I am back! I had stopped blogging since 2 years ago when I started to venture into the startup world. Since then, I had very limited time in blogging, I gave up the daily 9 to 5 job, no more annual leave nor sick leave, I had been selflessly involving all the problem area and solving any surfaced issue despite not under my expertise.
In year 2015 August, I resigned as a Technical Lead Consultant from HP, joining my school mate founded a company in Shenzhen, China to build an O2O (Online to Offline) payment solution along with vouchers app which is similar to Groupon, unfortunately, we failed due to over estimated the China spending behavior and applied wrong marketing strategy.
We went through a lot, facing customers and merchants everyday problem, going around the world pitching ideas looking for funding, encountered hackers attacking our system, corrupting database, even were once happy generating CNY$ 1.4M highest revenue in a month, but things did not get along well all the time. Our operation cost was high due to over staffing and giving out too much freebies attempt to attract user to gain traction, then hacker exploited our reward system, plus the generated revenue were not be able to cover the monthly expenses. We paid a big price to learn from mistake, we dismissed all our staffs and shutdown our project in January, 2017.
However, failure did not stop us, we stand up where we fall! We tried to recover with very minimal remaining resource, a group of 4 programmers including myself, by starting to accept external software development projects. We save money, we build software for others at the same time working on our new project - FiiiPay. It is a multi-cryptocurrencies digital wallet. We also build a multi-cryptocurrencies point-of-sales terminal - FiiiPOS for merchant to accept crypto payment from the FiiiPay users.
Why multi-cryptocurrencies?
We do not want to limit ourselves to accept one kind of cryptocurrency. We do not know the exact market demand, but we do know about the volatility of a bitcoin, we do not want to restrict merchant to accept one kind of cryptocurrency. Different people different thought, we open for all.
Secondly, we consider ourselves as cryptocurrency service provider. I want to help cryptocurrency company or project to be successful by creating a method for them to circulate their coins to the market. Anyone who want to circulate their coin, you may come and look for me to discuss collaboration. We can make your crypto coin to become acceptable as payment among all our merchants.
User and Merchant Sharing Mechanism
We have two collaboration partners so far. From here, we can see it as merchant sharing. Two partners purchase our POS terminals and is going to expand their own merchant network. However, both network are sharing the same platform - FiiiPay. The combined effort result in exponentially gaining traction.
Chicken and Egg Issue
My past experience tell me that user will not use your platform unless you have a lot of freebies and merchants or you provide something that they need. On the other hand, the merchant is willing to join your platform only when you have a lot of users that could bring sales to them. So, here come the chicken and egg issue, whose problem should be tackled first? Our solution is both party requests need to be fulfilled at the same time, and that our business model can solve the problem.
Blockchain
Blockchain is the top Google search keyword in the recent years. In fact, we are also one of the companies explored into this technology last year. We are not just another payment solution provider, we are here to provide Blockchain Solution as a Service, helping companies to learn and adopt blockchain technology in their existing business. We build customizable blockchain code - FiiiChain in C# with layered architecture design pattern and modular programming. We promote the reusability of existing organization programmers resource to pickup and improve blockchain learning curve, solving the shortage of blockchain developer talent problem. With FiiiChain code base foundation, we can easily develop any decentralized application for any industry.
Community
I am actively looking for C# or blockchain talent, if you are interested and located in Kuala Lumpur, Malaysia or Shenzhen, China, you may drop me an email at sylvester.lee@fiiipay.com. We will conduct "Blockchain in C#" training in the near future, we welcome you to join our Telegram group at https://t.me/fiiicoin and Facebook Page to follow us to get the latest news about our project, company and event.
Next Update
Since I am back to blog, stay tune for my next update about Blockchain in C# - Part 1. We build our first cryptocurrency - FiiiCoin using our C# blockchain foundation code. I am sure a lot of C# developers and my blog followers out there wish to get to know more about it.
