THE INNER WORKINGS OF FIDIRA
Crypto is poised to take over and gain mass adoption in the coming years. However, the complexity and uncertainty surrounding many aspects of decentralized finance (DeFi) have created a wider entry barrier for individuals seeking to enter the space. In most cases, understanding concepts like crypto exchanges and wallets or the thought of paying hefty transaction fees usually leaves newbies bewildered. These challenges, coupled with the poor user experience on several DeFi platforms and safety concerns, discourage newcomers from taking that next step in their journey.
To solve this problem, we have launched Fidira, a platform that makes it easy for regular people to own cryptocurrencies and NFTs and utilize them worldwide.
What Makes Fidira Stand Out?
This is not just another crypto project. Fidira is designed to enable anyone to participate in the cryptocurrency ecosystem. We provide the best user experience by employing the most effective technology. Here are a few unique aspects of our platform:
Our website and user interface
With Fidira, the goal is to reach everyone. That is why our website is equally responsive on a wide range of devices and operating systems. Because the challenge of poor user experience is a significant issue we believe needs to be addressed, the Fidira website focuses on creating single-click features to guarantee a fast and smooth experience
A simple but novel approach to cryptocurrency using gift cards
Fidira gift cards provide an easy way for beginners to get started in the crypto space. We have made this process simple by making these cards available on our website and from our recognized retailers. Individuals can buy these gift cards using regular cash or cryptocurrency, after which they may redeem the rewards for themselves or gift them out to someone else.
Here’s how it works:
- For each card an individual purchases, they are entitled to an NFT.
- These NFTs can be received after the card has been redeemed and the user is onboarded.
- After onboarding, the user has access to our non-custodial ethereum wallet to manage their NFTs.
- We also allow users to import their current ethereum wallet or create a new non-custodial wallet to store their private keys.
The Fidira Staking Mechanism: How we enable newbies to create and own NFTs
Fidira’s native $FID token can be staked for a predetermined period (30, 60, 90, or 120 days). Stakers will be provided with all the tools they need to create and mint their own NFTs. Also, there are three tiers of NFT collections that users will obtain access to depending on how much they staked. Access to each level will require a minimum stake of 1,000FID, 3,000FID, and 10,000FID, respectively. Higher tiers also include NFTs from the bottom ones, along with a few other exclusive benefits.
Users will be allowed to choose one NFT to receive for free from each tier they are eligible to access. Finally, when the staking period is over, stakers will also have privileged access to similar NFT collections to purchase even more NFTs. This system is viable because Fidira is in a mutually beneficial partnership with many NFT creators, driving access to their content and increasing global crypto participation.
Usage of native and non-native Ethereum tokens within the Fidira ecosystem
Our entire platform, from our wallets to smart contracts, is built on the Ethereum blockchain. However, we also provide inter-blockchain liquidity using RenVM bridges.
We have integrated functions that allow users to seamlessly transfer non-native ethereum assets to our Ethereum chain. This means that Fidira lets users interact with both native and non-native ethereum tokens using an interface that is easy to understand. Here’s a simple step-by-step example showing how this works:
- A user buys BTC via a Fidira digital channel or an in-app swap.
- An order is generated with our liquidity provider for that coin.
- The BTC goes through the RenVM bridge and is stored in the user’s Fidira non-custodial ethereum wallet as RenBTC.
- The user then gets access to a ledger where they can see their BTC. They also have the freedom to store, swap, or transfer their coins to a native bitcoin wallet whenever they want.
Our layer 2 built on the Polygon network
Fidira’s layer 2 is built on the Polygon (Matic) network, which allows for building and connecting Ethereum compatible blockchain networks. We opted for polygon because it is one of the leading platforms providing low-cost solutions due to reduced gas fees. Polygon also presents a high potential for scaling, making it the perfect network for us to build for both the short and long term. Our layer 2, established on this network, offers several features such as:
- One-click deployment of a preset blockchain network
- A growing set of modules for developing a custom network
- An interoperability protocol for exchanging arbitrary messages with Ethereum and other blockchain networks
- Security via a Modular and optional “security as a service” provided either by Ethereum or a pool of professional validators
- Adaptor modules for enabling interoperability for existing blockchain networks
Conclusion
Now you don’t have to worry about all the complexity associated with crypto any longer. Thanks to Fidira, anyone can participate in the decentralized finance ecosystem. Every single aspect of the Fidira application suite is designed with the newbie crypto user in mind. We have provided a platform that makes crypto fun, easy to understand, and secure. This means that using Fidira, you can own, store, stake, or swap your cryptocurrencies and NFTs anytime you are ready. Our soon-to-launch gift cards will make this even more accessible by bringing the DeFi revolution to a retail store near you.
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