Estonian decentralized DApp building startup, the Fabric Token, has announced that it has surpassed an initial funding target of over 1 million dollars within the first 24 hours of its Token Generation Event (TGE). The Fabric Token ecosystem is a platform which will allow users to generate smart contracts and DApps, without the need for technical experts. The TGE has raised more than 1.1k ETH, which was equal to more than $1 million USD at the time of printing.
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The Fabric Token is confident that it will hit it’s TGE hard cap of 8,906.5 ETH, which translates to roughly $8.5 million USD. The Fabric Token TGE will run until the hard cap is reached or until it’s scheduled to a finish date of April 1st, 2018. If there are any tokens remaining at the end of the TGE they will be burned. The FT TGE has a minimum cap of 0.1 ETH and a maximum cap of 9 ETH on contributions. 1 ETH currently purchases 8,000 FT.
The Fabric Token ecosystem is composed of four elements – The Fabric Token, TokenGen, DApp Workbench and the Fabric Store.
The Fabric Token ecosystem aims to solve multiple issues with blockchain technology adoption and smart contract development, specifically the Solidity programming language on the Ethereum blockchain. The issue of solidarity programming is the lack of official testing and the current problems of organizational business processes.
The Fabric Token is a utility to facilitate payments for products and services within the FT ecosystem. TokenGen, allow users to generate their own smart contracts for both tokens and crowdsourcing, which helps them to focus on their projects.
The DApp Workbench allows all different sized businesses to integrate blockchain technology and smart contracts within their company’s business processes. In addition, it helps model, manage, and improve their workflows, aided by an easy-to-use interface with a BPMN diagram representation for the workflows.
The Fabric Store will allow third-party developers to create smart contract components and assist in the expansion of the software reach, and, at the same time, promoting the Fabric Token ecosystem to a burgeoning group of users and businesses.
Fabric Token believes that blockchain technology and smart contracts will play a large role in the radical improvement of numerous multi-billion dollar industries and government institutions.
This is crucial for developing a series of simplified user interfaces in order to enhance innovation in this developing industry.
The Fabric Token aims to help individuals and businesses utilize blockchain technology and smart contracts for personal and business related needs.
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