Layers of Fyooz
In the following section, we explain the individual pillars of Fyooz:
The Fyooz App is the main hub for the marketplace. The App is a Blockchain-enabled mobile app with a built-in wallet function (→ the wallet). It is managed by Fyooz and shows all traded tokens including rankings and overviews. It promises maximum usability and is simple to understand. Trading on the App is easy, uncomplicated and fun. The App offers easy access to token prices, and the buy and sell functionality is very easy to use. We’ve done quite a bit of rethinking around the concept of trading, and we enable trades with only one swipe! Each selection can be made with one hand, making it possible to use the App quickly and in different situations: On the commute to work or home, while waiting in a queue or checking what’s trending.
The App will be available on the Apple App Store and the Google Play Store.
→ Watch the App Introduction video here.
The User Account
To use the App, a User has to open an account, including a User Profile and the public key of a personal Ethereum wallet (→ the wallet), owned by the User.
Star Tokens and Fyooz Coins are cryptocurrencies created on the Ethereum/ERC20 Protocol. In order to receive, store and send your Fyooz Coins and Star Tokens, you need an Ethereum Wallet.
A wallet is software that allows you to store your tokens, easily conduct transactions and check your balance. Digital wallets aren’t like physical wallets: Your coins or tokens are actually not stored in the wallet. Instead your wallet contains your Public and Private Keys which give you access to your tokens. All that exists are records on the Blockchain, and your wallet will only interact with the Blockchain to enable transactions. Wallets have public addresses, which are randomly generated strings of case-sensitive letters and numbers. If you buy Fyooz Coins or Star Tokens (or any other cryptocurrency), you will need to provide your public address (also referred to as a ‘public key’). What is stored in your wallet, is your ‘private key’, a password for approving transactions and unlocking coins shared with you. Your private keys must be kept a secret, similar to the password to your online bank account or your PIN number, as they enable access to your tokens.
= The Fyooz Payment Widget
The Tokomat is the interface between Buyers and Sellers of Star Tokens. Similar to an ATM, it is used to deposit Fiat or Crypto (FYZ, BTC, ETH) and to buy Star Tokens. The Tokomat can be integrated into any app or website as a widget and aims to make the process of buying Star Tokens as simple as possible. The user chooses which payment method they want to use to purchase Star Tokens (credit card or cryptocurrencies). The purchased coins are credited to a secure and non-custodial crypto account, the Fyooz wallet, at the end of the process. The funds are stored by the user in his or her personal wallet and exchanged by peer-to-peer transactions through an automated process.
As flawless integration is key, every issuer of a token can easily integrate the Tokomat into their existing infrastructure so that the user will not leave the Tokomat, nor the App or website in which the Tokomat is integrated. Until now, token sellers had to develop the technological infrastructure himself or fall back on a standard exchange solution. With the Tokomat, the token seller can handle the sale of his Star Token on his own website or App without the user experience being cumbersome.
The Fyooz marketplace operates 24/7/365 on the Fyooz App. We also call it the Fyooz Exchange or Token Exchange Market. On the Fyooz marketplace, the token offer is matched with token demand and is exchanged at the negotiated token price.
The Fyooz Exchange is a ‘secondary market’ trading platform for individual Star Tokens, and it is integrated into the application enabling users to exchange Star Tokens for Fyooz Coins. The Fyooz Exchange is built on the 0x protocol and is operated by Urknall AG. It allows users to find, create, fill, or cancel Buy and Sell orders for Star Tokens that are listed on the Fyooz Exchange. Since Urknall AG does not offer custody services to users, the Fyooz Coins and Star Tokens that are traded on the Fyooz Exchange are always under control of the users and stored in the user’s wallets.
- Internal Document “Unterstellungsanfrage Fyooz” MME Legal AG (Date: 05 February 2020).