We are pleased to announce a major milestone being reached. The firts block on our Blockchain (OZEETY) was mined successfully on 14th May 2019. This delivers yet another MVP and many to follow from our planned roadmap. The next ones we are focused on are as follows:
And many other value added services being explored
With the above and more to follow, we will aim to achieve our vision of “Financial Inclusion and Beyond”.
The full release of our version 1.0 MVP will be Q3-4, as the rest is more stress tested. It has been a long journey since 10th June 2018 and the end of our ICO fund raise. To say we had a few challenges is a bit of an understatement, however we believe we are almost over the bad period of the downturn in the market, as well the delivery of product. The delays made us even more focused on our detailed vision, as well as the future product development roadmap. As you may all appreciate, this market moves very fast and our own change of platform development in the technology choices had to be adapted or we would have also become like an old dinosaur before we launched. Our constant reinvention and re-innovation mindset keeps challenging us to future proof of our ongoing development to add value to the clients and investors. On that subject, we have now also recruited a full time more experienced CTO.
The Flashmoni Ecosystem Our first consensus mechanism choice for our Blockchain (OZEETY) was only, based on Proof-of-Stake (PoS). This we found out later against the new Blockchain developers and advisors in the marketplace, riddled with fashion followers rather than business developers that PoS alone would not meet our total vision of a secure Omnichannel solution as fast as we were intended to.
So we embarked on our relentless pursuit of the best solution and decided to develop a hybrid solution to further provide a better platform and comply with our community and the company desire for security, trust, scalability, etc. PoS is one of the best future consensus but the method of deciding who can add new blocks and verify the current state of the blockchain has flaws just like the same process occur in POW, there is a lot of other consensus out there like proof of elapsed time, proof of Authority, proof of capacity (aka space), proof of activity, proof of Burn but POW and now POS are at this time the most used consensus for blockchain development.
Our Hybrid Solution gives the best of both consensus technologies and addresses the weakness in current technologies. By using PoWand PoS we also allow anonymous transactions. This combination of PoW and PoS consensus methodologies will be used until block 647999. Once that is achieved we will only use PoS consensus mechanism. We have also implemented the Quark algorithm because it’s a more greener algorithm and allows for instant transactions, especially even small value transactions specifically aligned to our financial inclusion vision.
The benefits and advantages are numerous and include enhanced privacy, security, scalability, functionality, greener deployment, cheaper costs and speed of transaction. All that is coupled with our gold pegged verified stable coin, which makes us the unique asset-pegged coin with such levels of privacy and security, giving peace of mind to our community.
Our leitmotiv brings us to come up with a secure and anonymous solution where we are using a coin mixing technology that we call Obfuscation. That allows mixing of coins through the Masternode network to make those amount of coin much harder to trace in the blockchain when you send it to someone else. It's inherited from DASH. Private send is not really needed unless you want to anonymize your transactions. It's not completely untraceable but makes it more difficult to track down the source and target address in this new area was privacy being a critical concern. Hence we thought that this feature will add value to our ecosystem.
As we are willing to help the mainstream adoption of blockchain technology, we decided that for a certain category of transfer, a guaranteed zero confirmation of transactions is essential to speed transaction processing up and treat a large amount of them, whilst improving our blockchain adoption. We call this technology SwiftTX. The technology achieves near-instant transaction confirmation (less than a second), while still overcoming double spend challenges. SwiftTX cost is 0.01 OZTG, and will give 5 confirmations in under 1 second. This feature has not been adopted by the wider cryptocurrency community.
The Coin OZTG will be in constant development to propose cutting edge Smart Contract and Daps, to allow people to create their own Tokens using our technology.
For all the contributors who participate in our ICO in 2018, the swap of their ERC20 tokens into OZTG Coin will be proceed on FlashXchanger and they will be notified for the registration process. But as almost all contributors already passed the KYC through the former version of the current FlashWallet, that process will be executed very quickly!
We have created a community on Bitcointalkand Telegram for the people willing to get involved in our development a little more active, so we invite you to join us. Also, weekly emails will be sent to our community to keep them posted.
A Big Thank You Once again, on behalf of myself, our new CEO Mru Patel and our whole new fully motivated growing team, our loyal community, investors and partners, without whom NONE of this would be possible for such progress, Thank You!
Making our new vision of Financial Inclusion and Beyond Happen!
Mru Patel / Partner and CEOSerge Maurice Lobréau / Founder, President & Chairman of FlashGroup
NEWS was originally published in ico.flashmoni on Medium, where people are continuing the conversation by highlighting and responding to this story.
If Ethereum has been the most used platform for the ICOs so far, it has been mainly used to raise money and not to launch final products (no use of the token by the masses).
Many companies looking for investors with an ICO are immobilized in the Ethereum platform as they are waiting:
1/ to finalize the project described in their white paper,
2/ (but mainly) for Ethereum to reach scalability with thousands of tx/sec.
Ethereum has some limitations:
- It accepts around 15 tx/second, which means that if 2% of the ICOs went into prod, the network would be saturated,
- Founders talk about reaching scalability from 2 to 4 years for Ethereum
- Some fees are high and fluctuate (0,3 dollar today against over 2 dollars in January)
Most ICOs contemplate a massive use of the token and cannot pay/charge even only 0,1 dollar per smart contract operation.
