Our community-backed library will provide both free and paid content depending on content creators. It will also be possible to use the paid version of the library to get premium features: ad-free experience, specialized search, advanced statistics and more.
Our native currency is FFM tokens (read more here). Why do we need them?
- The library is based on a community reward system. Tokens are used to reward people for good work (providing content, tagging files, cleaning up the library, etc.) and can be spent to buy paid content, to get premium features or private storage space.
- FFM tokens are well-suited for enabling micro payments in the system. In many cases, the work will be rewarded with small sums of money — a large share of payments will happen under 1$. If we didn’t have FFM tokens, the micropayments would be swallowed up by transaction costs.
- The use of our own tokens is cheaper for the user. When credit cards are used, 3% of the transaction + 0.30 $ for each transaction are paid to the bank. With tokens, the commission is much lower.
- We will implement FFM token trade in the crypto exchange market without Files.fm as an intermediary. For crypto enthusiasts, it is provides an easy way to buy and sell tokens.
- Peer-to-peer crypto systems are the most transparent form of payments. We will use it because we want to be absolutely transparent about token transactions, our model and the payments authors receive.
FFM token is based on ERC20 Ethereum technology: an open-source blockchain-based distributed computing platform with smart contracts. Are you also confused about most of the words in this sentence? Don’t worry, it is not horribly difficult to understand the basic concept.
All cryptocurrencies and tokens are based on a decentralized system. In traditional internet banking, there is a central server, which confirms every transaction, making sure that users don’t spend money they don’t have. Decentralized systems consist of many computers, and each of them has to be able to confirm that the user has enough money to carry out the planned transaction.
The problem: it is a vast network of computers. They all need to agree on the information they are providing — who owns how much money. To solve this, a special system of registering transactions was developed.
Every transaction in the system is a file saying how much money a user is transferring to another user, similarly to payment orders in traditional banks. This file is encrypted by a user’s private key and then sent from one peer to every other in the vast network of computers, in the same way files are sent over torrent programs.
A very important step takes places at this point: the transaction is confirmed by users of the network, the so-called miners. Miners use their computers to compete in solving a cryptographic puzzle which gives them the right to confirm a transaction. When a transaction is confirmed, every participant in the network must add it in their network, and it can no longer be reversed or changed. Users have transferred money between themselves in fast, anonymous and secure way. For their work, miners earn a small amount of currency.
What does it mean for a Files.fm Library user? To buy files or get premium features, it is necessary to acquire FFM tokens. You will be able to buy them or earn by doing good deeds at the library. We will implement token buying and wallet creation in a very transparent manner, so no previous knowledge about crypto will be required for the users.
People often take almost a religious stance when talking about cryptocurrencies and tokens, especially Bitcoin. While we focus on the use of tokens as a legitimate means of payment, we cannot forget why they are so innovative and so popular: they provide a way to earn and spend money without external control from banks, governments, and other actors deeply invested in life around us. It is a safe, transparent, fast, global way to pay, and it fits with our vision of free-to-all library backed by the community around us.
Read more about our tokens and get a chance to buy them for a great price when the pre-sale starts: