Background
FiiiCoin is designed to "incentivize" the contributors of the cryptocurrency payment ecosystem. Today the most common problem found in the blockchain world is a lot of cryptocurrencies are built for speculative investment but rarely being used for circulation and payment. Most of the people who purchase cryptocurrency always hope for a good return of investment instead of truly support a project. I am trying my best to correct everyone mindset.
There are very few merchants who actually support cryptocurrency and truly understand what is blockchain. The following are the commonly asked questions:
Why do I need FiiiPOS since I am happy accepting fiat currency now?
FiiiPOS is an extra payment accepting tool for you to accept payment from a different target group of customers who actually own cryptocurrency. It does not meant to be replaced by conventional credit card POS terminal. We treat it as "additional option".
How can I cash out the cryptocurrency?
At current stage, we enable simple payment accepting feature only in FiiiPOS. We are in the middle of working with multiple cryptocurrency Over The Counter (OTC) service provider to implement cash out feature - FiiiOTC into our FiiiPOS, allowing you to convert cryptocurrency into fiat currency in just one button click, and you will receive fiat currency in your bank account within 24 hours. Please stay tune for our FiiiOTC service by Q2 2019.
The volatility of cryptocurrency is high, how can I ensure my today's earning is not depreciated?
FiiiLab had foreseen such problem, hence we have FiiiExchange service to be rolled out by Q2 2019 as well in order to let our FiiiPOS merchants to quickly exchange high volatile crypto with a stable crypto (normally backed by fiat currency or real assets as a reserve such as USDT, GUSD, PAX, etc).
So that, merchant can secure the received value. At the end of the day, use FiiiOTC service to cash out the stable crypto into fiat currency. At this stage without FiiiExchange and FiiiOTC service, merchant can limit accepting only stable crypto from the customers.
Why mining in FiiiPOS?
FiiiPOS mining is an extra feature to attract and educate merchant to accept cryptocurrency. We intend to create one stone two birds effect whereby the merchant is being incentivized for using the FiiiPOS, generating a little income while the FiiiPOS is idle for charging, at the same time helping in maintaining our blockchain network.
I would like to emphasize to our FiiiPOS users that this device is not a mining machine. I hope this machine is put into good use. Let the true cryptocurrency circulation really happen.
How FiiiCoin mining work?
Delegate Proof of Capacity (DPoC) rely on the hashes that was pre-calculated and stored in a storage and then these hashes to be submitted to a dedicated mining pool. Therefore, during the very beginning stage of the mining work, FiiiPOS must initialize the nonce files first. It should take about 40 minutes to initialize 100MB of nonce. Once it is done, it will begin the mining work by submitting the nonce and hashes to the mining pool. The mining reward is distributed based on the quantity of hashes submitted to the mining pool that actually contributed to the block generation work. The mining reward is released daily at 2.00AM UTC +0800 and to be credited to your FiiiCoin wallet in your FiiiPOS by default.
Please take note that due to the nature mentioned above, you must expect the mining reward is very little due to the quantity of hashes submission to the mining pool is very limited. In order to achieve full hash rate, you need about 1 month time to initialize 29GB of nonce in your 32GB SD card (29GB is the usable storage of a 32GB SD card). Our FiiiPOS program that while submitting hashes to the mining pool, it utilize the 2nd CPU of the FiiiPOS to generate nonce. Hence, you will not need to stop the mining while generating nonce. In fact, you leave the mining on despite occasionally not able to connect to the mining pool, it will still generate nonce. Once the mining pool connection is established or restored, you can get into speed in submitting the nonce and then getting more reward.
Why my FiiiCoin mining keep showing 0 H/s hash rate in my FiiiPOS?
FiiiCoin mining is actually done by submitting hashes to the mining pool. However, due to the new FiiiPOS new empty SD card has very little of hashes, therefore, it take only a few seconds to finish uploading all the hashes that it has. You will see the hash rate will show some value for a few seconds then stop and become zero. The reason is you have finished submitting all the hashes that you have in your SD card.
What is verifying status during FiiiCoin mining?
The FiiiPOS is trying to connect to the FiiiCoin mining pool, however, due to the network is congested, it failed to establish connection. Hence, the status keep showing verifying which at the background it is trying to keep reconnect. However, please leave the machine on still as it is generating more nonce despite failed to connect to mining pool. So that, you can submit more nonce to the mining pool when it is able to connect to the mining pool.
When will FiiiCoin mining open for all users?
Currently, we only open mining for our merchants due to the reason that in order to attract merchant support our cause, we incentivize and appreciate our merchants who actually done the value contribution to the payment ecosystem first, lower down their risk of cost in purchasing the POS machine, transaction fee, withdrawal fee and also crypto volatility. We shall open mining for our consumer users when FiiiPOS adoption has achieved huge availability around the world.
With the limitation of funding and at the same time pushing the adoption, we leverage on the beauty of blockchain incentive tokenomic design to let the crypto community who are into the same belief, together achieve the mass adoption of cryptocurrency payment.
Why my country is not supported in the list in FiiiPOS and FiiiPay account registration?
We launch our product starting from our home ground which is Southeast Asia countries, attempt to build strong foundation, then stage by stage, gaining feedback, refine and enhance, then only go for mass market expansion.
During the mid or latest by end of November 2018, we will open account registration to all countries except some sanction countries.
Summary
FiiiLab strive to answer all the questions above and provide one stop solution to all our customers. We want and we will, be the world first cryptocurrency payment solution provider to everyone, then together all the cryptocurrencies achieve the same success by bringing true value of blockchain to the payment ecosystem.