Pioneering EOS has numerous advantages:
- This platform has almost no fees,
- it is scalable by construction and it can absorb thousands of tx/sec (thanks to the delegated consensus algorithm),
- it is the evolution of two blockchains that are already used in prod, Steem and Bitshares (they both share their architectures). We know that this architecture is working in prod and it is scalable. Steem accepts thousands of tx/sec
But EOS also has obscure areas:
- the first main net version is announced for June 2018. Will it be reliable enough from the start?
- There are a few technical limitations, for example the computing power available that will evolve. Therefore we need an extensive study to see if a project is compatible with EOS.
Do not forget that Flashmoni is amongst the first companies willing to go into prod quickly. So we will be pioneers, with all the risks that it entails.
For us, EOS makes sense especially if we need smart contracts.
Two more points to note:
1) The biggest trading platform, Bitfinex, has just announced that they want to decentralize by putting the trading in the blockchain. They chose EOS. Bitfinex deals with trading volumes in the order of billions per day. The fact that a group that has very high security, speed and reliability requirements chose EOS suggests that the platform is ready for this type of project.
2) Everydia, Wikipedia via blockchain, has chosen EOS as well. It is led by one of Wikipedia co-founders, Larry Sanger.
3) Bancor, one of the top 5 ICOs in 2017 (they raised 150 million dollars in 3 hours) has just chosen to implement its solution in EOS as well.
In a world of blockchain that is very young and very hard to grasp, I think that EOS has some good assets for the next 2–3 years and that it can become the first smart contract platform to reach the scalability we need for a mass application.
I foresee a massive migration of projects into EOS if they reach by June a version that is stable enough.
Ps: In Decembre 2017, EOS released its testnet version. Flashmoni’s team has been testing it and, so far, it holds up even if we haven’t explored everything and despite the fact that it remains in the testnet.
The EOS temptation… was originally published in ico.flashmoni on Medium, where people are continuing the conversation by highlighting and responding to this story.
What Flashmoni intend to do about blockchain technology?
by Serge Lobréau
Standing from my young age I’ve seen a lot of things during this short life journey. I was born in Africa, raised and shaped in France and finally develop my professional and human skills overseas, I’m a global citizen. I’m very open-minded about many subjects and especially this new disrupting “tool” called Blockchain.
I have worked in marketing, controlling and finance areas, traded stocks, bonds, futures, options, CDs, precious metals, commodities, currencies and so much more shameless financial products created by the greedy banker. However, I never felt what I’m feeling right now in our economy! something huge has emerged and just like “toothpaste tube ,it going to be very difficult to put it back once it’s out”. It's not a revolution we are going to ,but a major and significant “E-volution”! The Blockchain is about to completely change our paradigm about how organizations should be steer and ruled.
As many new areas , regulators’ and the majority of people will be mistrustful but like Arthur Schopenhauer says “All truth passes three stages. First, she is ridiculed. Then it is strongly opposed. Then, it is considered to have been an obvious” we are today somewhere in the Grey zone between stage 2 and stage 3.
This “E-volution” and all the amazing positive aspects (way more important that all negative ones) that could be put to service of the population still have a scaling issue. I’m not referring from a purely technical view here, but one large range of population seems to be forgotten in this “E-volution”: The low-income countries, representing more than 60% of humankind. The development of our future industries and growth-linked are based on those countries. Some of them have a 2 figures growth since decades, infrastructure in all area is strongly been updated since those last 3 years. For some of them, they can now rise and claim their place in this new paradigm.
From a personal experience and approach, the ideology of Blockchain and decentralization is completely relevant in those countries suffering of lack of justice, financial services, healthcare, transportation etc…Blockchain technology should empower those populations and allow them to finally start to project themselves in a future horizon instead of thinking and living a day after day existence, fixing issue after issue without any accurate agenda.
I quit a good position in a corporation years ago to create my consultancy company, I traveled a lot, i did good business and have failed in some just like every human being, but everything I saw ,was hope and the desire to have and become more in each contact eyes i made in those countries. I decide to create FLASHMONI in order to fix one crucial need that’s appear to me while I was operating other there: how enable the participation of unbanked and under-banked populations in this new financial and non-financial world order impelled by Blockchain?
This idea seems simple but 3 basic issues shows up :
Technological issue: Is the technology advanced enough to operate blockchain solution ?
Access issue: More than 80% of population are unbanked and under-banked and therefore have no Visa or MasterCard, how can they access to blockchain technology?
Pricing issue: How develop this solution with an affordable price allowing people to save more money (while they using remittances services by example) and our company to thrive through this new Cryptoeconomy area?
We started 2 years ago to work on our FLASHMONI solution. We find a mix between finance and advertising, this new ecosystem is built on a balanced business model in order to propose basic finance services at a rating spot price and even free for some essential services like holding a physical or virtual Visa/MasterCard, send money instantly and remittances services.
Alone we will go faster , but together we should go way beyond and cross every mountain standing in front of us.
We need every talent willing to participate in our project, we are building right now our extended team, advisors, and partners, so feel free to reach out if you think that you can play your part in this new human odyssey.
