Recapitulation of FNX Exchange AMA event held at AMA LOVERS CLUB
Date: Monday, 30th November, 2020
Time: 15:00 UTC
The FNX Exchange team was represented by @Cesarlpb, @Mark_Rab, and Luke. They judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the Team working on FNX Exchange project
Ans : Yes, we are a group of trading and online marketing experts with years of experience in online businesses.
You can meet the core team here: https://fnx.exchange/team/
We have worked in blockchain projects for the past years an look forward to helping in adoption.
Today, for most people BTC and cryptocurrency may ring a bell but it's still kinda new tech an buzzwords.
But people use money, and send cash every day from all over the world — especially now with all the pandemic and COVID19 havoc.
So, we want to use our expertise to help the layman approach these "new" tools in a very seamless UX/UI
Thus, we are building the demo for our decentralized exchange and CashApp.
We can explain in next questions a bit more. 🙂
Q2 : Can you introduce the FNX Exchange project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : Sure, we also have a working example to explain.
First of all, the problem we want to solve is... money transfers worldwide.
Today, you have MoneyGram, Western Union, etc. They charge a fee for the cash transfers and also set fiat rates (i.e. USD to EUR) that are more convenient for them.
In a nutshell, you pay a lot to send money abroad. For 100$ it could be ~10$, which is 10% of the money you want to send!
Thus, one core feature for us is to reduce these cash transfer fees
How it works?
1) Bill in San Jose wants to send $100 to Nancy in Mexico.
2) Bill finds an FNX Collaborator, Sebastian in downtown San Jose. Sebastian charges 1.5% for selling digital currency to Bill.
3) Bill arranges to meet Sebastian from the FNX Cash App. When they meet, Bill hands Sebastian $101.50 representing the $100 in digital currency and the $1.50 fee.
4) Sebastian’s FNX Cash App then transfers the digital currency directly to Bill’s phone.
5) Bill then transfers $100 in digital currency to Nancy’s phone in Mexico.
Here is the example ☝🏼
Basically, we aim to reduce cash app fees to around the third of the current market costs by major companies (MoneyGram, WU, similar)
Plus, using the benefits of using the blockchain. Users can also store their money in our app safely.
More info on these points in our intro post: https://fnx.medium.com/fnx-money-management-powered-by-defi-b0aa278923fa
We will be expanding in these features in the next articles arriving these days.
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : Yes, we have this roadmap:
1. NFX Exchange Release
2. Yield Farming
3. Cash App (for Android and iOS)
We are yet to set deadlines for the releases but the work is at an advanced stage. We are confident to deploy the first services shortly after our presale ends.
- We have gathered an international team that includes online marketers, PR experts, moderators, CMs, and - ofc - web and blockchain devs,
- We are actively working with influencers and communities like yours to carry out AMAs in the next days,
- Also, we are aiming to release working apps in the two major markets, Android and iOS so that any user can have access to FNX products very easily
We are looking forward to sharing the Demo very soon so that we receive feedback from real users.
As you can see in our website, we already show some of these upcoming features — https://fnx.exchange/
2nd Segment: TWITTER QUESTIONS
Q1 : We say we are a hybrid exchange with cex and dex. We have a lot of services like klever and and atomic wallet doing atomic swap. About this competitiors why fnx wanna be best?
Ans : Ok, so yes, we have CEX and DEX.
And there are other projects attempting "similar" strategies that we are aware of.
But, firstly, the cash transfer market is huge... millions are sent and received worldwide; and likely even more now with the displacement restrictions in many countries.
Each time you wire transfer or use WU services, you pay a commission that is significant.
