Topic: Announcing Fyfy - Decentralized crypto payment ecosystem (Read 559 times)

Non-fungible tokens are making big money for digital creators. There are tons of artworks for sale online every day. It is even possible for creators to earn millions of dollars in seconds when their NFTs are sold in the digital space. It can also be seen that people are more keen to buy, sell and invest in the digital market rather than doing the same in the physical market

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?

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. 

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?

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.

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:

• 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.

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?

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?

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?

Yes you do. Any amount of tokens is accepted.

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?

Fyfy offers Fyfy Pay, which must be downloaded from the app store.

How do I transfer digital assets in Fyfy ecosystem? do i need to download the app or i can just visit your website and after logging in  i can transfer it?

Please look at our whitepaper, all the Information on ecosystem voting is described in the whitepaper.

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?

IT security audits will frequently test the Fyfy ecosystem. The audit consists of the entire ecosystem of Fyfy. New and existing Smart Contracts in Solana and Ethereum blockchains are verified such that the contracts contain no vulnerabilities to external attacks particularly. Nevertheless, untested versions of the ecosystem are not published. The Fyfy ecosystem aims to deliver the highest level of trust, safety, and transparency.

what about the audit? Do you have any plan to audit the project and when it would be held? Who are going to audit it?

Stablecoins follow the value of the most widely known FIAT currencies. Thus, stablecoins are not exposed to the volatility of digital assets. Moreover, stablecoins will be heavily regulated, which protects consumers and businesses. Unlike FIAT currencies, stablecoins can be transferred extra fast and securely with proper technology applied.

Why did you target the stable coin only I mean there are a lots of coin there with many benefits and they give good return also?

The treasury escrow is an allocation of tokens that is governed by the Fyfy community. Treasury escrow includes only Fyfy Tokens, and the community can vote what is the purpose of these Tokens. Fyfy Tokens allocated to the treasury escrow can be used for farming, airdrops, and ecosystem development grants, for example.

Fyfy is now officially part of Solana ecosystem!

Go and upvote > https://solana.com/ecosystem/fyfy

Hey i saw a thing that you called as treasury  escrow, What is Treasury escrow? And what is the purpose of it to fyfy payments, what kind of advantage it will bring to this ?

You know that how world is changing, people are changing also their behavior.
We are going for a world where we will use crypto more than the fiat. We see a lot of activity
to be it the reality. Many corporate and organization allowed crypto and other are going to soon.
Then we won’t have to worry about it.

As all of the transaction are being accomplished by using the fiat currency and you are going to work on crypto,
 How would you get people on board? If they continue to using fiat then there is no point to do this.

Collective airdrops are meant to deliver for all the participants or the token holders in the ecosystem, independent of the individual activity. Private airdrops are meant to be allocated to individuals or groups of individuals who have made significant amounts of work for the ecosystem. In other words, private airdrops are rewards for those who have participated in the ecosystem development.

I am little bit confused that what airdrops are actually be on this. because you mentioned private and the other thing which isn't clear to me. Can you please tell me that What are private and collective airdrops?

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.

Micropayment consider one of the trickiest section considering other payment. It’s very small and hard to ledger
because of high volume. That’s why it’s fees generally a little bit higher. But you are going to keep the fees low.
Do you think you can make it profitable business model?

You can simply go to our website, there you will be found a button “Buy Token” just follow the link and rest is very easy you can do easily.

Micropayments are not a new concept. Since the mid-1990s, micropayments have experienced varying degrees of popularity. By definition, micropayments are transactions whose value is less than a certain threshold. How can I buy the tokens, what will be the procedure?

As we are lowering the fees we make the fees 1% and the confirmation time will be 0.5 sec customer to merchants. Which will on the record of smart contract.

Hey there, you didn’t mention that What will be the transfer fees and how much time will it take to finish the transaction?
 Could you please answer it?

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.

So, as you are working business to business model. You can’t  target the whole business world at a time.
What is your prime target or niche to serve for?

There are a few strong traditional competitors in the field. For example, market leader Paypal had 392 million active accounts and 4.4 billion transactions with 285 billion of total payment volume in quarter one 2021. Additionally, almost 2 million websites use Stripe, which is payment processing software for online businesses. More specifically, SatoshiPay, and Strike are considered true competitors for Fyfy due to its focus on micropayments.

And we are confident that we can bring positive changes to this market and stand against the competitor.

Ecommerce is booming after the covid breakout no doubt about that. But why do you think that users will use some service like this when there are already working service available and they are supplying what the market needs?

