Falcon Project’s First DeFi Voucher Payments

By Crypto Adventure | Crypto Adventure | 31 Aug 2020

The blockchain technology has witnessed unprecedented growth in the couple of years it has been around. Numerous projects involving tokens, DeFi, payment platforms, etc. have been launched over this time. Nonetheless, with new projects coming out now and then, only a few manage to live up to the hype. Only those with unique features manage to attract the followers in the enthusiastic crypto community. 

One such vibrant project leveraging the blockchain technology and changing the dynamics in the crypto space is Falcon. The project implements a unique hybrid mechanism that involves two completely interchangeable blockchains. The hybrid blockchain mechanism allows users to choose between anonymity and privacy or speed and convenience. Falcon also features a unique reward system that includes NFT’s referred to as “vouchers,” which are DeFi components used in cold staking. With the fast payments of ERC-1155 vouchers having successfully started to spread among holders’ wallets, here is an in-depth look at the Falcon Project’s unique reward system.  

Falcon Project Overview 

Falcon Project is a hybrid ecosystem that involves two completely interchangeable blockchains. The project combines the ERC-20 blockchain, which runs on Ethereum and Falcon Project’s coin, FNC. The ERC-20 coin, i.e., FNT token, is the technical standard leveraged by Ethereum smart contracts for implementing tokens. FNT token is essentially the Project’s official asset. 

FNC is the Falcon Project’s native coin, which offers a gateway to anonymity and privacy in the entire ecosystem. While FNT is listed on exchanges and can be traded with other crypto coins, FNC cannot be traded on exchanges. Its primary purpose is to allow users to perform anonymous transactions between holders with an increased security degree. FNC holders can exchange the token with FNT in the ratio of 1:1 to trade on exchanges. In essence, FNT and FNC offer users speed, convenience, anonymity, and privacy when a transaction is on the blockchain.  

In addition to the two chains, the Falcon Project also implements a third chain, the ERC-1155, token. ERC-1155 is referred to as vouchers and forms the basis of the Falcon Project’s reward system that offers users a chance to receive dividends of 10% per quarter or 40% per year. 

Falcon Project Reward System 

Falcon Project features a unique reward system that employs Proof of Hold( PoH) rewarding mechanism. 

Falcon Project’s PoH involves two types of tokens, i.e., ERC-20(FNT) and ERC-1155(Vouchers), which can actively be exchanged. To earn rewards, users must deposit at least 500 thousand FNT tokens or 1 million, 5 million, 10 million, and 50 million FNT tokens.. They then need to exchange their tokens for a voucher equivalent to the amount they wish to freeze to earn a reward of 10% every three months or 40% per year. The recent lunch of 500, 000 FNT vouchers is aimed at making Proof of Hold technology more affordable to Falcon Project users. All the vouchers whether 50 million or 500 thousand attract the same profit i.e. 10% in 3 months and 40% per year.  

Simply put, users swap the FNT with vouchers and hold it to receive rewards. In 92 or 365 days, if a voucher is not moved, an automatic payment in the rate of 10% or 40% of the amount of FNT tokens that are frozen in it. 

Falcon Project Vouchers Unravelled   

Falcon Project vouchers are ERC-1155 tokens based on the Ethereum blockchain. Falcon implements these vouchers using Enjins Machine Learning Development. ERC-1155 voucher can be described as a card on the Falcon ecosystem that confirms ownership of an equal amount of FNT token with rewards given out quarterly or yearly. 

The Falcon Project voucher exists in 5 denominations: 500 thousand, 1 million, 5 million, 10 million, and 50 million.The total amount of issued vouchers is limited to 5 billion FNT. Distribution of vouchers is as follows.    

  • Voucher 500K – 200 pieces 
  • Voucher 1M – 250 pieces 
  • Voucher 5M – 170 pieces 
  • Voucher 10M – 150 pieces 
  • Voucher 50M – 38 pieces 

The project will only issue 808 pieces of vouchers. Therefore, with time, the supply of FNT tokens in the market will decrease as more users freeze their FNT tokens in vouchers to get lucrative rewards. Limiting the amount of FNT tokens low will help solve inflation and enable the token to maintain its value with time.  

In addition to being available on the project’s exchange system, users can buy or sell Falcon Project vouchers on the Enjinx trading platform. More information about Falcon Project ERC-1155 vouchers is available here.

How to Swap FNT Tokens for ERC-1155 Vouchers 

To receive rewards on the Falcon Ecosystem, you first need to swap FNT tokens with ERC-1155 vouchers then hold the vouchers for a particular period. Users can swap ERC-1155 vouchers via the exchange system, which operates on two platforms simultaneously. You can either use the official website via the swap form and Falcon’s official telegram bot: https:@Falcon_SWAP_Bot. Below are the steps for using each platform. 

Using the Official Website via the Swap Form 

  1. Access the swap form on the website. Read and accept the user agreement form. 
  2. Select the name of the exchange, as well as the asset you want to send and receive. Fill in the required fields and finish by clicking the “Accept” button. 
  3. Confirm the information you’ve entered is correct, then click “ Accept.” 
  4.  Send the FNT and Voucher to the specified address. Click “OK” after submitting it. 
  5. Enter the hash of the transaction of the assets you sent(FNT, Voucher) and click “OK” to enter 
  6. Finally, click “OK” to submit your request for processing. 

Using the Telegram Bot 

  1. Launch the @Falcon -Swap-Bot with the /start command and accept the term of use 
  2. Select the desired exchange direction. Enter your ERC-20 address and select the denomination to exchange. Then click next. 
  3. Countercheck the information. If it’s correct, proceed by sending the assets to the address specified in the bot. After the transfer is complete, you will be required to enter the transaction hash in the specified field. The request will then be complete. 

Closing Words 

The Falcon Project is indeed a game-changer in the DeFi sector. The project incorporates two blockchains to form a robust network that gives users the option to choose between a standard coin and an anonymous coin when transacting on the blockchain. Better yet, the project integrates a lucrative reward system that involves the ERC-1155 voucher. With rewards of 40% p.a or 10% in 3 months, crypto investments just got better thanks to the Falcon Project. First voucher payments are already credited! Stick around for more updates as the payments are in full swing.

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