Recapitulation of FNX Exchange AMA event held at AMA LOVERS CLUB
Date: Tuesday, 8th December, 2020
Time: 14:00 UTC
The FNX Exchange team was represented by @Cesarlpb, @Mark_Rab, and @juanjoruizm. 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 : Sure thing, I come with my teammates Angelica Luke @Mark_Rab and @juanjoruizm who will also be answering questions in the next rounds.
We are a group of multidisciplinary experts with years of experience in online businesses and crypto projects.
Our team includes blockchain devs, marketing, PR agents, designers, trading and writers.
We are located in different countries but mainly in Europe.
You can meet the core team here: https://fnx.exchange/team — we will expand in our background soon in upcoming posts
And we have gathered to create FNX and the products we will describe in this AMA, such as CashApp
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 : Yes, the main problem we want to solve is explained in this post https://medium.com/fnx-cashapp/how-cashapp-will-disrupt-international-money-transfers-9950c7a86ac
Today, it is cumbersome to send and receive money, it can take days sometimes and there is the main issue for all: commissions.
Depending on the service, cash method and other factors explained in this post the fees can take up to 8%-10% of the amount to be sent. Not mentioning exchange rates for fiat (USD<>MXN, etc.)
At FNX, we are working on allowing users to trade crypto
But also creating a global network to allow them cash in/out for cryptocurrencies, stable coins
So they can seamlessly perform remittances worldwide, instant and at lower fees (~3%)
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : Yes, here is a roadmap
1. FNX Exchange Release
2. Yield Farming
3. Cash App
We are aiming to achieve these milestones in the next days
Currently, the exchanges are being developed, in fact the CEX is already in beta here https://ifinnex.com/
And the DEX will be launched soon — we will update on the exact date in the next days
Then, once we complete the ongoing presale stage, we will provide APY features on our site so that holders can get passive income in our tokens
in exchange of their help in adding liquidity of the pools
You have a brief of the process here: https://fnx.medium.com/fnx-money-management-powered-by-defi-b0aa278923fa
And the presale info in this other post: https://fnx.medium.com/fnx-presale-3d16555641a9
Then, shortly after we are aiming to enable CashApp app so that people can start using their tokens for money transfers
The collaborator network is already in the making so that from day 1 users will be able to cash in and out in various destinations worldwide
2nd Segment: TWITTER QUESTIONS
Q1 : In your medium, FNX claimed that "a hybrid it seeks to provide the functionality and liquidity of a CEX with the privacy and security of a DEX." As I know, DEX exchanges make it expensive in commission transactions, so what solutions are provided here?
Ans : We are using our own tokens, the first one is $FNX but more are being deployed as we speak to be stable coins in the mainstream fiat currencies (dollars, euros, etc.).
The idea is to provide seamless transfers in the most relevant fiats at first and then add up for more options
Of course, only with dollars we open up to a wide public since collaborators will be willing to exchange USD for their local currencies
Either in person, stores or local exchanges
Coming back on the fees...
Therefore, we will set affordable fees within the network while using our tokens. Of course, collaborator commissions are set by each contributor and may vary, but other than that, on our side, we will keep the fees close to network fees for most operations.
Transfers, once you have the stable coin, are very low.
Moreover, any user can become a potential collaborator. If you want to use the network to send money to your loved ones, you may as well help others to cash in or out at your convenience, thus catching up for any commission you may pay eventually.
In other words, if you help in cash in/out for a fee, your next transfer basically comes at a similar cost; thus you get zero-sum and may even get some extra dollars in the process.
FNX network is all about convenience. Any user can hold tokens and become a collaborator temporarily or regularly. Also, if you just want to send money to your family, the overall fee is affordable while not losing value in the destination fiat. You can read an example in detail in this post about CashApp: https://medium.com/fnx-cashapp/how-cashapp-will-disrupt-international-money-transfers-9950c7a86ac (also shared above previously)
In short, collaborators get their fee, senders can transfer at a fair rate, and receivers will cash out at the best convenience.
A win for all parties.
Q2 : What is the listing process of FNX Exchange? How many criteria for a project to be listed on FNX Exchange , and Is there any difference with other exchanges?
Ans : At first, we will only work with some selected cryptocurrencies so that we have a focus on our tokens, $FNX and some stable coins we are deploying for euro, and other mainstream fiat, etc.