In addition to this, FYFY token it self is not going to be used for making payments. With Fyfy Pay you can use several crypto currencies to make payments. Then we swap the payment to stablecoin like USDC and transfer it to the merchant.

Right now we are negotiating with several different companies who are interested in using our service on their webstore.

You have asked a good question. We also thought about that. As you know Fyfy is working to make the micro payments fast, low cost, user friendly and secured transactions of crypto assets, so it is for all the segment of current market. Because B to B, C to B and peer to peer all the segment faces the difficulty to make micro payment. It is not fair to serve one portion and other portion still have the same difficulty, that’s why we cover them all.

Have to tell that you asked a very good question. Since we are Just started our journey we are continuously working on it. As the market is growing rapidly and there is a need for this service companies will join us soon.
Now we are having a presale and whenever are going to list on the other exchanges, we will let you know all the updates, please follow our social media.

And the fees, we are using the Solana network so you know that the low fee, fast transaction   and also our total reward system will be better than other tokens.

Most of the Fintech target a single niche or group and run their work for that segment of market. But you have covered all the target group like business to business, business to customer and also peer to peer. Don’t you think this is too much for a new company and this can be a very bad idea?

But as you aim to be a payment ecosystem, have you tried contacting at least couple of companies that may possibly interested to use a decentralized payment system? Also, this will only be used extensively if your token will be available in a lot of trading platforms. There are so many coins or tokens that are cheap already in terms of tx fees, let's say TRX.

So where do you think you will start here? In what exchange are you eyeing to list your SOL token? SOL network is getting their popularity in the market.

Fyfy ecosystem is built on the Solana blockchain, which is among the fastest blockchains available. The focus is to transfer stablecoins, for example, USDC over the network similarly to most known FIAT currencies, like EUR and USD. Fyfy aims to create a user-friendly environment in which the payment process is simple and convenient to use. And that's why you should choose us.

There are a lots pf projects who are offering the low cost and fast payment system and there are many projects coming based on solana network.
How Do you differentiate you from them and why should we choose you?

Thanks for your valuable opinion. we are working on micro transfer to make really very easy and  formidable system. And we will make it in the new era of blockchain technology.

Thanks for your valuable opinion. 25% token allocation is needed for the team to run the whole process, If there is any necessity we can rethink.  why do you think that Bonus Fyfy is redundant, It's a reward for those who invest on it and they should have benefited from it. And this kind of airdrop or bonus system is quite common to crypto world.

Micro transfer technologies such as atomic swaps had existed long before my birth but just now have come in to existence as a mainstream feature / offer. This is apart from being fair. What I suggest. We dial back in time to promote the tech from the past in the past for it to grow in to a formidable system by the present day. If u object I will lock u and ur family in an intermodal container until further notice.

Fyfy ecosystem creates cash flow by transactions over the network. A complete ecosystem diagram can be found in the whitepaper.

Looks decent enough.
Although the 25% token allocation to the team seems a bit much, I mean, it's 25%.
Are these team allocations locked? For how many months/years?
You also mentioned something about FYFY Tokens being airdropped to every FYFY Token holder; So those who purchased the FYFY token will later on receive another batch of FYFY token for free? Seems kinda redundant don't you think?
Maybe it would better allocated into say, marketing or a bounty campaign to help promote this project.
Btw, sent you a proposal about bounty campaign, let me know if you're interested.

It's a quite huge and interesting project. Your ecosystem and other things are giant. What is your basic business model?

Private Sale has started!
http://invest.fyfy.io
As a holder of FYFY Token you will have a change to influence the  future by voting on the development of the ecosystem.
Don’t miss out!

Fyfy Pay is an interoperable web plugin, extension, and software module that allows instant, safe, and low-cost transfers between Fyfy Wallets or other cryptocurrency wallets in the Solana network.

Merchant plugins allows API integration between websites, apps, and services. This establishes seamless transactions between client and platform.

Both are at MVP stage and below for you to test. For now Fyfy Pay is available only as Android version. IOS version available later. GitHub source codes available from the link below.

https://github.com/fyfylabs/fyfy-mobile-wallet

It's very easy to use any service in a mobile application. Do you have any mobile app for ios or android users? if you have can i have the link to that?

I don't know where you got the idea that we are scamming anybody. Lightning Network was developed to solve problems like high transactions fees etc. so that Bitcoin can serve as what it was originally developed to be, a digital currency.

