Frequently asked questions

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.

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

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.

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.

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.

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.

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.

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

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.

No. It operates as a separate digital asset.

Information on ecosystem voting is described in the whitepaper.

Yes you do. Any amount of tokens is accepted.

No. However, you must lock your tokes for voting activity.

Proposals are suggested via Fyfy DAO Platform. You must have 0,1 % of all tokens in circulation to make a proposal.

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.

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.

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.