What is Fly crypto (Flycoin)?
Fly crypto (Flycoin or “FLY”) is a cryptocurrency which is based upon the flier loyalty reward program. FLY is an ERC-20 token built on Ethereum blockchain.
It is based on the simple yet novel concept of fixed supply of reward points. Similar to the principle of bitcoin’s fixed supply which results in intense loyalty among those who holds it, FLY will to incur the same value among its holders. The company behind the Flycoin, FlyCoin Inc, will provide a turn-key off the shelf loyalty reward program system and simply integrate modules and applications for airlines and travel industry partners to execute and launch FLY to empower their loyalty programs.
Background for Fly crypto (Flycoin)
The first contemporary frequent flyer program was developed in 1979, and it gave airlines a quick and easy way to foster consumer loyalty by keeping track of their mileage traveled and rewarding their most loyal customers with discounts. A few years later, the first hotel rewards program with a comparable design was introduced. Since then, corporations have added partnerships to broaden their suite of rewards services to clients, and these reward points now more closely resemble a type of currency. As a result, the travel and hospitality rewards programs have gradually changed.
The three main U.S. airlines raised nearly $25 billion in debt financing between September 2020 and March 2021, which is more proof of how much value some of these rewards programs are considered to be.
Limitation of traditional reward system
There are still considerable limitations on the customer’s ability to use loyalty programs, despite the significant value they have generated for some of the biggest and most reputable issuers of rewards points. The reward’s expiration date, transferability, conversion rate, and redemption options are all still at the issuer’s discretion.
Now customers are becoming more sophisticated and seeks better options with their travel reward points. To serve this need, Flycoin is trying to provide better alternatives to customers where loyalty is not rewarded with a fictitious form of currency with extremely constrained possibilities rather than with a true currency based upon blockchain technology. In order to empower clients, Flycoin is developing a unique cryptocurrency-based rewards program for the travel and hotel sector.
The Goal of Fly crypto (Flycoin)
Flycoin thinks that a loyalty reward can be made to benefit both the consumers and providers at the same time. The company set the goal to get rid of loyalty rewards expiration dates, the depreciation of loyalty rewards over the period of time, limitations on non-transferability nature of rewards and restrictions to exchange loyalty rewards easily for other valuable assets.
Additionally, they want to create a global network of loyalty program participants so that FLY can be earned and redeemed anywhere in the world, expanding FLY’s usefulness and ensuring its long-term value.
They also think that by creating a global framework of values for the travel business, they have a chance and a duty to address ecological effects on the environment as well as significant social problems involving the travel industry and local communities, such human trafficking.
The main purpose of Fly crypto (Flycoin) is to establish a decentralized loyalty economy built on blockchain technology and a new currency called FLY, specifically for the travel and hospitality industry. Flycoin think that there is room for disruption in the current travel and hospitality programs. In order to make rewards programs more scalable and inclusive for everyone, their objective is to build a network that empowers millions of individuals to reimagine commerce, travel, community, and experiences.
About the company behind Flycoin
Flycoin Inc is trying to revolutionize the loyalty reward program. Flycoin is an example of how loyalty systems have developed. With the help of FlyCoin’s cutting-edge technology infrastructure, businesses in the consumer loyalty sector, such as those in the travel and hospitality, insurance and benefits, financial services, and other industries, can now offer customers a powerful, fully managed incentive system that is more centered on their needs.
Thanks to Flycoin Inc, users now will be able to earn Flycoin token or FLY. This reward has several different ways to be redeemed and doesn’t expire like other traditional rewards. The Company intends to start trading FLY on the various cryptocurrency exchanges later this year. The consumer-facing Flycoin app and API for partnership integrations are expected to go live in third quarter of 2022, further revolutionizing the travel rewards and loyalty sector.
According to the company, Flycoin has the unique launching advantage because of their prior relationship with the airlines like Ravn Alaska and Northern Pacific Airways. Flycoin is a cryptocurrency asset with a fixed supply and wide distribution that makes travelers the beneficiaries of everyone who participates in Flycoin’s future trip.