Now, Fyfy ecosystem is build on Solana and it provides us the possibility to be more than just payment service. The ultimate goal is not to be one trick wonder. We aim to develop several different products like dApps, DeFi services, NFT platforms etc. so that we would not be dependent on one product only.

whats the point of the this scam, when you already have the Lightning Network on Bitcoin and they same thing is already achievable there?
Don't want to mention the trust between FyFy and Bitcoin ...

Our vision is bold. Finland has a reputation for building brands of trust. We want to be the pioneers in the payment industry and gain confidence for our users, offering transforming and safe payment options for cross-border payments. Fyfy’s Management Team and most team members are Finnish, who are working diligently to achieve this goal.

We want to ensure that our community is updated about our current progress and any necessary changes to our road map through our transparent communication.

We are seeking continuously to improve our activity according to the feedback we receive.

Recent a lot of project came and the founders take the money and blew. I'm worried about the trustworthiness of this project and Token distribution.
How can I trust you that you will deliver as you stated?

Thanks for your question. AS you know, we want to make an ecosystem that is fast, low cost and also secured.
And what network or blockchain fit for it, obviously Solana. We think Solana is perfect for what we needed to build it.

So, why do you build your system based on Solana blockchain, when there are a lot of blockchain available? why do you choose it,
because of the low fees?

Collective airdrops are allocated for every FYFY token holders

Private airdops are allocated for a party, person or group of persons who have helped to develop Fyfy ecosystem voluntarily. Kind of like reward.

And thank you for pointing out typos  

 Collectiove airdrops 4% (4 000 000)
   • Private airdorps 5% (5 000 000)

 what does this mean, can I find out more?

Fyfy - Decentralized autonomous organization in which the development power is transferred to the community. We aim to exclude intermediaries, reduce transfer times, and make micropayments profitable.




               

What is Fyfy?

Fyfy is a B2B (Business to Business), B2C (Business to Customer), and P2P (Peer-to-peer) blockchain-based ecosystem, which offers fast, low-cost, user-friendly, and secure transactions of crypto assets. The ecosystem focuses heavily on solving issues of micropayments. Moreover, fyfy is a decentralized autonomous organization (DAO) in which the development power is transferred to the community.

Our focus is to ease cryptocurrency transfers and payments with cryptocurrency assets. We aim to exclude intermediaries, reduce transfer times, and make micropayments profitable. These features are not possible with traditional payment systems. However, Fyfy has a significant advantage over its competitors by offering smaller transaction fees, better user experience, and instant transfers. Therefore, we introduce Governance Token (FYFY Token) and Fyfy Pay.





Our products

Fyfy Pay
Fyfy Pay makes transfers between Fyfy wallets or other cryptocurrency wallets in the Solana network. It is an app installed on your mobile device, a web-based plugin, or an extension on your personal computer.

Fyfy Swap
Fyfy Swap will allow merchants to receive payments in stablecoin like USDC. We will swap customer cryptocurrency payment to stablecoin and pay it to the merchant. It is integrated into Fyfy Pay.

Fyfy Wallet
Default storage system is the Fyfy wallet. It has a mobile and web-based app for better integration. Third party wallets supporting the Solana Blockchain may be supported in the near future. Multi-chain support may be implemented as well to support token swaps from an alternative Blockchain for better interoperability.

Fyfy 1-click
The approach of designing Fyfy Pay is to make the payment process as easy as possible. Fyfy 1-Click is Simple 1-click payment plugin for making cryptocurrency payments easily from one user to the other

Fyfy NFT
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.



Unmatched speed, security and low fees

The user data is recorded into a transparent, secure, and open ledger. A decentralized data is more accessible than with centralized servers. Fyfy Ecosystem is built on top of the Solana Blockchain. Using the Proof-Of-History protocol, Fyfy can utilize the speed per transaction offered by Solana. Furthermore, Solana is also cheaper on both small- and large-scale basis, and we have significantly reduced transaction costs compared to other blockchain alternatives.

Key variable comparison

Blockchain      Validation time         Transaction cost         Transactions per second
Bitcoin            10 minutes               3.30 USD                  7
Ethereum      14 seconds                  3.60 USD                  45
Solana         400 milliseconds      0.00025 USD            65 000



Fyfy Pay

Fyfy Pay is an interoperable web plugin, extension, and software module that allows instant, safe, and low-cost transfers between Fyfy Wallets or other cryptocurrency wallets in the Solana network. Fyfy Wallet is a separate product that could be integrated into Fyfy Pay if other cryptocurrency wallets are not interoperable with it at the current state. As with other cryptocurrency wallets, Fyfy Wallet includes a balance of cryptocurrency assets and acts as a cryptocurrency address as well.

Moreover, Fyfy Pay uses USDC primarily as a value of transfer in the Solana network. It is designed to make transactions for a variety of use cases, illustrated in Figure 5. Fyfy Pay focuses especially on micropayments, which gives users the option to pay-per-use. Furthermore, Fyfy Pay is designed in cooperation with businesses that are operating in e-commerce and it has developer-friendly documentation and setup. Using Fyfy Pay, service providers can comfortably process business transactions on top of Fyfy´s ecosystem. However, it requires a merchant to adopt Fyfy Pay as a payment service and create a Fyfy Wallet.

Merchant plugins allows API integration between websites, apps, and services. This establishes seamless transactions between client and platform. Furthermore, it eliminates the requirement to go through all extra steps involved to make payments with cryptocurrencies.



Ecosystem

Currently, the ecosystem development is in early phases and Fyfy Team is responsible for the development activity. Initially, the funding for the project is achieved by funding rounds, which include seed sale (previously pre-ICO), private sale, and Initial Dex Offering (IDO).

Fyfy Pay -application is the core of the project. As the customer makes a purchase via Fyfy Pay, the transaction includes a fee. A minor portion of the transaction fees are collected into the fee pool and the interest of the fee pool is distributed among the community fyfy community members who owns Fyfy Tokens in the cryptocurrency wallet. Moreover, a portion of the transaction fees are allocated to the ecosystem development and operation as well. Finally, the customer receives the products or services by the business operator.

The ecosystem consists of multiple operations. Fyfy DAO Platform consists of community participants who decides the future developments of the ecosystem. They receive an interest of the transaction fees over the network as USDC and Fyfy Tokens based on actions in the DAO community. The aim of the ecosystem is that the community manages the operations in the future thought the DAO Platform.



Staking for transaction pool rewards

FYFY Tokens can be staked in a Fyfy DAO Platform. The purpose of staking is to gain profit from the transaction pool. The funds to the transaction pool is collected from the transactions through the network. The profit is delivered as USDC. The amount of USDC depends on the activity of the network.

Staking for ecosystem voting activities

In addition to staking for transaction pool, FYFY Token acts as a governance token. It grants a permission to vote on ideas discussed and can also make suggestions for the Fyfy platform’s progression. Moreover, voters can choose collectively where the reserve FYFY Tokens are used for. The reserve FYFY Tokens are released from escrow for the community members.

Staking of FYFY Tokens yields a portion of transaction fees and permits for voting activity. Any amount of tokens are eligible for voting. These action can range from changing an asset, adding support for other assets and making changes to the ecosystem. However, it is required to have 0.1% of FYFY Tokens in the wallet to propose governance actions that will allow to suggest developments in the ecosystem.



FYFY token

Token address: vkG3Qrz6vCWjzDt5yCLEKYMYZ8hFZ27dmKe92btaZE3

FYFY Token works in the Solana blockchain. Fyfy Token has following purposes:
   • Acts as compensation for initial funding for the project
   • Grants access to the products and services inside the Fyfy Ecosystem.
   • Token holders could influence the decisions of the future development of the ecosystem.
   • Grants access to the interest for transactions fees over the network.

Allocation

Max supply of Fyfy Tokens is 100 000 000.

Team 25% (25 000 000)

Funding 26,2% (26 200 000)
   • Private Sale 3,5% (3 500 000)
   • IDO 22,7% (22 700 000)

Treasury Escrow 40,8% (40 800 000)
   • Farming pool 5% (5 000 000)
   • Collective airdrops 4% (4 000 000)
   • Private airdrops 5% (5 000 000)
   • Ecosystem development grants 13% (13 000 000)
   • Other community activities 14% (13 800 000)

Liguidity pool 8% (8 000 000)

TOTAL 100% (100 000 000)



How to invest

FYFY Tokens are sold through an investment platform at invest.fyfy.io.

FYFY Token Private Sale 2022/1/17-2022/3/17

In FYFY Token Private Sale token price is 0,59€ / $0,67 per token. Hard cap of Private Sale is 1 981 220€ / ≈$2 241 200. 3,54% (3 540 000) of FYFY tokens will be sold from the total of 100 000 000.

Bonus tiers
Investment      Bonus%
100-499€         5%
500-999€         20%
1000-4999€      35%
5000€>            50%

When buying Tokens, you will get a personal Referral Code. With the code, you can invite your friends to join. Your friends will get 10 % Extra Tokens on top of their investment, and you will get the same amount added to your account. Investor with most referred friends wins 5000 FYFY Tokens!