As most cryptocurrency users already know, blockchain technology is being used to support the mainframe of almost all of the major altcoins available in the market today. This is primarily due to the fact that this technology allows for transactions to occur in a completely decentralized manner (via the use of smart contracts). Additionally, though the use of the blockchain, various online processes can be conducted in a speedy, more secure, and cost effective manner.
However, with that being said, it is also important to point out the various challenges that exist in terms of adopting blockchain technology and smart contracts. To start with, there is still a lack of awareness in regards to this technology. Similarly, there is a tangible issue of resource allocation that can cause problems with various alt currencies later down the line.
About the Fabric Token FT Platform
Fabric Token is an all new crypto ecosystem that has been designed to “allow users and businesses” to adopt the blockchain in an easy, seamless manner. It makes use of smart contracts to execute all transactions and will contain four key components including:
(i) Native Currency:
This platform will make use of a token that will allow for payments (for products and services) to take place within the ecosystem.
(ii) Easy to Use Platform:
Fabric will make use of a technology called TokenGen (a user-friendly platform). It will not only govern the entire ecosystem, but will also be used for the generation of smart contracts.
(iii) DApp Workbench:
This can be thought of as an “all-in-one” solution that is designed for upcoming startups that are looking to make use of smart contracts (so as to simplify their business management processes).
(iv) Fabric Store:
According to the company’s official whitepaper, this is a “decentralized marketplace” that can be used to procure smart contract components. These components can then be used to integrate “third-party developers” so as to increase the scope of one’s business.
Who Is Behind This Project?
The system is the brainchild of Nikolay Nikov who serves as the company’s CEO and developer. In the past he has worked as a backend developer for one of the “largest fraud detection softwares” in the UK and EMEA. Similarly, Marin Ivanov is the company’s CTO. Marin has over 10 years of experience in developing projects ranging from “web development, system applications to low-level embedded programming”.
Lastly, Doncho Karaivanov serves as the company’s COO and developer. According to his LinkedIn profile, he has a “rich background in software development”, and has been in the digital domain for over a decade.
Fabric Token FT Token Details
According to the website, the aim of the company is to raise a total of 22,829 ETH or approximately 9 million USD. In terms of the value of the token: 1 ETH = 3,504 Fabric coins. The launch of the ICO is scheduled to take place on the 15th of February and finish after a period of 45 days (or until the aforementioned revenue target is reached).
Token Distribution Scheme
- 80% of the entire currency pool will be made available to the public via the crowdsale event.
- 12% of the tokens have been set aside for the core Fabric Token team
- 7% of the currency has been reserved for a various advisors and investors who have have backed the company since its inception.
- The remaining 1% will be used to create a bounty program.
Resource Allocation Breakdown
- According to the official whitepaper, 55% of all collected revenue will go directly to the Fabric Token team. This money will be used to further the development of the platform and increase the functionality of the DApp Workbench. In addition to this, a small sum will also be used to further the capabilities of TokenGen (the company’s native UI system).
- 14% of all collected funds have been set aside to spread awareness of this platform.
- 11% of the revenue will be used to pay for things such as engineering, marketing, growth-hacking, PR, partnerships, and other necessary services.
- 9% of all collected funds will be used to cover for legal expenses.
- The remaining 14% has been reserved for the creation of a contingency fund, as well as to cover for admin and security costs.
For any further details regarding the Fabric Token FT system, customers have been asked to get in touch with company officials via the email address provided on the “contact us” page.