies of countries, bitcoin, other cryptocurrencies (altcoins), and next generation small coin systems were created in a similar way. Therefore they all have real value as a system of coins. The value will likely vary and better money will drive out worse money.
A: Anyone can receive small amounts of SCS coins for free by using the crypto giveaway app or by selecting Get a bonus option from within the Saketo wallet.
A: By playing a game within the cryptoGiveaway app a player receives a coupon redeemable into small amount of SCS coins.
A: To redeem a giveaway coupon into SCS coins use the Saketo Wallet. From the Saketo wallet one can redeem a coupon, select coins, and send them directly to the provided Libereco blockchain address.
Each coupon can be coverted into one of the following coins running on the Libereco blockchain: LBRC, OMBRL, SMPLC, VLR, SVNG, FRKTL, GLKS, BNN, MRS, DMNT, USDA, EURA, BTCA, ETHA, XRPA, BNBA, SOLA, DOGEA, ADAA, TRXA, TONA, AVAXA, DOTA, LTCA, ATOMA, XMRA, and GOLDA.
A: A welcome bonus and a quarterly bonus can be received from within the SaketoWallet app by selecting Get a bonus option.
A: LBRC can be send and staked from within the Saketo wallet
Small Coin System coin (SCS coin) is a type of digital or virtual currency that uses cryptography for security and operates on small secure networks, typically based on blockchain technology. The SCS coin is governed by a Decentralized Autonomouns Organization (DAO). DAO proposals are voted by SCS coin holders and the implementation of DAO proposals drives the evolution of the network, including technological changes. Transactions are verified by a distributed network of private computers (nodes) and recorded in an cryptographically secured ledger, ensuring data privacy, security, and resistance to fraud or censorship.
Examples of SCS coins include Libereco, Ombrello, and Simpleco. They can be used for peer-to-peer payments, DAO proposals voting, investment, decentralized applications (dApps), or as a store of value.
Cryptocurrency is a type of digital or virtual currency that uses cryptography for security and operates on decentralized networks, typically based on blockchain technology. Unlike traditional currencies issued by governments (fiat money), cryptocurrencies are not controlled by any central authority. Instead, transactions are verified by a distributed network of computers (nodes) and recorded in a public ledger, ensuring transparency, security, and resistance to fraud or censorship.
Examples of cryptocurrencies include Bitcoin, Ethereum, and Litecoin. They can be used for peer-to-peer payments, investment, decentralized applications (dApps), or as a store of value.
Nevertheless, progress in the field of digital money is significant and every month new projects are created that implement various technical innovations. They change existing coins and create new ones. Hence, it is practically impossible to provide definitions that will not quickly become outdated.
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Money is anything widely accepted as a means of payment for goods and services and for settling debts.
Money is not just coins and paper bills. It’s a tool that helps people trade and store value. Imagine trying to swap chickens for clothes — very messy, right? Money solves that by being something everyone agrees has value.
It acts as:
Before money, people used barter — trading one good for another. But that only works when two people both have what the other wants ("double coincidence of wants"). Money eliminates that problem. It lets you sell your stuff to anyone and then use the money to buy what you need from someone else.
In ancient times, money was something with its own value, like:
These had intrinsic value — people valued them even without using them as money.
Today, most money is fiat money. That means:
You trust fiat money because the government backs it, and everyone around you accepts it too.
Most money isn’t cash — it’s numbers in bank accounts. This is called:
It’s created by banks when they give loans — but it's still fiat-based.
This is private digital money, not controlled by governments or banks:
Crypto can be used as money, but it’s more volatile and not yet accepted everywhere.
Some private entities, towns, local communities, online platforms, decentralized autonomous organizations (DAOs) create their own digital money:
These aren’t fiat money, but they can work like money in certain circles for certain purposes. These create money ecosystems which can be global but usually are limited to a certain region, entity, online platform, store, hotel etc.
Money only works because people trust it. If you didn’t believe the €20 note could buy anything tomorrow (because of a war), you wouldn’t accept it today.