Editor’s note: this is the third and final installment of the series in which we are looking at how money evolved, with the aim of helping people understand why cryptocurrencies are the next in line. You can read — you should actually — the first installment here and the second installment here
At the very core of the existence of money is the profound question of how we can exchange value in more Transparent, Trustworthy, Quick and Efficient ways. Regardless of what numbers and formulas that economists might throw around, every stage in the evolution of money has simply sort improve these four features based on the level of globalization at each stage.
From the days bartering, the need for better ways to exchange value has been the puzzle. Even after cryptocurrencies go mainstream, if they ever do, the profound question of how to improve the way we exchange value will remain and will likely bring about more innovative ideas of money to fit the next stages of globalization.
The Economic Impact Of The Internet Has Necessitated The Need To Rethink Money
Fundamentally, the current need for a new kind of money that is more flexible and digital in nature finds its root in the impact that the internet has had on globalization. Between 2005 and 2011 alone, the internet was responsible for 21 percent of the GDP growth in established economies, according to a report from McKinsey Global Institute. The researchers also noted that, if the internet were to be classified as a sector, it would bear more weight than the utilities and agriculture sectors.
Drawing from the impact that the internet has had on the world so far, researchers at McKinsey Global Insight posited that the internet would foster the next wave of economic advancements, “supplying engines of growth to regions of the world that have been disadvantaged in the past.” This suggests that the internet will become even more entrenched in how we live and do business.
The Global Village Promise Of The Internet
The promise of the internet is to make the world a global village. The Merriam Webster dictionary defines global village as, “The world viewed as a community in which distance and isolation have been dramatically reduced by electronic media (such as television and the Internet).”
This means that the internet seeks to make us relate with one another as closely as we would in a village setting. This is already happening in many regards. You can already know what is happening in Beijing from your room in Hawaii thanks to the likes of the internet and cable and satellite TV.
You can also buy goods from Beijing from your room in Hawaii thanks to e-commerce. The only existing problem with such purchases is that you won’t have the physical experience and cannot transact (make payments) as though you’re physically present in Beijing. Innovations like the virtual reality and augmented reality are already trying to give us the experience of being in a place that we’re not.
In summary, many of the internet-based innovations that we have today seek to make the world operate as much as a global village as possible.
The Problem With Using Fiat Money On The Internet
But the experience of being able to transact or make payments as we would physically do in Beijing is still wanting, even though we have several ways to transact electronically. And the fact that these options for transacting do not offer the efficiency, speed, trust and transparency of a physical presence makes the world less of a global village than the internet seeks.
The non-internet structures that we’d been operating have some in-built hurdles that would limit the advancement of the economic globalization that the internet has brought. The inefficient use of fiat money on the internet is one of the hurdles.
The first thing to realize is that the internet has given birth to a new kind of economy, given that it’s now getting to the center of how we live and do business. Simply put, you need the internet kind of money to reap the full economic benefits that the internet offers, just like the industrial age saw the birth of gold-backed paper money and subsequently fiat money.
The internet has been fostering a trust economy that lets you do business with people that you’ve never, and probably would never see. Before the internet, you didn’t need a third party to verify your transaction when you go to get groceries. You simply reach for some cash in your pocket, pay for your groceries and go back home. Period. And the owner of the grocery store didn’t have to pay anyone to be able to receive cash payments. But since doing business over the internet is virtual, a virtual money was needed, which was the main reason that the use of credit and debit cards for payments went mainstream.
Recall that your credit and debit cards reflect the balance of the fiat money you have or borrowed from the bank. This created the need for a third party to confirm that your balance with the bank can cover the purchase you’re trying to make. This third party firm would charge you for its services. The company that issued the card will also charge you for providing you with the infrastructure to make digital payments. The bank will also charge some amount for moving money from your account to the merchant’s account. That’s at least three parties involved when you make digital payments that are driven by the traditional money system.
First, the fact that each of these parties charges money for enabling these capabilities makes it more expensive to do business on the internet than it costs locally. With paper money, the merchant would accept money from at no cost. The only cost we can point to is the cost of transportation to a bank to make deposits.
Second, the fact that so many parties have to be involved, coupled with the fact that money has to move from one bank to another in most cases, makes the process slower to complete. Merchants have to wait two to three days to have access to their payments. The long process to get refunds and the chargebacks that merchants have to deal with are some of the other shortcomings of using fiat money in the internet world.
But we’ve been using the digitized traditional money anyway because we don’t want to miss out on the bigger opportunities that the internet offers. Still, the inefficiencies lurk everywhere, creating the need for an internet’s kind of money.
The Need For An Internet’s Kind Of Money
The internet’s kind of money is one that would allow us to exchange value virtually and make payment virtually, yet with the ease that we’re accustomed to when paying with physical cash at our brick and mortar stores. For this to be possible, the money simply needs to reside online and not in a bank.
This would mean that your virtual self would take money from your virtual pocket/wallet and pay another virtual person, which they would receive into their own virtual pocket, with the money becoming accessible to them immediately, just like in the real world. Refunds are also going to be as straightforward because the merchant can simply send money back into the customer’s virtual money account instantly, just like a refund would work when dealing with paper money.
This is exactly what blockchain-powered money, which we also call cryptocurrency, offers. In short, cryptocurrencies are the internet’s kind of money.
