Stay up-to-date with Fabric Token news:
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.
As we show in the White Paper, blockchain technology and smart contracts can have a drastic impact on industries as varied as finance, food delivery and government. To this end and to solve the problems listed below, we present the Fabric Token ecosystem.
Blockchain technology is still widely regarded as experimental by individuals and businesses alike, and many consider it synonymous with Bitcoin or Ethereum – just two of its most popular applications.
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 DApps cannot justify the financial strain on the project, which hinders innovation in multiple industries.
Given that the competence required to transform application logic into smart contracts can often surpass current levels of qualification, expert intermediaries usually end up being a necessity, which erases one of the key benefits of using smart contracts in the first place.
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. This problem arises both from the fact that the Solidity programming language is still in its early stages and from the fact that, in order to write secure smart contracts, programmers need to be fully aware of the way blockchain technology works under the hood as well as what the common smart contract security considerations are.
Since smart contracts are immutable, the margin for error is practically non-existent. 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.
The first and foremost problem is trust. When it comes to inter-organizational business processes, trust is deficient. 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, not only increases process times, but also costs.
To further complicate things, the standard way of business process management at the moment – enterprise resource planning (ERP) systems – can be very rigid and expensive to adjust to the ever-changing requirements of businesses.
These are just a few examples of the way in which intra- and especially inter-organizational business processes are modeled, maintained and executed. They show that it needs significant revisions 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.
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.
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 functionality, filling out details such as token name and symbol, paying in FT, before finally getting the fully tested and secure smart contract code as specified by the user.
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.
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. DApp Workbench 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.
Currently the UI and beta functionality, featuring a total of 6 smart contract templates extending the basic token and fundraiser functionality, are both fully operational. The tool will be available to users as soon as the Fabric Token launch is finalized.
Extensively tested and ultimately determined the software architecture, technology stack, supported blockchains, and modeling notation for the BPM.
Includes fully functioning web application for token and fundraiser smart contracts generation.
Additional smart contract templates added for both token and fundraiser functionality.
Includes the fully functioning DApp Workbench desktop application as well as cloud with a limited set of smart contract components, which will be determined and publicized prior to the beta launch.
Extends the beta version of the software by significantly expanding the smart contract components provided by DApp Workbench.
Initial code for the smart contracts of the project is written, optimized, tested, audited, and then deployed. Next, a UI to work with the smart contracts is developed.
Partly functional UI connected to the smart contracts of the Fabric Store is open to the public for testing purposes.
The first fully operational decentralized marketplace for smart contract components is officially released thus allowing third-party developers to further improve the performance of our vanilla projects and expand the adoption of the Fabric Token ecosystem.
Further improvements to the Fabric Token ecosystem mainly focused on expanding the functionality scope covered by the smart contract components making the products accessible to an ever-growing group of users and businesses.
From working on the largest fraud detection software in the UK and EMEA, to building the software security framework for a British Royal institution, Nikolay’s background in software development has helped him gather both technological expertise and a huge network.
With more than 10 years of experience in projects ranging from web development, system applications and low-level embedded programming, Marin knows the right tool for every trade. Combined with a career encompassing both his creative side and the disciplined approach to regulatory compliance, he is a CTO any project would love to have.
A successful entrepreneur in digital marketing at present, Doncho has a rich background in software development. Driven by his creativity and strive for perfection, he is the perfect fit for a technical team focused on innovation and user experience.
Dimitar Boyanov is a software engineer, having developed and managed the lifecycle of large-scale corporate applications in the financial sector compliant to regulatory and audit requirements on a national and international level while working for Deutsche Bank as a Senior Business Analyst. Currently he is involved in cloud-based technologies and developing methodologies for adopting secure cloud-based solutions.
Krastyu has more than 20 years of professional experience in the architecture, design, implementation and maintenance of complex software systems for German, Swiss, and Bulgarian companies. Over the years he has played the roles of Enterprise Architect (e-Government), Technical Project Manager, Scrum Master, Software Solution Architect, and Java Enterprise Developer.
A seasoned Business Analysis Professional and core team player in large and mid-sized IT projects within the financial and government sectors in Germany, UK and Bulgaria. Projects and products were financed by the World Bank, European Union funds and leading traditional and alternative investment companies.
With over 4 years experience in trading on the NYSE, Milen has comprehensive knowledge of markets and the way they fluctuate and react to certain external and internal conditions. Currently, he is actively and successfully involved in day trading at Alaric Securities – one of the top trading companies in Bulgaria.
With a broad experience in solutioning and delivering multi-technology projects in high-ranked companies, Petya’s fast-paced analytical thinking and vast technology and business knowledge have helped her build a respectable track record of driving ambitious projects to success.
Simeon has worked as a professional reader for more than 5 years and is now working as an acquisitions editor for one of the leading commercial publishing houses in Bulgaria – Bard Publishers. Most of his professional experience has been focused on working on texts and improving them.
