Announcing Fyfy - Decentralized crypto payment ecosystem

[Fyfy]

Fyfy is now officially part of Solana ecosystem!

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

[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 ?

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.

[Osorto]

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?

[Fyfy]

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?

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.

[ramonee]

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?

[Fyfy]

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?

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.

[bowirng]

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?

[Fyfy]

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?

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

[Bergthold]

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?

[Fyfy]

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?

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

[Boisselle]

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?

[Fyfy]

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?

Yes you do. Any amount of tokens is accepted.

[Nienhaus]

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?

[Fyfy]

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.

[fetzner]

 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?

[Fyfy]

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.

[cordasco]

feeless micropayments is likely to give rise to new business models that entail transactions worth fractions of a cent. Is Fyfy Token a stablecoin?

[Fyfy]

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.

[jc12345]

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.

[gemmer]

Hey there, I am quite new to crypto world and don’t understand many things. What is this DAO? Can you please tell me.