With cryptocurrencies, only the blockchain system that powers the internet money would charge you a single fee — which is extremely low, by the way — for the maintenance of the network. Banks also have a way they charge maintenance fees.
The establishment of a virtual money that resides online also means that we can send money to our friends and family instantly and affordably from anywhere in the world, again because the money doesn’t have to travel from one financial institution to another.
Simply put, cryptocurrencies would help us exchange value in a more Transparent, Trustworthy, Quick and Efficient manner in the internet era that we live in, making them the next logical step in the evolution of money.
Editor’s note: This is the second installment of the series in which we are looking at how money evolved, with the aim of helping people understand why cryptocurrencies are the next in line. You can read — you should actually — the first installment here.
The move to Fiat money finds its root in the huge need of improved trust and transparency
The first installment talked about how governments started issuing promissory notes called IOU in order to ease the trade process for travelers who needed to earn the trust of foreigners.
But, like every medium of exchange before it, IOU had its own limitations too. For instance, IOUs weren’t designed to inherently imply the time, date, interest and payment type when they were issued. As international trade grew, standardized currencies started surfacing around the world to solve this problem. Still, precious metals (mostly gold) remained the backbones of the newly standardized currencies, with the precious metals usually kept in state-owned vaults. This system of money issuance was called gold standard.
Let’s make it clear at this point that the Fiat currencies we use today resulted from various events — wars for instance — that simply meant that governments around the world needed to take measures to grow their economies. Since we’re taking a simplistic look at the evolution of money, we’ll leave the politics aside and focus on the fundamental issues that brought about the Fiat currency.
At its core, pegging the value of a currency to gold or any other precious metal meant that there’s a limit to the quantity of the currency you can have in circulation, at least in theory. It also meant that the value of a nation’s economy was proportional to the amount of gold it held. One problem with this system is that the value of a nation’s money goes beyond gold since gold production isn’t the only (and possibly not the largest) economic activity that happens in the country.
Because the supply of gold and other precious metals is limited and human want is insatiable, it was never completely possible for governments to back the entire quantity of the money in circulation up with gold, which always posed the risk of inflation, overvaluation and the government being in perpetual debt.
Here’s a real-life example of the limitation that gold-currencies had.
In 1944, 44 nations gathered in Bretton Woods, New Hampshire, for the United Nations Monetary and Financial Conference with the aim of rebuilding the international economic system that the then-ongoing World War II had shattered. One of the resolutions from the conference was the Bretton Woods system, which instituted a fixed exchange rate system and the U.S. dollar becoming the reserve currency.
The U.S. dollar was chosen as the reserve currency because the U.S. controlled about two-thirds of the global gold supply. In addition, the United States accounted for about 35 percent of the global economic output. Being the reserve currency meant foreign currencies were tied to the U.S. dollar and the U.S. dollar tied to gold. Countries could exchange their dollar holdings for gold at the rate of $35 per ounce. At its core, the system was supposed to establish a transparent and single exchange rate system to discourage anticompetitive practices amongst nations.
However, as other economies recover, notably Japan and Germany between 1950 and 1969, the contribution of the U.S. to the global economic output dropped to about 27 percent. This meant that foreign nations needed fewer dollars and more of the yen, Deutsche marks and francs. The drop in the dominance of the U.S. on the global economy plus its spending on the Vietnam War meant that foreign nations had huge reserves of the U.S. dollar that they are not spending back to the U.S. because they were buying goods from other places.
By 1966, foreign central banks had about $14 billion in their reserves, while the United States held only $13.2 billion worth of gold. Interestingly, only $3.2 billion of that reserve could cover foreign holdings. The remaining $10 billion holding was meant for the domestic holding. The U.S. deficit would grow to about $7 billion and the U.S. had to deal with serious inflation. To help stabilize the U.S. economy and the dollar, the Undersecretary for Monetary Affairs, who was charged with the monitoring of gold and other international exchanges, pressed European countries to revalue their currencies. This started a series of events that ultimately led countries to start trading their dollar holdings for gold and ultimately abandoning the Bretton Woods system. Seeing the shortcomings of the Bretton Woods system, the U.S. led by President Nixon abandoned the dollar-gold link in 1971.
The value of major world currencies would now be tied to the strength of the issuing economy, which is how we came about Fiat currencies. If you look closely, you’ll find that the need for improved trust and transparency is at the core of the movement from the gold currencies to Fiat currencies.
In the next and final installment, we’ll look at the shortcomings of the Fiat currency in the digital age that we live in and explain why cryptocurrencies are the next logical step.
The birth of PayPal in the 1990’s paved the way for the use of digital currencies. However, the concept goes back as early as 1980’s, when David Chaum first came up with the idea of digital cash — with the then company DigiCash.
Fast forwarding two decades later, it became easy and everywhere accessible, simply at the palm of a hand, to do shopping, transferring and investing without even using actual notes and coins.
Sooner than expected, the upcoming viral video might very well be the one that shows a parent explaining to their kids why they used bills and coins for their shopping purpose.
Well, perhaps its time to start saving those remaining coins & banknotes for antique purposes and shift to digital currencies…
Undeniably, digital currencies — or crypto currencies — are revolutionizing the financial sector. The world is shifting from the routinely used traditional financial services to an instant, boundary-free type of business making.
