FCFX Mechanism

Fiat to Crypto to Fiat via eXchange

To enable fiat payments across the platform, GotchaPay utilizes an intelligent FCFX mechanism. FCFX enables users, potentially being unaware of the underlying crypto-economics, to help fund the platform, which in turn drives the demand and adoption of the token. For example, in order to create an evergreen user reward pool, WeGotcha uses revenues from applications to buy BINGO from the market. BINGO tokens are then distributed as rewards throughout the WeGotcha community. Another application may choose to create an ad-supported platform, where the revenue generated from user attention is used to reward the application users with BINGO. A third application may use a subscription model, where the subscription revenue is used to reward contributors with BINGO.

Fig. 5. Working of FCFX mechanism to fund reward pool

In order to support the development of such economies, WeGotcha will reward ecosystem applications with a regular distribution of tokens through its reward mechanism. In turn, each DApp can incent contributors by distributing rewards to participants on its own app or platform. This will support the growth of the WeGotcha ecosystem by driving users to receive, buy, use and hold BINGO. Furthermore, WeGotcha will issue grants to help bootstrap the financial utility for early contributors and developers.