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The Fabric Token (FT) ecosystem aims to empower individuals and businesses with easy access to blockchain technology and smart contracts by providing a bundle of user-friendly software.
The products within the FT ecosystem will focus primarily on helping people of any background to create and deploy their decentralized application (DApp), without the specialized computer programming knowledge that they would usually need.
On the technical side, due to the fact that smart contracts aim to replace legal contracts with self-enactable computer code, they are difficult to comprehend for the lay person. With developers comprising only around 0.003% of the global population and since most of them still regard blockchain technology as experimental, there are only a handful of people who can develop, test, and deploy blockchain-based applications properly.
Additionally, even IT specialists can overlook bugs in their code and, in the case of smart contracts, this has already led to hundreds of millions USD worth of losses in cryptocurrencies. Simple mistakes in a deployed smart contract are likely to be exploited by malicious users who do not lack incentives considering the ever-increasing monetary value of cryptocurrencies.
Blockchain technology is still widely regarded as experimental by individuals and businesses alike, and many consider it synonymous with Bitcoin or Ethereum. Furthermore, even those who decide to get involved with building blockchain-based applications (DApps) are faced with a lack of user-friendly software and tutorials in a niche where significant technological expertise is a must.
This forces businesses to seek the help of highly-paid specialists, which could prove unaffordable for startups and unprofitable for enterprises. As a result, the benefits of using decentralized applications cannot justify the financial strain on the project, which ultimately hinders innovation in a multitude of industries.
The first and foremost problem is trust. Each organization keeps details only about the part of the process that concerns them, making it very difficult to track where a given problem comes from or verify that other parties comply to the process specification that they have agreed upon. To solve this, businesses rely on intermediaries, who ensure trust and monitor the workflow execution. This, however, results in a multitude of problems.
To further complicate things, enterprise resource planning (ERP) systems can be very rigid and expensive to adjust to the ever-changing requirements of businesses. The current landscape of BPM is flawed on many levels, thus is in desperate need of radical improvement in order to be faster, more cost-effective, and, most importantly, trustworthy.
The solution to the problems listed above, as well as the rest listed in the White Paper, is the Fabric Token ecosystem, which will consist of four main components – the Fabric Token itself, TokenGen, DApp Workbench, and the Fabric Store.
One of the fundamental parts of the FT ecosystem will be the Fabric Token itself. It will be used as a utility to pay for products and services within the platform.
For example, if someone wants to generate token and fundraiser smart contracts for their project, they will have to, in the end, pay a small fee in Fabric Tokens in order to get access to their code.
Additionally, the Fabric Token is going to be used as a digital asset which will be exchanged between third-party developers and users on the Fabric Store.
TokenGen will allow users to generate smart contracts for their token and fundraiser by going through a simple step-by-step process – selecting token and fundraiser features, filling out details such as token name and symbol, paying in FT, before finally getting access to the fully tested and secure smart contract code.
The smart contracts generated by TokenGen will be fully editable in case users need to add custom functionality. TokenGen also provides in-depth documentation on all smart contract templates, including a guide that comes with the code, making it easy, if needed, to edit something at a later point.
The Fabric Store will allow third-party developers to earn tokens and build their reputation by complementing TokenGen and DApp Workbench with their custom-built software components. Strictly digital in nature, it will provide a lucrative opportunity for talented programmers, while helping the FT ecosystem expand and provide even more possibilities for businesses and individuals.
The marketplace will embrace the decentralized and immutable nature of the blockchain by storing its data on it, guaranteeing fair product reviews that cannot be tampered with, and protecting sellers from chargeback fraud, a common issue in traditional online stores.
DApp Workbench will help organizations develop smart contracts through business process modeling. The application features a drag-and-drop interface, which will make use of the BPMN 2.0 standard, enabling the import and reuse of diagrams created using other BPMN-compatible tools.
A subset of the BPMN specification and pre-defined smart contract components will allow the creation of fully automated workflows for various blockchain technologies, including, but not limited to, Ethereum and Hyperledger Fabric.