On Monday, July 23, 2018, FCoin held an online media Q&A session with its founder, Mr. Zhang Jian – who was replying to some of the most popular questions about FCoin, a digital asset trading platform that was launched barely two months ago but has already become the most talked about phenomenon in the industry.
In response to the questions about FCandy and FInsur, Mr. Zhang Jian stated the logic and reason behind the introduction of FCandy and FInsur.
As mentioned in FCoin’s announcement, FCandy is an asset pool in which all kinds of assets could be placed. FCandy will be issued according to a certain proportion to guarantee the real asset value of FCandy. However, the assets placed in FCandy pool no longer belong to those who place the assets but to the entire community, which makes FCandy vitally different from the other asset pools or various products. Although FCoin designed many ways to give out FCandy to its community members, it doesn’t mean that FCoin no longer returns in FT. All transaction fees will be fully returned to FT, and this is the ground rule which will not be changed. In the future, a large number of project participators will place their assets into this pool. FCoin will also initiate a voting system, where community members could vote on whether FCoin should sell parts of the assets and if these sold assets will belong to FCandy holders, similar to the concept of dividends.
Several institutions are dabbling in “Blockchain+Insurance” model; however, this model has not been widely applied yet. FInsur is one of the very first Insurance communities in the blockchain space. The idea of “Insurance is mining” behind FInsur is not just a benefit to attract users, but more importantly, it is mutual insurance based on blockchain technology.
FInsur is most definitely not a publicity stunt. The concept of “insurance is mining “is quite simple. It is similar to FCoin essentially. The concept of “Trans-fee mining” behind FCoin is that clients and users of the exchange are the traders. As the core concept of its token economy, FCoin wants to unite the two opposing spectrums – an exchange and its users. So let the traders be the shareholders of FCoin, that is the essence of “Trans-fee mining.” Likewise, let the insurance applicant become the shareholder of an insurance company, or at least make their interest consistent rather than conflicting (money-making vs. money-losing), which is a long-term target for FCoin, and also Mr. Zhang Jian’s initial intention. As said by Mr. Zhang Jian: “It’s hard to image vehicles on the road without insurances. That’s why there is compulsory insurance like Compulsory Traffic Insurance and commercial insurance that we must pay. It also applies to our digital currencies & assets.” Therefore, FInsur will be a benchmark for innovation in this industry and bring in massive benefits.
