The Fabric Token community has been growing steadily ever since we announced the project on Bitcointalk. However, we felt the need to address a few things in a short blog post, as we have been getting the same questions throughout our social channels. We decided to write an article that clears things up.
Most of the questions we get concerning the upcoming FT ICO have been about the whitelist. As of now, there is no whitelisting required in order to participate in the Fabric Token sale. However, we are clearing up a few matters with our legal representatives in Estonia (the company behind the FT project is registered there) and once we have the full picture, we will announce to the community whether you guys will need to get whitelisted before participating.
The way we see it right now, chances are that there will be a whitelist. We have already prepared the page and are just waiting on clarification from Estonia on the data we are allowed to collect and if we will need specific licenses in order to do so. For now, we don’t plan on doing KYC i.e. requiring you to upload ID card, passport, etc, but just a simple whitelist consisting of name, email, ERC-20 wallet address, and a few clauses that you will need to accept.
As most of you already know, we won’t be holding a public pre-sale for the project. We have already funded the Fabric Token platform with our own resources, but we are looking for a deal with a few private investors in order to further boost the project’s capital.
Currently, we are in talks with a few crypto funds, trying to make a deal that will benefit both parties. We don’t want to create any fake hype around this, so, once we have something that is certain, we will make an announcement. Just to let you guys know a little bit more, we are looking to legally solidify the deals using the SAFT project.
In this private pre-sale, we are looking to sell around 5 – 10% of the total Fabric Tokens as we don’t want a huge percentage of the market cap to be controlled by a single entity. Most of the tokens will still be sold in the public sale.
Sadly, as we are trying to make everything perfectly legal and in accordance with the legal jurisdictions of all involved parties, the deals are taking some time. We hope that next week we will have more specific news.
The other thing we are asked quite often concerns individual caps during the ICO. At the moment, we cannot know for sure whether we will implement such limits, since we need to confirm the situation regarding the whitelist first. Once that is done, and the ICO is draws closer, depending on the number of people on the whitelist and a few other factors, we will decide whether there will be individual caps on investments.
We still have a little over 30 days until the start of the Fabric Token ICO, so we are more than certain that we will have cleared everything up way before then. In the meantime, we are also pushing hard with the marketing of the Fabric Token project as we are already listed on most, if not all, of the top ICO listings sites. And more are appearing almost daily as the platform gains popularity.
Alongside that, we are also heavily focused on the development of the TokenGen tool as we are preparing it for its release in the beginning of February. We will be writing a short article soon that will feature screenshots of TokenGen and a few words on the way it will work. We want to show the FT community that we really have a fully working product ready to be released as promised and on time.
As a conclusion to this article, we would like to thank everyone who has joined the Fabric Token community and would like to ask a small favor from each and every one of you. As we already said, we are doing everything we can to spread the word about the FT platform on as many places as possible, but any help would strongly be appreciated.
A share on Facebook, a follow on Twitter, a comment on Reddit, a mention on a website, etc, will all help grow the Fabric Token ecosystem that much faster. We plan on becoming more and more active with our blog so expect weekly articles that will keep you guys up-to-date with the Fabric Token platform.