FiiiCoin is designed to "incentivize" the contributors of the cryptocurrency payment ecosystem. Today the most common problem found in the blockchain world is a lot of cryptocurrencies are built for speculative investment but rarely being used for circulation and payment. Most of the people who purchase cryptocurrency always hope for a good return of investment instead of truly support a project. I am trying my best to correct everyone mindset.
There are very few merchants who actually support cryptocurrency and truly understand what is blockchain. The following are the commonly asked questions:
Why do I need FiiiPOS since I am happy accepting fiat currency now?
FiiiPOS is an extra payment accepting tool for you to accept payment from a different target group of customers who actually own cryptocurrency. It does not meant to be replaced by conventional credit card POS terminal. We treat it as "additional option".
How can I cash out the cryptocurrency?
At current stage, we enable simple payment accepting feature only in FiiiPOS. We are in the middle of working with multiple cryptocurrency Over The Counter (OTC) service provider to implement cash out feature - FiiiOTC into our FiiiPOS, allowing you to convert cryptocurrency into fiat currency in just one button click, and you will receive fiat currency in your bank account within 24 hours. Please stay tune for our FiiiOTC service by Q2 2019.
The volatility of cryptocurrency is high, how can I ensure my today's earning is not depreciated?
FiiiLab had foreseen such problem, hence we have FiiiExchange service to be rolled out by Q2 2019 as well in order to let our FiiiPOS merchants to quickly exchange high volatile crypto with a stable crypto (normally backed by fiat currency or real assets as a reserve such as USDT, GUSD, PAX, etc).
So that, merchant can secure the received value. At the end of the day, use FiiiOTC service to cash out the stable crypto into fiat currency. At this stage without FiiiExchange and FiiiOTC service, merchant can limit accepting only stable crypto from the customers.
Why mining in FiiiPOS?
FiiiPOS mining is an extra feature to attract and educate merchant to accept cryptocurrency. We intend to create one stone two birds effect whereby the merchant is being incentivized for using the FiiiPOS, generating a little income while the FiiiPOS is idle for charging, at the same time helping in maintaining our blockchain network.
I would like to emphasize to our FiiiPOS users that this device is not a mining machine. I hope this machine is put into good use. Let the true cryptocurrency circulation really happen.
How FiiiCoin mining work?
Delegate Proof of Capacity (DPoC) rely on the hashes that was pre-calculated and stored in a storage and then these hashes to be submitted to a dedicated mining pool. Therefore, during the very beginning stage of the mining work, FiiiPOS must initialize the nonce files first. It should take about 40 minutes to initialize 100MB of nonce. Once it is done, it will begin the mining work by submitting the nonce and hashes to the mining pool. The mining reward is distributed based on the quantity of hashes submitted to the mining pool that actually contributed to the block generation work. The mining reward is released daily at 2.00AM UTC +0800 and to be credited to your FiiiCoin wallet in your FiiiPOS by default.
Please take note that due to the nature mentioned above, you must expect the mining reward is very little due to the quantity of hashes submission to the mining pool is very limited. In order to achieve full hash rate, you need about 1 month time to initialize 29GB of nonce in your 32GB SD card (29GB is the usable storage of a 32GB SD card). Our FiiiPOS program that while submitting hashes to the mining pool, it utilize the 2nd CPU of the FiiiPOS to generate nonce. Hence, you will not need to stop the mining while generating nonce. In fact, you leave the mining on despite occasionally not able to connect to the mining pool, it will still generate nonce. Once the mining pool connection is established or restored, you can get into speed in submitting the nonce and then getting more reward.
Why my FiiiCoin mining keep showing 0 H/s hash rate in my FiiiPOS?
FiiiCoin mining is actually done by submitting hashes to the mining pool. However, due to the new FiiiPOS new empty SD card has very little of hashes, therefore, it take only a few seconds to finish uploading all the hashes that it has. You will see the hash rate will show some value for a few seconds then stop and become zero. The reason is you have finished submitting all the hashes that you have in your SD card.
What is verifying status during FiiiCoin mining?
The FiiiPOS is trying to connect to the FiiiCoin mining pool, however, due to the network is congested, it failed to establish connection. Hence, the status keep showing verifying which at the background it is trying to keep reconnect. However, please leave the machine on still as it is generating more nonce despite failed to connect to mining pool. So that, you can submit more nonce to the mining pool when it is able to connect to the mining pool.
When will FiiiCoin mining open for all users?
Currently, we only open mining for our merchants due to the reason that in order to attract merchant support our cause, we incentivize and appreciate our merchants who actually done the value contribution to the payment ecosystem first, lower down their risk of cost in purchasing the POS machine, transaction fee, withdrawal fee and also crypto volatility. We shall open mining for our consumer users when FiiiPOS adoption has achieved huge availability around the world.
With the limitation of funding and at the same time pushing the adoption, we leverage on the beauty of blockchain incentive tokenomic design to let the crypto community who are into the same belief, together achieve the mass adoption of cryptocurrency payment.
Why my country is not supported in the list in FiiiPOS and FiiiPay account registration?
We launch our product starting from our home ground which is Southeast Asia countries, attempt to build strong foundation, then stage by stage, gaining feedback, refine and enhance, then only go for mass market expansion.
During the mid or latest by end of November 2018, we will open account registration to all countries except some sanction countries.
Summary
FiiiLab strive to answer all the questions above and provide one stop solution to all our customers. We want and we will, be the world first cryptocurrency payment solution provider to everyone, then together all the cryptocurrencies achieve the same success by bringing true value of blockchain to the payment ecosystem.
Stay tune and thanks for your support!
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