FiiiPOS

As promised, one post per week, if you missed my first post about my startup story, feel free to read from here.

Today topic is about FiiiPOS. I received a lot of questions regarding FiiiPOS. People are interested to know more about it but our official website is still under construction, hence have no other choice but to share the information through my blog here.

FiiiPOS stand for Fiii (our trademark) Point-of-Sales, it is a POS terminal that can accept cryptocurrency as payment. At this moment, we are avoiding fiat currency and limiting to support cryptocurrency payment only due to the rules and regulations about cryptocurrency is still unclear and yet to be confirmed in Malaysia, China and other country.

FiiiPOS support multi-cryptocurrency which mean not limited to Bitcoin only. We are progressively increasing more cryptocurrency support. The top 20 most popular cryptocurrency you can find in coinmarketcap.com will be supported.

The Purpose

Our main purpose of this product is to provide a platform for all the cryptocurrency available in the market to circulate and usable for transaction. A cryptocurrency value is determined by its supply and demand. If a cryptocurrency cannot be used for transaction, it is useless and valueless despite of how good the technology behind it can offer.

How It Works?

FiiiPOS is considered as FiiiPay Merchant Edition and will be used by valid merchant only. We have a KYC process for merchant and it is differ from User Edition, the FiiiPay app. Merchant need to submit valid business licence, owner detail, contact and shop location while setting up FiiiPOS for the first time.

Prior to the user make payment to the merchant using FiiiPay app, firstly both party must come into a mutual agreement of selecting which cryptocurrency for payment. FiiiPOS has a series of cryptocurrency choices to pick, however, the condition is merchant must be willing to accept the particular cryptocurrency.

Payment

Once both party agreed upon using one particular crypto, for example: Bitcoin, merchant setup from the FiiiPOS by choosing Bitcoin, then enter the local fiat currency amount (we make it easy fiat-2-crypto conversion calculation), then choose the payment acceptance method. FiiiPOS support 3 payment methods so far:

1. QR Code
2. Bluetooth
3. NFC

Step 1: Choose Cryptocurrency

Step 2: Enter local fiat currency amount and it will instantly calculate fiat-2-crypto conversion base on the price reference from coinmarketcap.com.

Step 3: Choose payment method.

Step 4: User open up FiiiPay app then scan the QR code appear on the FiiiPOS

The payment is made instantly once user scan the QR code appear on the FiiiPOS. If you wonder how does the FiiiPay app link with your cryptocurrency wallet, the answer is NO. FiiiPay does not link directly to your cryptocurrency wallet. FiiiPay is not a crypto wallet. FiiiPay does not request your crypto wallet private key. FiiiPay is just a third party centralized digital wallet, same goes to FiiiPOS. 

Deposit

Before user begin to use FiiiPay, user need to deposit some amount of crypto to FiiiPay first. Every FiiiPay newly registered account will be given a public key address for every particular cryptocurrency. The concept is similar to the cryptocurrency trading platform available in today's market.

Withdrawal

User and merchant can withdraw the collected crypto out from FiiiPay/FiiiPOS to their own crypto wallet anytime anywhere with a small charge of transaction fee.

Mining

FiiiPOS has a unique feature which other POS terminal does not have which is mining FiiiCoin (will be covered in the next few posts). FiiiCoin is a newly developed cryptocurrency by FiiiGroup using FiiiChain (proprietary blockchain framework) and Delegated Proof of Capacity (DPoC) consensus algorithm which uses FiiiPOS available storage space and CPU power for mining to maintain the blockchain network. When FiiiPOS is idle and plugged in to charge the battery, it will automatically bring up the mining page and start mining automatically. The idea is to maximize the usage of the POS machine.

The idea is to let our merchant who have purchased FiiiPOS to earn some reward in FiiiCoin which is treated as a token of appreciation in supporting our cause. At least our merchants feel compensated in another way after paying transaction fee for every received payment.

Mining hash rate is determined by the allocated storage space

Reporting

FiiiPOS is equipped with a thermal printer. When every transaction has been made, it will print a copy of payment slip for the user and a duplicate copy for the merchant.

FiiiPOS track every transaction and is capable of generating and exporting report data in spreadsheet or PDF format for the merchant. Due to the size of the FiiiPOS is small, merchant can open the FiiiPOS web edition using a PC/laptop browser to access the report and download the exported file.

Security

FiiiPOS is a restricted device. Merchant cannot install any application into the device. It is to prevent hacker from installing virus, malware, key logger, etc to the device. Hence, the Meltdown and Spectre vulnerabilities are low.

FiiiPOS is equipped with GPS, in case merchant lost the device, we can assist to detect and recover. We has a customer service team to assist user and merchant 24/7 to lock down their account or recover the device once their phone device or POS device is missing.

Maintainability

FiiiPOS is monitored by a central monitoring system. FiiiPOS software occasionally will receive patch for bug fix and security update.

We offer one year warranty for FiiiPOS device in case of any hardware failure. We have a technical support team standby in every operating country for hardware repair or parts replacement.

Hardware Spec

Processor: 4 core CPU
Memory: 1GB RAM, 8GB Flash
Display: 4.8"
Printer: High speed thermal printer, 40mm paper roll
Communication: 4G LTE/Wi-Fi/Bluetooth/NFC
SD Card Slot: 1
SIM Card Slot: 1
Device Port: 1 micro-USB OTG
Front Camera: 2MP
Rear Camera: 5MP
Speaker: Yes
Battery: Li-ion 5200 mAh
Power: Input - 100-240V, 50-60 Hz, Output - 5V/2A
OS: Android 5.X

More Photos

Collaboration Opportunity / White Label

If you are an owner of a cryptocurrency, you wish to circulate your crypto to the market and expand your merchant network, feel free to drop us an email to enquire: sylvester.lee@fiiipay.com

Whitepaper

If you are interested about our project, you may download our whitepaper here:
English Version
Chinese Version

My LinkedIn Profile

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#redefinecryptocurrencies
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