As previously shared with you in Discord and Telegram, we would like to clarify some of the questions we have seen in the Flits channels in the last couple of weeks. I know that we have presented the community and investors with big changes, and I think it is a good idea that we provide some more information on the situation. Right now there is a lot of doubt about the future of the Flits project, but we can ensure there is nothing to worry about. We have been, and are still working hard on the new V5.0 update and the upcoming expansion of the Flits Ecosystem in general. To make sure we provide a better understanding of the situation we will also share a global timeline of our current plans with the project.
Important note from the team:
Due to the importance of this announcement, we would like to ask readers, to read the provided information with care and their full attention. There have been too many occasions where information provided by the team has been taken out of context or users had questions that while the answers were already provided in the information that was shared by the team. Another important statement from the team, we will no longer condone users sharing false information based on statements or information shared by the team. We have encountered on numerous occasions that users use the information provided by us, as a way to spread false information or use this information out of context. We encourage everyone to ask questions and share their opinion, but members of the community who are guilty of these aforementioned allegations will be removed from Flits community channels.
Flits (FLS) Coin
In the last couple of weeks, we have heard a lot of users talk about the current situation Flits is in. One of the biggest questions marks we have seen is in regard to the Flits (FLS) coin. We have stated that we will be making the move towards Defi, which means the current coin would be swapped for a (Defi) Token. The reason for this decision is that with a token, we have many more ways of utilizing the coin inside the app. We know that the description and reasons we provided to the community were too vague and not specific enough, which resulted in a lot of fear and uncertainty about the project. We are sorry we have created this situation. Right now, we are working over hours to make sure everything aligns perfectly with the new Flits app. We have never had the intention to spread rumors or create uncertainty about the future of the project. We should have taken into consideration Masternodes and Defi are two different worlds, and we should have been more elaborate on the reason why we want to move away from our own Masternode coin, and what would be the real benefits for the investors and the Flits ecosystem.
We have left investors and users in the dark, while our intentions have always been good. We have a clear vision of the future of Flits and based on that we want to move forward. This sometimes means we move a little ahead of ourselves, and we should do better informing the investors and users of the project. We understand users have been upset with our decision, and we also understand why some users may doubt the project because of this.
Now that has been said, I would like to clear some things up and share the following timeline with everyone:
- As we are still working on specifics and taking different factors into account we can state that Flits will not make the move to Defi Token right away, and it will take at least until March 2022 before we are going to share a specific timeline where we explain our plans and intentions. This includes an elaborate plan on what features will be introduced with the swap to Defi and why we believe this is a wise decision to make. Until this time, Flits will support masternodes.
- From January/ February next year we have been presented with a great opportunity, as a very talented and capable young student has shown interest in the Flits project and would like to do his final internship with the project. We are very enthusiastic about this opportunity, as he has been working with the optimizing and creation of smart contracts for different years now. This includes a deep knowledge of Ethereum based chains, NFT's, and Smart contracts. With him helping out and exploring the possibilities, we are able to look into different, new, and innovative applications of Defi inside the app. This student would be able to research, build and test new features that could be very beneficial to the FLS ecosystem. We would like to emphasize the fact that the capabilities of this young man transcend the skill set we are used to seeing when referring to interns.
- We can guarantee the shift to Defi will be well calculated, well communicated, and happen based on a clear vision and plan. We have no interest in repeating or recreating situations where other projects have failed in the past. We really believe that Defi is a smart move for the future of the Flits project, and now it is our task to explain why. So I would like everyone to take this information into account and not to worry about us making swift and not calculated choices. Our current challenge is translating our vision and plan into a clear roadmap for the users and investors.
- In the meantime, we also would like to inform everyone we will be working on improving our current masternode chain and updating to the latest Pivx version. Right now we are working hard on releasing the new app for FLS and in the meantime, we have already been working on this update as well. So understand that masternodes will not only still be supported within the Flits project, but we will also keep development going while exploring the possibilities of Defi.
App update & Partnerships
First, we are proud to announce that with the new app we have been granted an official (non-exclusive) partnership with Bitrefill (https://www.bitrefill.com/). Bitrefill is the biggest crypto-friendly gift card provider in the world, operating from Sweden and offering its services to almost all countries in the world. With their triple-A service levels, we believe Bitrefill is the right pick for the Flits users. With V5.0, Bitrefill will be enabled inside the app and users can enjoy worry-free gift card shopping, without having to worry about GC being out of stock. That said, unfortunately, it will not be possible for users to buy new gift cards until the new app is live and Bitrefill is added to the app.
Secondly, we are also very happy that we have received information from a new partner that they will be working with us on enabling the mining feature inside the Flits app. Specifics are yet to be discussed, but this would mean mining can make an appearance again inside the FLS app, but this time with the user's funds directly in control of the user themselves. Making it a better fit with the non-custodial nature of the Flits wallet app. Flits will no longer be the middle man of this operation and users will directly plugin with one of our partners. This way we can provide a better service and focus on what we are good at while utilizing the services of excellent third-party providers. There is still a lot we will have to discuss with this new partner, but they are confident we can start working on this partnership starting from January 2022. Please understand this timeline may change due to a lot of different factors, but know that we are working hard on getting features and services back up again inside the app.
Flits community questions
1. Q: Will Flits V5.0 support masternodes or do I need to move to another hosting platform?
"Flits will still offer masternode hosting inside the app, users can still deploy masternodes inside the Flits Wallet, and we are not considering abandoning this feature."
2. Q: Do I need to swap my coins for the new token?
"Right now nobody has to worry about swapping their existing Flits any time soon, as explained in this announcement we will work on an elaborate timeline providing users with better insight into the plan to move to Defi. Including, features, improvements and expansion of the Flits ecosystem"
3. Q: What will the use case be of FLS when Zero-fees goes away?
"The zero fee feature has turned out to be an untenable and ill-conceived feature for Flits. Many users have enjoyed this feature, but as a result, the project has had difficulty keeping the feature alive, with the value of the masternodes decreasing drastically. Therefore, we are working on a replacement feature for zero fees for when Flits V5.0 will be released. We are still working on the specifics, but users will be receiving benefits from using FLS inside the app. We just need a little more time to work out the specifics, but we are confident users will get a good deal with the new structure. More importantly, this will also greatly increase the sustainability of the feature inside the app.
4. Q: Will there be KYC in the new app?
"There will be No KYC inside the app, this was just displayed as a draft of the designer".
We hope this announcement answers a lot of everyone's questions, and feel free to use Discord to ask for more information or provide some feedback and suggestions. We are happy to help and to take your feedback into consideration. Please also understand that while this announcement is being released, we are already working on more specifics in a dedicated update for the upcoming weeks.