FIC Network is a fixed income network in which clients carry out their transactions in a simple, safe, reliable, transparent, and affordable manner. This is made possible through the implementation of an end-to-end decentralized system based on blockchain technology. The concept of this network draws its basics from traditional systems, but seems to enhance efficiency by integrating blockchain technology.
As a result of this incorporation, costs and risks will reduce, and so will reliability and auditability. Major beneficiaries of this network are financial institutions, such as lending firms, hedge funds, insurers, investment banks, crypto asset managers and many more.
Moreover, the crypto space will benefit from the creation of a cryptocurrency fixed income market as well as the possibility of seamless conversion of different forms of currency.
The FIC Network
In an era where the fiscal landscape is fast evolving, there is an ever-growing need to abandon the outdated centralized systems for modern, devolved platforms. Upcoming systems need to be built on distributed ledgers.
The FIC network is based on the emerging blockchain technology, which eliminates the shortcomings of traditional systems. The network not only covers every aspect of the fixed income industry, but also accommodates all forms of currency, including virtual variants.
All transactions within this platform involve the use of the FIC network token, a utility that also protects the network from spamming and malicious denial of service attacks.
Benefits of the FIC Network
Apart from introducing fixed income securities to the digital currency landscape, this project also removes the numerous intermediaries involved in the traditional setup. Other perks of this platform include:
- Immutability – Once a transaction on this network is confirmed, it becomes permanently irreversible.
- Elimination of Intermediaries – since blockchain technology is based on peer-to-peer connections, middlemen are not required.
- Devolution of Consensus – the system is decentralized, hence all decisions are validated after the consent of all involved parties.
- Transparency – transactions carried out on the network are openly accessible, though individual identities of users are protected using pseudonymity.
- Speed – the network boasts of unmatched turnaround times, with transactions lasting a maximum of ten seconds.
- Affordability – in the absence of intermediaries, a significant amount of money is saved.
- Security – data sent over this network is safeguarded using cryptographic encryption.
FIC Network ICO
Being a proprietary blockchain, the company will issue a preliminary token based on Ethereum called eFIC. This will precede the launch of the FIC token, expected to be released next year. After the inception of FIC tokens, holders of eFIC can exchange their tokens for the former.
A total of 594 million eFIC tokens will be created. In the token sale, both BTC and ETH are eligible. Half of the tokens will be available in the ICO, 30% will go the reserves, and the remainder will promote the firm's research and development.
- Token symbol – eFIC
- Presale starts – 1st December 2017
- Crowdsale starts – 8th January 2018
- Crowdsale ends – 8th February 2018
- Token price – $0.10
Distribution of FIC Network Funds
Funds from the crowdsale will work in the following criteria:
- Operations and recurrent expenses – 39%
- Development – 35%
- Marketing – 13%
- Legal services – 7%
- Miscellaneous – 6%