Moreover, $FNX and the stable coins we will deploy will only be available on our exchanges, so that users willing to trade these coins will need to collaborate with us directly. By doing so, we will set some fixed rates for stable coins and provide seamless methods to buy and sell.
We believe in incentivizing the community with rewards, staking, APY farming and excellent UX/UI.
There is also the collaborator network, of course, that sets us apart from other exchanges - hybrid, CEX or DEX, since we facilitate the use of cash for users
Last but not least, in the future, we will study the possibility of adding more tokens and even opening a form so that project may be able to request listing on our exchanges. 🙂
Q3 : What is the minimum amount for trade on FNX exchange what if there is a problem of loss of our assets, is FNX exchange responsible for security. and what will be done if FNX exchange experiences a loss and a few transactions on the FNX exchange market.?
Ans : First, we are setting the details for minimum amounts but it will be similar to those of other exchanges, a few dollars or equivalent amounts for other fiats.
As a hybrid, it seeks to provide the functionality and liquidity of a CEX with the privacy and security of a DEX. We believe such a new approach to exchanges is the real future of the crypto trading experience.
On one side, the CEX is already working in beta at https://ifinnex.com/.
As usual in exchanges, there are 2FA security measures to avoid accounts being hacked by data leaks. Soon, the security will be improved to 3FA standards with the bonus of the blockchain advantages from the security provider that will be implemented.
On the other side, the DEX side, under development, will have the security that is paramount for decentralized exchanges; order books relaying, smart contracts, etc.
We will also improve the security with a 3FA provider that operates with public and private chains validating the ID of the user while keeping most information protected at the same time.
Moreover, we will incentivize the use of the security features by providing rewards to the users who log in with their 2FA OTP codes regularly.
At FNX, we believe security is the number 1 priority for traders and blockchain users, thus encouraging good habits is part of our roadmap.
We aim to go beyond today's standards with the security in our exchange.
Q4 : Community is the key to the success of projects, so besides organizing AMA, what strategy does Your project have to reach out and exploit new investors?
Ans : We are fully dedicated to building a community that grows.
We already have some applications to add to our initial collaborator network. Shortly, we will be announcing where our tokens and $FNX can be purchased or spent on services in different cities.
Moreover, we believe in the word of mouth. Our strategy relies on making organic traffic grow steadily from users who test our products.
We are participating in a podcast this week in addition to this AMA, working with influencers, doing giveaways, etc. so that new users learn about what we are doing.
Besides the common channels such as socials, we want to empower the unique feature of FNX, the one lines goes like this: the possibility of entering into the crypto world in cash and anonymously at a low fee.
We are now creating a team of collaborators worldwide through networkers to allow as many people as possible to buy crypto even without a bank account or a credit card.
Of course, this will eventually become a side business for the collaborators who will get commissions upon each transaction.
They can make a regular income while not taking up much time from their daily routine.
Also, we aim to participate or attend (virtually due to current circumstances worldwide) upcoming events where we can reach a wider audience. In this timeline, the development of our products is key, since we’d like everyone to be able to try our services and let them speak for themselves.
If you’d like to become a collaborator do not hesitate to let us know here: https://t.me/fnxexchange
Q5 : Why does a users need a FNX Collaborator to send money to another user? Why can’t it be done directly on the app. How does FNX Exchange employ FNX collaborators. How do users fell safe when going to meet with a FNX collaborator?
Ans : That’s a good one indeed; they technically don’t need a collaborator - it depends on the purchase/cash out method they use for the crypto.
If both parties already have crypto, they can trade and send or simply send their crypto.
The collaborators help with cashing for crypto (in/out) to add up for convenience; it's a similar scheme that LocalBitcoins in that sense but with fewer buttons and steps.
You can send/receive money within the app (CashApp) and both users, sender, and receiver, have instant access to the funds while the assets are in the blockchain (mainstream crypto or custom tokens).
Collaborators, who are vetted and authorized, are needed to cash in or out. For instance, if the sender does not have crypto, they will need to buy some to make the transfer.
Here is the main difference... Most exchanges only allow purchases with credit/debit cards, bank transfers (takes up days to process) - but no cash. So, the unbanked cannot use them, they would rely on random people to buy or sell their crypto.
We want to close that gap with our network
By introducing a collaborator network, we facilitate the purchase of tokens with cash for a fee to perform the transfer using cryptocurrency to bypass most commissions (banks, third-party, credit cards issuers, long etc.).
