Smart Contracts Made Simple: The Fabric Token Platform
Originally published on: CCN
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January 04, 2018
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As a self-enforcing piece of software code that executes on a blockchain once the terms of the agreement are met, a smart contract is immutable.
Hence, such contracts require no intermediary to ensure that the parties meet the terms, making them one of the most useful business opportunities since the rise of the Internet. Smart contracts reduce transaction times and the costs associated with intermediaries and legal protections dramatically.
Accenture Consulting, for example, estimated that smart contracts can save banks 70% of the potential cost of central finance reporting, 30% to 50% of the cost of compliance, 50% of the cost of centralized operations, and up to 50% of business operations cost.
While major financial companies and businesses in a variety of industries have already recognized blockchain technology’s benefits and are investing in it, the cost of adoption remains out of reach for most organizations. The difficulty in implementing blockchain technology is compounded by the amount of technical expertise it requires.
The more complex a smart contract, the harder and consequently more expensive it gets, due to the fact that in more complex algorithms relationships emerge between different pieces of code. This also leads to more loopholes and a greater chance of a security breach.
Thus organizations interested in utilizing blockchain smart contracts require the assistance of specialists with the necessary technical expertise to write the algorithms in a computer-understandable, blockchain-supported language such as Solidity.
Unfortunately, only a minority of software developers and ICT skilled workers are in a position to take advantage of blockchain technology, as most still regard it as unstable and/or experimental.
An October 2016 study found that 8,833 of the 19,336 Ethereum smart contracts currently in place were flagged as vulnerable by a symbolic execution tool called
Oyente. In addition, 3,056 (15.7%) were found to be transaction ordering dependent, meaning the code was open to manipulation due to the way transactions are bundled in blocks and how new blocks are appended to the blockchain.
The Fabric Token Solution
Fabric Token marks an attempt to make blockchain smart contracts accessible and affordable to more businesses and organizations by providing a bundle of user-friendly software.
The first component of the Fabric Token ecosystem is the token itself, used to pay for products and services within the ecosystem.
TokenGen: Intuitive Smart Contract Generator
TokenGen, the second component of the Fabric Token ecosystem, is a platform for generating smart contracts. TokenGen will provide the foundation to bridge human and computer language by offering a web interface and pre-defined smart contract templates for tokens.
With TokenGen, users will select their smart contract functionality, provide information such as token name and symbol, pay a small fee and get their smart contract code ready for deployment.
DApp Workbench: Implementing Blockchain & Smart Contracts Into Business Process Management
While TokenGen will allow users to generate smart contracts for the more common aspects of the token economy, DApp Workbench, the third component of the Fabric Token ecosystem, will allow businesses to integrate smart contracts into their process management.
DApp Workbench will address a more advanced development of contracts that helps design intra- and inter-organizational processes on a blockchain. It addresses challenges specific to both internal and cross-organizational business processes.
A smart contract could, for example, allow for appropriate security measures to ensure that the right people have signed off on a project and check that the signatures are not forged and the proposal has not been subsequently modified. The process can also be re-engineered to fit the changing requirements of a company’s internal processes, thus eliminating the complexity that enterprise resource planning systems usually bring.
DApp Workbench will provide the foundation for standardizing business process execution and management on blockchains. It will further provide a chance for mainstream adoption of blockchain technology within any industry or organization that can benefit from it.
Fabric Store: A Decentralized Marketplace for Smart Contract Component
The last component of the Fabric Token ecosystem will be a marketplace called Fabric Store that will allow third-party developers to expand the ecosystem.
The Fabric Store will enable developers to sell components such as software libraries, UI addons and themes for the Fabric Token software solutions.
The marketplace will provide immutability of its data, ensuring that no central authority, not even Fabric Token’s creators, can alter the reviews left by users, a common complaint in even the most established online marketplaces. Its immutability will also prevent chargeback fraud, another complaint with online marketplaces.
Fabric Token Launch
The Fabric Token launch, scheduled for Feb. 15, 2018 at 10:00:00 UTC, will raise a maximum of $9 million USD. 1 ETH will equal around 8,300 Fabric Tokens ($0.1125) at current ETH/USD rates. The Fabric Token smart contract address will be announced 48 hours before the fundraiser begins.
The token launch will complete either after 45 days or until the maximum target is reached.
Eighty percent of the tokens will be available for sale to the general public, while 12% will go to the Fabric Token core team and be released after 12 months. Seven percent will be allocated to advisors and released after six months, and the final 1% will be used for the bounty program.
For more information about the Fabric Token project, visit the official website of the blockchain-based startup: https://fabrictoken.io/