Fayhr
  • Fayhr: A Decentralized Cooperative-As-A-Service Protocol
  • Abstract
  • Introduction
  • An Overview of Cooperatives
  • Merits & Demerits Of Cooperatives
    • Merits
    • Demerits
  • A Decentralized Solution - Fayhr
  • Sub-Cooperatives
  • Fayhr Slots
  • Fayhr Oracle
  • Fayhr Contractors
  • Fayhrers
  • Decentralized Cooperative-as-a-Service: The Process
    • Contribution Process
    • Distribution Process
    • Governance Process
  • The Fayhr Cooperative™
    • Fayhr Labs
    • The Fayhr Council
    • Fayhr Soul-Bound Tokens
    • Fayhr Community Token
    • Special Sub-Cooperatives
  • Fayhr Phases
  • Considerations
  • Conclusion
  • Appreciation
  • References
Powered by GitBook
On this page

Considerations

Fayhr Cooperative Development Considerations

The Fayhr Cooperative project is robust, and we have made several considerations and decisions on the protocol implementation.

Blockchain Network: Building a consumer protocol like Fayhr requires a blockchain network that is fast, scalable, and cost-efficient. Below are our blockchain choices:

Solana Mainnet

  • A Layer 1 blockchain known for its super-fast and low-cost consumer dApps.

  • Completion time: 0.52 seconds; Transaction fees: < $0.01; TPS capacity: 65,000.

  • Supports token extensions and compressed NFTs.

Lisk Mainnet

  • A Layer 2 blockchain known for real-world applications using Opstack and a member of the Optimism Superchain.

  • Completion time: 2 seconds; Transaction fees: < $0.17; TPS capacity: > 100.

  • Supports ERC20, ERC1155, and ERC4671 token standards.

Neon EVM

  • A Layer 2 blockchain that allows Solidity developers and Ethereum users to interact with the SVM using their existing code, infrastructure, and wallets.

  • Completion time: 0.52 seconds; Transaction fees: < $0.01; TPS capacity: 65,000.

  • Supports ERC20, SPL Tokens, ERC1155, and ERC4671 standards.

Overall, we must recognize that the future of blockchain is multi-chain, as what benefits one may benefit all.

User Wallet Considerations: The issue of wallet private key storage and the complexity of blockchain wallets has been a significant concern for Web2 users transitioning to Web3. Recent advancements have been made in embedded wallets, with companies like CrossMint, Dynamic Wallet, and Thirdweb leading the way. These wallets allow users to store private keys and manage transactions using social accounts such as Google, Apple, and Facebook. We believe embedded wallets will simplify Web3 for users, making our platform as accessible as any Web2 service.

Blockchain Fees Payment Methods: The requirement for native tokens to pay transaction fees is a common concern. To address this, we offer two viable options:

  • A combination of a repo wallet and a smart contract that injects transaction fees into a user’s wallet when transactions are initiated.

  • On-chain gas abstraction, which allows users to pay fees with their existing tokens while the paymaster contract settles the fees on-chain. ERC4337 on EVM supports gas abstraction, and setting a wallet to be the fee payer of a transaction is one of the key features of Solana's robust transaction environment thus making fee payment for our web2 gasless. This implies that Solana has a native compatibility for On-chain gas abstraction.

We believe either of these methods can make fee payments seamless on Fayhr.

Distribution Methods: Logistics are crucial for this protocol, we have implemented autonomy for Contractors, Fayhrers, and Sub-Cooperatives. This allows Contractors and Fayhrers to devise transportation or logistics models that suit their community. We recommend options such as pickup points, home delivery (with additional charges), or a combination of both. This approach is organized at the Sub-Coop level rather than the Fayhr Cooperative level, making implementation straightforward.

Compliance Policies: Compliance is essential to ensure the security of products, services, and funds related to the Crowdfund. We have established the following provisions:

  • MOUs: To become an accredited supplier, firms or institutions must sign a Memorandum of Understanding outlining the roles of both parties. Non-accredited suppliers will only be engaged for one-off orders.

  • Contractors/Fayhers Compliance: Approved Fayhers and Contractors must sign NDAs/MOUs, legally binding them to comply with the written guidelines.

  • Proof-of-Work & Proof-of-Supply: Accredited suppliers must provide a Proof-of-Supply receipt signed by the Sub-Coop contractor. Upon confirmation, we send them the cost of the goods. For non-accredited suppliers, funds are released to the Contractors, who must attach the Proof-of-Supply receipt to their Proof-of-Work document. This ensures checks and balances.

On/Off Ramping Provisions: Given that most stablecoins are pegged to the US Dollar and current regulatory scrutiny on stablecoins and crypto trading is increasing, we believe interacting with stablecoins on Fayhr may not be ideal due to NGN/USD price volatility. Users might view it as an investment, but Fayhr is focused on building a consumer cooperative system, not an investment or DeFi platform. Therefore, we have implemented a utility token that can be purchased directly with NGN and has no trading value outside our ecosystem. This is separate from the Fayhr Community Token. Slots NFTs will be charged in this token, allowing users to contribute to crowdfunds with it. Additionally, we will connect fintech provider APIs to facilitate the minting of this token when users make fiat deposits through fintech providers. This utility token is known as the Pass Token, and slots are charged in Pass Tokens on Fayhr.

PreviousFayhr PhasesNextConclusion

Last updated 9 months ago

Page cover image