And then, when the receiver needs it, they can cash out for money. Easy
So, the receiver will have the cryptocurrency (for instance, a stable coin backed by USD) and only when he/she needs to cash out, another collaborator (in the destination city) will assist in the process for a fee. Overall, around 3%, almost a third of today’s fees for similar processes with multinational like Western Union, TransferWise or MoneyGram.
Although it may sound like a hassle, it’s basically the same process when you go to a WU office, pay in cash to send money and then your friend or relative receives a notification to attend a nearby office to cash out - but with lower commissions.
3rd Segment: LIVE QUESTIONS
Q1 : What are the major product of FNX and how can I become a collaborator?
In your medium you said FNX’s Cash app guaranteed US dollar does that means FNX's App can only guaranteed US dollar?
Ans : You can contact us at https://t.me/fnxexchange to apply as collaborator, our main product are the exchanges and CashApp
Q2 : Why should you choose FNX Exchange unlike others in the market? What are the outstanding features of your project?
Ans : Because no other exchanges offers the same flow, from A to Z
We offer the exchanges, plus the network
You will also be able to spend your crypto within the network (restaurants, stores, etc.) — this is unique.
Q3 : "So they can seamlessly perform remittances worldwide, instant and at lower fees (~3%)"
Many people would have preferred zero charges but would FNX reduce this 3% fees in the future?
Ans : As the Network grows, its possible for the fee to drop. but time will tell, Thanks for your question!
Q4 : Fnxexchange said why it started FNX is because it believes that the first generation of digital currency applications are technical marvels and have failed to solve real consumer pain. So how do you intend to make digital currency useful to cash consumers? What products will you be introducing to help make it an itch free process?
Ans : CashApp will introduce the collaborator network
But also, we already have deals with restaurants where you will be able to seamlessly pay for food with our app
In the future, we will expand on these collaborators and stores to provide more value, this is the network effect and it’s global
Q5 : I am interested to buy $FNX please tell me where can I buy this and provide me link to access this directly.
Ans : https://t.me/fnxexchange/933 Our PreSale starts today, Thanks!
Q6 : What role does the 5% FNX trading fee play? What exactly are the advantages that the application of this fee provides to your platform?
Ans : This way holders and collaborators have a reason to make transactions
If you helo someone else purchase tokens with cash, you get a fee - you earn it
Then you can buy tokens again or use that cash
The other way around, if you buy tokens, then you can spend those or send them to someone; for a reasonable fee at purchase basically— that is competitive with those in other exchanges using cards
Q7 : How do you plan to promote about your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project?
Ans : Great Questions.. As we grow so will our World Wide Team!
Q8 : What character do you think FNX will play in making blockchain highly adaptable in the worldwide stage especially in DEFI ?
How do you plan for $FNX in the upcoming years so that the value of the coin continues to increase and what achievements have you achieved so far?
Ans : Friendly UX UI will help a lot in mass adoption, today I think the main barriers are solved with more dev... since the newcomers need not actually know about how blockchain works
We will make the network grow so that within time there will be more value for users. If you can earn money as collaborator and then spend tokens or money as best convenience in stores that belong to the network; it's peace of mind. Imagine using tokens you earned passively to purchase goods... that's is the future we want to build for people
Q9 : 1. Are you aware of an already existing project (Finnexus) with the same token abbreviation as yours( FNX)?
2. Don’t you think this could cause confusion among investors who could probably mistake $FNX of Finnexus as yours or do you have any plan of renaming the token after the Presale?
Ans : Yes, but this is not an issue at all, there are countless tickers out there — we could be doing them a favor haha
There is also a token called AAPL, which is the same ticker than Apple in stock markets. People confused?
I think not, we encourage that everyone DYOR before purchasing tokens and, in any case, they should use our channels to get information directly to avoid confusions
Q10 : Actually, I have more than 10 exchanges installed in my phone already and I’m using it all. So can you give me a good reason why I will decide to add FNX exchange in my phone?
Ans : Are you able to cash in and Out in Cash?. that is the main difference🤩😃,,, plus low fees
Q11 : FNX’s goal is to merge the benefits of centralized and decentralized trading. Taking inspiration from the CEX, aren’t you afraid that your working model will lean towards complete centralization?
