Please find hereafter the recap and FAQ concerning the flyCARE Project. If you have questions on topics not covered in this FAQ, please contact us via our Telegram channel.
- What is flyCARE?
flyCARE is a global ecosystem that offers personal-care service providers a unique solution that integrates multiple tools: a contact platform, applications and (through flyBOX), all the hardware and consumables needed to run the service. flyCARE relies on a “utility” token (the “FCC”) used especially as a payment instrument by the flyCARE community. Professionals can meet their customers’ demand without the constraints of an initial investment and without an intermediary, in an autonomous and unique ecosystem based on the Blockchain, resolving definitively the deficiencies of this type of services, namely mobility, accessibility and funding.
The flyCARE platform directly connects local personal-care service providers and users, and is powered by blockchain-based smart contracts, allowing real reviews, secure transactions and fair pricing.
This disruptive and unique ecosystem in the world of personal care involves many stakeholders (consumers, care professionals, manufacturers and distributors), who will all use this innovative solution based on Blockchain, because it simultaneously responds to a real need from personal-service professions, clients, manufacturers, and even states facing recurring problems of funding gaps in care.
flyCARE offers a unique end-to-end solution for door-step services, which facilitates access to medical care and well-being care.
2. Why should I trust flyCARE?
In 2017, Bruno Lamoureux and Dieter Bauch, founders of NWT, a German corporate pioneer in the manufacturing of advanced medical equipment certified ISO 13485, launched flyCARE with the contribution of European and North American experts.
flyCARE is a company incorporated in Brussels (Belgium), existing under Belgian law, founded after several years of research and development (which represents a funding of about 2.500.000 EUR till now by the founders) .
All flyCARE equipment has been designed by specialized and renowned manufacturers, in compliance with the latest standards of quality, safety and compliance (full integration of paramedical and medical standards — ISO 13485 certification).
3. What do FCC Tokens represent?
The utility Tokens are intended for use on the flyCARE platform. Ownership of the Tokens carry no rights other than the right to use them as a means to obtain services on the flyCARE platform — and to enable usage of, and interaction with, the platform, application and network, and to pay for services provided therein to flyCARE participants, if successfully completed and deployed.
Possible usages of Tokens will then be: (i) to pay for services provided by professional of (medical) care sectors or other sectors through the platform; (ii) to pay flyCARE for the rental price of the flyBOX (as part of the flyCARE platform service), and to pay for the commission owed to flyCARE for the platform use ; and (iii) to pay consumables needed for the provision of services on the platform, as detailed in the White Paper.
The Tokens do not represent or confer any ownership right or stake, share or security or equivalent rights, or any right to receive future revenue shares, intellectual property rights or any other form of participation in, or relating to, the flyCARE platform. The Tokens are not refundable and are not intended to be a digital currency, security, commodity or any other kind of financial instrument.
4. What kind of Token is the FCC Token?
FCC is an ERC20-compliant Utility Token.
5. How will the price for services offered through the platform be set?
The price for services and consumables payable in Token will always be set on the basis of the fiat currency price (such as the EUR), so that the Token’s price evolution will not have any impact on the price of care services and consumables set in fiat currency. The Token’s value will depend on supply and demand, and will be set on exchange platforms. The Token price will then evolve based on a price discovery mechanism and market dynamics.
6. When will the ICO start and end?
The ICO will officially start on the 14th of May, 2018, which will offer an exclusive and limited Whitelisted pre-sale with a special bonus of up to 20% on the purchase of FCC Tokens. The ICO will end on July 14, 2018.
7. How many Token will be issued?
The number of Tokens issued has been definitively set at 200,000,000. No new Token will ever be created.
130,000,000 Tokens (65%) will be available for sale during the ICO. 50,000,000 Tokens (25%) will be held in reserve by flyCARE, and 10% will be set aside for flyCARE teams and advisers.
8. What is the price of the Token and justification?
The Token FCC is issued at a fixed price in ETHER as follows
- May 14, 2018 till May 27, 2018 : 1 ETH = 4.031 FCC
- May 28, 2018 till June 10, 2018 : 1 ETH = 3.794 FCC
- June 11 , 2018 till June 17, 2018 : 1 ETH = 3.583FCC
- June 18, 2018 till June 24, 2018 : 1 ETH = 3.395 FCC
- June 25, 2018 till July 24, 2018 : 1 ETH = 3.225 FCC
Setting the Token’s price was modeled after the formula: MV = PQ
flyCARE’s assumptions are:
- Potential market of EUR 5 billion
- 200,000 professionals working in 22 professions
- Population of 22 cities corresponding to 100 million people
- 1.1 million transactions per day (excluding consumables and commissions)
- Amount of transactions per day: 25 million EUR (economic value).
