Blockchain technology has numerous advantages over regular – its decentralized nature makes it currently immune to hacks and changes in its code; the ability to assign monetary value to the data transferred has made waves in the finance world, with perhaps the most versatile advantage being the development of Smart Contracts.
These programs enable execution of instructions based on events and milestones of work between two or more parties without the need of a third party’s validation.
Not Everyone’s Cup of Tea
The term Smart Contract was coined by the computer scientist, Nick Szabo in 1993 as a “set of promises, specified in digital form, including protocols within which the parties perform on these promises.”
The definition and the concept seem easy, but for individuals and organizations, who do not have exposure to the programming of Blockchains, developing smart contracts means hiring or outsourcing capable people, leading to investments of time and money that not all can afford. This has hindered in exploiting the true potential of what smart contracts can offer.
The Fabric of Smart Contracts
The Fabric Token team understood the problem and decided to launch a platform where any individual or party could develop its own smart contract with minimal knowledge of computers or Blockchain technology. This is achieved by making pre-programmed templates and instructions that users can select in a simple step by step process.
The users accomplish this by selecting parameters such as time of total contract, milestones, total payment, terms of payment release, cancellation authority and other numerous clauses. Once these instructions are selected in a chronological manner, the contract is simply executed and the concerned parties start their respective jobs.
Weaving the Fabric
The Fabric Token platform consists of four services that can work either independently, or in conjunction with each other to give users maximum flexibility and ease in executing their smart contracts:
- TokenGen: This service is the basic principle of Fabric Token; i.e. the ability to let users make their own smart contracts. TokenGen enables the users to quickly generate instructions and execute those, giving them more time to concentrate on their work.
- Fabric Token: The utility token is designed to work as a payment method for services and products used on the platform. Although the smart contracts can have their own tokens or coins that will be transferred to and from the involved parties, the execution of the smart contracts itself is dependent on the Fabric Tokens.
- Dapp Workbench: An advanced version of TokenGen with more options to facilitate intra and inter-organizational processes, Dapp Workbench is designed for businesses and allows these to improve their workflows and processes.
- Fabric Store: A repository where developers can upload smart contracts, or components not covered under TokenGen and Dapp Workbench, to further enhance the ecosystem of the platform. Developers can sell or rent out these Dapps and smart contracts or give them out for free.
Fabric Token has started its token generation event amazingly raising more than $1,000,000 (1100 ETH) within its first day. This accounts for more than 11% of its hard cap of 8,906.5 ETH.
The Fabric Token’s generation event is an all go one, meaning the platform does not have a minimum limit for overall token acquisition by investors and the event will end either when the hard cap is reached or on 1st of April. Tokens not acquired by end of the event will be burnt. Contributors can invest as little as 0.1 ETH up to a maximum of 9 ETH. 1 ETH currently equates to 8000 FT.