A new crypto-to-crypto exchange is launching, backed by industry veterans and the team behind HolyTransaction.com, the first web wallet to support Ethereum. With a 50 percent profit sharing feature, no requirements to create an account and a mechanism to propose and vote on, Flyp.me is holding a crowdsale so individuals can gain a stake in this new exchange.
The Problems with Crypto Exchanges
The exchange is already up and running, trading live with 14 cryptocurrencies and Flype.me is committed to advancing the cryptocurrency community by taking a stand against centralization. For instance, one major problem with the exchanges of today is that of centralized storage; for a user to deposit funds into his account, they must send cryptocurrency to the exchange which holds the private keys. As evidenced by numerous hacks, traders are taking a risk with their money with such custodians. A further problem relates to privacy; many exchanges may not request user identification but will utilize their digital fingerprint to ascertain who they really are.
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Another barrier to trading cryptocurrencies is down to the limited number of trading pairs. For instance, to trade many of the different cryptocurrencies, you may have to set up two or three exchange accounts to access the cryptoassets you are interested in. It would be much more efficient to use a single service. FInally, many exchanges can be cumbersome for new users as existing exchanges do not cater to those with a novice understanding of how exchanges work and other technical details.
How will Flyp.me Address these Shortcomings?
For the problems mentioned above, Flyp.me is introducing an exchange that does not require an account, where the only information needed to use it is the user’s cryptocurrency address os that they can receive their funds. The exchange promises not to give away data about its customers to third parties voluntarily. Moreover, Flyp.me does not hold private keys, and the exchange’s reserve fund takes the role of processing trades instantaneously. Also, the exchange rate is calculated the moment a deposit is sent, ensuring that users get the best rates at the time they initiate a trade.
The business will aim to ride the wave of the colossal increase in trading volumes of top cryptocurrencies like bitcoin, litecoin, and ether and provide a service geared towards new entrants into this exciting market. The exchange service will put usability as one of its priorities, and utilize the services of many different exchanges to offer a complete experience, allowing the exchange of many different types of cryptocurrencies and tokens.
In short, Flyp.me address the shortcoming of current exchanges by basing its business strategy on six main pillars; accountless experience, uncompromised privacy, fastest speed thanks to a reserve fund, profit sharing, participatory policy-making, transparency and accountability and permissionless API.
Perhaps the most intriguing feature is the profit-sharing, which distributes 50 percent of the profits from fee generated every three months to FYP token holders. The revenue of the exchange is driven by the exchange rate offered by Flyp as well as the strategic partnerships that integrate the permissionless API for multi-currency payments.
Following the initial coin offering (ICO), FYP token holders will vote on the desirable balance between driving the userbase of Flyp and profitability. Token holders will also participate in a vote on the frequency of payouts following the first two payouts after the ICO.
Encouraging and incentivizing the participation of users is what set Flyp apart from most exchanges and one of the main benefits that a FYP token holder receives is their inclusion in the governance of the exchange, allowing their voice to be heard to make proposals and decisions on key aspects. Votes will be proportional to the number of FYP tokens held.
The community-based aesthetic will be driven by the adoption of innovations such as decentralized asset platforms and atomic trading. Decentralized asset platforms will ensure the uptime of the exchange and promote privacy, while atomic exchanges will improve the efficiency of the operations.
The FYP Initial Coin Offering
Flyp.me is now running its ICO to fund the dev roadmap which includes Research and Development for second-layer solutions, the integration of decentralized asset platforms and cryptographic auditing.
You can now get Flyp.me Tokens (FYP) with a 10 percent bonus. As mentioned previously, FYP Tokens give token owners benefits including 50 percent share of the profits generated by the exchange, the ability to propose new features and coin additions, vote for key decisions and audit volumes.
FYP is an ERC20-based token and will be on offer until October 21 (15:00 UTC). You can join the ICO with various cryptocurrencies including BTC, ETH, LTC, ZEC, DASH, PIVX, FAIR, GAME, DCR, SYS, PPC, DOGE, BLK, and GRC.
The team behind Flyp.me are experienced in the world of cryptocurrency. For instance, Francesco Simonetti, the CEO of Flyp.me and HolyTransaction, has been active in the cryptocurrency space since 2013 and is the founder of the Rome Bitcoin Meetup and the Blockchain Education Network Italia. Six professionals with varied backgrounds currently work full-time at Flyp, but their identities are kept a secret to avoid external corruption or personal attacks.
Francesco Simonetti, Flyp.me CEO says:
“Flyp.me is designed for anyone who wants to exchange crypto instantly. We only ask the address where you want your exchanged crypto to be received. It is as simple as that. We are excited to accelerate our development roadmap following the ICO.”
In summary, the Flyp token sale will contribute toward advancing the exchange’s features and growing the user base. Flyp.me’s exchange is already live with 14 cryptocurrencies and you can try it out here. With prior experience at HolyTransaction, the team is well-suited to delivering an accountless, private cryptocurrency exchange that incentivizes users with a profit-sharing scheme.