Frequently asked questions

What is Fyfy?
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Fyfy is a B2B (Business to Business), B2C (Business to Customer), and P2P (Peer-to-peer) blockchain-based ecosystem, which offers transactions of digital 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.

What is the business model of Fyfy?
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Fyfy ecosystem creates cash flow by transactions over the network. A complete ecosystem diagram can be found in the whitepaper.

To whom or what Fyfy is for?
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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.

How Fyfy solves the issues of micropayments?
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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.

How Fyfy stands out from the competition?
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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.

What is this DAO thing?
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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.

Why Fyfy targets stablecoins?
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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.

How do I transfer digital assets in Fyfy ecosystem?
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Fyfy offers Fyfy Pay, which must be downloaded from the app store.

What is Fyfy Token?
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Fyfy Token has the following purposes:

  • Acts as compensation for initial funding for the project
  • Grants access to the products and services inside the Fyfy Ecosystem.
  • Token holders can influence the decisions of the future development of the ecosystem.
  • Grants access to the interest for transaction fees over the network.
Is Fyfy Token a stablecoin?
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No. It operates as a separate digital asset.

How do I vote for ecosystem development?
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Information on ecosystem voting is described in the whitepaper.

Do I have to have Fyfy Tokens to have a right to vote?
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Yes you do. Any amount of tokens is accepted.

Do I consume my tokens if I vote or make any proposition?
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No. However, you must lock your tokes for voting activity.

How do I make a proposal for future development?
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Proposals are suggested via Fyfy DAO Platform. You must have 0,1 % of all tokens in circulation to make a proposal.

What are private and collective airdrops?
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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.

What are ecosystem grants?
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Ecosystem grants can be donated to those individuals or groups who want to build on Fyfy ecosystem in addition to ecosystem proposals. If the Fyfy association sees that the idea greatly enhances the ecosystem, the association can grant fyfys to those who deliver the feature as a funding.

What is the treasury escrow?
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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.