Creating a digital asset is relatively easy – but still not within the reach of ordinary users. At this point, the creation of new coins belongs to teams and projects. But Fabric Token Ecosystem sees the possibility to bring tokenization to businesses and regular users. In this, the project resembles the Waves project, in which a proprietary wallet and exchange allows for the creation of tokens.
Fabric Token Ecosystem promises to create intuitive, simple tools for the creation of smart contracts, for straightforward reasons such as fundraisers. The business model of the ecosystem is the following: users build their smart contract through an intuitive natural-language questionnaire, and then receive the code for a small fee in FT tokens.
What is Fabric Token Ecosystem?
- Fabric Token
- Fabric White Paper
- Country of origin: Bulgaria
- Ticker: FT
- ICO Dates: 15 February – 1 April
- Hard Cap: 8906.5 ETH
- Funds raised: 1136.08 ETH
- Industry: Blockchain Ecosystem
- Funds accepted: Ethereum
- MyRating: 2/5
Fabric Token Ecosystem Social Media
Fabric Token Ecosystem Overview
The Fabric Token Ecosystem team believes that the ease of creating smart contracts would lead to a wider creation of dapps, or distributed apps. The work of those dapps would hinge around the smart contract. Right now, implementing blockchain technologies is still experimental, and there is a sense that this type of work is better left to dabblers and crypto-enthusiasts. The Fabric ICO aims to change that, by creating an entire ecosystem with several sub-divisions: the Fabric Token, the TokenGen tool, the DApp Workbench environment, and the Fabric Store. Perhaps the most exciting one is the Fabric Store, where apps by independent developers could be sold in exchange for tokens.
The other interesting thing is that every project would have the ability to create its own token, and link it to a smart contract. Use cases may go beyond fundraisers, and into areas like time tracking, or other forms of reward.
The Fabric Token Ecosystem Team
The Fabric Token Ecosystem team is made up entirely of developers and marketing experts from Bulgaria. While small, the country is one of the crypto-friendly spaces of Europe. ICOs and projects like LockChain also originated in Bulgaria, and there are many developers interested in the space of crypto coins. Some of the most recent projects include the Monero-based Lev Coin, and an alternative project, Lev Coin Cash.
The project's founder, Nikolay Nikov, is a Solidity expert, and an experienced developer and team leader for various local companies. The rest of the team has both local and international experience in handling large, contemporary projects. There are no big names on the list, unlike the LockChain ICO, which sported the former president of Bulgaria, Rosen Plevnenliev, as one of the advisors.
About the FT Token
The white paper states that the FT token is, initially, purely a fundraising tool for a financing of $9 million, with no minimal cap. More than 72% of the tokens will be available in the token sale. Just 1% will go toward bounties, and around 20% of the tokens will be locked away from a few months to a year. The longest locking period is for the team's tokens, 12 months after the ICO completes.
Out of the funds raised, 55% would go toward paying the team, with the aim of launching the Dapp Workbench product on time.
The FT digital asset comes with a lengthy disclaimer on not representing a security. There is a mention of paying in FT for using the ecosystem and receiving the code for smart contracts. This is a bit of a paradox since the token is both a fundraising tool and a utility token. Since there are no tools ready now, FT will not be a utility token for quite a long time, until some form of a viable product is launched. Meanwhile, FT may remain a highly speculative digital asset.
Investing in Fabric Token Ecosystem: The Pros
If you want some risk with a promising young team, this ICO is perfect, provided you do not over-invest. There are already several ecosystems beyond Ethereum and Waves, which allow for the intuitive building of smart contracts. So this one may just take off, if it is user-friendly enough, and gets popularized at the right moment.
Creating smart contracts via visual, intuitive tools, is already available. But the approach of Fabric Network may offer a better way that sticks with users and businesses.
The Risk of Fabric Token Ecosystem
Bulgarian projects have had something of a bad reputation, going as far as to call projects like LockChain a scam. Additionally, there is no knowing whether businesses or users would be able to intuitively grasp the notion of smart contracts, much less design their own.
Right now, most smart contracts circle around very simple ideas – payouts, token distributions, sometimes lotteries, or even Ponzi schemes. There is a form of automatization, but businesses and users could go without it. Perhaps in the future smart contracts would become well-understood and used. But for now, they remain a buzzword.
Final Thoughts on Fabric Token Ecosystem
There are now more than 10,000 tokens on the Waves ecosystem. Most don't do anything and have no value. There is the question whether every blockchain, sidechain, or dapp, would need yet another digital asset.
The minimum contribution to the Fabric ICO is 0.1 ETH, a reasonable sum. There is no special mention of American investors being blocked. At the moment, the European Union and Bulgaria have no restrictions on ICO participation, so Fabric ICO is practically open to anyone who can take the risk.
— Fabric Token (@fabric_token) February 15, 2018
The ICO has just opened, but we are awarding it a rating of 2/5, for its buzzword idea. The funding level of $9 million may be adequate for a Bulgarian team, but it is a somewhat questionable level of funding. Therefore, Fabric ICO may need favorable winds when it comes to the Ethereum market price, or potentially face underfunding. At the same time, Fabric ICO will compete with smart contract and side chain providers much larger and a bit older, such as Stratis, but also with the capabilities of Ethereum.
On a positive side, the Fabric ICO has already raised more than $787,500 in private funding, and has partnered with SwissBorg and Wolf Crypto, dedicated crypto startup investors. The TokenGen tool has been demonstrated to a handful of investors, so at least the ICO has a minimal viable product when it comes to smart contract generation. But at this point, investing even 1 ETH in this ICO is highly risky, and there are many similarly-priced digital assets that may also offer robust growth.
Latest posts by Nathaniell (see all)
- Can You Really Make Money Doing Calligraphy On Etsy.com? - September 22, 2018
- 16 Companies That Pay You To Deliver Stuff - September 21, 2018
- Can You Really Make Money On Care.com? - September 21, 2018