Fyfy’s Choice of Platform-Why Choose One When You Can Have The Benefits of Two?
‘Decentralized platforms and metaverse are developing at a fast pace and there are various options to choose from. However, at Fyfy, just good is not enough, it needs to be the perfect one. Each platform offers different features and those that have been longer in the markets have already shown their strengths but also their weaknesses. As for safety, speed, and low cost are Fyfy’s main objectives, the correct choice of platform serves as an essential part of our services. When making this decision Fyfy was not willing to compromise any of these principles. The platform needs to be of best quality.’
Making the right decision requires a lot of research
As seamless and functioning payment system requires lots of special criteria, and we made a comparison taking a variety of different features into consideration. Our development team was balancing with different technical requirements such as speed, cost-efficiency, and network strength. Also, qualities such as strong partnerships, history track record, number of validators, and connectivity with other networks were essential areas in our decision making.
To achieve the best result, we compared different platforms. The reason how we finally made the choice was not easy, as none of the options completely fulfilled our high requirements. After technical analysis and balancing between multiple alternatives, it became clear that a multichain option would be the only solution pursuing close to perfection. With confidence, we announce our two choices Ethereum, and Solana which enable the completion of Fyfy’s ambitious vision.
From the multichain option to success
Ethereum is the choice for our Fyfy token, because it allows us to develop a large network where functionality, transactions and swaps can be easily executed. In addition, Ethereum enables access to large DEXs and brings Fyfy available for a large investor group. Furthermore, open-source code and community voting are crucial for the decentralized development of the entire Fyfy ecosystem in the future.
One of the biggest criteria where we needed to make compromise was writing contracts. It is easy to write challenging contracts on Ethereum, and we already have one expert in our team. Whereas, in Solana contracts are challenging and it’s difficult to find experts in this field.
As currency, we have chosen USDC backed Stablecoin for making cheap and instant transactions with Fyfy. With current payment methods transactions can be useless for days between banks and other payment providers. In addition, when transactions are completed directly, they are not vulnerable to fluctuations between different currencies. For this reason and also because of high transaction fees, it was obvious, we could not choose the Ethereum blockchain. We believe that Solana is also one of the first networks supporting stable euro in the near future.
The best features in Solana are its enormous speed of over 50.000 tps and even around 500 ms. It doesn’t only enable rapid transaction times but also an extremely low transaction price. When the network is growing even bigger, it is possible that Solana is able to reduce its transaction speed even in half from the current speed. In addition, Solana’s network is fully decentralized so that community can develop it, and it has already made breakthrough with lots of projects building on it. We are confident that Solana is able to maintain its speed now and in the near future.
One of Solana’s amazing features is that its Wormhole offers a bridge between different networks for swapping tokens from eg. Fyfy token to Solana’s SOL token. Finally, with Apache License, it is possible to use forking, if Solana is not able to scale in the near future due to network burden caused by Fyfy or services. In this way, we can benefit from the fastest possible Layer 1 network technology in use and develop it even better.
When values matter
When comparing Fyfy with other current payment platforms, the right choice is critical as we are developing a solution for the micropayment problem and plan to offer service for cross-border payments with a quicker, user-friendlier and more cost-efficient solution. In addition, the chosen platform needed to comply with Fyfy’s vision of being used as a primary service for transactions among a majority of the world’s population and we think that the current choices meet perfectly with these ambitions.
With Fyfy’s platform choices, also our core values played an essential role. Platform reputation and business profile needed to comply especially with features such as openness, responsibility, equality and reliability. We are confident that we made the right choice as Ethereum is seen as a strong and reputable, long-term market dominator on which a majority of projects are building on, whereas Solana is reflecting new ground-breaking technology and fresh winds of a revolutionary future.
Now that the choice between platforms has been made, our team is eager to continue our journey and development of our services on top of Solana and Ethereum. Stay tuned for new updates!
Jenna / Fyfy.io