Whitepaper
If you are interested about our project, you may download our whitepaper here:
English Version
Chinese Version
My LinkedIn Profile
#redefinecryptocurrencies
#spendborderless
In year 2015 August, I resigned as a Technical Lead Consultant from HP, joining my school mate founded a company in Shenzhen, China to build an O2O (Online to Offline) payment solution along with vouchers app which is similar to Groupon, unfortunately, we failed due to over estimated the China spending behavior and applied wrong marketing strategy.
We went through a lot, facing customers and merchants everyday problem, going around the world pitching ideas looking for funding, encountered hackers attacking our system, corrupting database, even were once happy generating CNY$ 1.4M highest revenue in a month, but things did not get along well all the time. Our operation cost was high due to over staffing and giving out too much freebies attempt to attract user to gain traction, then hacker exploited our reward system, plus the generated revenue were not be able to cover the monthly expenses. We paid a big price to learn from mistake, we dismissed all our staffs and shutdown our project in January, 2017.
However, failure did not stop us, we stand up where we fall! We tried to recover with very minimal remaining resource, a group of 4 programmers including myself, by starting to accept external software development projects. We save money, we build software for others at the same time working on our new project - FiiiPay. It is a multi-cryptocurrencies digital wallet. We also build a multi-cryptocurrencies point-of-sales terminal - FiiiPOS for merchant to accept crypto payment from the FiiiPay users.
Why multi-cryptocurrencies?
We do not want to limit ourselves to accept one kind of cryptocurrency. We do not know the exact market demand, but we do know about the volatility of a bitcoin, we do not want to restrict merchant to accept one kind of cryptocurrency. Different people different thought, we open for all.
Secondly, we consider ourselves as cryptocurrency service provider. I want to help cryptocurrency company or project to be successful by creating a method for them to circulate their coins to the market. Anyone who want to circulate their coin, you may come and look for me to discuss collaboration. We can make your crypto coin to become acceptable as payment among all our merchants.
User and Merchant Sharing Mechanism
We have two collaboration partners so far. From here, we can see it as merchant sharing. Two partners purchase our POS terminals and is going to expand their own merchant network. However, both network are sharing the same platform - FiiiPay. The combined effort result in exponentially gaining traction.
Chicken and Egg Issue
My past experience tell me that user will not use your platform unless you have a lot of freebies and merchants or you provide something that they need. On the other hand, the merchant is willing to join your platform only when you have a lot of users that could bring sales to them. So, here come the chicken and egg issue, whose problem should be tackled first? Our solution is both party requests need to be fulfilled at the same time, and that our business model can solve the problem.
Blockchain
Blockchain is the top Google search keyword in the recent years. In fact, we are also one of the companies explored into this technology last year. We are not just another payment solution provider, we are here to provide Blockchain Solution as a Service, helping companies to learn and adopt blockchain technology in their existing business. We build customizable blockchain code - FiiiChain in C# with layered architecture design pattern and modular programming. We promote the reusability of existing organization programmers resource to pickup and improve blockchain learning curve, solving the shortage of blockchain developer talent problem. With FiiiChain code base foundation, we can easily develop any decentralized application for any industry.
Community
I am actively looking for C# or blockchain talent, if you are interested and located in Kuala Lumpur, Malaysia or Shenzhen, China, you may drop me an email at sylvester.lee@fiiipay.com. We will conduct "Blockchain in C#" training in the near future, we welcome you to join our Telegram group at https://t.me/fiiicoin and Facebook Page to follow us to get the latest news about our project, company and event.
Next Update
Since I am back to blog, stay tune for my next update about Blockchain in C# - Part 1. We build our first cryptocurrency - FiiiCoin using our C# blockchain foundation code. I am sure a lot of C# developers and my blog followers out there wish to get to know more about it.
Whitepaper
If you are interested about our project, you may download our whitepaper here:
English Version
Chinese Version
My LinkedIn Profile
#redefinecryptocurrencies
#spendborderless
