FREQUENTLY ASKED QUESTIONS
WHAT IS FLEXU?
FLEXU ("FLEXU") is a new cryptocurrency that is designed to address the issues and concerns of the current generation of cryptocurrencies such as instability, uncertainty, lack of supply and extreme volatility.
FLEXU is trusted, stable, self-governing, available, reliable and interoperable.
FLEXU is cryptocurrency that is designed to ensure longevity and stability, ensuring the ecosystem of FLEXU holders is protected through the following key design aspects:
Available and Stable - Consistent token supply; ERC20 and ERC223 standards compliant ensuring future compatability with other blockchain design principles. Continuous ever lasting supply enables liquidity to avoid volatility and scarcity.
Trusted self governance - FLEXU cannot be interfered with as the design of the platform is fully automated. FLEXU is a stable monetary system auctioned daily by descending price.
Enduring - Long lasting Cyptocurrency that is usable and atractive to payment providers for purchase of goods and services;
Reliable - FLEXU is minted daily and available in a descending price auction;
Flexible - FLEXU is exchangeable for fiat and ETH currencies;
Interoperable - FLEXU is cross-blockchain compatible, meaning it is migrateable from one blockchain to other blockchains. This provides FLEXU owners with an option to move to other cryptocurrency networks if desired;
WHY IS THE CRYPTOCURRENCY CALLED FLEXU?
Since 2012 we have been consulting in the cryptocurrency sector and we chose a name that one day thought we could apply to a new business model or invention.
In December 2016 we gave birth to the innovative concept of FLEXU a new flexible cryptocurrency that would be trusted, stable, self-governing, available, reliable and interoperable. designed to last for eternity.
HOW CAN I USE FLEXU?
FLEXU is designed to act as a trusted, stable and non-volatile token that can be used by any institution or any community that is seeking a currency which can be used for practical purporses. There will be a number of features that will address design gaps on the Ethereum network. This includes usage as:
- Purchase of goods and services - the most practical usage of FLEXU, where we will partner with payment providers;
- Exchange - exchange FLEXU for either ETH or fiat currencies;
- Bulk Payments - a service to provide bulk payments of FLEXU tokens to multiple account holders;
- Transfers - a service to allow FLEXU holders to transfer tokens between FLEXU holders;
- Recurring Payments - a service to allow for users to setup recurring payments and other account holders. Recurring payments is a unique feature envisaged to allow for usages such as bill payments or standing orders. The owner would authorize the receiver of FLEXU to take an agreed amount on a periodic time basis e.g. monthly rent;
- Increasing store of asset value as the asset increases in monetary value this adds further security and trust.
WHO OWNS AND GOVERNS FLEXU?
FLEXU will be governed by the platform smart contracts and community users. FLEXU team will be on the governing committee continually developing and maintaining the FLEXU platform and products. This will ensure stability and avoid drama in terms of technical development strategy.
WHO HAS AUDITED THE SMART CONTRACT?
The smart contract has been indepedently audited by To be Identified.
FLEXU will initially be launched on Ethereum. After launch we will make FLEXU interoperable on the Qtum, Rootstock on Bitcoin and Ethereum Classic blockchains. Further blockchains will be added subsequently. As FLEXU matures we will seek to allow other blockchains the ability to exchange their cryptocurrency on our network (subject to community agreement).
INITITAL COIN OFFERING
HOW WILL FLEXU BE LAUNCHED?
We are currently offering FLEXU tokens to investors at Pre-ICO stage. These core investment funds are being used to design and build a scaleable FLEXU platform. 1,000,000 FLEXU is made available to founding investors.
HOW WILL FOUNDERS AND CORE DELIVERY TEAM OWNERS BE ABLE TO USE THEIR TOKENS?
Founders and the the core FLEXU delivery team will receive 2,000,000 (20%) tokens. 60% of these tokens will be available for usage at the end of the ICO. The remaining 40% can be used proportionally distributed over the following 12 months.
All revenue generated by the auction will remain in the FLEXU economy. FLEXU founders and core delivery team can buy and sell FLEXU. Following the launch of the ICO, the FLEXU ecosystems is automatically controlled by smart contracts.
Ensuring that the FLEXU team retain tokens in the ecosystem, ensures the team is incentivised to continue to delivering further capability and therefore remain active.
HOW WILL THE FLEXU TOKEN SALE TAKE PLACE?
FLEXU will be available through the official public launch at the Initial Coin Offering ("ICO") stage. There will be 10,000,000 initial FLEXU token supply. This will be distributed as follows:
1,000,000 (10%) will be retained by founding investors; 2,000,000 (20%) will be retained by founders and the core delivery team; 7,000,000 (70%) will be available at ICO through a price auction.
Please see the whitepapers on our website for further information https://flexu.com/#whitepapers.
WHAT IS THE FLEXU AUCTION?
FLEXU will be made available every day using a descending price auction ("DPA"). The auction will start with a ceiling price at 2 ETH for 1 FLEXU and the price will decrease every minute by 0.0001 ETH. FLEXU uses this technique to ensure fairness, stablity and transparency in pricing to the consumer. The auction continues until the FLEXU supply is exhausted or the 24 time period expires. This process is repeated every day. Each day a Daily Auction Placement ("DAP") allocation of FLEXU is made available. This is either the value greater of a volume of 3,000 FLEXU tokens per day or an annual rate equal to 2% of the outstanding supply per year.
WHEN WILL THE FLEXU INITIAL COIN OFFERING AUCTION START?
The initial coin offering ("ICO") daily auction is targeted to launch on 30th April 2018. Once started it will last either 30 days or if the FLEXU supply is fully purchased before that time period.
WHAT HAPPENS AFTER THE INITIAL COIN OFFERING?
The first auction will take place the following midnight UTC after the close of the Initial Coin Offering auction.
IS THERE A LIMIT ON THE NUMBER OF FLEXU TOKENS I CAN BUY DURING THE ICO?
There is no limit to minimum or maximum number of tokens that can be purchased at ICO stage.
IS THERE A LIMIT ON THE NUMBER OF FLEXU TOKENS I CAN BUY AT THE DAILY AUCTION PLACEMENT ("DAP")?
There is no minimum limit to the number of tokens that can be purchased that can be purchased. There will be a maximum amount of either 500 ETH per transaction or the USD equivalent if acquired by fiat exchanges.
WHO GETS THE REVENUE OF THE FLEXU AUCTIONS?
All ETH receipts generated from sale of FLEXU at the ICO and future daily auctions go to FLEXU's Crypto Asset Contract ("CAC) in the Crypto Asset Exchange Engine Contract which ensures stability through liquidity and price support.
WHAT ABOUT THE DETAIL?
You can learn more about FLEXU on our web site https://flexu.com We have created the following information tailored to each view (short summary, business and technical):