Though digital currencies played an essential role in providing solutions to the global financial inclusion, there is an undeniable gap. According to World Bank’s “Universal Financial Access” (UFA 2020), two billion people don’t have proper financial services. UFA 2020’s vision is to provide financial services for up to one billion people. In the long run, accomplishing such a goal will ultimately contribute to achieve the Sustainable Development Goals (SDG) by the year 2030, as set out by the United Nations.
However, attaining such ambition not only requires the relentless efforts of governments and financial institutions, but also the engagement of private sectors.
Flashmoni’s founders realized the need of being also committed to a financial inclusion process and are introducing their vision to accomplish this by providing an innovative Blockchain-powered financial solution.
What makes Flashmoni very unique in the “red ocean” of ICOs is the fact that this company envisions to empower people with real control over their finances and with a truthful capacity of dealing with their financial needs by providing actual gold-backed Blockchain solutions to a wide range of users, including the unbanked and the under-banked people.
Flashmoni‘s proposal invites everyone to become the next digital currency movers and market shaker-uppers, people that have the pleasure of empowering others.
A Simplistic View at How Money Evolved To What We Have Today and Why Cryptocurrencies Are the Next Logical Stop!
by Serge Lobréau
It’s still a crazy idea, isn’t it?
Why should any reasonable person in this world even remotely consider exchanging the paper money that they can hold in their pocket for a digital currency or cryptocurrency?
Especially considering that, the tag “digital” fully discloses that you can’t hold it physically.
That’s the questions and thoughts of everyone who doesn’t understand the use of digital currency. And it’s actually okay to not understand the rationale behind having another form of currency — one that you can’t hold at that. After all, all that have existed as money in most of our lifetimes is paper money. Still, this doesn’t mean that the idea of a digital currency is a huge needless and irresponsible party.
To understand the rationale of a digital currency, it would help to look at the history of money and how we started using the paper money we treasure so much.
There Was a Time In History When There Was No Money
Unbelievable, right? But it’s true.
It helps to begin by being sure that you understand the definition of money. Money is simply a medium of exchange. And a medium of exchange simply means an intermediary item that’s generally accepted among a group of people or in a region to ease the buying and selling of goods.
Glyn Davies pointed out in his book “A History of Money: From Ancient Times to the Present Day” that the earliest indication of money was between 9,000 and 6,000 B.C. At the time, livestock, cattle in particular and farm produce like grains were used as a medium of exchange — aka money.
Bartering, which simply means two parties coming together to exchange what they each have and need, was the most popular way through which people acquired stuff. Of course, the world is a little too complex for it to be this simple. If this was all that existed, the chances of some people being significantly wealthier than others is limited. But there have been wealthy people throughout history.
The philosopher Aristotle offered some insight into the dynamics of the bartering system by pointing out that every object has two uses. The first is the fundamental purpose for which the item was designed. The second use is the possibility of the item being sold or used in a barter.
So in a barter system, an individual who have certain item in surplus quantities, say corn, would typically exchange these items directly with another individual who has surplus quantities of other item, say cotton. Typically, some would always have surplus quantities of items available to trade for other valuable items, which is one way wealth was built.
As societies became bigger and more advanced, batering wasn’t just enough to satisfy the needs and wants of individuals. The inherent problem with batering as an economic tool was that it depends on coincidence of wants — which simply means that for a bater to occur, you have to look for an individual who needs what you have and, at the same time, has what you need in surplus. In addition, bartering had timing constraints too because if you want to exchange corn for cotton, the two commodities have to be available for barter at the same time, which could be time consuming.
How We Got Money
While there are a number of competing views of the events and circumstances that led to the development of the concept of money, we know that the concept of money is centered on improving trust, speed and efficiency of trades.
One of the first places where items were designed and assigned a value to function as a medium of exchange was in China, around 1,100 B.C. The Chinese used minuscule versions of their weapons, cast in bronze, as medium of exchange, or money. Because nobody wants to incur an injury simply because they want to transact, the miniature arrows and the like were ultimately abandoned in favor of rounded coins, effectively making China the first nation to design a coin money.
However, it was in Lydia, now part of the modern western Turkey, where the first minted coins was made official. The coins were made from a naturally occurring mixture of gold and silver known as electrum. The coins were also imprinted with the images to differentiate between denominations.
It worthy to note that there were other forms of early money such as cowries in Africa. The point here, however, is to point out how the need for better trust, speed and efficiency in trade brought about the development of money.
The Mainstream Transition to Paper Money
Seeing the ease of trade that coin currency, mostly made from precious metals brought to pioneer economies, many economies around the world moved to the use of coin currencies, which in turn aided international trade.
The popularity of coin currency brought another inherent problem: bulkiness. In Europe, for instance, coins were still in use until about 1,600, assisted by the precious metals that European nations acquired from colonies. It eventually became inefficient for merchants to trade with heavy bulk of coins in large transactions. To make things easier, banks started issuing paper notes to depositors to work with instead of bulky coins. A merchant could buy goods and issue the seller a bank note, which the seller then takes to the bank to redeem the face value of the note in coins.