Ans : No, we will keep DEX decentralized and operations within blockchain are intrinsically not centralized. Of course, there is the level of decentralization and the Zooko’s triangle — but we will develop a reasonable compromise among value (network), scalability and security
Q12 : Is Fnx Centralized ExchangeOur private Beta available? and 6 What are the latest announcements posted on Fnx then where can I get the FNX Exchange application or not?
Ans : CashApp not ready yet, in dev
You can stay tuned in our group https://t.me/fnxexchange
And we are very active in communications in Medium, too. In the time being, there are also rewards for people taking part in giveaways and presale
Q13 : How safe are the funds of FNX exchange users?
Cause lately many exchanges were either hacked or later turned out to be a scam .
Ans : This is why we are publishing products before the presale ends to encourage users test our products and get the value from them
Q14 : What advantages will you provide in the field of Yield Agriculture and when exactly will it be available?
How will your infrastructure ensure the privacy and security of DEX with its hybrid feature and in which aspects will FNX Exchange make a difference compared to centralized and decentralized exchanges?
Ans : It will be available shortly after presale, in some days
The value is to be able to get tokens passively! Then, each user can hold or spend those at will
You can participate in presale today: https://fnx.medium.com/fnx-presale-3d16555641a9
Q15 : Am interested in getting a whitelist spot. What do I need to do to be among the 30 spots available for whitelist? How do I invest and what benefits will I get as a whitelist investor?
Ans : You can participate in art contest https://discord.gg/8mHbMYXpvD
Still available but ends soon!
Q16 : What makes it superior to other exchanges compared to #FNXExchange? and is each user required to verify data such as KYC then what about the data, what security do you use to safeguard your platform user data?
Ans : For DEX you need not to pass KYC mostly, it’s as anonymous as it gets for these services
After that, there is 2FA and 3FA will be available soon to improve security
Q17 : During the AMA in this community on November 30, you said that the supply of $ FNX is 5,000,000 and that 25% was allocated for the pre-sale, but in your announcement of the pre-sale the allocation is 20%, which is reason for that change in the allocation and what is the destination of 5%?
Ans : It’s a minor adjustment in presale stats, we wanted to allocate tokens for whitelist and regular presale with round numbers and make it easy to understand
Q18 : How do you differentiate from other platforms? And what are the main benefits of FNX ecosystem and what are its main characteristics?
Ans : Basically, the network effect - collaborators make it possible for people to spend their cash in crypto and the other way around, you can learn more in these posts:
Q19 : With the release of Ethereum 2.0, what are the impacts and benefits of the $ FNX token which functions to send money worldwide smoothly, instantaneously and at a lower cost (~ 3%)? and what are the roles and benefits for investors as long-term $ FNX token holders?
Ans : ETH will improve more stats that we see on current mainnet; in particular we expect to see even lower fees than those of today standards in the long run and ofc quicker block times
Q20 : "So they can seamlessly perform remittances worldwide, instant and at lower fees (~3%)"
Many people would have preferred zero charges but would FNX reduce this 3% fees in the future?
Ans : But, if you are using a service, there is always a fee, no? I mean, what is the business model if no fee at all?
Even if you just cash in for some ETH and then your relative or friend cashes out for money in destinations; there are fees... Metamask swaps, networks fees... are also fees.
We want to make it as fair as possible for all; thus we will adjust fees whenever that's viable
Q21 : The market in the upcoming dynamic season will be quite volatile, most investors will be less active by the end of this year, so #FNX exchange plans to organize any upcoming events to implement. More interesting for the crypto market as well as the year-end market?
Ans : Now we are living the 2017 shadow of ATH BTC and probably ETH
But also consider that many people who bought too high are still trapped since then, yeah - 3 yr enforced longs that being liquidated lately
Thus, it's not clear if the market will go to next ATH just yet, it could or it could not happen
But, in any case, we provide value in network and stable coins so the price fluctuations - although they have an effect - will not alter massively our roadmap
Q22 : Will FNX exchange create its own launchpad or IEO token?
Ans : Right now, we are working out the core specs of our services. We will expand on features soon, stay tuned.
Q23 : Q: The first generation of digital currency apps are technical wonders, but they have failed to solve the real pain of the consumer. What decentralized tools does FNX use to provide a real solution for users?
Q: FNX Exchange is a next-generation encryption trading marketplace. What are the advantages of CEX and DEX that you take advantage of for the benefit of your users?
Ans : We plan to provide the best of both worlds; centralized and decentralized, also crypto and fiat.
We think convenience for user is the #1 priority so we want to excel at UX UI with our products.
