FCoin Guide: Answering The Most Frequently Asked Questions!
Last updated: August 30th!
Introduction: As FCoin is gaining popularity, we wish to address the most frequently asked questions through this article. You will learn everything you need to know about FCoin and the FT token.
What is FCoin?
Fcoin is the world’s first autonomous and transparent digital assets trading platform. It allows you — as traders and investors—to trade without worrying about security, reliability, and privacy.
F in the FCoin logo represents Finance and Future.
Who is behind FCoin?
FCoin is founded by Zhang Jian. He is the former CTO of Huobi.
However, in the traditional sense, FCoin is not a company. The overall ownership is with the FCoin community. There is no centralized corporate structure. No CEO. No board of directors.
Related link: Read Mr. Zhang’s answering media questions.
Who runs the show then?
The FCoin community does— and that’s you.
You run the show.
In other words, as part of the FCoin community, you lock the ownership and the decision-making power.
This is possible because FCoin is a community-based trading platform, in which the FT holders (coins issued by FCoin) carry the ownership and decision-making power.
What are my rights?
This image represents your rights as an FT holder:
In the future, all FT holders can participate in community governance through smart contract voting.
What makes FCoin different from the other exchanges out there?
Here are several reasons why FCoin is unique and different:
First, at its core, FCoin is driven by its community.
Second, FCoin has adopted a “Trans-Fee Mining” model. It is a new revenue model in which you earn tokens for trading. In this case, you earn FT tokens.
Third, everyday FCoin as a platform will reimburse 100% of the users’ transaction fees incurred from the previous day — in the form of FTs.
Fourth, FCoin distributes 80% of the platform’s revenues to all the FT holders each and every day. The remaining 20% will be utilized towards development and operation of the platform.
Note: From June 21st, the revenue distribution is 100% until FT circulation supply reaches 3 billion.
Update July: To learn more about FT, and how you can earn, check out this new article: Earning Through FCoin
Update August 15th: As per the community-based voting, no more new FTs are generated, and hence the trans-fee mining model ends. Details here!
Update August 18th: There has been an adjustment in the FCoin trading zone. Details here!
Can I know more about FT tokens?
FT is the token issued by FCoin.
It represents a stake in the FCoin community. If you own more, you have more power, rights, and revenue. FT is truly the cornerstone of FCoin’s community governance.
FCoin, the platform, will instantaneously distribute the bulk of its revenue to FT holders. At the same time, FT holders have certain rights in governing the FCoin community.
Tell me all about the FT supply?
The total number of issued FTs is set at 10 billion and will never increase. Here is the breakdown:
- Private Sale 5%
- Strategic Partners 9%
- Founding Team 12%
- FCoin Fund 23%
- Community Rewards 51%
How do I earn with FT?
FT not only has the interest circulation mechanism (like Bitcoin) but also the return of interest mechanism which most of the digital currencies don’t have i.e. dividends as core values.
Therefore you can earn with FT as follows:
- By holding FT in your FCoin account
- By trading (trans-fee mining model)
How is the revenue distributed?
As a transparent exchange open to public review, FCoin’s principle for revenue distribution is simple:
Whatever revenue is accumulated everyday, it will be distributed to the FT holders, using the same ratio stated before. For instance, if the transaction fee revenues include BTC, ETH, LTC, FT and so on… then the platform will distribute BTC, ETH, LTC, FT and so on into your account.
In short: You will be able to get all the currencies on trade by just holding FT in your account — really as simple as that.
Can you tell me more about revenue?
Sure. Everyday is a revenue distribution cycle.
First distribution was on June 6, 2018 (GMT+8, same below). Every day after that, all the revenue to be distributed accumulated in the previous day will be distributed to the FT holders in a one-off manner.
The calculation method is: every hour from 1 am to 24 am, an hourly snapshot will be taken, and 80% of the total transaction fees generated by the platform in the past hour will be calculated according to the percentage of FT holders in this snapshot, and accumulation.
(For more details: Regarding FT Trading, Liquidity and Reimbursement).
How do I know my dividends?
Your dividends depends on the number of FT you hold. It also depends on the volume on the trading platform (and the fees generated). The best way to understand this is to head over to the FCoin’s homepage.
You can see the cumulative revenue as shown below. For example, you can earn 2.19 Bitcoin (cumulative) for holding one million FT.
Note that the revenue distributed depends on various factors and is never constant. It depends on the community’s involvement.
So how does the roadmap look like?
Here is the current FCoin roadmap:
Can you shed some light on the trans-fee mining model?
The community reward mechanism utilizes FCoin’s innovative and proprietary “Trans-Fee Mining” model, in which FCoin will regularly reward community members in the form of FTs as a way of giving back to the members/users over time.
FCoin’s White Paper has a detailed explanation around this.
Is there a minimum requirement to earn dividends?
Absolutely not.
You can hold any amount of FT in your FCoin account and still generate dividends each and every hour.
Distribution of this revenue, however, is carried out once a day.
Alright, how do I sign up?
FCoin is a free trading platform, and you can sign up right now by visiting the official website: FCoin.com.
Once signed up, you can buy FT tokens through the platform. There are various cryptocurrencies available for trading. Here is the current list:
What else should I know?
FCoin is new and innovative. There are a lot of speculations, FUDs, and questions around it. As a transparent, community-based platform, it is important to talk about the innovative approach here.
And this approach revolves around the community. As Mr. Zhang says:
This most likely is the first time in the history of humanity with the practice of promoting on a large scale the evolution from corporate system to community system.
If you would like to learn more, head over to the FCoin website and follow us at @FCoin_Asia on Twitter.