Sound similar to today’s currency? Yeah, that’s where it started. The only difference is that the notes were issued by banks and private institutions and not governments as we have today.
So How We Arrive At Government Issued Paper Currency?
Two things: International trade and trust.
The limitation of the early bank notes is that it doesn’t have much value when you’re travelling to a location where the bank that issued the promissory note is unknown, your money in that bank is almost of no use, simply because there was no way to validate the authenticity of the note.
What if the government that most people knew issued these notes? It would be easier to gain trust, right? Voila! That was the beginning of government issued paper currency. For instance, the first paper currency issued by European governments were from colonial governments in North America. Due to the fact that it usually takes long to ship items between Europe and the colonies, colonists frequently run out of cash when they expanded their reach. Again since the barter system isn’t efficient enough to help out, colonial governments had to start issuing I Owe You, IOUs, to use as currency for travelers.
The creation of this form of paper currency facilitated international trade and effectively meant that people and institutions started buying currencies from other nations to facilitate trades. Yes, you’re correct, that’s part of the history of the foreign exchange, or forex, market.
One thing to note in all of this is that precious metal coin, mostly made of gold, silver, bronze and copper, largely remained the power behind the paper currency. In essence, these paper notes were nothing without the precious metals.
To be continued…
CHAPTER I was originally published in ico.flashmoni on Medium, where people are continuing the conversation by highlighting and responding to this story.
Some friends and media reports still confusing Cryptocurrencies with more popular electronic money (e-money) schemes used in many low-income countries like Mpesa in Kenya to reach the unbanked. Strong difference separate those digital money and should not be conflated.
Cryptocurrency differs from fiat currency (e-money):
1.It is decentralized.
Cryptocurrency is based on a decentralized, peer-to-peer network there is no middlemen or a central clearing house.
No single institution controls by cryptocurrency network like a central bank does with fiat currency. By example every machine that mines Bitcoins and processes transactions makes up a part of the network.
2.It is not inflationary.
Unlike fiat currency, which can be printed to create more supply, cryptocurrency is designed to have a maximum number of coins. By example with Bitcoin only 21 million will ever be created according to a predetermined algorithm. The last Bitcoin will be mined in 2140
3.It is anonymous, sort of.
Users can hold multiple public addresses (Bitcoin,Ethereum), but they are not linked to names, physical addresses, or other identifying information.
4.It is transparent.
Although Bitcoin transactions are somewhat anonymous, they are also transparent. Bitcoins are really only records of Bitcoin transactions between different addresses making up the block chain. Everyone on the network can see how many Bitcoins are stored at each public Bitcoin address, but they cannot easily identify to
whom the address belongs.
5.It is irrevocable.
There is no way to chargeback a Bitcoin transaction unless the recipient actually sends the coins back to the sender, i experiment it badly ,1 years I redeem a transaction with this **** BTC-E site and they redeem my Bitcoin to someone else 40 BTC just gone! i succeed to recover the beneficiary e-mail but he never answered me so impossible to recover my BTC.
Cryptocurrency versus E-Money
E-money is commonly defined as value stored electronically, issued on receipt of funds of an amount not less in value than the monetary value issued, and accepted as a means of payment by parties other than the issuer.
In e-money schemes, the link between e-money and fiat currency against which it is issued remains intact, as funds are expressed in units of that currency (U.S. dollar [USD], Euro [EUR],Kenyan shilling [KES], etc...).
In virtual currency schemes, by contrast, the unit of account has no physical fiat currency counterpart
However aside from being digital in format, there are few similarities between cryptocurrency and e-money. E-money, like many other digital forms of fiat currency, such as credit and debit cards, PayPal, and wire transfers, is simply one mechanism by which to interact with.
The abstract nature of Bitcoin poses a challenge to regulators. Like any form of monetary value, including cash, e-money, and credit cards, cryptocurrency can be used for both legitimate and illicit purposes. The question is whether cryptocurrency makes it easier for criminals to funnel money for illicit purposes, and how regulators should respond to these perceived or real risks. As far as I know this argument is irrelevant! Today 95% of criminals act still operate with fiat money like USD and EUR.
The previous statement concerning Cryptocurrency concerning the fact that it is still a long way off from reaching the unbanked can be turn down today.
2 years ago only the financially included can access the Bitcoin system through the necessary digital connections to the Internet.
But the technology is improving and many Cell phone company (most of them are Chinese) start to propose smart phone at a very accessible price for those unbanked or underbanked populations (around 50$ in Kenya).That will inexorably impact mainstream populations around the world, and especially those at the base of the pyramid.
Cryptocurrency’s peer-to-peer architecture,low barriers to entry and affordable price allowing the purchase of smart phone are leading a new generation of innovative financial services, in much the same way as the Internet’s open architecture led to new online services .
Cryptocurrency provides a much cheaper and quicker payment system than what is currently available, especially for international transfers (money remittances).
We talk about 500 million USD per month in Kenya with e-money, I experiment it by myself and the fees structure still expensive compare to the average salary !Cryptocurrency can empower[U1] financial access to unbanked and underbanked by eliminate intermediate Mobile’s companies like Vodafone, Safaricom, Airtel ,MTN etc…
And to conclude don’t confound Cryptocurrency and E-money both are digital but very different.
