Fyfy team has started its journey from Finland. Our dedicated professionals are working towards a solution that uses blockchain technology in the micropayment industry. We want to create a brand of trust, and we’re at the beginning of our development. Like in every start-up, there are many challenges and critical decisions on the way. As the crypto industry changes, we need to re-evaluate our decisions and take a new direction whenever necessary. We want to keep our community updated through our transparent communication and we improve our practices according to the feedback we receive.’
Agile decisions are needed to keep up with the competition
Initially, our goal was to create a multichain option with the best features of Ethereum and Solana. We aimed to create an ERC-20 Governance token, which would have acted as compensation for initial funding for the project and included additional features for investors. In addition, this governance token would have granted access to the products and services inside the FYFY ecosystem and served as permission to vote for future changes in the ecosystem.
Initially, we chose Ethereum because it would have allowed better interoperability, a vast developer community, and great developer tools. In addition, Ethereum enables access to large DEXs and brings token availability for a large investor group. Furthermore, open-source code and community voting were criteria in favor of Ethereum.
However, Fyfy’s bold vision is to create an ecosystem that supports instant, cost-efficient, and user-friendly transactions. Solana’s high-performance blockchain has all the features needed to build a robust payment system. We needed to re-evaluate our decision and choose Solana as a network for FYFY Token to achieve this goal.
Solana network is the key to transforming the payment industry
Despite the bright-looking future of Ethereum, issues of high transaction costs (gas fees), relatively extended validation times, and speed with the Ethereum network are not yet solved. Therefore, the Ethereum blockchain is not suitable for making smaller transactions and swapping smaller amounts of investment tokens. Moreover, extensive gas fees in the Ethereum-network would have created excessive expenses for the company while delivering the utility tokens to the investors.
We also wanted to listen to our community. Most investors favor the Solana network, and therefore, we needed to re-evaluate our decision on this multichain option. It was a tough decision to make, but we have decided to build our utility token on top of Solana instead of Ethereum. However, we aim to cross-list the FYFY Utility Token as ERC-20 to gain the necessary advantages of the Ethereum network in the future.
Differences between the Ethereum network and Solana are extensive. After comparing the technical characteristics of both networks, it can be observed, Solana has a significant advantage over Ethereum. The best features in Solana are its enormous speed of over 50.000 tps and even around 400 ms. It doesn’t only enable rapid transaction times but also an extremely low transaction price.
However, the Solana network is not fully decentralized yet, but it becomes more decentralized when the validator count increases. Semi-decentralization at the current stage meets the requirements of the FYFY Ecosystem.
A large part of all Solana (SOL) tokens distributed to the team, insiders, founding sale, and seed sale ensure a healthy evolution of the Solana network. Moreover, Solana-network uses Rust-programming language for the Smart Contracts, which provides only a little abstraction from a computer’s instruction set architecture.
The goal is to transfer full developing power eventually to the community as the validator count in the Solana network grows. In addition, Solana has already made a massive breakthrough with lots of projects building on it. The ongoing projects can be seen here: https://solana.com/ecosystem. We are confident that Solana can maintain its speed now and in the near future.
The right strategy is the key to success
There is demand from businesses for a functioning micropayment system, such as from different online service platforms. Currently, customers cannot buy a part or portion of a product or a service with the available payment solutions. Therefore, micropayments are becoming an attractive alternative to inflexible advertising and subscription walls.
There is increasing demand and growing markets for the digital payment industry. The key to success is designing services, which customers want to use, and strong partnerships to boost growth. With the right niche and market entry, there are endless possibilities for payment services, such as Fyfy, to get a share and succeed in the digital payment industry.
Fyfy is developing a brilliant solution for the micropayment problem, which is quick, user-friendly, and cost-efficient. Finally, building directly on top of Solana supports Fyfy’s bold vision of being a primary service used for daily transactions. We are confident that the current choice meets perfectly with these ambitions.
Despite starting our development with FYFY Token built on top of the Solana network, we recall the significant features the Ethereum network has to offer. In the future, we aim to create a Fyfy Pay, which also relies on the Ethereum network. You could swap your FYFY SPL tokens into ERC-20 Tokens through this functionality. Using Ethereum would enable access into popular DEXes such as Uniswap.
However, as we have seen, things change rapidly in the crypto industry. We need to regularly re-evaluate the situation and make decisions that support the Fyfy ecosystem best in the long term.
We will add more technical features into our Whitepaper, reflecting current changes and update all information accordingly. Our Fyfy Team is looking forward to the Pre-ICO event on September 15 and continuing our journey together with our community.
Jenna / Fyfy.io
Published on 13/09/2021