Fabric Token (FT) ICO Review – ICO Token News
Blockchain technology has been revolutionizing a number of sectors—whether it is food delivery or government, every other industry is getting uniquely disrupted by blockchain and its allied technologies. So what if there is an ecosystem that simply streamlines small-sized businesses to effectively adopt blockchain technology and smart contracts? Well, that will be amazing—and this amazingness is what the Fabric Token brings to the fore. Put simply, the Fabric Token enables small businesses and individuals to embed a blockchain’s underlying architecture in their respective DNAs. The team working on this ecosystem plans to build an ecosystem that consists of tokens, a web application, decentralized apps, and a decentralized marketplace by using Ethereum blockchain technology. The ecosystem will help businesses to access intelligent contracts and blockchain technology within their business process. Well, this sounds interesting; so, now, let us review this crypto project and see whether it will be a good investment.
Brief overview and history of Fabric Token (FT)
The project was started with the primary goal of providing businesses and individuals with easy access to blockchain technology and smart contracts with the help of the Fabric Token ecosystem. The user-friendly ecosystem allows virtually anyone to participate in building a decentralized and trustworthy world.
Within the Fabric Token ecosystem, the products will seamlessly focus on assisting businesses of any background to develop and deploy their own cutting-edge decentralized applications—commonly known as DApp. In short, this ecosystem enables businesses to create their own DApps even if they do not have any knowledge of programming.
The team associated with the project plans to provide the user’s web application tools (TokenGen), decentralized apps (DApp Workbench), and decentralized marketplace (Fabric Store). The pre-token sale aims to generate the revenue required for the development of the project within an estimated timeframe.
The development of the TokenGen (web-based application) already started in September 2017. The user interface and beta functionality of the web application tool are both currently fully operational and functional. As soon as the ecosystem launch is finalized, the TokenGen will be available to users for a generation of smart contracts for fundraisers and tokens.
The project is under the supervision and guidance of experienced, talented, and hardworking individuals from different fields and expertise.
Fabric Token Analysis
What is Fabric Token all about?
Experts in this domain say that smart contracts and blockchain technology will have a strong impact on various industries in the future. However, the incorporation of blockchain technology and smart contracts is very challenging due to several factors.
The Fabric Token team plans to develop an ecosystem that will provide user-friendly software to different business owners and individuals who want to gain easy access to blockchain and smart contracts without any special knowledge of computer programming.
The problems or issues associated with the incorporation of blockchain and smart contracts into a business will be effectively solved using the Fabric token ecosystem.
What problem is the Fabric Token solving?
Blockchain and smart contracts can improve the efficiency of online relationships in terms of cost, speed, and security on a grand scale. It will also reduce the complexity of any online business process. However, the adoption of intelligent contracts and blockchain technology by individuals or small business enterprises is currently a challenging task due to different integral problems. Some of the common problems for adopting a blockchain are comprehensibility, smart contract development, and resource allocation. Let us explore these problems in detail, now.
Financial challenges while embracing blockchains and smart contracts
Blockchain technology is evolving, and it is still regarded as highly experimental by businesses and individuals alike. Even now, most people use blockchains interchangeably with Ethereum or Bitcoin; actually, these two are just some of the most popular applications of the technology.
Also, those who get involved in creating blockchain-based applications, DApps, face a dearth of user-friendly tutorials and software applications. More or less, blockchain technology is considered as a niche that requires a great deal of tech expertise no matter what.
Because of this reason, the business hires some well-paid specialists that could prove to be unaffordable—and even unprofitable—for many start-ups. Some businesses may experience tremendous financial strain while deploying a DApp’s benefits.
Plus, the competence needed to change simple application logic into fully executable smart contracts is hard to find today. Here is where businesses have to hire expert yet costly intermediaries, and this recruitment can effortlessly break the budget for many enterprises.
The technical roadblocks arising while integrating the blockchain into legacy business processes
On the tech side, smart contracts are often difficult to understand—especially by a lay person. A smart contract plans to replicate a complete legal contract with a self-executable computer code. Most developers worldwide are still apprehensive about the way the future of blockchain technology will shape. That is why there is only a small group of people who know a great deal about creating, testing, and even deploying the DApps securely and properly.
Plus, if a smart contract has a code in its bug, then it will lead to the loss of crypto coins worth hundreds of millions of dollars. And bugs can definitely happen since the Solidity programming—that is used for building smart contracts—is still developing. So for writing secure smart contracts, the programmers need to be aware of the way blockchain technology works. Plus, the development team will even have to get a handle on different security considerations smart contracts face.
Since smart contracts are completely immutable, they have no scope of error. Any simple flaw in a smart contract’s code can be exploited by a lot of malicious users—they, actually, do not lack the incentives considering the ever-rising value of many crypto coins.
