As long as chain admins are (mostly) benevolent, that works. But I don't see any protection from the case when corrupted chain admins collude. Did I miss something? There's no public voting mechanism built-in to replace admins. Therefore, it can not be called a democracy.
Maybe that's fine. Maybe sole possibility of hard fork should keep admins in check. But still, my point being that a single non-forked instance of FairCoin is an oligarchy.
CVN also have a technical way to not obey chain admins actions... At this point CVN and chain admins control each others.
And yes, as a last chance, ever the Faircoop assembly can deploy a new wallet, which change the chain admins... if there are the need.
Thanks for enlighten me on faircoin. Are you still not involved? The main idea is to keep the money in their own system and by getting more and more people involved to increase its value and create a parallel economy.