The new hyped is NFT and it can be easily said that there will be a use market of it . What is your thinking about this do you also work on this?
In the near future, FYFY launches its own NFT platform which will allow users to buy and sell their digital valuables such as videos, game characters, pictures, music, and other items that can be stored in a digital form.
Topic: Announcing Fyfy - Decentralized crypto payment ecosystem (Read 559 times)
The new hyped is NFT and it can be easily said that there will be a use market of it . What is your thinking about this do you also work on this?
In the near future, FYFY launches its own NFT platform which will allow users to buy and sell their digital valuables such as videos, game characters, pictures, music, and other items that can be stored in a digital form.
The new hyped is NFT and it can be easily said that there will be a use market of it . What is your thinking about this do you also work on this?
Micropayments on the blockchain can be revolutionary in two ways. The first is that donation recipients can easily set up accounts to receive funds, which will allow donations to be made directly to them, reducing all intermediary and administrative fees.
Fraudsters can also easily set up fake accounts to lure donors. Ratings and audits will be required, similar to current online services that rate charities based on multiple criteria (e.g. Charity Navigator, Smart Giving, Nonprofit Council, etc.) to ensure and provide better visibility for donors .
Micropayments on the blockchain can be revolutionary in two ways. The first is that donation recipients can easily set up accounts to receive funds, which will allow donations to be made directly to them, reducing all intermediary and administrative fees.
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The transaction fees incurred become a significant part of the total transaction value and are therefore uneconomical. Another important aspect is that micropayments refer only to digital transactions of intangible goods, since the monetary amount is so minuscule. Any additional processing and shipping costs could mean a hundred times more of the original transaction value, making it completely irrelevant.
Crypto have the special feature that users can transact any amount of money even it’s a fraction of dollar. And we need this feature for many of our purposes specially when we only need micro payment. To whom or what Fyfy is for?
Fyfy ecosystem is primarily for e-commerce businesses and customers who use online shops to purchase goods or services. Fyfy suits those who seek a solution for secure and instant transactions with low fees.
Crypto have the special feature that users can transact any amount of money even it’s a fraction of dollar. And we need this feature for many of our purposes specially when we only need micro payment. To whom or what Fyfy is for?
Hey there, I am quite new to crypto world and don’t understand many things. What is this DAO? Can you please tell me.
6. DAO is a decentralized autonomous organization. DAO ensures that decisions for the ecosystem developments are governed by proposals and voting. Currently, Fyfy operates as an individual organization but aims to become a registered non-profit association as soon as possible. 
Hey there, I am quite new to crypto world and don’t understand many things. What is this DAO? Can you please tell me.
In essence, a Decentralized Autonomous Organization (DAO) is when an organization's governance is not centralized but decentralized and executed automatically. This means the rules of governing the organization is programmed into a computer or in the case of DAO in a crypto context, the blockchain, and decisions are automatically executed based on the rules. Depending on how many tokens a holder has when there is a vote for a proposal affecting the organization, the holder's vote counts in relation to his or her holdings. Based on the outcome of the vote the decision will be automatically executed based on the execution rules coded in the contract. Since holders are decentralized, and the rules affecting the organization are executed automatically, it is called DAO.
Hey there, I am quite new to crypto world and don’t understand many things. What is this DAO? Can you please tell me.
As I was reading through your whitepaper I was waiting for that piece of information that would blow me away and that screams "buy me". I didn't find that. Having said that through, it is good to have competition as it keeps dev teams on their toes all round and drives better customer experience and innovation.
A few things I would like to know:
A few things I would like to know:
- In the absence of a pitch deck, how will you be distinguishing yourself from the rest of the pack also aiming for launching a coin/token, trying to get merchant adoption, having a NFT market place and some swap capability? The only differentiator I could pick up was potentially claimed faster transaction speeds on Solana?
- You mention that you will be giving USDC to the merchants. Normally this type of activity is provided by an external payment provider like coinpayments or equivalent. This means that you will be taking on this activity and need to do a swap from FYFY to USDC on Solana in order to pay the merchant. This will provide downwards pressure on the price of FYFY as supply will become bigger than demand. This brings me to my next point
- There should be sufficient activity in the ecosystem to drive demand for FYFY which I don't see. This will eventually drive the price of FYF down and cause a spiral where products will become more expensive in terms of FYFY and more FYFY will have to be sold for USDC as the merchant will not quote in FYFY but in USD. At this point, merchants mostly don't care about tokens but the USD they need to pay their electricity and buy goods to sell
- What will therefore be the incentive for merchants to adopt the FYF ecosystem? As part of your strategy you should focus on a segment or a few anchor merchants to adopt the FYFY ecosystem. You can then use those as reference cases for gaining confidence in investing in the platform
- Your whitepaper links to the Solana contract for the project, which means you do not have to wait for an audit. You can do an audit right away and publish the results to gain investor confidence. There has been some negative media coverage of Solana recently and it would bein your interest to have one, perhaps two independent audits of the smart contract
- Work perhaps on your vision and mission to make it shout out to investors
- The diagram in your whitepaper under FYFY Ecosystem contains some missing arrows in my view. You should add in arrows to indicate the flow of USDC from the FYF funds to the customer as there are arrows from the customer indicating USDC flow, but not where the customer is going to get the USDC from. Also add an arrow indicating the source of USDC for the ecosystem as someone would want to buy FYF for USDEC to fund the top part of the diagram, which goes back to bullet two above.
feeless micropayments is likely to give rise to new business models that entail transactions worth fractions of a cent. Is Fyfy Token a stablecoin?
No. It operates as a separate digital asset.
feeless micropayments is likely to give rise to new business models that entail transactions worth fractions of a cent. Is Fyfy Token a stablecoin?
There are already tradition business who are working for micropayment and it seems they are quite good at their job . Although they charge al ot but that's is need for surviving. Do you think you can survive in this competitive market?
Thanks for your opinion. Yeah, you are right It's little bit competitive. But we have some unique feature that would keep us ahead from them. The present transacts method takes too much time but we are solana based system which will accomplish a transaction within few seconds. And we are mostly free but other companies take way high transaction fees. And we have many more feature if you want to learn more please visit our website.
There are already tradition business who are working for micropayment and it seems they are quite good at their job . Although they charge al ot but that's is need for surviving. Do you think you can survive in this competitive market?
It is not very profitable service model for many companies, many companies take high fees so that they van be profitable.it is quite complex due to the micro amounts. How Fyfy solves the issues of micropayments?
To this day, micropayments have been an unprofitable business for any company due to the high fees of a single transaction. Fyfy ecosystem enables microtransactions profitably by using blockchain as an underlying technology.
It is not very profitable service model for many companies, many companies take high fees so that they van be profitable.it is quite complex due to the micro amounts. How Fyfy solves the issues of micropayments?
How do i vote for the ecosystem? what is the procedure for that? what kind of benefit have the voting system? can you please elaborate?
Do I have to have Fyfy Tokens to have a right to vote? Is there any minimum token that i have to main to vote?Jump to: