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Announcing Fyfy - Decentralized Crypto Payment Ecosystem
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Author Topic: Announcing Fyfy - Decentralized Crypto Payment Ecosystem  (Read 87 times)
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Jan 17, 2022 02:18 AM

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!
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