The Fabric Token ecosystem is the solution to several problems which are making Blockchain technology difficult to be implemented in various fields. Many fields other than cryptocurrencies are also looking to use this technology because of its decentralized nature and automated online processing.
The fabric token ecosystem will provide businesses and the users and opportunity to carry out their business transactions in a secure and efficient online platform. It has the following four components:
Fabric Token: Fabric Token will be paid for any buying and selling on the ecosystem
Token Gen: The second component is Token Gen, a platform used to generate smart contracts for the Token-Economy.
DApp Workbench: Through this software businesses can integrate blockchain technology and smart contracts for their business processes.
Fabric Store: This is the last component which is a marketplace for this system; developers can further increase the scope of function of ecosystem.
The fabric token ecosystem is the solution for all the stakeholders to make the processes decentralized, fast and more reliable. By using this technology, we can bypass the use of intermediaries and central information processors in executing the business processes. This will reduce the cost and the amount of time required to complete any task. This also increases the confidentiality of your agreements. These unique advantages and properties of this system is making it ideal for every field.
The blockchain technology was first introduced in 2009 with the introduction of Bitcoin. All the Bitcoin-transactions are stored in chronological order after approval from the special users called miners. It takes more than fifty percent of the miners to approve a transaction which can be broadcasted on the Blockchain.
Smart Contracts and Blockchain technology
Blockchain is more than a computing application or a database, anything from data, property or asset can be digitized and stored to the Blockchain. The evolution in this technology has led to the invention of smart contracts.
Smart contracts are computer protocols used to represent relationship between two parties. This agreement is not a legal binding but just a computer code which executes once the set condition is met. The credible thing about smart contract agreements is that once deployed they cannot be changed.
There is no intermediary required to execute an agreement between any two parties therefore each party keeps their part of the profit without giving away the commission charges. When we talk about agreement, we talk about smart contract; so execution of any smart contract in this case reduces the transaction cost and time. Because of this automated transaction process there is no risk of non-compliance for either party. There are no chances of dispute because the process can’t be manipulated by either side. It also reduces the use of resources which would otherwise consume more time and money.
The computer languages are only understood by the programmers or the computer professionals, therefore the chance of changing the contract from any of the stockholder is almost zero.
To conclude the debate, we can easily say that the use of block chain technology has started to bear fruits by giving such a transparent system. This technology has spread its utility by providing a decentralized model for online operations in every field. This goes without saying that this technology is more secure and efficient than the conventional methods which are in use even today.
Fabric Token Launch Started:
February 15th, 2018 at exactly 10:00 UTC
Token Total Supply:
100 million
Fundraiser Cap:
80 million FT equaling roughly 9 million USD.
Accepted Payment:
Ethereum (ETH).
Fabric Token Price:
0.1125 USD per 1 FT.
Fabric Token Exchange Rate
8,000 FT per 1 ETH.
You have a chance to try the demo version of the platform on the official website of Fabric token following the link below; https://fabrictoken.io/