What is FCoinJP? Intro to its Features
In June 2018, FCoin appeared like a comet, acquiring new users with an innovative technique called trade mining. I think it is remarkable that it gained the top ranking in the world’s trade volume soon after its founding. FCoin, who sparked a boom in the crypto world, partnered with a Japanese team and launched a new exchange “FCoinJP.” In this article, I will explain the overview and detailed contents of FCoinJP.
Overview of FCoinJP
FCoin has taken the path of globalization and has chosen Japan and established FCoinJP as a stage for making the model of trade mining, which is the mechanism they we created and further upgraded. Although FCoinJP has not obtained approval from the Financial Services Agency at the present time, FCoinJP started trade mining transactions of “FJ,” which is its own token, on October 30th 2018. That frenzy far exceeded my imagination and achieved the goal of “Five billion Dollars in 3 days” of FCoinJP in 133 minutes! 300 million FJ tokens were created at the start of trading during those 133 minutes, and the trade fees reached 3 million USDT. The transaction volume went up to 1.5 billion USDT, earning top ranking in transaction volume in around 2 hours soon after its launch.
FCoinJP’s trade mining
The feature of FCoinJP is “trade mining” upgraded from its original home FCoin. When trading with FCoinJP, fees will be paid out at a 100% return rate. In short, the trade fees will be refunded when trading the FJ token. In addition, 80% of the exchange profit will be returned as a daily dividend to holders of FJ tokens.
Difference from its original home FCoin
With FCoin, which became the basis of FCoinJP, the community ended services by vote within 2 months after trade mining started. Based on the results, FCoinJP sets the number of tokens issued in a certain period and the number of sheets issued per day during that period.
Setting the issue limit number is an attempt to longer sustain trade mining for FCoin. They issued 295 million FJ at the initial stage, and the number will increase with trade mining after that. The period is assumed to be 10 stages, and 500 million FJ will be issued for each period. The duration of the period is set so that the number of tokens issued per day decreases by half each period.
In this way, FCoinJP is a new exchange launched by FCoin with a global strategy first targeting Japan. In order to promote further activities in Japan, it is essential to obtain approval from the Financial Services Agency. Let’s keep an eye on its future developments.