What is Floki Inu?
Floki is a cryptocurrency that originally started as a meme-coin based on Elon Musk’s dog but has evolved into a full-fledged web3 project that includes decentralized finance, NFTs, and the Metaverse. Now called “the people’s cryptocurrency,” the team behind the Floki project has turned a useless meme-coin into something more meaningful.
The token associated with the project, FLOKI, is a multi-chain token that operates on both the Ethereum and Binance Smart Chain (BSC) blockchains, as it is both ERC-20 and BEP-20 compliant. FLOKI tokens can be bridged between two chains easily, allowing FLOKI holders to use any blockchain to store and transact their tokens.
It is worth noting that FLOKI has a 3% tokenized tax that applies when buying and selling tokens but not when transferring between the two chains. This tax goes into the Floki Inu treasury, which the project claims will be used to grow the ecosystem and increase Floki adoption. According to the white paper, the team will reduce the tax once the treasury has accumulated enough funds. However, there is no specific target or indication of when this will happen or how much the reduction will be.
History of the Floki Inu
The birth of the Floki Inu coin can be traced back to June 2021, when Elon Musk tweeted that he would name his Shiba Inu dog “Floki.” The project initially started as a dog-themed meme coin, similar to Dogecoin, and was called Floki Inu. However, as the project grew from a meme-coin into something more substantial, the team rebranded it to “Floki”.
The latest version of the project aims to provide utility by creating its own blockchain ecosystem and contributing back to the ecosystem through charitable initiatives. Floki has also partnered with the Million Gardens Movement, a gardening campaign founded by Elon Musk’s brother, Kimbal Musk. Floki’s creators claim to see it as a movement, not just a meme currency, and have a vision of building schools in underdeveloped countries.
Three pillars of the Floki project
The broader philosophy of this dog-based coin is reflected in its three pillars: meme status, utility, and philanthropy. Floki defines itself as a movement to empower people regardless of socioeconomic status or age, thanks to its meme status. The team states that its goal is to become the most widely known and used cryptocurrency globally.
The utility pillar aims to develop various projects, such as Valhalla and Flokiplaces, where users can use FLOKI as payment to trade NFTs and purchase physical goods. For those who want to explore the crypto market more deeply, Floki Inu offers Floki University, where users can learn more about blockchain and cryptocurrencies.
The philanthropic pillar is dedicated to positively impacting the world by improving people’s lives. Floki claims they aim to build a school on each continent, starting with underdeveloped countries.
What makes Floki Inu (FLOKI) unique?
According to what can be seen on Floki Inu’s website, “FLOKI is the people’s cryptocurrency.”
Floki Inu is not intended to be just a meme coin. Its more fundamental goal is to be useful and to achieve this goal it will form relationships and create an autonomous and decentralized ecosystem.
The cryptocurrency also envisions FLOKI being used in many other contexts, including as a non-fungible token (NFT), video games, and the financial sector. There’s also a focus on the metaverse. The Floki Inu NFT gaming metaverse is called Valhalla after the legendary hall connected to the Vikings in European mythology.
What is the Floki Inu used for?
The team behind Floki is building utility for the FLOKI token within its unique ecosystem. The Floki ecosystem includes a variety of projects in development, including DeFi, NFTs, and Metaverse. While Floki is working to create some use cases for the token within its ecosystem, adoption of the cryptocurrency on other DeFi platforms or NFT marketplaces is still very limited.
Valhalla
Floki Inu has entered the NFT metaverse with his own NFT called Valhalla. Players can earn rewards based on participation and have full ownership of FLOKI tokens earned in the game. FLOKI tokens serve as in-game currency and can be used to purchase assets.
FlokiFi
FlokiFi is the ecosystem name for the upcoming set of DeFi products that will be supported by FLOKI. The first product is “FlokiFi Locker”, which is said to be the industry’s most advanced protocol for protecting digital assets. There was also mention of a new product related to staking; however, details have not yet been finalized.
FlokiPlaces NFT and Commodity Marketplace
Building on the NFT trend, Floki Inu plans to expand with a marketplace for NFTs and merchandise. FlokiPlaces marketplace aims to facilitate the buying and selling of NFTs and other digital products and positions Floki Inu as an alternative payment method to Bitcoin, Dogecoin and even US dollars.
Floki University Cryptocurrency Education Platform
Floki Inu aims to educate users about cryptocurrencies through its metaverse university while increasing awareness of the Floki Inu ecosystem. Most of the curriculum will be free, while some specialized courses may require FLOKI tokens.
Floki’s Pros and Cons
Of course, there are two sides to every coin’s story, and, like all cryptocurrency projects, Floki comes with its list of pros and cons.
Advantage:
- Floki is a multi-chain token, allowing it to be used on Ethereum and Binance Smart Chain (BSC) platforms.
- The Floki ecosystem has a variety of existing and upcoming products that could potentially add value to the token.
- The project has partnered with other reputable projects in the industry.
- The project claims to support charitable initiatives.
Defect:
- Floki was created as a meme coin and can still fluctuate based on the opinions of influencers, such as Elon Musk.
- The circulating supply of Floki tokens is extremely high, keeping the price per token very low.
- Buying and selling FLOKI has a mandatory 3% tax.
- Outside of the Floki ecosystem, the token has few applications and is not yet accepted by many DeFi platforms.
- Team Floki is anonymous, which raises the question of who will be held responsible if something goes wrong with the project.
Conclude
FLOKI has a long way to go to compete with some of the top memecoins like Dogecoin and Shiba Inu. It’s also worth noting that the whole memecoin trend could also stop, which would certainly affect FLOKI.
Investing in cryptocurrencies like this is particularly risky, and many of them have failed to live up to expectations. So far, FLOKI has proven that it has a commendable marketing team, especially with its ads popping up all over public transport in London.
However, it is important to be extra careful and never risk more than you can afford to lose in an investment like this.
Mr. Teacher
According to Forbes
