Hello FLIP supporters! For this first post of 2018, we would like to introduce you to our Developer Update stories. As we progress with the development of the FLIP (FLP) project, we at Gameflip would like to give you some first hand looks at what is being developed.
So let’s cut to the chase! As you recall from our roadmap, one of the first implementations of FLIP is going to happen on our own side of the field, the Gameflip marketplace. We have completed the design and have begun the development to add the FLP token as a payment option on Gameflip. When deployed, the 2,000,000+ Gameflip users will have their own wallet to deposit, withdraw and transact using FLP. The feature will be available first on our website Gameflip.com and shortly after on the iOS and Android apps.
Our goal is to make it as simple as possible for all Gameflip users to adopt FLP quickly. With that in mind, transactions using FLP within the Gameflip platform will be instant with no (Ethereum) gas fee or processing fee. Gas fees are still needed for depositing and withdrawing FLP with external Ethereum wallet.
This method has advantages over traditional ERC-20 implementations as transactions within Gameflip users will not be subjected to eventual Ethereum network congestion, while also saving buyers the cost of gas fees.
When depositing FLP into Gameflip FLP wallet, users will see pending transactions, much like how it is with USD wallet (see grey table on mock-up above). Once the transactions are confirmed, FLP can be used for purchasing immediately. Compared to USD, users using FLP will enjoy a much smoother deposit experience as they will not be subjected to the usual anti-fraud check rules.
Buying with FLP
Deposits are in. Let’s go shopping!
Every digital goods listing on Gameflip will show both USD and the equivalent FLP prices. The conversion rate of USD to FLP will come from 3rd party sources and will be updated near real time.
transactions using FLP within the Gameflip platform will be instant with no (Ethereum) gas fee or processing fee.
To keep the flow simple, the base listing price will be always in USD and the actual amount of FLP used in each transaction will be calculated at the time of purchase. At checkout, buyers will be presented the option to pay using their new FLP wallet or the existing USD wallet.
Selling with FLP
Sellers on Gameflip will receive incentives to accept FLP as payment and can also choose to accept both FLP and USD. Once their items are sold, sellers who opted-in to receive FLP will have the ability to withdraw their available FLP balance at any time to any ERC-20 compatible wallet or use the tokens to make purchases on Gameflip.
As previously shared on our development roadmap, FLP as a payment option on Gameflip is just the first component of the Core Features roll out phase, which should take place from now, Q1/2018 until Q2/2018.
More updates like this are yet to come. To get notifications on the latest news and developments of FLIP (FLP), follow this Medium page or join us on Twitter and Telegram.
