It's an interesting concept, and everyone loves a good dividend, but 3 questions:
1) How do you provide transparency about the profits earned by the exchange (of which 50% get distributed to FYP holders)?
2) How does this compare to other "easy exchange" services?
3) Is it really "trustless"? Flyp.me does hold the coins for some, albeit short, period correct?
Hi BTCWagering,
Happy to hear you find Flypme interesting!
1) We will implement a Proof of Profits system where through Cryptographic auditing you’ll be able to see the profits generated by the exchange. Also, all costs incurred in running Flypme will be covered by the funds raised during the Presale and ICO. Therefore, until Presale and ICO funds have been used, the net profits will be equal to revenue.
2) We are faster and more private. Also, we have profits sharing and will have proposing/voting for key features and decisions. We’ll publish details in the upcoming whitepaper.
3) When a customer uses the exchange, we immediately send the coins to the account provided. There is no risk to the user’s funds as we use our reserve funds.
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