1. A note from the developers
Hi there, Thanks for taking your valuable time and reading our whitepaper. In 2022, now we are at a very critical point for the crypto ecosystem. This year we’ve seen some of the traumatic crypto collapses which impacted trust in the entire crypto ecosystem. Also, in many countries like India and China laws are becoming very stringent against cryptocurrencies. There are hundreds of new tokens & blockchains coming up every day, but only a few of them provides actual use case and most of them are just attempting to pump the valuations without any fundamentals.
We – a small group of blockchain and software developers started thinking, about how we can address this situation. While thinking about how we can increase the adoption of cryptocurrencies and provide “real world application”, we started Fibonacci Network – our web3 development group. We have named our group after one of the famous mathematicians Fibonacci. Fibonacci was the key mathematician who introduced the Indo-Arabic decimal-based numeric system to Europe, and then the world of maths just took off. We believe in the same principles that art and content should not have any boundaries, and should not be regulated by large production houses and governments.
Our Major aims are:
- Make cryptocurrencies easy for everyone.
- Increase adoption of cryptocurrencies by providing real-world applications.
- Create a safe and scam-free environment for the crypto ecosystem
- Create a worldwide vibrant crypto community.
2. Fibonacci Wallet
When we see the popularity of current applications like Tik Tok, Instagram, and PUBG, we strongly believe that the future of web3 is mobile. Back in 2021, we started developing our first mobile wallet app, we call it Fibonacci Wallet which is planned to be released in August 2022.
Currently, all blockchains suffer from the following issues which are hindering mass adoption of crypto.
- Larger Transaction time
- High Gas fees
- Complicated Wallet setup
We have addressed all these issues in the Fibonacci Wallet. Fibonacci wallet provided an inbuilt off-chain transaction functionality that currently supports the BSC chain and we are actively working on integrating Ethereum & Bitcoin, you will see it real soon.
What is an off-chain transaction?
Off-chain transactions refer to those transactions, which occur outside of the blockchain and are not recorded on the blockchain. Real Value is never moved during an off-chain transaction in the blockchain.
This is achieved mostly by using “a third-party common wallet” and “a ledger which is separate from the main blockchain”.
For, Example when you trade on centralized exchanges like Binance, that trading is done off-chain and the actual trading-related Buy/Sell transactions are never recorded on the blockchain.
You won’t be able to find those transactions on Etherscan or Bscscan for example. But only when you deposit or withdraw crypto from the exchange, that is recorded on the blockchain. To make trading faster and easy this is essential.
This is completely different from DEX-decentralised exchanges where all transactions are recorded.
Now, we have provided this same facility in form of a Hot Wallet and Cold wallet. So, now without any worry, you can do crypto transactions instantly with zero gas fees.
3. Fibonacci Wallet – working
Let’s understand the working of Fibonacci wallet with a coffee shop owner Dave Lee and his customer Tom.
Q: Dave is a coffee shop owner and wants to accept crypto payments but he cannot wait for a longer transaction time, nor his customer is interested in paying 1$ gas fees for a 4$ coffee. So, what does he do?
In this case, Dave sets up his Fibonacci wallet and asks the customer to pay crypto in his “hot wallet”. Hot wallet addresses look human readable for example davelee, tomsmith11, amycruze23, etc. This is designed this way so that users of existing payment apps like apple pay or google pay feel familiar.
Now Dave can collect crypto the Whole day from all of his customers in his hot wallet without any gas fees or any delay. At the end of the day, he can check all his transactions and can see how many coffees he sold and to whom.
Q: What if Dave Wants to convert his crypto to fiat?
Now Dave might want to convert some of his cryptos to fiat (Dollar, Euro, etc) because his coffee bean supplier still doesn’t accept crypto. In this case, dave can withdraw his crypto to any P2P cold wallet and then convert it to fiat.
This time as Dave is withdrawing crypto it will be done on-chain and he has to pay transaction gas. This way Dave can withdraw at his convenience.
Roadmap Note: We at the Fibonacci network have planned to develop our P2P exchange system so that we can provide a full end-to-end solution to our users. Follow us closely to know more!
Q: How do Dave’s customers exactly get crypto in his hot wallet?
You might be wondering how people get crypto in their hot wallets in the first place. For this, customer needs to “recharge their hot wallet” using “their cold wallet”. This is similar to transferring money from your bank account to your brokerage account.
Q: What is a cold wallet?
A cold wallet is exactly your blockchain address. And it works the same as Metamask or Trust Wallet. Your cold wallet address looks like 0x45AB48 …. 3748F. You can directly transfer from cold wallet to cold wallet as well using the Fibonacci wallet and this transaction will be always recorded on the blockchain.
But to make this work, users always have to transfer crypto to provided “cold wallet” and then need to recharge the hot wallet from the same cold wallet.
Caution: Sending Crypto directly to a hot wallet address from a random cold wallet address can result in loss of crypto.
Q: Can Dave use Fibonacci Wallet as a normal crypto wallet like Meta mask?
Yes, Dave can always transfer from his cold wallet to his friend’s cold wallet address and this transaction will be always recorded on the blockchain.
4. Fibonacci Wallet – Architecture
Some Readers might be interested in internal architecture and security concerns. This section will provide detail for them.
All Hot wallet transfers on the Fibonacci wallet are maintained on a centralized ledger hosted on the cloud. During Hot wallet transfer actual crypto is never transferred, but the given transaction is recorded on this centralized ledger.
