Freecoin is not a currency, but a suite to create P2P currencies.

Bitcoin is just an early manifestation of ...[this “new disruptive technology” which is going to “revolutionize Banks”]... and, we dare to say, a pretty naïve one."
...
What can be considered naïve in Bitcoin is a premature investment of time and resources in it. Bitcoin has been linked too fast to the already problematic world of existing physical currencies, especially considering its stage of development and its usability.
While it is fun to see it works, it is also obvious to many that this technology needs more development and that we cannot be concerned about the integrity of a network of stakeholders while at the same time adding features and correcting bugs.
In these regards, Freecoin can be seen as consolidated playground for experimentation on P2P crypto currencies and further growth of this technology, still open to the use people will make of it in future.

Additionally, one of the main points of Freecoin is that to make the genesis code configurable at runtime, meaning it will be possible to use the same technology that circulates Bitcoin today for new and diverse currencies in future, relying on a shared code-base and a set of configuration files that represent the “unique genetic code” for each currency.

With Freecoin, you (the individual, institution, or community) can create your own currency.
http://freecoin.ch/