Update Fyooz Token Economics
We have been working hard in the last weeks on the further development of Fyooz and laid the foundation for the big steps to come.
An important matter, which has been requested and discussed by the community on several occasions, is imminent: The update of our Token Economics and the transfer of the FYZ Coins from the Genesis Wallet to separate Wallets or Smart Contracts, which lock up the FYZ Coins. We will take the following steps to achieve this:
- today we will transfer the FYZ Coins from the genesis wallet to separate wallets.
- we will then have the wallets checked by CoinMarketCap and CoinGecko to make sure that everything is compliant in order to be listed there.
- once approved, we will publish the transparency report, where the purpose of use and vesting period of each category is stated and explained.
- the FYZ Coins that have been locked up or invested will then be transferred to Smart Contracts according to the transparency report.
- this will provide full transparency and automate the transfer of FYZ Coins from Smart Contracts to the Circulating Supply.
With this we have created the basis for taking it to the next level. Before we go into that a summary of the status quo:
The key point is that Fyooz is not just some kind of crypto plan, but a product that is up and running. Let’s describe it that way: Fyooz is now in a beta phase, others call it MVP. In short, Fyooz is now a tokenization machine that makes it possible to set up social tokens in a technologically and regulatory clean way and to sell them in 136 countries. Even with credit card connectivity, which is the basic prerequisite for mass adoption. In any case, all the ingredients are there to put the project through the actual stress test. And that is to list A-Celebrities on Fyooz. We will do this stress test with the existing system. What happens after that, we want to summarize here.
Outlook: Fyooz Evolution
In a next step we plan to establish trading according to the Uniswap principle. Even though this changeover is not expected before 2021, it is important to prepare now. Without going into the details right now, it can be said that this will have several positive effects. To name the most important points:
- The Star Token <> FYZ swaps will run on a sidechain. This not only leads to much lower transaction costs, it also allows us to take Fyooz to the next level of DeFi.
- People will then be able to put their FYZ (or the bridged coin, the eFYZ) into liquidity pools. Users can thus be rewarded for holding back FYZ Coins (staking). For example, by allowing users to earn money on the FYZ <> Star Token trades.
- This not only removes any question about the meaning of the FYZ Coin (which was partly asked in the community), it also creates deflation and thus lays the foundation for the sustainable value increase.
- Low transaction costs on a sidechain enable the creation of the liquidity which really makes it fun to trade with Star Tokens.
The game around Social Tokens can now be launched on a grand scale.