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Frequently Asked Questions

Why Blockchain?

Up until now, Sharing Economy has seen great traction with several specific use cases, however, with the traditional fully centralized platforms there are major limitations on the scalability, security, and transactional aspects. As a result, almost all sharing economy platforms ended up being focused on only very select verticals such as home and car rentals, although there is a tremendous need for an effective solution on other categories. Flambu leverages blockchain technology's main advantages of decentralized security and novel incentive mechanisms to create a scalable, fair, and community-centric sharing economy.

What is the Flame token?

Flame tokens are proof-of-stake tokens with a deflation mechanism that are used to reward contributions of users on the Flambu ecosystem, as well as secure peer-to-peer transactions to ensure trust within the platform.

What is the Flambucks token?

Flambucks (FBX) is an ERC20 - mintable/burnable token pegged to $USD and backed by other stable tokens such as Fuse Dollars (fUSD). Flambucks tokens are used for fast, cheap & secure P2P payments on the Flambu platform.

Why Flambucks and not fiat or other stable coins?

Flambu's aim is to become a global marketplace from day 1 and with the traditional payment systems, this is not possible since each country requires a great amount of investment of funds and time to integrate into the local payment infrastructure. For this reason, we leverage the power of blockchain-based payments which supports fast, secure, low-cost, and borderless payments which lets anyone with a smartphone easily join the network and have a digital wallet that enables seamless transactions.
Moreover, we use Flambucks that is backed by other stable coins such as fUSD (Fuse Dollar) as part of our business model. In traditional marketplaces, the most effective way of generating revenue was taking commissions from transactions and these commissions generally go as high as 30% of the transaction value. Thanks to the DeFi protocols on the blockchain that offer high yield, the stable tokens that back Flambucks will generate yield as long as more Flambucks tokens are circulating within the Flambu ecosystem, therefore it enables us to have much lower (even near 0) commissions on the transactions between the community members. On top of that, Flambu will also share part of the yield generated from the reserve tokens with the Flame holders 😎.

What can I lend/rent on Flambu?

Eventually pretty much anything legal will be available to rent on Flambu, however, initially we are focusing on a few categories listed below that we found in our research to be the most attractive ones as a start.
  • Outdoor & Camping
  • Mobility (mostly electrical vehicles such as scooters, e-bikes)
  • Kids & Baby stuff
  • Photography
  • Electronics
  • Gaming
  • Books
  • Party & Event equipments
  • DIY & Tools
  • Music & Instruments

What if I don't find what I'm looking for?

Although we incentivize users to list their unused items with attractive rewards of Flame tokens, we know that it will take time until a critical mass of users in each location will be reached so it will be easy to find almost anything you need around you. If you can't find what you were looking for, here are two tips that will help you and the community:
  • Open a "Public request" for the item you are looking for. "Public requests" is a cool feature that we thought a lot about and it works exactly like posting on a local Facebook group. Once you post your request, Flambu users in your vicinity will be notified and it will increase your chances of finding what you need from one of the community members.
  • Invite your friends, people in your neighborhood, or in your local Facebook groups. By doing so you will be rewarded with Flame tokens for each user that registers upon your invite and also it will increase the amount of items supply within the platform so it will be easier to find what you are looking for.

Is it free to use Flambu?

Yes, it is completely free to open an account on Flambu. You will only need to pay for the rentals when you need to.

How much does it cost to rent something on Flambu?

The price of each item is set by the owner of the item on a daily basis and some items might have weekly and monthly discounts. We suggest you contact the owner of the item on the in-app chat before booking to check availability and ask about the price. Flambu charges near 0% commissions on rentals, so what you pay will go directly to the lender's wallet unless there is any dispute.

Can I cash out my rewards?

Yes, you can cash out your rewards, but rewards have a lock-up period for cashing out to ensure the stability of the Flame token price. Each reward you get will be available to cash out or convert to other tokens within 1 month, but from the moment you earn the Flame rewards you can use them for rentals.

Can I cash out my earnings?

Yes, you can cash out your earnings at any time. Cashing out your earnings is subject to between 10 to 20% fee depending on several factors such as your country and how long you held your earnings in your wallet.

How can I earn more Flame tokens?

You can earn Flame tokens as rewards in several ways. Please refer to User Rewards for the current ways of earning more Flame tokens.

How can I generate more income with Flambu?

The first step is to open an account on Flambu and list your unused items so other Flambuers can rent them from you. You are completely free to set your price, but we recommend you give prices close to the ones suggested by the app when you list an item as well as checking the prices of similar items listed by others to increase your chances of getting a booking request. Also, the more items you list on Flambu and the more friends you invite the more Flame rewards you will earn, and the price of Flame tokens is designed to increase in time with the success of Flambu.

How can I buy Flames?

Currently, Flame token integration in the app is in progress which will let you buy Flames with a credit card, and also Flame tokens will be listed on Fuseswap soon where you can buy in exchange for other tokens on the Fuse ecosystem. If you would like to participate in the private sale please contact us at [email protected] or join the conversation in our Telegram group.

How do I pay for rentals?

When you want to rent an item, after choosing your desired dates your wallet will be checked if you have sufficient funds of Flambucks and Flames. If you have, then the tokens in your wallet will be transferred into an escrow smart contract locking them until either the end of the rental or the owner rejects your request for some reason. If you don't have sufficient funds for either token in your wallet, you will be asked to add a payment method (e.g. credit card) to proceed with the request. The payment will purchase the necessary amount of each token automatically and lock them up in the escrow smart contract. Once the tokens are unlocked either at the end of the rental or if the owner rejects your request, you can always get your money back by cashing out your tokens from the price you purchased them within 7 days.

I don't have sufficient Flames to lock for a rental, what should I do?

You can always earn more Flame tokens by completing the rewarding actions in User Rewards, or you can purchase more Flames either in the app or on Fuseswap when it becomes available which is expected to be soon.

Can I buy/sell products on Flambu?

Yes! Any product listed on Flambu can also be listed for sale. If you want to buy a product that is listed for sale, you can simply contact the owner, or when you list an item for sale, other users can contact you to buy it. In later phases, we will include a secured payment mechanism with a buyers' guarantee, as well as an auction system so that users can list their items and sell them to the highest bidders.

Can I list/find services on Flambu?

Not yet, but we definitely plan to expand to the services/skills sharing economy! These will include local services as well as online freelance services. Join the conversation in our Telegram group to stay up to date with our announcements.
Last modified 29d ago