When it comes to the blockchain and cryptocurrencies, it is always good to see something a bit different coming out as it shows the full extent to which blockchain technology can be used. FlipNpik is one such example as they are in the process of launching their product which is basically social media for local businesses. Now, even though the concept itself is not new, incorporating the blockchain into it does make it slightly different from the norm, but what can we expect from it all?
What is FlipNpik?
The overall aim of the project is to provide local businesses with a workable, and scalable, social media platform. The ecosystem that has been created, along with the development of the platform itself, is going to provide businesses with the ability to create information and content while collaborating with potential customers via the platform.
They state that they will provide local businesses with an affordable option for local marketing while also encouraging users to become more active in actually promoting those local businesses wherever possible. The people behind the app also state that they can offer the businesses different inbound targeted marketing approaches with this not costing a fortune due to the savings that are made by using the blockchain.
In other words, they are hoping to promote local businesses and to do so without breaking the bank.
The Technical Aspect of FlipNpik
The first thing to say is that this project is going to appear on the Stellar platform but perhaps the key thing to remember in this instance is that it is all about collaboration. Users can even add local businesses to the app in order to help promote them and spread the word with them then being given rewards as a result.
However, from the technical side of things, the majority of the work is done via the social media app, as well as the Internet browser option, with it working along the lines of other social media applications. For our sake, and dealing with the blockchain, it becomes a lot easier to understand the technical aspects as the tokens and blockchain play very specific roles in the entire project.
For example, businesses will use the token created by FlipNpik in order to purchase additional services to help their business. This is done on the blockchain with the transaction being placed on the public ledger offering complete transparency with the transaction. For the users getting rewards, then they are going to be paid up to 20% of the future payments by the businesses that they bring to the network with this also being in the form of tokens deposited into their digital wallet.
The Advantages of FlipNpik
At first, some people may think that this is just another social media platform and that it will struggle to get some of the market, but that is not an accurate assumption to make.
The main advantage is the way in which they focus on collaboration between not just the business and the user but also between businesses in the same locality. This is all about increasing visibility and actively promoting each other and, in the process of doing so, they will be able to create a rather vibrant and healthy community.
This is something where the blockchain can work very well since it is used as a form of payment so there is nothing new with that aspect. This does mean there’s no need to be worried about payments in different currencies as they only run with the one on the network meaning people are fully aware of the value of each service in advance.
The Financial Aspect and the FlipNpik ICO
The FNP token is a utility token and the company states that they are going to release a total of 1 billion tokens for the platform. Out of this number, some 350 million tokens will be available during the ICO with another 500 million being held back and released gradually over the course of the next four years. The balance will then be used as a token bounty as well as management of the network itself.
For the ICO, they are only going to be accepting ETH and one fiat currency which is the Euro. They have decided to go with no soft cap but there is a hard cap in place which has been set at 115,000 ETH. During the ICO, the exchange rate has been set at 1 ETH equating to just over 3000 FNP.
Overall Conclusion About FlipNpik and the ICO
There is no doubt that the product on offer is new and is a rather exciting concept that should be embraced by a number of businesses around the world. The fact that users can also be rewarded for playing their role could help to tempt others in as will the opportunity to save money via special deals and coupons only available on the platform.
The way in which they are focusing on local inbound marketing methods should also prove to be a success especially if they are making full use of the reduced transaction costs associated with the blockchain. Any business that sees value in what is being offered, without it breaking the bank, is at least going to be interested in discovering more.
From an investment point of view, there is very real potential for these tokens to increase in value as it is difficult to see businesses not coming on board with this project. Yes, it might be slow at the outset but that is why the users will be so important with the way in which they will help the network to grow.
It is easy to look at the way in which other social media platforms have performed, including those that are using the blockchain, to determine that this project by FlipNpik could be going places. With more than enough tokens available, along with the drip feed of additional coins over the next few years, this could very well turn into a rather worthwhile investment.
ANN Thread: https://bitcointalk.org/index.php?topic=3405728
Bounty thread: https://bitcointalk.org/index.php?topic=3412954.0
Check my post on steemit: https://steemit.com/crypto/@dan90/flipnpick-ico-review