What are FYP Tokens?
FYP Tokens Guide
Ever since bitcoin became popular among the general public, there has been a huge influx of new crypto tokens and altcoins. This is perhaps because an increasing number of people are gaining interest in both cryptocurrency investing and trading.
While a big number of ICOs of new tokens end up failing, a handful of them become successful and rewarding to investors. Flyp.me is one of the rising ICO projects. Find out more about the startup and a review of its services.
What are FYP Tokens?
The FYP token is the dedicated cryptocurrency for the FLYP.me exchange. The tokens are based on Ethereum’s platform and are ERC20 compliant. The tokens are used as trading pairs and for other purposes as discussed below.
The Flyp.me exchange is one of the fastest exchanges that support multiple currencies and anonymous trading. There’s no registration or verification required and there are more than 20 cryptocurrencies available for trading. Users who own FYP tokens enjoy a range of benefits on the exchange. These benefits include a pass for participation in the voting system, the ability to suggest the addition of coins and new/improved features, profit sharing and a lot more.
The FYP trading platform is privacy focused and ensures traders avoid the risk of sharing their personal info to strangers. To make a trading transaction on the platform, users require an input address, an output address, and some funds to be exchanged.
Benefits of FYP token
Aiming to become one of the major exchanges that do not require an account, Flyp.me follows integrated mechanisms for profit sharing along with the ability to participate in the policy-making.
The holders of FYP token can enjoy the following benefits on the platform:
- Profit sharing up to 50%
- Fast and rapid transactions
- Participation in the policy-making
- High transparency
- High level of security and privacy
How do FYP Token work?
As mentioned above, FYP tokens are ERC20 class compliant tokens. In order to fully land on to the standards of ERC20, it is important for the development team to integrate some specific functions into the smart contract which allow the following actions:
- Obtaining the overall total token supply
- Approval for spending the token
- Getting the balance of the account
Flyp held a pre-ICO and a public crowdsale in July 2017. The first phase of presale ended on 10th July 2017, Phase 2 ended on 21st July 2017, and Phase 3 ended on 6th September 2017.
The ICO start date was 28th September 2017, and it ended on 21st October 2017. In total, the ICO sale allowed FYP to raise a total of $1,663,417 at 0.07 USD per FYP price with a soft cap of 15000 ETH. Currently, as of July 2018, the FYP token price is hovering around $0.114811.
The distribution of FYP cryptocurrency among the contributors and the FLYP.me exchange was based on a simple rule: the greater the number of contributions made to FYP sale, the greater number of tokens would be made available to the contributors. A small amount of the tokens would, however, remain with the development team.
An estimated 0.3% - 0.7% of the tokens were allocated for bounty programs. The exact percentage was not revealed in the whitepaper since it had to depend on the total amount raised in the ICO.
Use of the funds
In between 35% and 50% of the funds raised by the FYP ICO will be kept as reserve funds while 50% - 65% will be allocated as business funds.
The business funds will further be distributed according to the following scheme:
- Communications/marketing – (25%)
- R&D – (20%)
- Engineering/security – (25%)
- Legal services – (10%)
- Business development and strategic partnerships – (20%)
FYP Tokens Profits and Rewards
The holders of FYP token have the privilege of enjoying some great features on the Flyp.me platform. These major features include sharing of profits and participation in policy-making (more on this below).
As far as profit sharing on the flyp.me platform goes, it distributes 50% of all the profits that are generated via the trading fee among the holders of FYP tokens.
The distribution of this profit is set to occur once every three months, and it will be carried out in proportion to the number of tokens that users own. For instance, if user A owns a greater number of FYP tokens as compared to user B, user A would get a bigger proportion of the 50% profit reward. This way, all of 50% profit will be distributed among the existing FYP token holders.
This profit is expected to remain equal to the overall revenue generated by the flyp.me exchange since the costs of running the exchange is to be met with ICO funds until the allocated ICO funds have been used up.
These payouts are distributed to the token addresses of users via an Ethereum-based smart contract, in the form Ethereum by default.
Apart from this, the development team has also set up rewards for users actively doing transactions on the exchange. A portion of the FYP tokens held by the flyp.me team will also be distributed to regular traders on the exchange. This amount of reward will be in proportion to the transaction volumes by one individual address.
FYP Tokens Voting System
Participatory policy-making is highly important in order to increase the level of the transparency, accountability, and active membership.
In this regard, the FYP team has developed a voting system which allows the holder of FYP tokens to vote, or to make new propositions for important decisions. The number of votes held in this case is in proportion to the amount of FYP tokens in ownership.
In order to avoid corruption and to keep the voting system fair, it has been made sure that no addition FYP tokens are created after the ICO sale. Moreover, the entire voting system is based on a smart contract hence ensuring that no single entity/individual gets the most control over the policy-making.
Upon the introduction of a new feature, a set time-frame will be provided to users. Within this time-frame, holders of FYP tokens can up vote any provided proposal that they wish to. The proposal with the greatest number of up votes will then be taken into consideration by the flyp.me after the set time period.
FYP Token Roadmap
The roadmap of FYP tokens is directly dependent on the roadmap of the FLYP.me exchange. The prime objective of the flyp.me exchange is to develop constantly and to expand over the coming years. The goal is to get listed among the major crypto exchanges that offer to trade without the need for an account.
Moreover, security audits and constant reviewing of the source code is something that the development team of FYP promises to do repeatedly. This is to ensure high levels of efficiency, security, and stability of the platform.
In order to increase the profits, the following points are set to be implemented:
- The addition of new crypto trading pairs
- Integration of other decentralized asset platforms
- The implementation of API modules of major programming languages hence allowing developers to use the language in which they carry the greatest expertise
- Integration with other exchanges
- Localization of UI
- Improvement of the trading engine
- Development and launch of mobile applications (IOS and Android)
For the improvement of the Flyp.me community, the followings points are set to be implemented:
- Deployment of the participatory voting system
- Development of cryptographic auditing
- Implementation of a proprietary platform
- Finalizing the system for profit distribution
Since FYP is the token dedicated to being used on the Flyp.me exchange, the roadmap of the exchange determines the future of the FYP coin. As of yet, its future looks quite bright!
FYP token is an ERC20 class compliant token dedicated for use on the Flyp.me exchange. Flyp.me is a cryptocurrency exchange that allows trading without the need for an account. This single feature is what differentiates it from many other major exchanges.
The FYP token which is quite new as of yet seems to have a bright future. We can figure this out simply by looking at the roadmap that which the flyp.me aims to follow. Since the team has clearly laid down their objectives and aims, it looks like this exchange has a vision!
While anyone can use the flyp.me exchange, the owners of FYP token get to enjoy a number of feature including a share in profits and participation in the policy-making.
FYP tokens could certainly land among the top 10 tokens in the near future, provided that the flyp.me exchange manages to gain the attention that it deserves (which it most likely will). All in all, the future of FYP tokens seems to be a bright one.
We hope to have benefited you via all the information regarding FYP token explained above. In order to find out more about cryptocurrencies, exchanges, and ICOs, feel free to check out the other sections of our website. Thank you!