For instance, It’s not viable to pay for a small bill to a relative in another country... let’s say 50$, you would need hours (or minutes) and pay around 10% fee at best
But the blockchain is a game changer. Moving funds with crypto is quick and the network fees are low
Also, we introduce the network effect
and here is the kicker
By creating a Collaborator Network, we make it very easy for people to move cash while lowering the costs using blockchain at the same time
I can help a friend or relative in need in minutes
Paying only around 3% of the amount I’d like to send — without fixed high fees
I would pay 53$ to pay for that bill rather than 60$ (many current methods)
But there is also the convenience
If the user can store their assets (USD) in their mobile, they can spend whenever they need
It’s secure and you most likely will not forget your mobile— but maybe you forget keys or wallet
But mobile? Never!
So, you have:
- Network effect <> convenience
- Mobile <> convenience and UX friendly
- Low fees <> blockchain
And also, you can trade within the assets/fiat available in our exchange. This is FNX!
More info in intro post » https://fnx.medium.com/fnx-money-management-powered-by-defi-b0aa278923fa
Q2 : How does the FNX Exchange Team handle legal action and government restrictions? How do you ensure user data / funds remain safe? On the road map, where is the current CoinPayments location?
Ans : Ok, so the main team is settled in Spain and we have the legal entities with the needed permissions to transfer cryptocurrencies.
You can see this info in the website https://fnx.exchange/
And, since we will be transacting cryptocurrencies, it’s actually on the side of the collaborators to follow their local legislations for making the transactions they need (crypto<>fiat)
About technical details on how it all works, @juanjoruizm can expand in a moment
In a nutshell, we are using stable coin so that the value of the assets in the user’s wallet does not fluctuate
If they have 100$ it remains that way as with stable coins works
Whenever they want, they can interchange the crypto for cash with a collaborator or another crypto
Q3 : What measures are in place to ensure that FNX provides the functionality and liquidity of a CEX with the privacy and security of a DEX?
Ans : A very interesting question. We plan to distribute the presale funds according to these table:
40% — Yield Farming & Staking (held in community wallet)
25% — Presale
25% — FNX Ecosystem Incentives
10% — Developer Fund (vested over 1 year)
So, we will allow holders to provide liquidity by farming with the token. This helps us and also benefits them with tokens.
We will initially list the pool on Uniswap so that the APY feature is ready asap after presale
In roadmap, the exchange will be launched soon also so that users can start moving funds within the platform very soon
3rd Segment: LIVE QUESTIONS
Q1 : How secure is FNX?
Ans : We are making the wallet as secure as possible so that user can backup and restore in any case if they change device
We already have experience with making apps secure
Q2 : Q: How does FNX safely bridge the gap between centralized and decentralized finance without running any risk? How do you make CEX have the same level of privacy as DEX? What are the advantages of your new hybrid trading model?
Q: For digital currency to be useful for "cash consumers" it must be transferable to any phone, not represent a risk, be private and without transfer costs. How does FNX solve this? What are the protocols you use to give real utility to digital currencies?
Ans : We are providing services so that users can interact with their funds with DeFi tools, to avoid security issues, we aim to introduce security features.
We solve the main issues by encrypting the information and not storing in vulnerable servers. Also, we are developing dApps that come along in the environment.
Q3 : Do you currently have positions open for marketers and ambassadors?
What are your plans about listing on the major exchanges?
Ans : We are discussing with some top influencers and large communities; we will partner to provide more reach for the project.
Same thing, we plan to list in Uniswap and other big exchanges to create market.
Q4 : Does Fnx Exchange have its own coins or only list coins such as BTC, ETH etc. and how does the Exchange look via the Web?
Ans : FNX is our tokens and we are doing desktop and mobile UI
We will have own coins too, and we will work via web, showing pair graphics and more. Stay tuned to see UI examples soon
Q5 : Now a lot of Many fake defi projects promising insanely high APR, but ended up pull liquidity or minting, how does your project respond to this case ? Explain the reasons why we should invest in your project because we know you’re a team without a name?
Ans : We have experienced team working on the project, we will lock funds on Uniswap and provide transparency in each operation for the project.
Thanks for great answers you can share where can buy the tokens and all social media.?
Ans : Stay tunned to this channel, my collegues will show how you can do it in a few moments
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