Hello Nikolay, what is Fabric Token?
Hello guys. Fabric token is the main component of an ecosystem designed to accelerate blockchain adoption around the world in both small and big companies. It will fuel three main components with three different target groups in mind:
The first and simplest project is TokenGen – a web-based software which allows you to generate the code for your fundraiser in a matter of seconds, by simply choosing the main parameters for a token sale – number of tokens, locked tokens, burning of unsold tokens and plenty of other modifiers that everyone involved with ICO-s understands perfectly.
Its goal is to cut expenses for startups looking for ICO funding, as at this moment, blockchain developers are an expensive asset for a company with no previous funding. We also want to involve non-technical people in the ICO space, as we believe that this would bring variety and much needed diversity within the ecosystem.
The second and most complex project is DApp Workbench – a piece of software targeted at large corporations. It harnesses BPMN (a notation that most corporations already use) to simplify DApp creation, removing the need to hire hard to find and expensive blockchain developers. It has three main purposes:
First, we’re aware of a few corporate players who see potential in blockchain technology, but are unwilling to invest in its current stage because of bad RoI and security risks. By allowing them to skip the programming part altogether, we’re helping them significantly cut costs which we expect will spark some big companies’ interest for blockchain technology once again. And we all love news about blockchain adoption, don’t we?
Second, by harnessing a notation scheme that most big corporations already use, we’re making blockchain adoption incredibly simple for them. And considering all the benefits that blockchain brings, we believe it will be an easy sell for us. Which will make both us as a company, and our token holders happy.
The third and final project is a decentralized marketplace for software components. It will provide a lucrative opportunity for software developers, while also helping our entire ecosystem grow. Strictly digital software component marketplaces have created a huge market outside of crypto, and we see the same potential when it comes to blockchain technology. We also want to make it one of the first examples of decentralized marketplaces, where blockchain’s immutability is being put into effect – which bring advantages such proof that no-one has been tampering with reviews, the lack of chargeback fraud and many more.
What will Fabric Token do differently from other projects and individuals who have been working to ensure the wider adoption of cryptocurrencies?
We’ve seen some competitors emerge recently, but we have a few distinctive properties that we believe will make us stand out in the following year.
First of all, we are one of the very few teams in the space that decided to complete a working product before doing an ICO. We believe that this is the proper way to show respect to ICO contributors, while also showing that we can deliver on time and honor the dates we set on our roadmap.
Second, we have recognized that corporate clients, startups and individuals have different needs when it comes to blockchain development, so it makes sense to approach the problem for multiple direction. This is the reason why we have a multitude of software products in store, and each and every one of them will be specifically designed to perfectly match the needs of its end client.
What is drag-and-drop smart contract?
It’s a catchphrase used to emphasize the simplicity of creating smart contracts and decentralized apps by using DApp Workbench. It is an ICO slogan we used to popularize our crowdfund. We are well aware that most crypto enthusiasts looking to contribute to projects don’t have the time to read every single whitepaper – because there’s only 24 hours in a day. This is exactly why we need to show our main strength in one simple phrase – and if we have caught your interest, you can then visit our website and read our whitepaper to get the detailed picture.
As for the actual product – we’re taking advantage of the fact that many corporations are already using business process modelling notation to describe their workflows. We’re allowing them to reuse the diagrams they’ve created in the past, while dragging and dropping additional components in order to integrate blockchain tech into their process. The final diagram can be compiled into actual working code and the tool itself will enable all the steps of development of automated business processes starting from design, compilation and testing through deployment, monitoring and decommission of workflows on the blockchain.
How do you plan to build an ecosystem of users around the project?
Similarly to our approach to catering to different types of users with different polished applications, we have a variety of strategies when it comes to building an ecosystem of users around the project.
One of the main reasons we chose to make an ICO instead of accepting VC investments is because this way we have a large community from the very start. There’s thousands of dedicated contributors who are ready to spread the message, and our community is an asset that few VC-funded companies have.
As for our own marketing methods, we are taking different routes for each application. TokenGen is targeting blockchain enthusiasts and crypto startups so directly approaching them with a money saving offer is going to bring the best results for us.
As for corporate DApp Workbench users – the same strategy is unlikely to work. We have, however, reached out to experienced sales people with huge networks who have shown interest in doing commission-based work. Some of these sales experts have been in the exact same niche – software components and rapid application development tools, and they have lead a software component company to a successful $250m exit. We believe that their sales expertise is invaluable to us and we can’t wait to start integrating DApp Workbench in large corporations.
As for our software component marketplace (Fabric Store) – all of the strategies above could work. In addition, we are looking into being active within the blockchain developer community, attending conferences, contributing to external projects, etc. So our own networks can be hugely beneficial, as all we have to do is explain the lucrative opportunity of selling components to a larger crowd, which Fabric Store can definitely bring to them.
How soon will your tokens be tradable on exchanges and any hints of which exchanges will be trading?
Unfortunately, successful communications with exchanges usually end in a non-disclosure agreement. And while it’s not possible for me to share any specifics, I want to make it clear to our entire community that we at Fabric are well aware that a good exchange can be hugely beneficial for the entire community and in turn – for the success of our project.
Briefly run us through the process of your token sale.
The Fabric token sale is currently active and at the time of writing this there’s 15 more days for people to participate. We have set a hard cap at 9668.25 ETH and no more tokens will be created after than. Unsold tokens will be burned.
KYC is required, and unfortunately despite popular requests, US citizens are not allowed.
Thanks for your time Nikolay, we wish you a successful token sale.
Thank you too ICOWatchlist, you are a distinguished outfit, little wonder you are a leader in the space.
For more details, follow the Fabric Token ICO here.