1) Regarding questioning the accuracy of my professional background (based on the fact that I refused to send biographical data to the PR agency, KCDPR)
I, Serge, Maurice Lobreau attended Evry University and my second at Paris Dauphine. I maintained an A average in economics, achieved a BA in marketing, Masters degree in finance with a major in portfolio yield management with derivatives products. I have a license in Controlling/Finance/Marketing from Evry and a DCEF diploma. I made all my studies in France that can be easily verified …
The reason I did not respond to the PR agency, KCDPR is because I did not feel it worth my time to be connected with them since I was not satisfied with their work, or more specifically, the fact that they had not provided me with any real public relations work at all
I met them in Los angeles and spend more than i hour talking about me ,my background etc they could have take notes to draw this bio plus my Linkedin account is visible….
Mr. Sebastiao Coelho had chosen KDCPR for Flashmoni to hire as our PR firm. The representatives at KDPR at the time had nothing good to say about Mr. Coelho, by the way. One representative even said of Mr. Coelho’s writing for me at that time: “Sebastiao’s work is not good. There is a lot of nonsense in what he has written so far.” However, at Mr. Coelho’s urging, I paid KCDPR $15,000 USD just for a quote. They assured me excellent PR coverage and several articles for $38,000 USD. Instead, they delivered only a general information cryptocurrency article in Forbes, which did not refer to Flashmoni at all. I refuse to pay their outrageous fee of $38,000 USD after that. According Sebastiao Coelho who was at that time the CMO at FLASHMONI, they threatened me with a lawsuit. I responded that I was comfortable with that since it would be easy to demonstrate that nothing of value had been delivered by them and that $15,000 USD for a quote a random and unrelated article in Forbes and a share to 5 different online minor media sources did not justify a follow-up with this company.
2) Regarding Mr. Coelho claiming I was the French Leader of GetEasy which stole money from thousands of people. He also claims some kind of dubious past with a Ponzi system and MLM.
I met an MLM marketing team in 2014 and did some work for them. I did not develop the activity in France, but in other areas. Sebastiao Coelho was quite experienced in this kind of business when I met him and this company was a Portuguese based company and i was a simple distributor selling their products and building a network. When me and my network discovered that this Portuguese company was a fraud and a Ponzi scheme, we went to Portugal to seek our money (I lost tens of thousands of my own personal money). We met the CEO, a so called
Mr Loios, and that was the first time I saw Mr. Sebastiao Coelho. He presented himself as
“CMO” of the company GETEASY/VIC. They succeeded in changing their name from GetEasy to VIC, arguing that that this was the only way for us to recover our money. He was convincing but we decided to stop and to distance ourselves from this Portuguese Ponzi scheme (photo of sebastiao at geteasy awards). The reason why I originally collaborated with him was because I remembered how convincing he was, and took this for a kind of talent. So I kept good relations with him through that period. I proposed a rôle for him during our ICO and afterward a position as CMO with Flashmoni.
3) Gold Trafficking Accusations
I have never in my life been involved in gold trafficking. I learned the hard way losing hundreds thousands of USD with some dishonest people in a very dangerous situation in Uganda, Tanzania, Congo and Kenya. I made mistakes and learned how to do things the right way. I have been robbed at the airport by my export agent.
I will be able to make details of this public on demand, or you may contact the local police there. This incident barely made national news with the title “A French Business has been Scammed with Gold.” Eventually, it will be revealed that the police, the hotel etc. was involved. I was helped by the French embassy who advised me to leave Uganda, otherwise I would most likely be dead by now. I lost my money and the merchandise I paid for. I nearly lost my family and Mr. Coelho knows this because I told him. One of the clients we failed to deliver was a Portuguese refinery called Goldropa. Mr. Coelho was the intermediary. He spent nothing yet was willing to cash in as usual.
4) ABC SUMMIT as a cover up of fraud
The ABC summit is a real event with real people and real expenses. The site is here: www.ABCSummit.com. Mr. Coelho started with us (and his relative built the site…), before being relieved of his duties there due to his legendary lack of work ethic, combined with his always wanting me to feed him and his family. Despite all effort by him and his friend Sanderley Rodriduez, a notorious felon (You can google his name for multiple times searched for by interpol).
At the ABC summit, numerous scholarly speakers and established people in blockchain are attending. This event is not designed to make money, but to set up a brand that Mister Coelho and his organization have tried to destroy.
Please note that Mister Coelho’s associate, Sanderley Coelho is involved in the acquisition of the office proposed by Mister Coelho (we will find later that commissions have been paid and we can publish invoices.) This Brazilian man, former Telexfree leader at an MLM company, came to me in order to use Flashmoni funds to finance his friend’s ICO. Of course, after I
refused and withdrew, issues with this felon started. I filled a criminal case for extortion against this team because before starting this campaign they asked for money. Mr. Coelho did nothing (I can prove the amount raised through his network) and recommended me to people from the Mafia in italy (I can share screenshot as he used too but its not my M.O.) I urgently asked him to stop wasting my time with meetings with felons. I started to distance myself to gain a better perspective.
Regarding so-called signed contracts with companies to use their reputation and legitimize my business, but never paying them.
*I signed with KDCPR and was disappointed in their work as explained above making our agreement null and void.
