【FNCT 101 ②】Own FNCT

Financie, Inc.
6 min readMay 24, 2023

This is the 4th article in a series that summarizes the FNCT (Financie Token) that Financie conducted an IEO for in February 2023 using short and simple phrases. In this article, we will explain how to own FNCT.

There are three ways to own FNCT.

  1. You own your FNCT in your crypto asset wallet.
  2. You own your FNCT in the account of crypto asset exchanges.
  3. You own your FNCT with locking into FNCT Staking.

Above all three indicates you own FNCT, but depending on the situation what you can do will differ, so that we will explain more details below.

1. You own your FNCT in your crypto asset wallet

You need a wallet to hold crypto assets. The crypto asset wallets store your assets inside using secret keys.
The secret key is so complicated that we won’t explain the details, but usually it is usually referred to as a “mnemonic code”, “secret recovery phrase” or “private key”.

The mnemonic code usually consists of 12 or 24 words, while the private key is usually a random string of letters.

“Your wallet” means “a wallet whose secret key you manage”. In technical terms, this is also called “self-custody”.

Coincheck, Binance, bitFlyer, and other exchanges also have wallet accounts for you, but the secret keys are managed by the exchanges and not by you.

Example 1: Metamask

The most famous example of self custody is Metamask. Metamask is used as an extension of Chrome browser or smartphone apps.

You can create your Metamask account by adding it to your Chrome browser or installing it on your phone.

In the process above, the “secret recovery phrase” indicated is referred to as the “secret key”.

Example 2: LEDGER

Metamask is always connected to the internet, which increases the risk of being attacked by malicious accounts. To reduce this risk, you can use physical crypto asset wallets.

The most famous physical crypto asset wallet is a LEDGER. With this device, you can manage your crypto assets offline when not in use, making it a more secure way to manage crypto assets.

How to display FNCT in your crypto asset wallet

In order to display FNCT in your wallet and to manage your balance, you need to make your wallet recognize FNCT. This section explains how to make MetaMask recognize FNCT.

Making Metamask Recognize FNCT on the Ethereum blockchain

① Import tokens in MetaMask.

Make sure “Ethereum Mainnet” is selected and press “Import Tokens” under the “Assets” tab.

②Enter FNCT token contract address

Select the “Custom Tokens” tab and enter the following token contract address (different from Polygon’s FNCT contract address)

0x8Af78f0c818302164F73B2365fE152C2D1FE80e1

Press “Add Custom Token” to display FNCT and manage your balance.

Making Metamask Recognize FNCT on the Polygon blockchain

① Add a network to MetaMask

Press the “v” on the right side of the Ethereum mainnet to display “Add Network”.

②Add Polygon

Press “Add” on the right end of the “Polygon Mainnet” row.

“Approve” the addition of Polygon Mainnet

③Switch network to Polygon and import tokens

Make sure “Polygon Mainnet” is selected and press “Import Tokens” under the “Assets” tab.

④Enter FNCT token contract address

Enter the following token contract address (different from Ethereum’s FNCT contract address)

0x13590c53df63b52e159328c5b4ffb5f6dc5163c0

The token symbol and token digits are automatically reflected, but if they are not, please enter the following information.

Pressing “Add Custom Token” will display your FNCT and allow you to manage your balance.

What you can do in your crypto asset wallet.

You can do this at FNCT.xyz

  • Participate in FNCT staking (receive FNCT)
  • Receive FNCT as a reward (receive FNCT, receive FNCT)
  • Link your crypto asset wallet to your FiNANCiE account

You can do this on the FiNANCiE app (web version)

  • Community donation (give FNCT)
  • Buy Community Token with FNCT (buy with FNCT)
  • Receive grade rewards (receive FNCT)

2. You own your FNCT in your account of crypto asset exchanges.

As mentioned briefly above, the crypto asset wallet used by users on crypto asset exchanges such as Coincheck, Binance, and bitFlyer is managed by the exchanges for their private keys.

When a user opens an account with an exchange, they are assigned this crypto asset wallet. The “private key” information is not provided (at this time, the technical term for “exchange” is custodian).

While the exchange is responsible for the security of your assets, there is a trade-off in that they charge a fee for each transaction. Please check the rules of each exchange carefully, as fees are charged not only for transactions, but also for withdrawing or transferring your crypto assets from your crypto asset wallet (the account you have opened) on the exchange.

To have FNCT in a crypto asset wallet managed by an exchange, you can open an account on an exchange that handles (is listed on) FNCT and purchase FNCT on that exchange.

As of May 2023, FNCT are listed on Coincheck and MEXC Global. Please note that both exchanges can only handle FNCT on the Ethereum blockchain as of now; you cannot send FNCT on the Polygon blockchain (more details).

What you can do in your account of crypto asset exchanges.

You can do it on the Crypto Asset Exchange

  • Buy FNCT
  • Sell FNCT

3. You own your FNCT with locking into FNCT Staking.

Finally, we will explain the method of holding FNCT “locking while maintaining ownership”.

The “FNCT staking,” which we mentioned in my last previous article, refers to this locking.

By locking your FNCT from the wallet you manage into a staking contract, you can participate in staking and governance while maintaining ownership of your FNCT.

When you lock FNCT, it moves from the “crypto wallet you manage” to the “staking contract,” so the balance in the “crypto wallet you manage” appears to have decreased, but ownership remains with you, meaning the person who locked the FNCT. The lock will be released after 180 days, after which time it can be withdrawn anytime.

Only FNCT on the Polygon blockchain can be locked. FNCT on the Ethereum blockchain must be bridged to the Polygon blockchain before being locked (more details).

The process of locking FNCT is explained in detail in another article.

What you can do with locking into FNCT Staking.

You can do this at FNCT.xyz

  • Participate in governance (vote in FNCT)
  • Generate FNCT staking rewards (receive FNCT)

Can be done on the FiNANCiE app (web version)

  • Receive grade rewards (receive FNCT)

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Financie, Inc.

CEO: Hironao Kunimitsu Founded on: January 2019 / Content of Business: Research and development of blockchain technology