The Fabric Token has managed to raise over 1,100 Ether (ETH) which is equivalent to over $1 million in less than a day following the opening of the TGE. Fabric Token was developed on the blockchain system of Ethereum with a view to offering a way for just about anyone to create as well as deploy their decentralized applications or smart contracts without the need for hiring technical experts.
The hard market capitalization of the TGE is 8,906.5 ETH which translates to approximately $8.5 million. The close of the Fabric Token TGE will be April 1, 2018 or once the hard cap is attached. If there will be unsold tokens at the end of the Fabric Token TGE period, they will all be burned. With regards to contributions 0.1 ETH is the minimum cap while 9 ETH is the maximum cap. At the moment 1 ETH can purchase up to 8,000 Fabric Tokens.
The ecosystem of the Fabric Token consists of four elements and these includes the Fabric Store, DApp Workbench, TokenGen and the Fabric Token. Via this ecosystem Fabric aims to offer solutions to various problems that hinder smart contracts and blockchain technology from being more widely adopted.
This includes multiple difficulties that are encountered when developing smart contracts and with is mainly with Ethereum blockchain’s programming language, Solidity. Other challenges include the fact that the Solidity programming languages lacks an official testing framework. There are also business process problems that are inherent both at the inter-organization level and the intra-organizational level.
Fabric Token ecosystem
With the ecosystem of the Fabric Token FT will be used primarily for the purposes of making payments for services and products on offer. To easily create smart contracts for their tokens as well as their fundraisers, TokenGen will be used allowing the focus to be on the idea.
In order for businesses to integrate smart contracts and blockchain easily into their businesses the DApp Workbench will be used. This will easy the modeling, management and improvement of workflows since a drag-and-drop interface will be used.
And for 3rd-party developers to generate components of smart contracts they will have the Fabric Store at their disposal. This is expected to further increase the number of businesses and users on the FT ecosystem.