*I cancelled the Singaporean and the new UK offices because I decided to redesign my strategy, since I am the CEO and most of the money was coming out of my own pocket. I sent
$163,000 USD for the Singaporean and Asian operations that I will never see, so in those operations, I am the one losing money, not others.
*I signed a contract with other organizations, under Mister Coelho and his organization. Most of these contracts signed were signed under a power of attorney that I gave to Mister Coelho and his organization, January 2018 in Lisbon. At the time they made me sign a Portuguese POA. I don’t speak any Portuguese but at that time I still trusted this man. All the contracts have been signed by them and most have never been received by us at Flashmoni. When we decided to distance ourselves from that organization, we went from one discovery to another. (We will list each one of them in other articles.)
It is not a secret that we are bound by commitment for the purchase of gold as the collateral for tokens. Yes, I made arbitrage with some companies to try to save the fiat the we have because we could not sell our tokens yet. Yes we are late on what we said to the community about the delivery of our solution,yes some contributors ask for refund, those things happens ! but we are still on schedule according to the last version of the white paper and every startup finds difficulties. It’s the way these difficulties are faced that will determine if the company will survive or not.
The claim that the money paid Mr. Coelho was not a salary and that I jeopardized his family situation.
When I decided to take the ungrateful Sebastiao Coelho, he was nearly begging me for money to feed his family. he shows multiple times his fridge by skype i will be able to share the video because I am that kind of guy (i record everything, i have 4 phones for nothing one is still recording… I am joking…). I pay in upfront salary in 7 months the amount of 35K euros to mister Coelho bank account that i will not once again publish here like he did some in a country where the minimum salary is 586 eur something i think that it’s more than enough, sometimes he asked me to send it on his mother bank account in order to escape the Portuguese government !!! so i paid an average of 4K euros to mister Coelho Sebastiao to FEED him and when and when i decide to stop doing because of a lack of work , a bear market and the necessity for my organizations to find alternative funds he stop coming to work and when i send him notification for him to come in June and July one time he suddenly fail seek and the other he came but no one was there I was there i have a cctv of the office if something has come i know it i can see everywhere … so please mister Coelho do not bite the hand that fed, sheltered and helped you month after month when you never much for anyone.
Employes in parade left with no food and had no money while you were in Thailand in Phi phi Island spending time on beach resort.
You can ask the employee if living in 200 square meters with pool and fridge always furnished if the conditions were so bad, plus if anyone was so bad they should have been left to go back to their previous activity earlier so please stop giving fake news !!
i Went in Thailand to provide to my daughter an alternative medicine for our disease she has an u-incurable immune muscular disease the risk was to see became a vegetable we choose to go there for this purpose we stay days and days at the hospital and try several treatment until we find one who help her for some weeks we decide after the first phase of the treatment to do a break of few days in koh phiphi i am a father and every father who as kid and especially one with a very rare disease knows where we been through and i find this argument totally discutable and bias as all Sebastiao publications i stay there & month and a half working from Asia at that period i had not a single text message of mister Sebastiao Coelho except to guess what ask for money.
2300kg of gold does not exist. It’s a fraud.
The NDAs have been signed. This quantity of gold takes time to gather in one place, but Mr. Coelho even if he were born in Africa knows nothing about it. Things work differently and yes it will take time to have everything store in Porto free zone as i decide, the only proof we will provide will be an external audit of the gold store, oe by quarter we will need at least 12 months to have everything in Europe … but again is that the good strategy … read my latest blog about it HERE !
Mister Coelho never invested in the company not one single penny all he has done is ask for me I don’t understand why because he has a very successful son he could have ask him…
The London office never existed. It’s a fraud.
As I explained earlier, Flashmoni is incorporated since 2015 in the UK with an interruption and a new incorporation in 2017 we used a virtual office and this I chose to put board other there then we enter in bear market and i prioritize and change the ressources allocation mister Coelho knows all of that but decided to lie deliberately in front of everybody. Here is the virtual address of the London office you can check it HERE that corporation purpose is to hold the FCA license that Flashmoni will need.
to conclude yes i promise stuff to mister Coelho Sebastiao and yes i decide to break my word in front of such lack of competence and work.
So that will be my last personal response to this « Sebastiao Coelho gate » the rest i let my legal team take care of him has i will sue him and his organization and especially this Brazilian felon Sanderley also call « lina silva » on facebook treating me with the « N » word that is the kind of mister Sebastiao new or old relations.
Plus mister Coelho has never been put in the decision board and so for ignorant a lot of information
the fact that i refuse to pay 10k for the 18 birthday of his daughter the requalification from CMO to content writer of his position
and my multiple refusals to give him money without in return lead them in this path but we will fix this legally, concerning the companies Sebastiao named in his topics some of ask him to remove their names !!! we find a way through numerous new clever way to recover some fiat currency for the ongoing of our services so the small delay we had will be fix then we will concentrate a full capacity to condemn mister Sebastiao Coelho and friends for Defamation and extortion attempt
they clearly choose the period where we are supposed to get listed to launch this campaign in one and single purpose Destroy the company and calling it fraud! Strange that they qualify the company of fraud after i refused to pay mister Coelho the amount of 1million ozt if it’s a fraud