These assumptions are fairly conservative and do not take into account the rollout of new areas or new professions, and are based on a lower average transaction price compared to the average price of services performed in a firm, and take into account only Token transactions between flyPRO and HAPPYfly. (We have deliberately omitted transactions in Tokens that will necessarily occur between other stakeholders in each service.)
9. Is there a minimum Token purchase amount?
The minimum Token purchase amount is set at 0.1 ETH.
10. Are there any discounts during the ICO?
Yes, see question 8
11. Will Tokens not purchased during the ICO be destroyed (“burnt”)?
Yes, see question 7
12. When can I start buying?
You can start buying as soon as the pre-ICO starts (from the 14th of May, 2018). You must first complete the KYC process successfully.
13. Where can I find the contract address?
The contract address will be given to you once you complete the KYC process successfully.
14. Which Ethereum wallet should I use?
You can only contribute from ERC20-compatible wallets, such as MYETHERWALLET, Mist or Parity. Please do not send from exchange wallets. To participate in the Token Sale, you must complete the KYC process, which is available at https://kyc.flycare.com.
During the KYC process, you must specify (i) a valid network address compatible with Ethereum network ERC-20 Tokens, which you own and control, from which your payment will be sent and to which your purchased Tokens will be sent (the “Contribution address” or the “Token Receipt Address” which must be the same) (Purchaser MUST NOT send ETHER from exchanges (ex : Coinbase, Kraken…), or they will lose their FCC); (ii) a valid email address; and (iii) any other information marked as required by the KYC process.
15. Can I use a Bitcoin wallet or other currency?
We receive contributions in Ethereum cryptocurrency (ETH) only; ETC or BTC are not accepted.
You need to provide us with your Ethereum address, so that we can send your FCC Tokens to you.
We will provide the address to which payments should be sent, and this will be a custom URL that purchasers will receive after completing the KYC process.
16. Can I use an Ethereum wallet from an Exchange?
No, it can only be sent from ERC20-compatible wallets, such as MY ETHER WALLET, Mist or Parity.
To participate in the Token Sale, you must complete the KYC process that will be available at https://kyc.flycare.com.
During the KYC process, you must specify (i) a valid network address compatible with Ethereum network ERC-20 Tokens, which you own and control, from which your payment will be sent and to which your purchased Tokens will be sent (the “Contribution address” or the “Token Receipt Address” which must be the same) (Purchaser MUST NOT send ETHER from exchanges (ex : Coinbase, Kraken…), or they will lose their FCC); (ii) a valid email address; and (iii) any other information marked as required by the KYC process.
17. When will I receive the confirmation of my purchase?
You will receive a confirmation email as soon as your contribution is received. Only Purchasers who successfully completed the KYC procedure, as described hereinabove, will be technically allowed to make their contribution. Once the Purchaser’s Contribution address has been white-listed, the Purchaser shall then provide the final amount of his/her contribution in ETH.
If the Purchaser fails to provide the final amount of his/her contribution in ETH at the address specified via email, he/she/it will not be able to receive Tokens. The Purchaser’s contribution in ETH is deemed to be irrevocably binding upon validation of the final contribution by the Smart Contract.
As from that date, a contribution may no longer be cancelled or amended. Purchasers will then receive FCC Tokens. FCC Tokens will be distributed in the Purchaser’s wallet immediately after the contribution and will be transferable twelve (12) days after the end of the Token Sale.
18. When will I receive my Tokens?
Your Tokens will be distributed in the Purchaser’s wallet immediately after the contribution. However, the tokens are transferable only after the completion of the ICO and the Token audit, a process that will take nearly twelve (12) days after the end of the Token Sale.
19. Do I need to verify my identity to participate in the ICO?
Yes, You MUST pass the KYC/AML procedure.
The KYC Procedure and contribution process. The “Know Your Customer” (KYC) procedure is instrumental in the prevention of money laundering and terrorism financing.
By obtaining information on Purchasers’ identity and source of funds, flyCARE aims to protect itself and prevent the flyCARE Platform from being used to conceal illegally obtained funds.
