In 900 AD Emperor Tang in China created the world’s first paper money. It was a promissory note issued for the convenience of traders and used to simplify the means of exchange. The term used for this currency was Flying Money. Today in the digital word Emperor Tang may well have created digital money to be used on the blockchain. But his legacy still lives on in the name of a new company creating fiat backed digital currencies.
Flying Money (FML) will be the first truly audited and structurally secure blockchain enabled platform allowing fiat currency to be used like bitcoin. The company has officially announced its pre-sale and ICO dates after ensuring its product was not only technically ready, but legally secure and truly transparent for its customers. The combination of a 100% cash backed token, which is audited by a globally recognized accounting firm and managed by an independent trust holding all cash reserves is what the firm sees as its true differentiator and one which will instill trust from customers and digital exchanges to use its product globally.
“We have seen the crypto markets need for a stable digital currency or asset token, and to be honest no one credibly has solved it”, stated Russell Hatton the founder of Flying Money. “To offer this product it takes more than technology and a white paper. At Flying Money, we have engaged the top global legal and accounting firms to help us structure the product and then with the management team who have held leadership roles in banking, payments and telecoms we solved each item to give our customers true peace of mind that their currency token really is 100% cash and asset backed and redeemable anytime”.
The launch product proposition of Flying Money is simple – bring stability and the benefits of blockchain to fiat currencies with a permanent 1:1 cash backed token, which is secure and proved to be truly backed.
The appeal of such a currency token is that it is a permanent peg to the USD. Such a currency token will be as fast and permeating as bitcoin, yet as stable in price as a US dollar. The Flying Money currency token will be an answer to the critics of bitcoin who argue that due to bitcoins price volatility it’s not fit for long-term trade contracts, or large sum transactions.
The challenge with creating a digital currency such as the USD is maintaining that 1:1 value to the USD while using the blockchain decentralized network. Flying Money which runs on the Ethereum standard ERC20, solved this by minting what will be called a USDf token for each US dollar received which is then placed into the independent trust audited bank account.
As with crypto exchanges, and everyday banks, part of holding these reserves, will include publishing daily minted currency token volumes, and auditing of the cash reserves.
Flying Money tokens (FML) issued in the ICO can be used to pay the transaction costs when buying and selling their future digital currency tokens. A unique feature is that when FML tokens are used they are destroyed reducing the supply of FML Tokens. Flying Money will issue currency tokens for USD, JPY, GBP, EUR, AUD and CAD.
Hatton further stated, “we see this as a first step being our launch of digital currencies which will be the foundation enabling Flying Money to build on the benefits of blockchain a totally digital banking ecosystem for consumers, digital exchanges and merchants with credit card services, payment gateway and ultimately banking facilities with the application for a Swiss Banking License planned”.
Underpinned by the industry experience of its management team, Flying Money will see these digital currencies leverage the speed and cost efficiency of the blockchain to become the crypto FX of the future and be the tool to manage bitcoin’s volatility.
To participate in the Flying Money ICO, or post the ICO purchase the digital currency tokens visit www.flyingmoney.io for all the details.