That’s why central banks manage inflation and issue secure banknotes. Trust is also why Bitcoin’s blockchain is seen as revolutionary — it builds trust without a central authority.
DAO money such as Libereco can achieve trust e.g. by using advanced innovative technology including cybersecurity, data privacy and cryptographic encryption.
Money is much more than coins. It’s a system that keeps the economy running smoothly. Whether it's paper, plastic, or digital code, money helps us measure, trade, save, and plan.
A: Money performs four main functions in an economy. Each function plays a key role in how we trade, save, and plan for the future.
Money is used to buy goods and services. Instead of trading one item for another (barter), we use money to make transactions easier and faster.
Example: You give €10 to buy lunch, instead of trying to trade your phone charger for a sandwich.
Money provides a common way to measure the value of things. It helps us compare prices and keep track of earnings or costs.
Example: A book costs €15 and a pen costs €1.50 — you know the book is 10 times more expensive.
Money keeps its value over time (assuming there's no high inflation), so you can save it and use it later.
Example: If you earn €100 today and keep it in your wallet, you can still use it to buy things next week.
Money allows people to make agreements for payment in the future. It's used in credit, loans, and contracts.
Example: You borrow €500 today and agree to pay it back next month. Both sides know what that amount means in value.
In summary: Money is much more than paper or coins — it’s a powerful tool that helps economies run smoothly by simplifying trade, keeping value, allowing comparison, and enabling credit.
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The above list will grow rapidly as new types of money and new uses for it are created.
A: A loan can be taken out from within the Saketo wallet by selecting Take out a new loan & see an existing loan details.
A: An exchange feature is very important for SCS coins due to a smaller user base compared to that of larger money systems. Exchange between two SCS coins is already a built-in feature of the Libereco blockchain. Exchange into other SCS coins running on blockchains other than the Libereco blockchain and some other cryptocurrencies is a self-operated built-in feature of the Libereco blockchain but depends on coin availability. Exchange into FIAT is possible indirectly through the other SCS coin/cryptocurrency step. The direct exchange between SCS and FIAT can be achieved through DAO proposal voting. Always SCS coin holders can exchange SCS coins privately with other holders of SCS coins, cryptocurrencies, or FIAT.
A: With SCS coins you can pay for various services, micro jobs, and products offered by other SCS coin users. You can sell your own services, micro jobs, and products in exchange for SCS coins..
A: Let's recall an example. The first transaction on the Bitcoin network was the purchase of 2 pizzas for 10 000 BTC. At current valuations, one pizza cost the buyer $500 million. From this perspective, holding new promising coins in the long term makes sense, because time works in their favor and over time they have a chance to win the hearts of new users and improve its technology under its society-driven DAO governance model. Their initial value is always very low, close to zero, so the cost of purchase may be small. Besides, many coins can be obtained in small quantities entirely for free. Each new SCS coin holder increases its value since the new entrant will be interested in exploring the use cases of the owned coins.
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Definition: A blockchain is a digital, secure, and shared record of transactions that cannot be easily changed or tampered with.
Blockchain is a special kind of database or ledger. Unlike traditional databases that are managed by one company or authority (like a bank or government), a blockchain is decentralized — meaning that many people or computers (called “nodes”) share control of it. Once a piece of information is recorded on the blockchain, it’s nearly impossible to delete or change without agreement from the majority.
The name “blockchain” comes from the way data is stored — in blocks that are linked together in a chain. Each block contains:
When a new block is created, it gets attached to the previous block, forming a chain — hence the term “blockchain.” This method makes it very secure because altering any block would also require changing every block that came after it, which is extremely difficult and requires a huge amount of computing power.
Imagine you're sending money to a friend overseas. Traditionally, a bank acts as the middleman, verifying and transferring the funds. With blockchain, you can send digital money directly, and the network confirms and records the transaction — securely, quickly, and without the need for a bank.
Blockchain is changing the way we think about money, trust, and data. It offers a more open, secure, and fair system for recording all types of information — not just money. Though it’s still new and evolving, many industries are already exploring how to use it in creative and helpful ways.
