Full description of Flexacoin
Flexacoin is a new, open protocol called Flex Network Protocol intending to alleviate
Cryptocurrency (?) payments and introduce this payment method to masses. The
Coin (?) was initially made to collateralize retail payments on the Flexa network, which uses Flexacoin (FXC) for immediate POS transactions globally.
Flexa team works on the development of a global network giving developers the capability of adding instant cryptocurrency payments to their apps. FXC serves as the intermediary for each payment.
Flexacoin serves as collateral during transactions. That means that it secures
Crypto (?) transactions before their confirmation on the blockchain. In this way, FXC gives the guarantee of transaction settlement. The merchant receives
Fiat (?) money instantly. When it happens, the transaction is completed.
Flexacoin goals and advantages
Although the volume of transactions on the
Blockchain (?) constantly keeps on growing, cryptocurrencies remain almost unusable in physical retail. Since over 90% of US retail sales account for traditional brick-and-mortar stores, widespread acceptance of cryptocurrency is required for raising its value.
The goal of the project is to make the cryptocurrency spendable by retailers all over the world. Flexacoin is used to stake wallets on the Flexa network, thus helping its holders collateralize payments and earn stake rewards depending on the number and size of transactions.
The international debut of Flexacoin took place during the release of SPEDN app made on the Flexa platform. Flexa is a US-based cryptocurrency payment company that was officially announced on August 27, 2018. The major product rollout was announced at the
Consensus (?) conference in New York City and publicly launched in May 2019.
By that time, 30,475 locations across the US alone were ready to accept cryptocurrency payments via the Flexa platform.
Flexacoin has a range of advantages making the processing cost lower and removing the risk of fraud. The payment process is pretty easy even for non-tech-savvy users. The app displays the barcode to be scanned by the cashier. Customers can pay with any cryptocurrency added to the Flexa network.
Flexa network
Flexa represents the first
Decentralized (?) global network with incorporated innovative features as the pioneering network unites retail and blockchain technologies. The value of the overall staked amount is equal to the size of all unconfirmed payments at a certain point in time.
Any person can stake FXC on the Flexa network to secure Flexa payments with collateral and thus get a reward for it. Stakers gets a small percentage of the transacted amount. The developers plan to give stakers the capability to choose projects from a network index showing the amount of stake assigned across the network.
Thanks to the efforts of the Flexa team, cryptocurrencies now get a chance to become acceptable everywhere.
Flexacoin tokens
FXC is a digital collateral
Token (?) that facilitates digital payments within the network. From the very start of the project, the utmost priorities of Flexacoin developers were simplicity and affordability. The company decided to reject the development of a new blockchain and use the established and recognized Ethereum network with ERC-20 tokens deployed on it.
The private token sale to established token funds and accredited investors was launched in April 2019. The raised 14.4 million USD were used for the development of the Flexa network and more advanced merchant integrations and acquisition of more partners to develop infrastructure further.
Future distribution of Flexacoin token supply
The maximum supply of Flexacoin tokens equals to 100 billion tokens. The reason for it is a lack of mechanism enabling additional issues within the ERC20 smart contract. The tokens will be distributed in the following way:
10% - Network Development Fund. Tokens will be used to develop the Flexa network with about 1 billion tokens spent on it annually.
20% - Public Sale. The amount includes a tranche of 4.5B tokens locked in smart contract vault till January 2020.
20% - Founding Team and Employee pool to motivate the staff. At the time of writing, 15% have been allocated already.
25% - Merchant Development Fund. The main responsibility of the Merchant Development Fund is the support of merchant integration with the Flexa network. The goal of this reservation is to make the merchant acceptance of Flexa-enabled apps easier. The measures will include software upgrades and extensive hardware deployments.
25% - Developer Grants. 25 billion Flexacoin tokens allocated to the Developer Grants will facilitate the adoption of FCX for payment collateralization. Starting from 2020, the annual amount of grants to developers who wish to add FXC-collateralized payments to their apps is 1 billion Flexacoin.
At the time of writing, the liquid and circulating supply of Flexacoin tokens surpassed 52 billion FXC. It includes tokens distributed via private sale and tranche of team tokens vested in May 2019. Starting from January 4, 2020, after the token sale vault is unlocked, the amount will increase.
Flexa team and partners
The founders of Flexacoin are Daniel McCabe, Trevor Filter, Tyler Spalding, and Zachary Kilgore. The co-founders used their extensive experience in fintech, consumer payments and retail to improve the ecosystem of cryptocurrencies in this issue.
SPEDN is already used by such high-profile merchants as Starbucks, Bestbuy, Office Depot, Nordstrom, Gamestop, and many others. The list constantly grows.
The partnership with Gemini enables the use of Gemini dollars, Bitcoin, Bitcoin Cash, Ether via the SPEDN mobile
Wallet (?) app. Flexa also tied with Coinsquare to expand the network. The partnership with the platform enables digital currency payment right from the on-exchange balance.
- Exchange symbol (?): FXC
- Cryptocurrency type (?): Token (?)
Flexacoin for developers
Flexacoin social sites
Source: NOMICS
