Summary of FEXT AMA with EPID community

  • December 21, 2020

The summary of the FEXT AMA done with the EPID community on December 18, 2020.
The following were the questions asked by Grunt- the community founder and anwered by Anton- Cofounder of Furionex.

Grunt asked: Can you give a brief introduction of what Furionex is?What is it aiming to do, and what it intends to solve in this industry?

Anton’s response: Furionex is a fiat to crypto exchange. What we aim to do, is drive mass adoption of crypto currency in the countries we’re based in, starting with Nigeria.
We intend to go into other African countries whose population are largely unbanked. Then, to other countries outside Africa.

Furionex seeks to bridge the gap between fiat to crypto. And this gap is greatly widened by transaction fees. Transaction fees will be cheaper when users pay transaction fees with FEXT.

We are also working on cryptocurrency being a direct medium of payment. This we will be doing by fitting into existing monetary policies and behaviours of people.

We will be doing this using FEXT cards. FEXT cards will be redeemable as FEXT on our exchange. We are doing this to aid transitioning to cryptocurrency easier.

Grunt asked: Can you share some of your background and experience? How did you know and get involved in cryptocurrency? What made you decide to found

Anton’s response: Started my journey into cryptocurrency late 2016 when first heard about bitcoin.
As time passed, I developed a lot of interest in cryptocurrency because of the philosophy behind cryptocurrencies, which is decentralisation.
That very philosophy is rife in Africa. Being about to control your finance.

Hence the goal of Furionex is to get people to understand the philosophy behind cryptocurrencies, and not just to be interested in the price increase itself, but also the independence that cryptocurrency brings.

I decided to found Furionex because of high transaction fees. And we at Furionex are reducing transaction fees using FEXT.

Grunt asked: Currently, there are many scam projects that cause investors to lose. So, Why we should choose and trust Furionex?

Anton’s response: Furionex is a registered company in Nigeria as Furionex LLC. Furionex is cofounded by 8 cofounders.
Furionex prides itself in doing doing what it sets out to do.
Furionex is an exchange that has come to stay.
Furionex has its office in Nigeria.

Grunt asked: Can you tell me more and everyone here about your services?

Anton’s response:

  1. FEXT cards: We intend to push mass adoption using FEXT cards.
    FEXT cards will be redeemable on Furionex. By doing this, we’ll be getting into markets that are currently unexplored.
  1. FEXT as transaction fee payment: Using FEXT, users will be less on transaction fees than when they pay using Fiat. Hence, FEXT is embedded in the everyday use of the exchange. FEXT would also be used to buy other crypto and for crypto to crypto exchange. So non-Nigerians can also use the exchange for trading Cryptocurrencies.

Grunt asked: What is a mission of project?

Anton’s response: The mission of Furionex is quite straightforward. We’re here to drive mass adoption through very cheap transaction fees using FEXT.

We’re on a mission to get more people using cryptocurrencies in Africa and around the world.

The community members on twitter were giving an oppotunity to ask their questions.

@Ikhsanvoya asked: Many of investor just focus on the price of token in short term instea of real value of project. Can you tell us the motivation and benefits for investors to long term?

Anton’s response: FEXT is embedded into the everyday use of Furionex exchange.
Using FEXT cards and our other products like the FEXT marketplace, we’ll be driving real uses for FEXT.

@lathanh17091993 asked: After Presale is done, Is there any plan to list $FEXT on some exchanges? Actually I’ve meet many project conducting Presale and then abandoned it with a buck of money from it. How do you convice investor to join $FEXT Presale?

Anton’s response: FEXT is already listed on an exchange- waves.exchange as WFEXT (Waves FEXT).
Waves exchange is a decentralized exchange, hence runs on its own blockchain.
FEXT and WFEXT exists on two different blockchains, hence, users will swap inorder to trade it on waves.exchange
We intend to list on other exchanges in time.

@jennyhuynh96 asked: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?

Anton’s response: As regards to that, we created FEXT staking. Holders of FEXT who got FEXT by buying it, will receive a certain amount of Tron and FEXT for holding FEXT.

This staking reward will be paid for 3 months with Tron.
Then, the next 3 months it will be paid in WFEXT.

  1. BRONZE PLAN: 5000 FEXT holders will receive 100 TRX monthly for the first 3 months and100 WFEXT for the next 3 months. 300 TRX and 300 WFEXT in toto.
  1. SILVER PLAN: 10,000 FEXT holders will receive 200 trx monthly for the first 3 months and 200 WFEXT for the next 3 months. 600 TRX and 600 WFEXT in toto
  1. GOLDEN PLAN: 20,000 FEXT holders will receive 400 TRX monthly for the first 3 months and 400 WFEXT for the next 3 months. 1200 TRX and 1200 WFEXT in toto.

The FEXT staking will begin on January 2021 and end July 2021. The staking capture for each month will take place on the 27th of every month, and the staking rewards will be paid on the 30th of every month with the exception of February, which will be paid on the 28th of February.

@SaraJohn6661 asked: What problems is Furionex trying to solve to make it easier for Crypto users? Please let us know how the roadmap is currently developing. What will happen this year and in the future?

Anton’s response: Furionex is trying to bridge the gap between fiat to crypto by reducing transaction fees. And thereby making it attractive to buy crypto.

@Nana76546135 asked: I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?

Anton’s response: Furionex exchange website is still under development. We will communicate that in our channel once we get to that stage.

The community members on telegram were also giving an oppotunity to ask their questions.

Atia Otroski asked: What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?

Anton’s response: We are answering this question with FEXT cards.
The older generation aren’t used to digital forms of payment, hence we’re bridging this gap with FEXT cards.

Francia asked: What are some of the benefits of being FURIONEX’s merchant and submerchant? What is the minimum buy to become a merchant?

Anton’s response: The minimum buy to become a merchant is 10,000 FEXT for submerchant and 20,000 FEXT for merchants.

Merchants and submerchants get to be the middleman to swap FEXT to WFEXT.
submerchants will receive a limited amount of FEXT to swap within a month, while merchants will receive unlimited amounts within a month.

Li asked: Currently there are many tokens being created using the Ethereum blockchain (ERC20). Why did you choose to create the $FEXT on the Tron blockchain (TRC10)? What are the advantages this blockchain gives you that Ethereum can’t?

Anton’s response: Tron blockchain is POS which makes transaction fees on the blockchain cheaper than Ethereum which is also trying to transition to POS. And also less congested, with very fast transactions.

Nguyen Trong Tuan asked: What i saw from the previous AMA..your explanation is very excited and comes with a charming gif that is amazing .. so how ready are Furionex to enter this defi space, let alone the very tough competition?

Anton’s response: Furionex will not be venturing into the defi space immediately. We will do so in time.

David Prince asked: Where does the project name come from? What does it mean for you and why did you choose that name for your project? I really love the project name.

Anton’s response: I am great movie lover. The name comes from the race in the movie: Chronicles of Riddick. And this race showed resilience and courage and strength. Virtues Furionex will continue to be and is known for. Furion is name of the race, and Ex comes from exchange.

Alikaa Azzahra asked: Is the #Furionex project staking the $WFEXT token itself? Then how can I stake when and where to do it. is there a minimum amount to stake your project.

Anton’s response: Furionex will be staking FEXT, not WFEXT. WFEXT will be part of the staking reward.
All you have to do to stake, is to buy and hold FEXT on your TRON wallet.

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