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A blockchain wallet is a digital tool (like an app, program, or device) that allows you to send, receive, and store digital money like Bitcoin, Ethereum, or other cryptocurrencies.
Think of it like an online version of your real wallet, but instead of holding cash or cards, it holds your digital currency and private keys.
The wallet does not actually store coins. Instead, it stores your private key, which proves ownership of the coins stored on the blockchain.
A blockchain address is like your email address, but for sending and receiving digital money. It’s a long string of letters and numbers (e.g., 1FfmbHfnpaZjKFvyi1okTjJJusN455paPH) that points to a location on the blockchain.
Each blockchain address is linked to your wallet. You give this address to others when you want to receive cryptocurrency.
Bitcoin Address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa Ethereum Address: 0x742d35Cc6634C0532925a3b844Bc454e4438f44e
Never share your private key. Only share your public address when receiving funds.
To interact with cryptocurrencies, you need both:
A: In the world of digital currencies, a coin is a type of digital money that operates on its own blockchain. Coins are used as a form of payment, a way to store value, or to fuel transactions on their own networks. The most well-known example is Bitcoin, which runs on the Bitcoin blockchain.
Other examples of coins include Ethereum (ETH), Litecoin (LTC), and Monero (XMR). Each of these coins has its own independent blockchain technology, where transactions are recorded and secured using cryptography.
A coin is usually used for general financial purposes, such as buying goods or services, transferring funds between users, or paying transaction fees within its own network. For example, you use ETH to pay for actions on the Ethereum network, such as running smart contracts.
Coins are different from tokens, which usually rely on another blockchain (like Ethereum) instead of having their own. So, in short: if it's digital money and it runs on its own blockchain, it’s considered a coin.
In the case of SCS coins all of them share the same blockchain such as the Libereco blockchain. Hence, all SCS coins running on the Libereco blockchains are typical coins.
A: A blockchain transaction is the process of transferring digital value (like cryptocurrency or digital tokens) from one person or wallet to another, and recording that transfer on the blockchain — a public, secure, and unchangeable digital ledger.
When you send or receive digital currency (like Bitcoin or Ethereum), you're creating a transaction. This transaction includes:
After the transaction is created:
You send 0.5 Bitcoin to a friend. The blockchain records that 0.5 BTC moved from your wallet address to your friend's address. That record stays forever, can’t be changed, and anyone can verify it.
A blockchain transaction is a secure, digital record of value being moved from one person to another, without the need for a middleman like a bank. It’s the core activity that makes blockchain technology useful and trustworthy.
A: Staking is a way to earn rewards by helping to run and secure a blockchain network. It involves locking up your cryptocurrency (such as Ethereum, Cardano, or Solana) for a period of time to support the network’s operations — like validating transactions and adding new blocks.
Some blockchains use a system called Proof of Stake (PoS). Instead of using powerful computers to solve puzzles (like in Bitcoin), these networks rely on people who "stake" their coins as a commitment to be honest participants.
Staking is a key part of many modern cryptocurrencies. It allows you to earn money while also helping the blockchain network run smoothly and securely. It’s like putting your money in a savings account — but for crypto.
A: A DAO (Decentralized Autonomous Organization) is a new kind of organization that runs on the internet using blockchain technology. It is managed by its members through rules written in computer code (called smart contracts), not by a boss or central authority.
A DAO is a digital community where members vote on decisions, and everything is recorded transparently on a blockchain.
DAOs are a powerful innovation that lets people organize, make decisions, and manage resources together — all online. With no central authority and transparent rules, DAOs represent a new model for community-driven organizations.
A: DAO money is a type of digital currency used within a Decentralized Autonomous Organization (DAO). A DAO is an online community or organization that is run by rules written in code (smart contracts), not by managers or governments.
A Decentralized Autonomous Organization (DAO) is like a digital company or club where decisions are made by members who own tokens. There is no central boss — everything runs automatically using blockchain-based rules.
