The problem FOLO - send any token to anyone w/o wallets solves

Overcoming UX frictions of wallet uses in transferring digital assets

Firstly, UX frictions with the use of wallets are addressed. Wallets need to be created then the addresses need to be asked and passed around through web2 communication channels (i.e: email, DMs). Furthermore, wallet private keys need to be kept securely.

With this understanding, FOLO streamlined the user-journey and utilized users' emails and social handles as references in sending and receiving digital assets.

Breaking barriers for receiving and sending tokens and NFTs

Secondly, though it is a great capability for users to opt-in one-by-one for security, it is counter-intuitive for most people, even for web3 users coming from other chains.

With FOLO, built upon Flowty's LostAndFound, vaults and collections are setup to hold temporarily for users with their emails and social handles as references until they are ready to redeem into their app-custodied wallets or self-custodied wallets.

FOLO provides app-custodied wallets (powered by Magic Auth) for users to take ownership of their assets seamlessly (without needing to setup wallets till now).

awareness, activation, acquisition for the next billions

To onboard the next billions of users, beyond early adopters, first 2 steps of the customer funnel need to be fixed. To do that, we need to go where the users are and make onboarding fun and seamless.

FOLO goes to where users are... be it their inboxes, Twitter, Discord, DMs where users' existing social interactions are. Tweet: "@HeyFolo send @elonmusk some $USDC". This can be done with FOLO. Such interactions bring so much awareness, activate curiosity for further activation and acquisition.

Users love incentives, discounts and airdrops! With FOLO social giveaways and raffle campaigns can be conducted without participants needing to setup wallets and to venture out of their familiar territories.

Challenges we ran into

Relatively short hackathon period

Thanks for extending 48 hours more. It helped to get things together to make it on time for this submission.

Over-scoping

Over-scoping of project has caused more anxiety for us. We calmed ourselves down to focus on the most impactful featureset to build

Contract development

We were at first scared about contract development, assuming it would be challenging like other chains in addition to picking up a new contract language. We kept on spending time to learn however, the key to conquering our fear is to actually start writing Cadence. The dev UX has been a lot better than other chains. So don't fear too much, just get started.