Dubai, 21st August 2017 – The FARAD Cryptoken Program (“FRD”) was introduced to the market today through its official launch at The Ritz-Carlton, Dubai International Financial Centre. FRD is a unique cryptocurrency which captures two of the latest technological innovations: Ultra-capacitor and Blockchain, combining two of the most potent industries – Energy Storage and Internet & Telecommunications.
The FRD program, officiated by Dr. Wan M Hasni, Chief Executive Officer of FARAD Program will kickstart the FRD’s Initial Coin Offering (“ICO”) Pre-Sale which will run from the 25th August to 14th September 2017, followed by the actual ICO from 15th September to 30th September 2017, where 1.28 billion FRD will be offered for sale.
FARAD sets itself apart from other cryptocurrencies as it is backed by real economic activity and cash flow through the manufacturing of high-end Ultra-capacitors within actual factory settings. The energy storage innovation which FARAD represents is in the invention, manufacturing and delivery of these ultra-capacitors, while the Blockchain is based on Ethereum ERC20 Smart Contract.
In his welcoming speech Chairman & CEO of the FARAD Program; Dr. Wan M Hasni shared, “The FRD has strong economic fundamentals and is the first of its kind among the cryptocurrencies that are currently available in the market. Our aim is to allow cryptocurrency holders unique and safe access to the ultra-capacitor market by narrowing down their participation to the initial stage of the FARAD ultra-capacitor products manufacturing process. In order to achieve the aim above, the public will be offered an opportunity to hold the FRD.”
He added that, “Funds raised from the ICO exercise will be used for purchasing of equipment, procure stock for raw material (metal oxides and carbon based materials), fund further intellectual property protections (patents) and Blockchain development of the manufacturing process, to cover marketing costs for the ultra-capacitor business as well as the marketing and promotion for the ICO”.
“Each FRD represents a right to the forward production of Ultra-capacitor Cells (“UCC“) defined by the millifarad (“mF”) of the UCCs. A total of 1.6 billion mF will be produced over a period of 36 months.” he added.
The ultra-capacitors produced by the factory will be recorded in the blockchain system, which will ensure a fully transparent process, fully accountable and fully auditable by anyone at any time, using the Blockchain public records. This will provide trust and security for FRD subscribers.
The global ultra-capacitor market is expected to reach USD 8 billion by 2024, increasing to USD 9.88 billion by 2025. Through many years of Research and Development, the Farad team is confident with the invention of these unique ultra-capacitors which are able to outperform other available ultra-capacitors. The Farad ultra-capacitor is a breakthrough device based on proprietary electrochemical technology that bridges the performance gap between batteries and capacitors. This product has been designed to enable technology companies to solve many of their most challenging power and cost management problems.
Among the unique characteristics of the Farad ultra-capacitor include being the smallest and thinnest in the world with the highest power density and fastest rise time of all ultra-capacitors. It is able to supply hundred times the power level attainable from batteries and store hundred times more energy for a given volume than conventional capacitors. The FARAD ultra-capacitor can be applied across the entire portable power source territory ranging from Wireless Telecommunications, Portable Power Tools, Automotive, Solid State Disk (SSD), IoT, Robotics, Medical, Military Weaponry, mobile propulsions, as well as Electric and Hybrid Electric Vehicles among others.
The manufacturing plant for the Farad ultra-capacitors is located in Wuzhou City, Guangxi Province of China, with a first phase production floor area of 20,000 sq meters.
The FARAD Cryptoken Programme is a result of partnership between Farad Ltd., Hong Kong SAR, Virtue Fintech FZ-LLC, Dubai, UAE (Program Manager & Blockchain Developer), HK Beidou Aerospace New Technology Co. Ltd. Hong Kong SAR & Guangxi Beidou Aerospace New Technology Co. Ltd., Wuzhou City, Guangxi Province, PRC (Program Executor).
Also present at the launch were; Mr. Muhamed Catic, Chairman of FARAD Program Advisory Board; Dr. Abdulla Mangoosh, Vice Chairman of FARAD Program Advisory Board and Chairman of Emirates House Group LLC; Mr. Tony Morris, Advisory Board Member and President of American Maglev Technology Company, USA; Dr. Abdul Rahman Abdul Khaleq, Advisor to U.A.E. Presidential Affairs Ministry; Mr. Andras Kristof, Chief Technology Supervisor, FARAD Program; Mr. Satriya Suetoh, General Manager of HK Beidou Aerospace New Technology Co Ltd; and many other dignitaries from the United Arab Emirates, China, South Korea, Malaysia, Thailand, Indonesia, Botswana, and others globally.
More info at www.farad.energy