Frequently Asked Questions
Flycoin is a cryptocurrency-based frequent flier loyalty program based on the novel concept of scarcity of points. Token in the program are known as FLY. Users can earn FLY, a reward that doesn’t expire, is easily transferable, and has an abundance of redemption options. Just as the fixed supply of bitcoin results in intense loyalty among those who hold it, so too will FLY among those who hold it – the frequent fliers of participating airlines, travel and hospitality partners.
As of January 2022, one FLY is worth $0.02 USD with our participating partners. All participating partners agree to accept FLY at the market price, or a Floor Redemption Value (FRV), whichever is higher. Until FLY is traded on cryptocurrency exchanges, the current price equals the FRV. The FRV increases on an annual basis and you can read more details in the FlyCoin whitepaper.
Sign up for an account and start making qualifying purchases with our partners.
FLY was minted on Ethereum and Polygon blockchains in October 2021. Unlike some cryptocurrencies, all 100 billion FLY were minted at one time (never to be increased) and mining is not a part of the program.
The FlyCoin network is a mix of “on-chain” and “off-chain” transactions. Read more about How do FLY transactions work?
The token’s smart contract address is https://etherscan.io/token/0x4e568ab95F029E8dF1e39b30c9d6D076eaA15945
Yes, Flycoin partners use a combination of the amount of FLY a customer holds and the length of time each FLY has been held to determine reward tiers like “Gold” and “Silver”.
The FlyCoin app will launch in Q2 of 2022. The roadmap includes native Android and iOS apps as well.
Rewards programs are high activity systems as customers earn and redeem rewards. Each Flycoin partner may disperse and collect the same FLY between customers without it leaving their hands, which means these transactions occur “off-chain”. When customers or partners withdraw FLY to cash, store FLY within their own wallet, or make similar transactions, these occur “on-chain”.
Many users may never trigger these “on-chain” transactions but still receive and redeem FLY for rewards. This makes it difficult to judge FlyCoin volume by looking at on-chain transactions only. We will collect and merge statistics for transparency. Customers flying on Ravn Alaska have been earning FLY since June 2021 and have used it to redeem over $250,000 in reward flight value so far.
You can use any wallet to store FLY. The app will offer an integration with MetaMask.
Yes. Typically Flycoin users earn rewards frequently, and these are stored in a wallet on your behalf by Flycoin. You can transfer these FLY to your own wallet at any time.
You must have a Flycoin account and interact with Flycoin partners, which earns you FLY. Taking a flight earns a certain amount of FLY per mile, just like other reward programs. Holding FLY can increase your rewards level with partners, which can reward you with more perks.
Flycoin can be transferred between individuals at any time. There are no limits like other travel rewards programs…you own it!
The Flycoin vision is for travel to be funded by your loyalty. From the flight to your hotel to the coffee in the airport and everything in between. Follow @FlyCoinOfficial and other social media for updates as new partners join the network.
FlyCoin’s loyalty calculation incentivizes users of a partner to be loyal customers, by holding FLY and using that to redeem rewards and status. See Can I earn rewards with my FLY?.
The nature of a reward system with high volume means partners may trade FLY between themselves and their customers without ever hitting the blockchain. See How do FLY transactions work?. Launch partners were granted large blocks of FLY for their use, but the current price is always used between partners and their customers. This is outlined in the FlyCoin whitepaper.
Two avenues exist for reducing risk of FLY tokenomics: First, each FLY has a Floor Redemption Value (FRV), which is outlined in the FlyCoin whitepaper and increases on an annual basis. Second, there are flights being redeemed using FLY today, which always have a tangible value as an asset. Customers flying on Ravn Alaska have been earning FLY since June 2021 and have used it to redeem over $250,000 in reward flight value so far.
It will always be free for users to transact between each other with FlyCoin apps, which are “off-chain”. Blockchain based transactions may carry fees based on the network or exchange used.
Partners who choose to integrate with FlyCoin’s off-chain system for accepting and awarding FLY to users will agree to a 1% transaction fee on FLY redemptions. There are no fees on dispersing FLY. Any independent integrations of FLY via the blockchain will not be subject to any transaction fees.
Head on over to the roadmap for all the details. The Flycoin vision is for travel to be funded by your loyalty. From the flight to your hotel to the coffee in the airport and everything in between. Over the course of 2022, we’ll be launching Android and iOS apps, announcing more partnerships, start trading on crypto exchanges and of course, provide millions of dollars in rewards for our users. Follow @FlyCoinOfficial and other social media for updates as new partners join the network.