The Fabric Token ecosystem proposes solutions for effortlessly resolving the problems associated with the adoption of blockchain by local and global business owners. The well-planned, developed, and systematically implemented ecosystem will allow users to adopt smart contracts and blockchain technology efficiently.
The ecosystem consists of four main components that are the Fabric Token, TokenGen, DApp Workbench, and the Fabric Store.
The most fundamental element of the FT ecosystem remains its native cryptocurrency—the Fabric Token. As a utility, this token will be used to pay for different services and products available across the platform. For instance, if someone really wants to mine tokens or generate a fundraiser smart contact for their live project, they will need to pay a very small fee in the form of Fabric Tokens for generating access to the code.
In addition, the Fabric Token will be used as a specific digital asset that can be exchanged between third-party developers and will be used within the Fabric Store. The main idea behind developing this token will remain its value. The token’s value will be completely dependent on the way the ecosystem will perform, evolve, and grow—that is, the token’s value will never be influenced by any other external factor.
- Users can only purchase the tokens through pre-token sales which will start on January 31 and will end on April 1, 2018.
- The sale will facilitate the creation and use of a bundle of software for providing its users with smart contracts.
- The token holders will be able to use the tokens to purchase smart contract components or services within the ecosystem.
- FT tokens are meant for someone who has strong knowledge of cryptocurrencies and an underlying understanding of blockchain technology.
This component will enable the users to generate a smart contract for their fundraiser or token. The users will have to follow a simple step-by-step process for generating a fully operational smart contract. For generating the smart contracts within TokenGen network, the users will have to pay with the FT tokens.
All the smart contracts generated through this native platform will remain completely editable. So the users will have to follow a simple process for adding functionality to an already-programmed contract. Plus, this platform will even provide in-depth documentation on each of the available smart contract templates.
- It is a web application for the generation of smart contracts.
- This web application tool will try to bridge the gap between the computer understandable language and natural human-understandable language.
- The intelligent contract code generated by this web application will be fully tested and ready for deployment.
- It will be built in conformity with the latest security standards and Solidity programming.
- Moreover, the tool will provide users with in-depth documentation on all smart contract templates available for use within the ecosystem.
DApp Workbench will assist the organizations in developing cutting-edge smart contracts; the development work will be initiated with the help of a planned business process modeling. This application features a simple-to-understand drag-and-drop UI; this UI will leverage the BPMN 2.0 standard. By using this standard, the users can simply reuse and import the diagrams that are created by other BPMN–compatible tools.
Being a powerful subset present within the BPMN specification, this component will enable the users to develop fully automated workflows for a number of blockchain technologies; these technologies generally comprise Hyperledger Fabric and Ethereum. This Workbench will even automate a range of business processes beginning from designing to decommissioning of blockchain-enabled workflows.
- It will target a more advanced development of smart contracts.
- The decentralized app will design smart contracts that will facilitate the building of business organizational processes on a blockchain technology.
- The benefits of building these organizational processes on a blockchain include reduced costs, a better audit trail, and the common benefits of digital transformation.
This part of the ecosystem will enable many third-party development companies to earn some tokens. In the process of earning the tokens, these third-party developers will build their own reputation by integrating DApp Workbench and TokenGen within their own customized software components.
As the store is essentially digital in nature, it will offer a highly lucrative opportunity for all the talented programmers to earn some native coins. Also, the store will allow the overall evolution and expansion of the FT ecosystem. The evolution of the network will lead to generating more commercial possibilities for individuals and businesses. The best part is that this store will adopt the immutable and decentralized nature of a blockchain—that will definitely give the whole network unmatched security.
- The team associated with the FT ecosystem proposed the development of a decentralized marketplace for smart contract components, Fabric Store.
- In this decentralized marketplace, the third-party developers will offer extensions of the ecosystem to the users.
- The decentralized marketplace will allow developers to sell software libraries, themes, and UI add-ons.
Why is FT a good project?
The FT ecosystem seems to be a complete package with a clear roadmap and a team of experienced professionals. Analysis of the roadmap provides the users with a clear understanding of the exact plan of the company.
The ecosystem will be beneficial to society if the project breaks into mainstream adoption among small businesses, start-ups, medium and large businesses, governments, and individuals from different parts of the world.
In addition, it is a great opportunity for cryptocurrency investors to earn an outstanding return on their investments
The value of this token is expected to grow significantly in the future due to the growing popularity of blockchain technology and smart contracts, on which the project is based.
What is FT’s new innovation?
The FT ecosystem will make use of blockchain technology to ensure the immutability of the data on it. It will use the Ethereum blockchain in the development of the web application and the decentralized application plus the decentralized marketplace. The Fabric Token ecosystem will therefore guarantee that not even the core members of the Fabric Tokens will be able to tamper with the reviews left by users.
