CryptoThrust X FLOWCOM AMA
Guest: Wayne Huang
I’m Wayne and I’m the COO of Flowcom.io
My role is overseeing the tokenomics development for the CEO and management of the different departments to direct them on the same goals. I’m also the spokesperson for the team when it comes to speaking to the media.
When it comes to partnerships, I will assess the viability as well as the benefits that is brings to both parties and more importantly our users.
It is important to merge the technology of the platform with the functionality of use cases, thereby acting as a communicator between the CTO and the marketing department.
Segment 1- Project Introduction
Q1) What is FlowCom project? What Inspired you to initiate this project?Flowcom.io is a project that brings free 5G to users.
If you see how Big Tech monetize its Big Data, users who uses a product for free (FB,INSTA) are usually the product themselves.
What inspired me to join the founding team is the principle that rewards should be shared with users ,who makes up our big data.
A sustainable and healthy business in my opinion has to be a 2 way street and I’m very much against exploitation of data.
Flowcom allow users to share part of the revenue from merchants/advertisers by swapping their points earned from viewing ads or answering quizzes to free 5G data packets or FiG tokens. All at no costs to the users.
In short we allow users to monetize their own data while bringing traffics to the platform.
Q2) Please tell us how FlowCom platform works? What services users are getting?
In the Flowcom ecosystem, the users form as a base for merchants/advertiser to onboard and find an audience for their products or services.
The fees that advertisers pays essentially also pay for the user’s free data connection.
Being a light Mobile Virtual Network Operator(MVNO), our revenue not only comes from advertising fees but also through ISPs resale channel.
Right now our users are already exchanging points for free 5G. Very soon, they will be able to use their FiG tokens to make direct purchase through our e-commerce and debit card launch.
Bear in mind that none of the above comes at any costs to our users.
Q3) Through this project What problems are you trying to overcome?
There certainly have been questions raised about the platform’s credibility as not much information can be found on the internet (this is, however, changing by the day).
Most tech projects have to start somewhere from scratch right?
This was the main reason we start the presale phase only AFTER the infrastructure of swapping points for 5G is completed and only after the Binance smart chain deployment is done.
We want to show the community something that already is working, that this is not “dream-selling” project where users “might” see something few months later.
Statistically, most ICO projects don’t survive past the “proof-of-concept” PoC stage! A lot of investors have been burnt by projects whose purpose is to only fund raise in the past 3–4 years.
We are very proud to show that Flowcom is already past the PoC stage, having already vested time and resources to build something usable even before the seed round of the presale.
There are many educated community members that DYOR and this is something tangible to show.
It speaks volume about what kind of foundation Flowcom is built on.
We do not want people to just ape into a project and flip it blindly. We are here to show that good and proper infrastructure can be built and can be mass adopted. And we want to showcase it before the presale.
We want our members to see for themselves and study this project instead of just blindly following the hype. Which is why we are not in the hype game of pumping. We believe a sound fundamental goes a very very long way. Slowly but SURELY.
Q4) Please briefly tell us about Fig Token? Tell us about its Tokenomics.
All tokens are pre-minted at once. Any unsold tokens from the presale will be completely burned off. We allocate 35% purely for bootstrapping the ecosystem and user base as this is crucial for long term sustainability.
For the first 6months of going live with merchants, 50% of the revenue generated will be used to buy-back FiG tokens on the open market(DEX and CEX). These tokens will be burnt.
Tokens allocated to the team is only 10% and they are locked up for a year.
The main reason for this is that the team will only be able to see decent gains and rewards upon successful integration of all technical and operational aspects of this platform. In short; if we didn’t do a good job, not only would the team have gotten nothing out of this, they would have wasted 1–2 years on it.
The best way to protect the community and ensure sustainability is to ensure the dev team only reaps the rewards AFTER the community does.
I have seen too many good projects fail to pick up because the dev team are heavily rewarded even before delivering something usable. This is human nature.
