#47 Fluxgift(验收完成)

Project Website: fluxgift.com
Project Introduction:
Fluxgift provides a catalog of gift cards, bill payments, prepaid mobile refills that can be purchased using the Conflux CFX.
With Fluxgift you can get the value directly with your CFX rather than first converting to fiat to buy gift cards and do bill payment.

Achieving goals:

  • Medium of exchange
  • CFX adoption in Africa
  • non-cash remittance
  • Donations

Time node: February 2020-March 2020
Project Achievements: Current platform allows buying of gift cards and the ability to do bill payment

Project progress plan:

  • New web platform UI implementation.
  • Adding more Africa countries Bill payment service

Remarks: Future Plan (not in this application plan): Development of a mobile app with features like wallet address generation, instant
buy, royalty reward, and building an ecosystem around Fluxgift. A one-stop-shop for gift
cards, bill payment, Virtual cards for payments on the Conflux.

Applicant : Gbolahan Onadeko

Collaborators: Akinsuyi Joshua, Nwosu Chinaecherem Emmanuel, CY Uket.

Team background:
The team is experienced Nigerian-based developers in building blockchain base app and delivering quality service.

Funding details:
Development Cost: $5,000 (1 front-ends, 1 back-ends, 1 UI designs are required)
Promotions: $2000 (Ads on Twitter and discount for purchase done with CFX)
Hosting Fee: Two instance of VPS (Backend and Frontend servers) x $45 = $1080
Each VPS: 2 vCPU | 4 GB from IBM.
Monthly operational cost: Customer/Support x 1=$100/month, Technical x 1=$500/month(6month=$3600)

Liquidity For Bill payment and gift card:
Subjected to Conflux discretion, But I feel a range of $10,000- $15,000 works for a start to see how things pick up. Funding total : $11,680 + (liquidity: $10,000 to $15,000)

Repaying Liquidity Fund
We plan to complete the development of the Application in March 2021, And will need at least 3 months for market filling, First repayment of 50% should happen in the 5th month and the second 50% would happen 3 months after the first 50%.

Whether it is open source: Not open source

Product link: https://live.fluxgift.com/

Source of inspiration for the project: Conflux Hackathon.
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Business Model:
-Why it’s profitable
Fluxgift makes a profit since there is a discount on all purchases done on its platform, eg for a 100 USD gift card or bill payment, Fluxgift makes between 1-3% depending on the type of gift card/bill payment.
With more usage of the platform, We can get better deals from the gift card issuers.

Operations:
How to get the initial audience
Our Initial Audience will be Nigerians currently having issues with converting their crypto to fiat to pay for services due to the recent CBN restrictions on deposit banks from processing off-ramps.

How to scale
We will scale by making the platform robust and also providing region-centric rewards, loyalty points, and offers.

KPIs (volume predictions / forecast; user base predictions / forecast)
At launch we expect the volume to be between 5,000- 7,000 USD/month while we do user acquisition in the first 4 month
UserBase Prediction: With offers and referral points and providing the best rates to providing services we predict an x3 user increase from the first month.

Market expansion plan
The market expansion plan is providing regional base service(bill payment and gift cards) starting with West Africa and onboarding more Africa-based services rapidly.

Investment opportunities (shares )
With this service success, we will be able to raise a round to expand across Africa once we start having more buy pressure on our credit than we are able to turn over.

how does the CFX to NGN/USDT conversion happen?
The liquidity provided from this proposal will be converted to USDT via Moondex and sent to our bill payment/ gift card Merchant which is used for each purchase done.
When a CFX holder buys a gift card or do a bill payment, the CFX returns to our wallet and the USDT is used for paying.

Initial Product listing and upcoming product listing?
We will have the following at launch. Airtime to (United States, Nigeria, Ghana) Bill Payment( Nigeria, Ghana).
Upcoming product list: Access to a wide range of US gift cards such as Google, PUGB, Amazon, etc.

Link to demo video :

In the demo pictures and videos, we can see that the product has been launched, so why do we still need the development cost?

is the cfx customer transfered to you instantly converted to cusdt ? if so at what price?
what will happen if the cfx to usdt price goes down or goes up on moondex before the customer finishe the transfer?

Hi @LoveCity
the version you saw was built for the Conflux Hackathon in 2020, With this Proposal we will be able to build a better version that scales and with a new UI that makes it easy for users to do bill payment and buy gift cards easy,
When we are done building it will be able to connect to Conflux portal, have a user area with wallet address and loyalty point features amongst others.

CFX holder do not have to go through cUSDT, that is why we are requesting Liquidity fund to cover that process.
When a CFX holder do a bill payment or buy a gift card the app calculates the value of the service ( gift card or bill payment ) in USD using the going rate of CFX on the exchange via Coingecko API then present to the user the amount of CFX to pay.
Once the user pay the CFX, they receive the value.
The CFX received from the user is then returned to app wallet that will be used to purchase USD when liquidity is low on our merchant accounts.

the price users pay you is different from the price you pay to perchase usd liquidity ?
how can you make sure you dont lose money ?

We have measures in place to mitigate against significant loss of fund.

can you please rephrase this question.

Confirmed your request, please introduce your project at March 14, 14:30 UTC+8, (7:30 UTC+1) via tencent meeting. The meeting link will be sent at March 14, 10:30 UTC+8(3:30 UTC+1)

1 Like

Thanks, Looking forward to this.

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参考意见:

  1. 不知道要怎么购买,需要明确说明谁来进行otc,出现逆差怎么处理
  • 如果能成功让CFX支持线下实物或者服务的消费,不失为一个非常好的宣传点。
  • 根据目前的机制,商家接受CFX后不会马上换成USDT,考虑到CFX-usdt价格的可能巨大波动,如何让商家在波动中利益不受损失需要设计更好的策略。
  • 用户营销和增长的策略未详细说明,建议重点补充,否则大规模落地的可能性较低。
  • 为非洲币圈提供一个非常好的变线产品
  • 支付代币是CFX,给Conflux代币带来了一个现实生活中的应用场景
  • Fluxgift本身是通过批发产品的买卖盈溢,从接受USDT的批发商买大量的手机卡,卖给非洲用户。
  • 根据申请资金的介绍,大部分的申请余额是是为了当初的本金,如运营顺利6个月Fluxgift将还这一部分给TOC (Repaying Liquidity Fund). 这个流动性是为了从商家低价的买入手机充值卡,等等。
  • 希望能更明确的提供一些将上线的产品

Currently, we plan to do end of a day conversion from CFX to USDT to avoid volatility, But with feedbacks, we will implement a process that trades it for going rate on Moondex going forward.
Thanks for your feedback.

https://meeting.tencent.com/s/KeYGSBtWnNf9
腾讯会议地址。:handshake:

2 Likes

我猜这项目过不了,因为技术委员会听不懂英文啊。:grinning:

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i hope that wont the the case

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能扩大cfx的影响

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需要支持一下 大胆的一个尝试

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I agree this project. but one question, how can you repay the liquidity $10,000 to $15,000 because there is no collateral?

申请金额,请给出明确的总数量。

Total Development cost : : $11,680
Liquidity ask : ($10,000 - $15,000)