DAO money is usually a token that members use for:
Unlike traditional cryptocurrencies like Bitcoin (used mainly as digital cash), DAO money is designed for governance, collaboration, and community management within the DAO.
DAO money empowers users to work together in online communities, fund shared goals, and vote on important decisions — all without needing banks, managers, or middlemen. It’s a new form of digital collaboration powered by blockchain technology.
A: Distributed money systems represent a significant evolution in the way societies create, manage, and transfer value. Unlike traditional centralized financial systems—where governments or central banks issue and control currency—distributed money systems are built on decentralized networks that rely on consensus protocols and peer-to-peer technology. The most well-known example of such a system is Bitcoin, but the concept extends to a broad range of digital assets and blockchain-based platforms.
At the core of distributed money systems is the idea of decentralization. Rather than a single authority maintaining the ledger of transactions (as with a central bank), a distributed ledger is maintained by a network of participants, known as nodes. These nodes verify and record transactions through consensus algorithms, such as Proof of Work or Proof of Stake, ensuring transparency and resistance to manipulation or single points of failure.
The underlying technology that makes distributed money systems possible is blockchain—a chain of blocks, each containing a batch of validated transactions. Once a block is added to the chain, it becomes extremely difficult to alter, providing a high level of security and immutability. This feature reduces the risk of fraud, double spending, and other financial crimes, while allowing for real-time auditing and transparency.
A key advantage of distributed money systems is financial inclusion. Since no central authority is required to approve participation, individuals in underbanked or politically unstable regions can access financial tools and store value with only a smartphone and internet connection. This contrasts sharply with the limitations of conventional banking, where identification, credit history, and geographic location can restrict access.
Additionally, distributed money systems promote lower transaction costs and faster cross-border payments, as they eliminate the need for intermediaries such as banks, clearinghouses, or currency exchange services. Smart contracts—self-executing agreements coded into the blockchain—can automate complex transactions, further reducing reliance on third parties.
In conclusion, distributed money systems are transforming global finance by introducing more democratic, efficient, and resilient alternatives to centralized control. As technology, regulation, and adoption evolve, these systems may become foundational to future economic infrastructure—challenging long-held assumptions about who controls money and how it flows.
A: In the distributed money systems, a network refers to a system of computers (nodes) that work together to maintain, validate, and secure a decentralized digital ledger. This ledger is known as the blockchain. Unlike traditional networks, there is no central authority or server controlling the system — it is decentralized and distributed across many nodes.
A well-known example of a blockchain network is the Bitcoin network. In this network, thousands of computers (or nodes) around the world participate in validating transactions and ensuring the security of the Bitcoin blockchain. Every time someone sends or receives Bitcoin, nodes work together to validate the transaction and add it to the blockchain.
In the blockchain space, a network is a collection of decentralized nodes that work together to validate, secure, and manage transactions. It’s a fundamental part of how blockchain technology operates, ensuring transparency, security, and trust without needing a central authority.
A: Governance in the context of a DAO (Decentralized Autonomous Organization) and distributed money systems refers to the systems, rules, and processes that are used to make decisions within these decentralized networks. Unlike traditional organizations that have a central authority, governance in DAOs and blockchains is distributed and managed by the community or the participants.
In a DAO, governance is typically based on token-based voting. Members of the DAO can participate in decision-making by using tokens they hold. These decisions can include matters such as how funds are spent, which projects to support, or changes to the DAO’s rules. The rules for voting and decision-making are encoded in smart contracts, ensuring that the process is transparent and automated.
Governance in blockchain refers to the rules and processes used to manage and update a blockchain network. Since blockchain is decentralized, governance is often achieved through consensus mechanisms (e.g., Proof of Work or Proof of Stake), where participants or validators agree on which transactions are valid and how the network should evolve.
In the blockchain space, governance plays a critical role in ensuring that decentralized networks remain transparent, secure, and able to evolve. Whether in a DAO or blockchain network, governance allows participants to influence decisions, vote on proposals, and guide the future of the ecosystem.
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