FSM basically means Flying Spaghetti Monster. Hearing about this name for the first time would get you into a fit of laughter. Like, why would a spaghetti be a monster that flies?
Well FSM is a token in the cryptocurrency world. Cryptocurrency and Blockchain are terms and ideas people are just getting accustomed to. Even the term “digitalization”. When these words comes up anywhere, people wonder – what are they talking about?
For clarification, I’d be explaining these terms in their simplest forms for better understanding before we proceed into the main subject which is FSM Token.
Blockchain is a secure distributed database where cryptocurrencies transactions are recorded. It’s a distributed ledger technology through which the idea of cryptocurrency functions
Cryptocurrency is a decentralized digital asset modeled as a means of exchange of financial transactions, assets, and other types of digital or virtual money like pounds, USD, EUR, and the likes. The only difference is; it is not mobile like notes or coins because it exists only in an electronic form.
As opposed to the Central banking system which is centralized and the activities strictly monitored, Cryptocurrency has a controlled decentralized system.
In 2009, Bitcoin was the first decentralized cryptocurrency to be released. After that came several other altcoins(variants of Bitcoin) of about 600 and in which FSM is among these altcoins.
WHAT IS FSM ALL ABOUT
FSM (Flying Spaghetti Monster)
FSM is the ideal symbol of FSM token.
FSM Token is a decentralized, peer-to-peer deflationary Spaghetti of value based on the ecology of TRON. FSM Token sets itself apart from other digital currencies through a friendly and vibrant community of people who share advocacy of freedom and authority.
A short time ago, virtually everyone believed tokens to be material, physical or abstract. Many believed it as a form of pass at fairs and festivals to get rides, foods, and drinks when exchanged against money. It’s also a symbol of ownership of membership.
But today, with the development of cryptocurrency, the term token found a new meaning in the revolution of digitalization and technology. In the crypto space, a token basically means a cryptocurrency built on top of an existing blockchain.
Now that we’ve gotten a scope of the topic, it’ll be quite easy to comprehend the ones to come.
Anytime FSM is transferred, 1% of the token will be burned while the total amount of Bitcoin remains constant. The initial total supply of FSM is 1Billion, which will decrease as each transaction made with no issuance of new FSM.
Boom (boomtoken.io) is a self-burning cryptocurrency for each transaction based on a smart contract. Now, they were plagiarized by FSM. It’s regarded as the project with the highest value in the market among all deflationary tokens on Etherscan. It is a social experiment. (https://etherscan.io/tokens/label/deflationary-token)
Blockchain gives us an opportunity to create this deflationary currency, and the deflation mechanism is fully based on a smart contract.
As users transfer FSM to each other, 1% of the total amount transferred is automatically destroyed which will run on chain as written in TRON smart contract which can’t be tampered or interfered with.
Etherscan is known as a search engine that gives users access to monitor, confirm and validate transactions on the Ethereum decentralized smart contracts platform. It’s also known as Ethereum’s leading block explorer on the blockchain. It’s a resourceful engine for all Ethereum network users. By entering an address into the search box, you can view the balance, value and all the transactions made through that address. Plus, it’s free to use.
The Flying Spaghetti Monster (FSM) is the deity of the church of Pastafarianism. It’s the mascot, an advocate of openness to religion, a representative of decentralization and open-source attitudes that do not fear authority.
There are rules guiding the registration of FSM token and how to get it.
How to get FSM token.
Rule : Accept TRX, Deflationary Token for FSM Token
The ICO rule for TRON
• Price: It’s decided by the market value
• Platform- Tron
• Accepting – TRX
• Minimum Investment – 0.1 URD
• Restricted Areas- Cuban, Iran, Lebanon, North Korea, Syria, Libya, Sudan, Yemen, and Somalia.
The ICO function and allocation of tokens for ICO is implemented by the contract.
• Users calls the ‘investICO’ function to invest during ICO.
• To claim token, users call ‘claimTokens’ function to claim token when the ICO ends.
To calculate all the claimed Token, you calculate the claimed quantity according to the proportion of your investment.
Formula: the number of user’s claimed Token = the proportion of user’s investment X the total number of tokens used for ICO.
Steps to take to qualify for FSM Token.
1. Make sure you have a TRX in your wallet first.
2. Go to “write contract” and adjust how much you want to invest at the moment in the “InvestICO”
3. You might check your transaction progress and details by copying your wallet address to tronscan.org or your own wallet.
4. Your order will be confirmed immediately you click on “accept”
5. You can go to the “contract” section and then click “read contract” then “14.userICOInvestment” to the ICO investments you’ve made.
FSM Tokens do not have a predetermined price. Instead, the price is fixed by market demand.
• Broad Distribution
The FSM Token distribution occurs over 1000 hours by which the community is expected to have gotten accustomed and related with the project.
A TRON smart contract provides receipt of incoming funds for FSM Token.
Although, several altcoins might have been detected as fraudulent, there might have been predictions of a collapse of a speculative bubble in cryptocurrency by economists and financial market experts, But FSM is deterministic and the future of decentralization.
It’s a deflationary token that’ll bring about transparency and convenience for users, networking communities and businesses.