Flexacoin describes itself as a digital collateral token for facilitating instant cryptocurrency payments, originally developed to collateralize retail payments on the Flexa network. Flexacoin is designed to mitigate the friction https://cryptolisting.org/ between customers paying with crypto and merchants accepting fiat. Users scan a QR code at the point of sale, and the Flexa Network Protocol (FNP) trades the crypto spent for fiat which is then returned to the merchant.
- Flexacoin describes itself as a digital collateral token for facilitating instant cryptocurrency payments, originally developed to collateralize retail payments on the Flexa network.
- For now, we invite you to join us in experimenting with Amp and the new Flexa Capacity on the Rinkeby testnet, and share your feedback about any issues or bugs on the Flexa Discord server.
- The payments completed through Flexa are guaranteed to be settled and don’t have charge-back problems.
- Built on Ethereum, the native Flexacoin is a digital token built for facilitating commerce.
- Meanwhile, new standards such as ERC777 and ERC1410 have enabled important new token functionality, all while maintaining complete backwards compatibility with ERC20.
The Flexa projects currently support a wide variety of stable, prominent cryptocurrencies. The team combines extensive experience in technology, retail, and payment technology. Its members have worked with American Express, Capital One, the MIT media lab, NASA, Paypal, Warby Parker and Starbucks. For now, we invite you to join us in experimenting with Amp and the new Flexa Capacity on the Rinkeby testnet, and share your feedback about any issues or bugs on the Flexa Discord server. The Flexa system is designed to be highly modular, and thus, allows the integration with different payment systems. The Flexa system offers significant advantages and revolutionary improvement over the traditional payment system.
The token itself is built on the ERC-20 standard, which runs on the Ethereum blockchain.
The transactions within the system don’t include any sensitive information to identify the sender. The world of Decentralized Finance (DeFi) is about disrupting the traditional financial system. And there is no better disruption than taking over the multi-billion dollar payment industry.
Simple And Easy Payments
When Flexacoin was introduced in 2018, instant collateralization for digital asset transactions was a new and novel concept. In the years since, the decentralized finance landscape has evolved dramatically. Meanwhile, new standards such as ERC777 and ERC1410 have enabled important new token functionality, all while maintaining complete backwards compatibility with ERC20. The protocol supports a wide variety of cryptocurrencies, tokens and stablecoins, which means that users can utilize their favorite assets.
Merchants, on the other hand, can be assured that they will receive payments in non-volatile FIAT. Built on Ethereum, the native Flexacoin is a digital token built for facilitating commerce. By using this technology, customers can pay using cryptocurrency and merchants can receive payments in fiat. The Flexa project claims to be the “simplest and safest way” to allow retail usage of crypto-currencies today. This DeFi project has acquired its reputation and value by enabling different crypto-assets to be used for payments on its digital wallets. And these are done in an instant and highly-secure manner for users and merchants alike.
The Flex Network Protocol (FNP) is an open source protocol powering the Flex ecosystem. It allows for the addition of retail payments features, bringing acceptance of digital assets, reducing complexity, and minimizing volatility. It enables an entire ecosystem of applications to process feeless and instant digital payments for the users. Flex powers Gemini, SPEDN, BRD, Celo Wallet, CoinList etc. applications to allow storage, buying/selling and swapping of digital assets. Flexa Capacity is a dapp designed to allow any crypto asset to be spent from any wallet, with both custodial and non-custodial support.
Flexacoin Collateral Token (FXC)
After all, traditional financial services are known to overcharge their customers and are highly inefficient. The payments completed through Flexa are guaranteed to be settled and don’t have charge-back problems. In a manner similar to the basic principles of the blockchain, completed transactions become final and immutable.
The system utilizes FXC as collateral to provide assurance for merchants to receive payments for purchases at all times. Flexa’s FNP uses the ERC 20-compliant token called Flexacoin for transactions and a variety of members-only network incentives. Flexa requires no additional hardware at the point of sale and optimizes for seamless payment and receipt for the consumer and merchant. The protocol provides mechanisms for payment confirmation and acceptance, as well as wide compatibility and easy integration with digital wallets and other payment systems. The whitepaper specifies that the protocol aims to be compliant, useful, instant, and secure. The users can utilize multiple digital wallets, leveraging Flexa technology to pay with ease and less hassle.
It is designed to facilitate economic activity, act as an intermediary for payment transmission, and create a major use case for the blockchain. The protocol has mastered a way for cryptocurrencies to be utilized efficiently for acquiring / trading goods and services. With so few competitors in the blockchain payment processing field, there’s little doubt that Flexa will command a higher market-share in the future. It secures all payments in real time, allows conversion of different crypto-assets, provides FIAT support and final settlement on chain. This means that merchants can be certain that the payments can’t be reversed unlike in traditional banking.
Out of which, 20% was reserved for token sale investors, 25% for merchant development fund, 25% for developer grants, 10% for the network development fund and 20% for the team. Flexa complements the lending, borrowing, derivative, synthetics, liquidity mining and other DeFi processes by adding a much-needed payments component. The current total value locked for Flexa stands at $86.8M, which gives an idea about the popularity and impact of fxc coin this powerful technology. The nascent distributed ledger technologies (DLTs) have been regarded as revolutionary, but have been often criticized as not having practical use cases and adoption. The payment processing and value transfer is one of the fields, which can greatly benefit from the usage of blockchain and cryptocurrencies. The Flexa payments are 100% digital from start to end, allowing them to transfer and settle in seconds.
The process is as simple as loading cryptocurrencies on wallets, executing tap and pay, with the Flexa back-end taking care of the rest. Among the prominent cryptocurrencies supported are BTC, BCH, ETH, EOS, DASH, ZEC, LTC etc. The Flexa project is a set of decentralized components and protocols, powering a versatile payments network to make cryptocurrencies spendable everywhere.