Therefore, Purchasers and their Ethereum address (“Contribution address”) will be white-listed through a KYC procedure, which will be performed through the form provided on kyc.flyCARE.com. Any contribution in this Token Sale will be accepted by the Smart Contract if, and only if, the Purchaser’s Contribution address has been white-listed.
We will work with worldwide specialist KYC Chain to implement this process.
20. On which exchanges will the FCC Token be tradable?
Tokens should be tradable 12 days after ICO ends. Please refer to our website, after the ICO ends, to know the exchange on which the FCC will be tradable.
21. Where can I read flyCARE documentation and White Paper?
Please visit www.flycare.com to download our whitepaper and other documentation. Additionally, details of our smart contract are available at GitHub.
22. Is there a Soft Cap and a Hard Cap of the ICO’s campaign?
The minimum Token sales amount to validate the ICO is 1.550 ETH. If this amount is not collected, the ICO will be canceled and payments will be refunded. This minimum amount is justified by the fact that it constitutes the minimum investment for the development of the computing platform. Any additional amount collected will enable us to significantly accelerate the development of the IT platform, massively recruit and open more cities more quickly, and allocate significant amounts of money, particularly in terms of marketing, according to the established business plan.
The maximum amount of the Token sale is the selling price of all Tokens offered for sale.
23. How are the Tokens distributed?
The distribution of Tokens will be performed based on the below approach:
The total amount of Tokens issued is 200,000,000. Of this amount, 130,000,000 Tokens (65%) are assigned to the presale and Token sales processes.
ALL TOKENS ISSUED AND UNSOLD WILL BE DESTROYED.
The remaining Tokens will be awarded as follows:
• An amount corresponding to 10% of the total Tokens issued will be awarded to the team and advisers. Tokens awarded to the team will be distributed among different team members at their discretion. Founders will not receive any Token. Most of these Tokens will be acquired during a period of 12 months and will be unlocked 12 months after the end date of the Token sale. Tokens awarded to team members and advisors were determined prior to the sale and are conditional on sales performance. Tokens not awarded shall go back to the reserve. The reward Tokens are not hard-coded in the smart contract, as their allocation depends on the ICO outcome.
- An amount equal to 25% of the total amount of Tokens issued will be set aside for the platform operation, industrial partners, strategic incentives and the raising of additional funds.
24. How will funds collected during the ICO and pre-sale be used?
Funds collected during the Crowdsale will be used for the project. For more information, please download our White Paper.
25. How long will the purchase procedure last?
Please do not send your Token order in at the last minute : passing a complete KYC procedure and submitting a valid purchase transaction still do not guarantee that you will receive your FCC. The transaction might be delayed (because of low gas, or network conditions) and therefore you may miss a discount or miss the Token Sale (if hard cap is reached, or front-running attacks).The transaction submission time does not guarantee the purchase of Tokens, but only the time when the transaction is actually mined into a block, determines the purchase conditions.
26. Is there any measure against transaction scalability, price volatility and high velocity of the Tokens?
The flyCARE team has identified some technical challenges inherent to Blockchain technology, and proposes solutions to remedy them:
• Transaction scalability. The number of FCC transactions considered (+ 1BN/day) cannot be realistically executed on a chain; the Ethereum network can only process up to 1.35 BN transactions per day at its peak. To solve this problem, the flyCARE team will implement a solution based on payment channels like the one proposed by μRaiden. This solution will allow flyCARE users to benefit from instant and free payments using their FCC Tokens. μRaiden’s other advantage is that it can manage a rise in load and a greater number of users while keeping a control of the operational costs.
• Price volatility. Price volatility could be problematic for users of the flyCARE platform; this volatility can be increased by the fact that there are no market makers or that the market is not deep enough in the beginning. In these market conditions, it is easier to manipulate the market through infamous pump and dump schemes. To solve this problem, the flyCARE team will set up an automated market maker based on either the Bancor protocol or a custom implementation of bonded curves.
- High velocity of the Token. Utility Tokens are often described as being affected by very high velocities caused by the fact that network players are not encouraged to keep their Tokens when they receive a payment. To avoid this problem, the flyCARE team will design incentives for various stakeholders in the flyCARE network, in order to ensure that they keep their chips long enough for the velocity to remain at acceptable levels. Such incentives may be (but are not limited to) discounts on transaction fees, loyalty points given to users in FCC, discounts on service prices…
Press contact: press@flycare.com
About flyCARE: www.flycare.com
