Big App Update News!

Dear community, users, and investors!

Whilst the team is working hard behind the scenes on the upcoming release of the next big app update, we realized the importance to keep all informed on the development and future of the project itself.

We believe that we have come to a point where we are able to bring Flits to a larger audience and define a new path for going forward.

New Flits App

As many are already aware, we are currently working on version 5 of the Flits app! This new version incorporates four major improvements:

• User experience and improved design
• Technical stability and performance
• Improved functionalities and features
• Incorporating Defi

First off, we wish to thank all who are currently making use of (or historically made use of) the Flits app, for their involvement in the project. We greatly appreciate and value all the feedback and insight which we receive from our customers. Although it can sometimes be difficult to incorporate specific changes/adjustments (actual implementation and time taken), we do wish to emphasize the fact that all feedback received is taken on board and incorporated (where possible) in future updates/changes to the app. With a small yet innovative team, development is an ongoing process. Although it is not always practical to make changes right away, we do try our utmost to combine everything into larger updates.

What to expect from the new app update

• New features allowing Flits to be more easily accessible for those welcomed into the community
• Enhanced performance and stability regarding the app itself
• Improved visuals and information allowing users greater control, as well as insights into their portfolio
• Improved support system with better customer interaction
• Incorporating Flits coin as Defi to create more cohesion within the app and the Flits ecosystem
• Improved security

After an arduous adventure spanning almost 2 years, we believe that with this new soon-to-be-released update, we are approaching the final core version of the Flits app. We have built it to be more scalable, and with partnerships in mind, easier to adapt to new technologies. Ideally, this will help us reach to reach a point where we are able to provide almost every service available in the crypto space, in accordance with EU law and regulations. In a nutshell.. this new version of the app will be more future-proof and easier to develop further.

Flits Defi

We are elated to release this first "official" statement of one of the most drastic changes to the Flits project. It goes without saying, that we believe it to be one of the most important and beneficial changes, which our app users and investors may look forward to.

After witnessing the Defi hype of the last little while, it is fair to say that there are two sides to the story. Since the beginning of Defi, we have been closely tracking the development and usability of this form of decentralized finance, exploring potential opportunities and identifying challenges. With near certainty, our intention is to bridge the current Flits Blockchain to an Ethereum based chain. Some may wonder why have we chosen to bridge to an ETH based chain?.. we, therefore, wish to identify the following reasons:

• Better integration with the Flits app;
  
• Providing more services and features inside the Flits ecosystem;
• An enormous network of knowledge and potential customers will be reached;
• Easy to set up and maintain;
• Less maintenance improved stability, and more security;

We have been entertaining this idea from the start of Covid-19, and while there are definitely some downsides.. we have concluded they are massively outweighed against the huge potential benefits of Defi for Flits. With Defi, we are able to arm ourselves against upcoming European and worldwide regulations, that may have the potential to change or limit the role of Flits in the future. We see a place for DeFi and smart contracts to fill some gaps within the app. Both improving upon current features and making new ones possible, whilst of course maintaining complete integrity. This will also mean that members of the Flits team, could perhaps spend more time on other forms of development, expanding the outer Flits ecosystem for example.

In the end, we believe that with Defi we have more opportunities, and be able to provide a better cohesive relation between the ecosystem and the app. Flits Defi will be the main currency within the app and ecosystem, collating different facets of the organization. Instead of simply the app and the coin co-existing, we rather desire to incorporate it more within the actual ecosystem.

As of now, we are looking into two different chains to bridge too; BSC (Binance Smart Chain) or MATIC (Polygon). Both chains have their benefits and disadvantages, so we are still comparing the two. What matters most is that we want something that is future-proof and will not negatively affect the user experience of the app. That said, that is also the reason why we are currently not choosing for native ETH, because of high gas fees. We will not be able to incorporate that nicely within the app. 

Flits ecosystem expansion

With Defi essentially becoming the ‘oil’ in the Flits ecosystem ‘engine’, we are planning on expanding our services outside the app and into other dedicated platforms. Our first release will be the Flits 'cold host' platform, where people are able to host their master nodes in a manner similar to that of one of our competitors. This will hopefully diversify our user base and help people experience some known benefits of the Flits app, but outside the app. This should help to improve masternode hosting within the space, as we position ourselves to offer better quality hosting for lesser-known coins. 

Marketing 

The last couple of months has seen some questions and even criticism surrounding the marketing strategy of Flits. We wish to reassure our community, that with the upcoming changes to the app and broader Flits ecosystem, we firmly believe that we are indeed nearing the point where the focus can be shifted to larger-scale campaigns targeting specific customers. Our marketing strategy is data-driven. Meaning, we are able to predict, measure, and learn from the activities which we perform. At this precise moment, we are not confidently in a position to pursue such campaigns. This is predominantly due to the fact that resources are still very much limited, with our small but talented team actively managing and developing our fully functioning app.

We understand that in this rapidly evolving space (where the next big thing is always around the corner), it is important to ensure that your product or service is prepared to scale up and react to these developments. Because of the tempo, the market is developing at (and accompanying volatility), we have been investing significantly more in the expansion of the Flits team and structure. 

Whilst striving for transparency, we wish to reiterate that our long-term plan remains the same. I.e. To ensure that we are ready to provide a near-perfect experience for our customers, prior to targeting a broader audience. We value the creation of a strong foundation over pushing mass adoption.

ETA

Because we are expanding the Flits team at the same time as we are building the new update, and we of course have to keep daily activities up, we aim to have the update live around October 2021. We are currently working hard to get this in order, but we have also chosen to make sure we have new team members and people in place to incorporate into the new app structure. This way we will have less dependability from just a few people in the team. This should have a major effect on the efficiency of the development of the project in the future.