As for real life bottlenecks; remittances are tricky... sometimes they seem fair rates, others the exchange in-house rates ( I see you WU ) are bad... etc
It all fluctuates depending on countries, market and ultimately are under control of multinationals
Introducing decentralization if a breath of fresh air in all this while also giving back freedom to users
Q24 : In relation to your idea of making FNX accessible globally, what digital currency should partners specifically buy/sell?
Ans : $FNX and the stable coin they are interested in using, holding or sending — we will have one for USD and more fiats
Q25: You have mentioned that “FNX aims to merge the benefits from both centralized and decentralized exchanges” Could you please explain how are you going to merge these centralized and decentralized benefits? Because it will not be an easy task, And give us a one example for this
Ans : Users can come to CEX to trade, they can also use DEX features
Moreover, at best convenience, they will be able to decide in which one to operate
Also, there is the collaborator network, a sort of decentralized human network :)
Q26 : Currently FNX has few trading pairs available, what factors do you take into account to add a given pair? And will any other be listed soon?
Ans : We will include mainstream pairs, USDT, BTC, ETH... but also our tokens so that users can make use of their crypto or easily swap for stable coins, etc.
Q27 : Hi Mr Cesar
Volatility and liquidity issue is dificult problem to solved and its pretty hard to find the solution. What’s your trick to minimize and anticipated these matter? Is FNX exchange "user friendly" and no KYC needed?
Ans : Liquidity will be maintained in pools where investors and users can add up to
Moreover, businesses that become collaborators can also help with adding to pools
DEX is very anonymous as usual
Q28 : How secured is FNX since some of the major exchanges got hacked recently?
Have you had a hackathon or bug bounty program on your platform?
Ans : We have a team with background on security, they have already created very solid projects in DeFi and blockchain space — so we are ready to provide state-of-the-art experience with strong security
About hackaton or bounty, we are studying the possibilities; stay tuned here https://t.me/fnxexchange
Q29 : Bringing exchange and defi platforms together is brilliant idea. But how exactly are you going to find liquidity for defi coins?
Ans : Investors, presale, collaborators, businesses in the network
All will provide liquidity and remain within the network to get value from their assets
Q30 : I came across the FNX cash collaborators. Who are those eligible to become cash collaborators? How does it work? And how will it benefit users and the FNX ecosystem?
Ans : We will share a form very soon, please stay tuned here: https://t.me/fnxexchange
You just apply and once we check info, we can provide info so you get started in launch — it’s very easy
Q31 : What will be the trust factor for users when they decide to choose FNX Exchange? To be able to use IFinnex, do users need to verify their KYC identity?
Ans : Trust is created and maintained by a large growing network of collaborators and businesses that will cooperate with us
CEX as usual exchanges, DEX you just need wallet
Q32 : How feasible is it CashApp I read in a post that it has some restrictions, is it true? I need some KYC verification?
Ans : I explained above about KYC and CashApp is very practical, we have worked out the dev details and it’s in process
Q33 : Do you have any plan to implement and launch a mobile app for FNX or is it already launched? If yes what will be the key features on this mobile App with compared to other mobile apps?
Ans : CashApp launch incoming
Now it’s on desktop, beta here https://ifinnex.com/
Q34 : In which exchange can I use your token to cover the trading fees as long as I keep your FNX token in my exchange wallet?
What are the uses of your FNX token and what are the motivations for buying it and holding it long term?
Ans : Only in our exchange!
You can cash in/out when collaborator networks kicks in and also will be able to spend crypto in stores, restaurants, etc...
Q35 : Is there a refferal system in FNX exchange through which i can earn?
How reliable is your exchange compared to other existing ones?
Ans : At this moment, not exactly but we were giving WL spot for shilling and doing art for the project — still going on imo but ending soon
Our exchange is white label and proven to be secure, we are auditing our code and implementing MFA security
Thanks for great answer you can share where can buy Tokens and all social Media.?
Thanks everyone, we can continue the conversations and questions here: https://t.me/fnxexchange 🤠
ART CONTEST 🎉 Create your Coin Design and WIN a WL spot 🎉
FNX Exchange wants you to help design our coin.
Send your creative ideas to our Discord 👉🏻 https://t.co/OGP3TnAW09
Prizes 🏆 35 Whitelist Spots for the FNX pre-sale
Contest Duration ⏳ 24h from NOW
Share your art!
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