Q5) What are the plans of further expansion in the future.
We are working on getting more telcos onboard. We started off in March 2021 supporting 3 countries in terms of allowing users exchange for free data. Right now we have 8 countries that we support. US and China, both with the largest 5G infrastructure are included.
We are working to add more countries to the list and target to have at least 20 countries by Q4.
Besides telcos integration, the team is also working on the E-commerce marketplace for merchants to directly market their products on the Flowcom app.
We will also see social media functions like chatting being added on to the V2.0 app.
Most importantly, the launch of the hugely anticipated FiG debit card is also in the works.
Most people today own a token for the purpose of selling it later. We are creating a token that not only allows you to sell it, but allowing you to spend it and allowing you to pay for things offline through the debit card. With actual use case, we are take a lot of the supply out of circulation.
Segment 2- Questions from Twitter
Q1) As an individual user, what ways can I contribute to project growth? Do you have an ambassador program and what are its benefits?
Yes! There are plenty
Let me start
We have an ambassador program that rewards users for bringing growth to the project.
Users who have earned at least 100points in their account are eligible for:
1. Earning extra 5% of the points of their F1 referrals
2. 10% of the presale amount as bonus for all their F1 referral (credited in USDT to their wallet)
3. Additional 500 FiG tokens for themselves when they purchase 10,000FiG
Additionally, for users who have at least 50 F1 direct referrals and a total revenue of 50,000USD, they would get an extra 5% of their community’s presale revenue.
So for users from Crypto Thrust Circle, we have enabled these rewards for you and to sign up an account, you can just sign up on the link below:
Flowcom.io - Bringing 5G To The Mass And Beyond
FlowCom draws inspiration from the multi-billion-dollar advertisement industry to design and implement a three-party…
Q2) My question is about your long term marketing plans. How, or through which big partnerships do you plan on utilising to pass your product onto the normal consumer — especially non-crypto people?
When you use the Flowcom App, you will realize you can operate it 100% with zero knowledge on crypto.
This is the key for mass adoption. We simplify the UI to the extent that most users won’t even see the technicality aspect of it.
Partnerships with telcos and advertisers are the backbone of our ecosystem. In the longer term, besides onboarding these, we will be aggressively marketing in China within the next 2 weeks.
China is one of the leading countries in 5G development, with that, it makes sense to move in that direction for mass adoption.
We believe that only through meaningful use and mass adoption will there be sustainable demand for FiG.
That being said, most users download our App without even knowing it’s blockchain based. This was what we wanted! Non-crypto people coming onboard without having to learn about crypto!
Q3) To make a token it’s easy but it’s really hard to make this token valuable? So what’s your strategy to make the token more valuable and what’s your plan to maintain token price and supply?
Everyone knows that the price mechanism of any token is built almost solely on supply and demand.
Here are a few points in ensuring FiG’s demand:
1. The initial supply is pre-mined
2. Initial supply is relatively low 38.9M
3. Any unsold tokens in presale will be burnt
4. Partnerships (merchants/advertisers) need to purchase FiG to onboard our ecosystem (demand)
5. In countries that we support, users can buy FiG to swap for 5G data if their local ISP charges more expensively for 5G
6. 50% of the revenue of Flowcom will be used to buyback FiG tokens and burnt
7. The external pent-up demand for FiG will grow as the 5G industry rapidly matures
8. Presale participants will have only 30% of their tokens released to them slowly, 1% per hour in the first 30hrs. This is very important to prevent any major dumping which is so common on new listings. The rest of the 70% will be released at 1% rate per day.
In short, the total supply of FiG will only go smaller and smaller given the burning and buyback mechanism while the demand is expected to increase as the project matures.
Having said this, the team can mitigate price fluctuations only to a certain extend. The most important long term growths comes with growing the community and onboarding more telcos which we are already doing.
Remember that strong fundamentals will ride out any short term speculations.
And you will look back in history and know what investors with the most patience are those who are rewarded the most handsomely.