How can you earn Fly crypto (Flycoin)?
Airlines are a very powerful vehicle for the spread of a new loyalty currency in the economy. People are used to receiving rewards from airlines, and they appreciate and treasure their miles and points.
Flycoin uses travel rewards, a concept that the ordinary customer is already quite familiar with and at ease with, to expose the tremendous features and qualities of cryptocurrency. Customers who use Flycoin will be able to take advantage of cryptocurrency’s merits without needing to be knowledgeable about it or even aware that it is one. Simply by taking a flight with a participating airline or spending the night at a member hotel or resort, customers can earn FLY.
How Flycoin will come to life?
According to the Flycoin Whitepaper, FlyCoin Inc. will create the cryptocurrency Flycoin (“FLY”) and collaborate with business and market partners to guide the ecosystem’s expansion.
FLY will start off on ETH as an ERC-20 token. Commercial aviation worldwide generated $838 billion in revenue in 2019 and was on course to reach $872 billion in 2020. (pre-COVID). Airlines often spend 4 to 5 percent of their revenue on loyalty programs. This would represent an addressable market of $44 billion (not including hotels, resorts, car rental, and other potential participants). If FLY get a 10% market share, $4 billion would be cycled through the Flycoin ecosystem per year.
Although FLY’s initial focus is on the travel sector, there are opportunities for it to go further and be used more widely across the economy. In Alaska, they will develop and test these approaches. It will be crucial for Northern Pacific Airways and Ravn Alaska to spread FLY throughout the Alaskan local economy. As a result, wherever Flycoin’s member airlines fly or its travel partners operate, Alaska will act as a hub for the incubation of Flycoin and as a model for spreading FLY into local economies throughout the globe.
Fly crypto (FLY) fundamentals
FLY is built on Ethereum blockchain with ERC-20 token protocol. Fixed amount of FLY will be minted before its launch and will never to be increased.
The precise amount of FLY will depend on the committed five-year supply requirements of each launch partner as well as allocations for future partners, FlyCoin, Inc. and The Flycoin Charitable Foundation, which was established with the goal of accelerating decarbonization across the travel and tourism industries and addressing other social impact opportunities related to the travel sector and the communities where FLY is adopted.
Fly crypto is a worldwide rewards program. The use of FLY by any travel partner as the currency for their rewards program automatically enrolls them and their customers into a virtually global partnership without the need for multilateral agreements, without requiring any changes to their current program. The applications of Flycoin go beyond the travel sector.
Alaska will serve as the testing ground for the progression of Flycoin adoption from travel rewards towards utilization as a common local currency, a model that they will replicate globally, wherever Flycoin travel partners offer service. This will be done by leveraging the participation of Ravn Alaska and Northern Pacific.
Pre-launch coinage will be limited to 100 billion and will never be expanded. After launch, that sum will only vest at a rate of 5% on a quarterly basis.
Proposed allocation of FLY
|Recipient||Purpose||Allocation in %|
|Launch Partners||Loyalty and rewards to customers||40|
|Future Partners||Loyalty and rewards to customers||30|
|Flycoin Inc||Support/promote the FLY ecosystem||20|
|Flycoin Charitable Foundation||Decarbonize travel and tourism||10|
The Team behind Flycoin
Josh Jones is the founder, chairman, and chief technology officer of FlyCoin, Inc.’s parent company, FLOAT Alaska LLC. He is a software developer, entrepreneur, visionary, and investor in numerous prosperous businesses. As a sophomore at Harvey Mudd College, Josh started his career by helping to co-found DreamHost, a company that offers web hosting and manages domain names.
A pioneer in the development of the idea of digital currency, he founded Bitcoin Builder in 2012, which had a lasting impact on the future success of the digital currency.