- FT tokens will be built on the open source and highly secure Ethereum platform.
- It will be used for payment for different products and services in the FT token ecosystem.
- The business or individual must purchase Fabric Tokens if they want to use the FT token ecosystem.
- More and more businesses around the world and government organizations are using blockchain technologies and smart contracts in order to perform complicated tasks in a secure and fast manner.
Depending on how the smart contracts and blockchain grow, this token seems to have great potential for growth in the future just like other popular ICOs such as ODEM, Requitix, Shping, TV-TWO, Signals, Gamblica, LocalCoinSwap. The future will bring an important price increase to this cryptocurrency as there will be strong growth in blockchain technology and smart contracts.
The project is highly secure as all the tokens, web application tools, decentralized apps, and the decentralized marketplace is developed on Ethereum.
How is FT different and better than other solutions?
The highly secure Ethereum Blockchain will be used by the development team of this project to develop the ecosystem.
The ecosystem will aim to empower businesses and individuals around the world to adopt and access the blockchain technology and smart contracts with easy-to-use software.
Services and products with the ecosystem will effectively focus on helping businesses and individuals without a special background in computer programming to effortlessly create and implement their decentralized app into their business processes.
Fabric Token Price and Pre-Sale
- The sale of the token will start from February 15, 2018 (10:00 UTC).
- The total FT token supply is 100 million.
- The price of 1 FT will be exactly USD0.1125 during the sale.
- Although the price of this token is in USD, the users have to pay in Ethereum (ETH) to purchase this token during the pre-token sales.
- It will either end on April 1 2018 or if 80 million FT tokens are sold, which is roughly equal to USD9 million.
- Payment is only accepted in the form of Ethereum (ETH) coins.
- Buyers can exchange 1 ETH with 27,000 FT in the sale.
Distribution of Tokens
- 80 million FT tokens, nearly 80% of the total tokens, will be sold to the public during the token sales.
- 12 million FT tokens will be distributed to the core team of the project.
- Programmers and developers who find bugs in the projects will be awarded nearly 1 million (1%) FT tokens.
- Advisors of the project will receive about 7 million (7%) FT tokens.
Distribution of budget
- 55% will be allocated to the development of the product and services of the ecosystem. It will allow the development of DApp Workbench product. The development of the product will include the necessary adjustments and improvements to the already existing TokenGen tool.
- 14% will be allocated to spread awareness and adoption of the ecosystem of the Fabric Tokens.
- 11% will be allocated to third party service providers who offer engineering, PR, partnerships, marketing, growth-hacking and other essential services.
- 5% will be allocated for accounting, security and other similar administration costs.
- 6% was allocated for legal costs.
How to participate in the sale of FT tokens?
Investors will be able to participate in the sales of tokens by using
- Mist wallet
Only Ethereum coins can be used to purchase the ICO tokens just like other tokens
Key team members of FT tokens
The project is backed by a team of several experts in different domains.
The core members of the team of this project consist of:
Nikolay Nikov, CEO: He deals with the back-end development of the project. He is a former software consultant who has worked on one of the largest fraud detection systems in the UK.
Marin Ivanov, CTO: He deals in software and smart contract development of the project. He is a DevOps engineer who has ten years of experience in web development, low-level embedded programming, and system applications.
Doncho Karaivanov, COO: He has a rich background in software development. He is the perfect fit for a technical team focused on user experience and innovation due to his creativity and dedicated to perfection.
The advisory team member consists of Dimitar Boyanov, Krastyu Georgiev, Marian Nedelchev, Milen Ivanov, Petya Valkova, Krastyu Georgiev, and Simeon Karaivanov.
Summarizing Fabric Token
Most businesses around the world assume that the blockchain technology is used for risky and speculative investments such as cryptocurrency. But, this is not completely true. The adoption of blockchain technology and intelligent contracts will be beneficial for all business owners.
The ecosystem will empower small businesses and individuals with easy access to smart contracts and blockchain technology. It will provide the opportunity to anyone to participate in creating a trustworthy and decentralized world.
The Fabric Token ecosystem is a proposed solution for solving problems associated with the adoption of blockchain technology. The team associated with the project plans to build a complete ecosystem that will consist of the DApp workbench, TokenGen, Fabric Token itself, and the Fabric store. The FT token will be solely used for the purpose of making payment for services and products within the Fabric Token ecosystem.
- FT tokens will be used to purchase products or services within the ecosystem.
- TokenGen will be used for generation of smart contracts.
- DApp Workbench will allow small businesses to integrate blockchains and smart contract into business processes.
- Small business enterprises will be able to model, manage and improve their workflow using the drag-and-drop of the user interface of the DApp.
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