Q4) What will the remaining amount of FiG be used for after Pre-Sales and IDO? how many phases and targets for each sale?
Phase 1 of the Fig Presale is completed.
We are in phase 2 right now.
For each phase, we allocated 5.2M FiG tokens for sale.
The current price for phase 2 is 0.58USDT per FiG
The price for phase 3 will be 0.79USDT per FiG.
Important to know that any unsold tokens during presale will be 100% burnt.
So it doesn’t put any pressure on us to make the presale over subscribed quickly. We can only sell 10% of the presale amount, have the balance 90% unsold token burnt. As the ecosystem matures and more partners and users sign on later, it will turn out even better for the token pricing
Q5) What is your strategy for global expansion? Currently, which market is your project focused on? Or do you focus on building and developing to get customers, users, and partners?
The strategy for global expansion first starts with local adoption in the 8 countries that are listed in our app. Users not located within the 8 counties are still able to earn points and swap it for FiG tokens instead of Data.
The key fundamentals of the project would be first and foremost the telcos integration and then the users adoption.
We are currently very focused on bringing fast and free Airport WiFi and Inflight data connection to our users.
With air travel picking up as more people are vaccinated against Covid-19, we expect this field to be of the fastest growth within the next 2 years.
We are open to partnering with solid BSC based projects as long as the collaborations will bring actual benefit to our users. This will be the overriding factor
Segment 3- Live Telegram Session
Q1) How will Flowcom stand among local internet providers? Are you going to compete with other data providers, or are you open to cooperation? and what is Flowcom’s long term vision?
We do not compete with local internet service providers. In fact we bring additional users to them because through the fees from advertisers, we allow users to choose which data package they want accordingly to the local ISPs.
And to add on, imagine that only certain airlines have cheap inflight connection with Flowcom. Doesn’t that value add to the airlines too?
Q2) FlowCom, is KYC is mandatory for IDO participation?
We are protective of our users identify and we do not want users to reveal sensitive information online. Hence, we do not request for Personal Identity information or credit card information. You will be safe from phishing attacks with Flowcom
Q3) Now that technology is changing every second, are you afraid that in the future Your project will lag behind new projects with newer technologies?
Definitely not. In fact if you look at everything around us now that are booming: cloud computing, Defi, NFTs etc….
To access all of these, you need data connection and you need fast data connection. Flowcom is providing the most fundamental technology to assess all of these
Q4)Security is always the top task of projects. But lately, a lot of cryptocurrencies and blockchain have been appropriated by hackers. What security measures does your project have in place to avoid the possibility of being appropriated by hackers?
There has been multiple rug pulls of late. And also attacks. The main reason Flowcom is built on BSC is not only because of its cheap gas fees but mainly because for the any assets to off ramp BSC, it basically has to go through Binance itself.
This greatly reduces the risk of any rugpull or attacks because Binance will be able to plug the off ramping of assets.
Our app is also encoded using SHA256 military grade security.
Q5).Nowadays So many Rug Pulls and exit scam happening . How Users can trust your project and how you are different from others?
The 2 questions exit scams we have to ask ourselves:
1. Can the team actually pull off a rug pull? As mentioned above, using BSC smart chain mitigates the risks of doing so.
2. We want to know the motive of the team. If a team is intent on doing an exit scam or ragging, they won’t now have committed so much time (at least 9 months building) and money on building up the infrastructure BEFORE the presale.
You will notice that all projects that are intent on rug pulling do not spend 8–9 months building a usable utility token and spending money even before the presales.
So I believe the community can see it for themselves what Flowcom has already done before the presales
More Information about FLOWCOM:
Telegram group: https://t.me/FlowCom_Community
Flowcom.io — Bringing 5G To The Mass And Beyond
FlowCom draws inspiration from the multi-billion-dollar advertisement industry to design and implement a three-party architecture that aims to bring 5G and satellite internet to the mass.