Josh is well-known as a successful investor and specialist in the bitcoin sector. He serves on a number of boards and committees, including those for RepresentUs, The Aquarium of the Pacific, The Fund LA, and HMC INQ, an investment network that provides Harvey Mudd College students and alumni with startup financing and mentorship. Josh is a resident of Los Angeles and holds a Bachelor’s degree in computer science.
FlyCoin, Inc.’s CEO is Leonard Moon “Lenny” Moon. He has a great deal of expertise with rapid growth start-ups, Merger and acquisition, and effectively steering businesses through operational and financial turnarounds.
Lenny began his career in venture capital and strategy consulting, but in early 2000, he also assisted in the founding of a start-up that received funding from Softbank. Later, he worked as an M&A investment banker with Bear Stearns and Lazard for a number of years, executing M&A, equity, and debt transactions successfully across numerous industries.
After that, he held various CFO positions, including one at Payoff, a start-up FinTech company, where he oversaw its growth and capital raises from its pre-Series A through its Series C and oversaw the development of the operational infrastructure of the company, which grew from a company of 10 employees to over 130 employees in 3 years. Lenny possesses an MBA from Columbia Business School and a Bachelor of Science from the University of Illinois in Urbana-Champaign.
He sits on the board of a number of nonprofit organizations, including The Human Trafficking Institute, which aims to eradicate modern slavery at its source by giving law enforcement and prosecutors the tools they need to apprehend traffickers.
FlyCoin, Inc.’s president is Tom Hsieh. Tom started his career in the field of communication technology by joining EarthLink in the 1990s, where he spent more than 10 years overseeing engineering and IT operations. He oversaw Earthlink’s development from a young startup to its profitable NASDAQ IPO. Tom has led a number of organizations and activities aimed at promoting social change thanks to his enthusiasm for entrepreneurship and innovation.
He holds positions on the boards of the Claremont Graduate University, the Los Angeles County Fair Association, the San Gabriel Valley Economic Partnership, and the Intervalley Health Plan in Pomona, California. He co-founded FLOAT shuttle in 2018, a venture-funded shuttle airplane service that serves commuters and businesses in the greater Los Angeles area. Furthermore, he is an active member of the community and a prominent business figure in southern California. Tom played a key role in the purchase of Ravn Air Group in April 2020.
Tom graduated from Harvey Mudd College with a BS in Physics and holds an executive MBA from the Peter F. Drucker School of Management. He leads a purposeful life with his wife, Bree Devones Hsieh, and they are dedicated to charitable and public service endeavors.
FlyCoin, Inc.’s chief technical officer is Nate Daiger. Since joining DreamHost as one of its first employees in 1998, he has founded startups and worked as a technology executive. In 2008, he launched ChunkHost, a pioneer in taking Bitcoin as a means of payment from clients and one of the cloud hosting firms. Nate, who resides in Los Angeles and holds a BA from the University of Southern California.
Roadmap for Fly crypto (Flycoin)
The Flycoin whitepaper offers the following roadmap:
In June 2021, Flycoin started distributing passengers from its first airline partner, Ravn Alaska, off-chain.
FLY was released on Polygon and Ethereum in October 2021.
New relationship with Thanks Again announced in Q1 2022.
Uniswap listing in Q2 2022. partnered with BitGo as the initial custodian of Flycoin. 50 million FLY was donated to the Anchorage Economic Development Corporation (AEDC).
Release of V1 App and API for partnership integration in Q3 2022. lists on a central marketplace.
Launches the creation of native iOS and Android apps in Q4 2022. Northern Pacific Airways, the second partner, has launched its rewards program with Flycoin.
You can follow their official Twitter account to get their latest updates on the project
Fly crypto (Flycoin or “FLY”) seems very promising with great objectives along with strong team in its background. They are trying to revolutionize the travel and hospitality loyalty reward programs with the incorporation of powerful blockchain technology. As the time goes on, the company is establishing partnership with multiple airline groups to execute their objective and vision in the long run. To all the crypto enthusiasts “FLY” is one of the cryptocurrency that you must keep your eyes on.
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