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15 insights on FARAD ICO

Aug 09, 2017 Posted /  8601 Views

15 insights on FARAD ICO

15 insights on FARAD ICO

With the growth in the technologies, there is a growth in competition as well. Every company wants to offer their services, which is better than others and unique in its own way. The digital currency market is going through similar kind of trend. There are so many fluctuations in the cryptocurrency market. Everyday either a new currency gets launched, a new law is regulated for them,  or it experiences high and low in the trading volume. Bitcoin, the famous cryptocurrency has marked a highest price value, crossing $3400,recently in the market. While its other competitors are still to mark a place in the market. In this competitive cryptocurrency market, a new digital currency called ‘FARAD’ has been launched by a Malaysian company called FARAD.

1. What is FARAD ICO ?

Farad Cryptoken is a crypto-currency within the Blockchain (Ethereum) ecosystem. Each Farad Cryptoken (“FRD”) represents the rights to the forward purchase contract of Ultra-Capacitor Cells produced by Guangxi Aerospace Beidou New Technology Co. Ltd. (China). The ‘mining’ of FRD is based on and 100% backed by the production of ultra-capacitor products and applications. The ultra-capacitors will potentially be used in combination with traditional batteries such as Lithium Ion batteries within the Energy Storage Industry such as AMR, Beacon, Smart Card, Token, Smart phones, Power banks, RFID, IoT devices, WiFi Dongle, POS devises, SSD, PLP, Power tools, Drones, Automotive Boosters, UPS, Robotic Apparatus and Energy Harvest among others. 

2. Special feature.

It is fully accountable through the blockchain, auditable and it is transparent. FRD offers a guaranteed buy back higher than offer price.

3. Backed up by strong entity

This will be the first kind of cryptocurrency which will be backed by real economic activities. It is backed by a strong business models and people will be investing in real business with real returns.

4. Pre sale and sale dates

The pre-sale of ICO will be on 25 August, and the sale will begin on 15 September. Approximately, 1.2 Billion FRD will be issued in the ICO, half during the pre-sale and half during post sale, for 10% premium.

5. Promotional activities

The FARAD ICO's have strategized the promotional activities by roadshow. FARAD will conduct road shows in Asia and Europe to promote their business.

6. Farad cryptoken

This digital asset is named as a “Cryptoken”, signifying the cryptographic element of the Ethereum Blockchain and the tokenising of the digital asset. A cryptoken in short is a set of algorithms based on the Ethereum codes of smart contracts. A cryptoken is basically backed by the “economic appropriation rights” from the applications of the intellectual property concerned, or easier still to think of it as a flow through entity. Furthermore, with such character, the cryptoken could play the role as instruments in a trust-less system of exchanges

7. Trustless system of economic exchange

It is well-known that one of the central problems in economic exchanges is about “Payments” versus “Delivery” (“PVD”) or sometimes also termed as “Post Trade Settlements” (“POTS”). The standard solution for this problem is for the market to use through “market intermediaries” which functions as the central party playing the role of intermediation, as the custodian and clearing agents for both sides of the exchanges. For this to happen, all parties must “trust” the intermediary to play its role. Banks, stock exchanges, fund managers - are among the notable examples of these “trusted” intermediaries. Unfortunately, the intermediation process itself is mired in the question of “trust” as well as “agency problems”, with which a set of layers and costs involved (such as transaction costs, monitoring costs, etc), opacity of the process (such as informational asymmetries), market fragmentation and disjointedness, and economic externalities

8. Intermediary less transactions

There is no need of any central party or “trusted” intermediaries to be a middle party to the transactions. The transacting parties are relying directly on each other through a system whereby “trusting” someone is not relevant, but rather the “trust” is being relied upon the system itself and the system is free from “human interference”.

9. Irreversibility and immutability of transactions

Once an exchange is agreed, as per agreed value and terms, it is no longer changeable or mutable; no parties could unilaterally change or cancel unless pre-agreed arrangements had been made. Despite any arrangements made, it must be made and agreed within the public domain rather than on personalised domain, which makes such transactions to be immutable.

10. Automatic execution of contracts

Once a contract is consummated, it will be executed without any further reference to any parties. The execution is on “automated” track, whereby both parties have delegated the execution to a system whereby there is no need of exercising further efforts beyond the first exercise of contracting. The contracts should then be fully specified which leaves no room for discrepancies in terms of its executions.

11. Transparency, responsibility and accountability

The execution of the trade is within the public environment, where all items are fully transparent to everyone. Furthermore, the responsibilities are clearly defined and every party is fully responsible for their promises, and be accountable for it as well.

12. Tokenizing metal oxide based ultra capacitors

Capacitors had been in the market for a long time, however, only of late the advancement in the technology of capacitors had taken giants leaps whereby the race for the energy storage market had produced what is called as ultra-capacitors. Metal oxide ultra-capacitor technology presented here would be the way to solve the needs of energy storage requirements today and as the technology is being further developed, it could potentially satisfy the needs of the future.

13. Based on Ethereum blockchain technology

There are few major steps to create the smart contracts and cryptoken for FARAD. First, for the creation of FARAD, ERC20 coding approach of Ethereum is deployed, to create the smart tokens. These smart tokens are then linked to the smart contract, which is flows of revenue from the ultra-capacitor production lines into an escrow box. Ethereum blockchain is among the leading blockchain platform which promotes the uses of  'Smart Contracts'.

14. Smart contracts

The architecture of the FARAD Smart Contracts is done by separating areas of concerns into their own contract. These contracts are then assembled together to make a solid end contract. All these intermediary contracts are designed to be reusable at a later time, making the development of other smart contracts in the future to be easier and faster by using fully tested contract components.Smart Contracts that are developed for FARAD program are Ownable, Owned,. ERC20, ERC20Token, Administerable, Dashboard, Computable etc.

15. Future development in FARAD smart contracts

The future of FARAD holds to further cut any push data onto the blockchain from the production process, end the needs of push data from the production process revenue flows and the Escrow Ledger, governance and audit functions within the blockchain to allow anyone (within the blockchain process) to do any real-time audit (market transparency) and integrate the value chain and supply chain process into the blockchain ecosystem, and to further develop whereby the “end users” of supply chain and value chain parties, could use the F ARAD cryptoken as its currency of transactions related to the products and any related products produced from the FARAD ecosystem.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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