As the ledger is centralized and hosted on the cloud, we can do transactions faster and without any gas fees.
Only when the user “Withdraw” or “Recharge” then only transactions done on-chain. This provides a bridge between a centralized and decentralized world. And it becomes a win-win situation for both.
Fibonacci Wallet uses Google cloud for the backend for reliability and security. All transactions between mobile clients and servers are encrypted. All users are authenticated before accepting any transaction request. No request is accepted outside of the Fibonacci wallet app.
All Important data on servers are kept encrypted, and we use multiple methods to identify an authenticated user and prevent any malicious transaction.
5. FIBO Token – the Native token
We have created Our native token called FIBO. The current contract is created on the BSC chain only. Details for our tokens are as follows.
Name: Fibonacci Network
Total Supply: 101,101,175,000 FIBO
Supported chain: BSC
We have decided tokenomics as follows:
6. FIBO – Ecosystem for Developers and Gamers
Our motto is to make crypto payments as easy as they can be. The Mobile Gaming market is now a booming market and is projected to reach 164 billion Dollar in 2022.
So many small developers face issues integrating payments with their games especially international payments. Due to many world dynamics in the world, there is always some country that keeps banning another country.
Fibonacci Network with its technology will enable crypto payment for any game developer in just 10 minutes.
Any developer can follow the following steps to integrate and start accepting crypto payments:
- The game Developer will Create a developer account with the Fibonacci wallet.
- The game developer will Get access to APIs for requesting and refunding crypto and payment update hooks just like a credit card system.
- Developers can use the Fibonacci Network account as their OAuth user sign method as well if they wish.
- Game Application will request payment of the selected amount of selected coin.
- The user will open the Fibonacci wallet and approve or reject the payment.
- This will then reflect the user’s balance in the game application.
- All payments are released to the developer in 25 days rolling window period to avoid any fraud done by a malicious developer.
In Fibonacci Wallet, all users will be able to visit their friend’s profile and able to see which game they are playing and who are the top winners of different games. Users will be able to challenge these top players for a winning amount game.
Roadmap Note: We will actively start working on this feature later this year, and will open API access to game developers. We are currently in discussion with multiple game developers to develop games for our Fibonacci Game Universe – Fiboverse.
7. FIBO – Mining Simulator
Currently, we are focusing on creating an end-to-end crypto ecosystem, rather than focusing on developing our blockchain. Till we start developing our blockchain, we have developed a mining simulator that users can run directly in the Fibonacci Wallet.
This is a Cloud-based Mining simulator and does not consume any Mobile data or battery on the user side. It synchronizes periodically to check the Mining status.
Base Mining is decided by when you joined the Fibonacci wallet, the earlier you join higher the Mining rate. Base mining rates are decided below as of now:
Also, to make the Fibonacci wallet more engaging we have introduced referral rewards, so user can increase their Mining rate by referring to more users.
8. Revenue Streams for Fibonacci Network
- We plan to sell a certain amount of FIBO tokens to raise capital for further development.
- Charging very small amounts as processing fees during “hot wallet withdraws” and “hot wallet recharge” only. Hot wallet to hot wallet transfer will remain zero fees.
- By charging game developers for their developer account and API access.
- We are also planning to gain some revenue by showing advertisements to our users, who mine FIBO tokens using the Fibonacci wallet.
- By tying up various online retailers offering crypto-related scratch coupons and displaying them on the home page under “latest update”.
Fibonacci Network – Name of web3 developer group, name of possible future blockchain, and developer of Mobile wallet app Fibonacci Wallet.
Fibonacci Network Token(s) – A utility cryptographic decentralized token issued by the Fibonacci Network Team based on the Binance Smart Chain (a BEP20 token) for social gaming and digital content consumption.
Fibonacci Wallet – A full custodial cloud-hosted wallet developed by Fibonacci Network which supports chain transactions.
Whitepaper – This paper in its entirety.
User – The person who is logging in on the website/app to access the services of Fibonacci Network will be known as a user.
Content Creator – The user who is uploading any sort of image, audio, or video on the platform to engage with other users on the platform will be known as a content creator.
Viewer – The user who is viewing or interacting with any content available on the Fibonacci Wallet will be known as a viewer.
Player – The user who is engaging in any online-social game will be known as a player.
Risk Warning: Investing in digital financial assets involves a high degree of risk and volatility and is not suitable for all investors; do not risk more money than you can afford to lose. Please consult an independent professional financial or legal advisor to make sure the product is right for you.
Disclaimer: This document contains text, data, graphics, photographs, illustrations, and information (“Information”) connected with the Fibonacci Network Group and/or other entities part of the Fibonacci Network Group (hereinafter referred to as Fibonacci). Fibonacci attempts to ensure Information is accurate, however, Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date.
The publication of this document does not represent any solicitation by Fibonacci of buying the token “Fibonacci Network Token” and is not to be considered as a recommendation by Fibonacci as to the suitability of any investment, if any, herein described. No action should be taken or omitted to be taken in reliance upon the Information in this document. Fibonacci accepts no liability for the results of any action taken based on the Information.
All trademarks, logos, and brand names are the property of their respective owners. All company, product, and service names used on this website are for identification purposes only. Use of these names trademarks, and brands do not imply endorsement.
Complete roadmap : https://fibonaccinetwork.tech/roadmap/