Fabric Token — breaking down the barriers between ordinary people and the blockchain [Pre-ICO Interview]
Right now, the blockchain world is awash with tech geeks who can speak the lingo and understand the sweeping technological changes. The fact that there’s such a steep learning curve to even comprehend what’s going on limits the market and the competition within that market.
But what if you didn’t need a technical background to create a blockchain app? What if you could take advantage of this amazing opportunity using the tech skills you currently have?
Nikolay Nikov, the CEO is behind Fabric Token, software that’s breaking down the barriers between ordinary people and the blockchain ecosystem. Nikolay’s talking to us today about what that looks like.
Tell us about Fabric Token — what do you guys do?
We’re helping the blockchain ecosystem become a more inclusive place — not just reserved for tech geeks. We believe that a technical background should not be a prerequisite for a successful blockchain app, and that more ideas should be given a chance.
Our software does exactly that — it breaks down the barriers between everyday people and the once exclusive blockchain space.
Where did the inspiration for Fabric Token come from?
We’ve been involved in blockchain technology for half a decade now, and back in the day there was only one well-functioning blockchain app — Bitcoin itself. Tides have turned recently, but not at the rate we want to see. Hype is more common than substance right now, and we want to reverse that trend — and the only way to achieve this is by increasing competition.
By empowering people to turn their ideas into reality, without the need for a decade in software development’s worth of experience, we’re not just helping our end clients, we’re also catalyzing growth in the blockchain world.
Apart from as an investment, who would receive the most value by investing in your ICO?
The entire blockchain ecosystem will benefit from our effort to introduce it to a larger audience. People and businesses who gain access will also benefit from blockchain’s ability to solve problems that were unsolvable a few years ago.
Most corporations have had the same business process issues for decades, and blockchain can solve many of them, especially those caused by intermediaries or the lack of trust between organizations.
So our ecosystem provides products for everyone — from the individual right up to Fortune 500 corporations.
How does Fabric Token differentiate itself from its competitors (if there are any)?
There are competing projects whose creators have also recognized that the technical barriers to entry in the blockchain space are a solvable problem. We differ in our approaches.
Instead of creating new means of DApp (decentralized application) development, we are actively trying to remove the need for people to learn anything new at all. Our entire focus is on using technologies and tools that people are already familiar with — and we believe that this is the only approach that could result in actual adoption of our products.
TokenGen, the first component of the FT platform, has some similarities with BlockCAT and EtherParty and they can be considered direct competitors of the tool.
However, DApp Workbench, the main product of the Fabric Token ecosystem, has yet to see any competition. We seem to be the first project exploring this B2B niche.
How have you grown Fabric Token presence in the market?
What we really focused on right from the beginning was preparing everything we could before we announced the project. So, once we did that (at the end of December), people saw that we were far ahead in the development of the platform. We weren’t an overnight idea — we began working on the project back in April 2017.
From then on, we started reaching out to ICO listing sites, crypto news sites, and social media communities.
Little by little, the word spread about the Fabric Token project and our website is now seeing a very steady number of unique visitors daily — and it is climbing constantly.
Once we roll out our banner advertising strategy and up our video marketing efforts, we are certain that the growth of the FT community will skyrocket.
How is your team structured? What benefits do you believe that brings?
We have a small, tightly-knit, developer-heavy team, and this will continue to be the case for at least the next 6 months. We are doing highly-specific work that requires particular expertise, and until the core engine of our killer app is done, we’re unlikely to expand — apart from some temporary consultants, front end developers and designers.
Starting in 2019 — when the core of the code will be complete, stable and tested — we’ll be ready to scale and expand so that we can provide a more diverse set of use-cases for our clients.
What are the biggest challenges in the industry you have had to overcome?
Blockchains and cryptocurrencies are a legal grey area, and we have suffered a few deadline setbacks due to bureaucratic and legal difficulties. That being said, we have overcome them successfully, and with mostly technical challenges ahead of us, we’re as confident as we have ever been.
What has it been like starting a cryptocurrency and trying to take your company global?
The blockchain is probably the biggest invention since the internet, and with the revolution on its way we’re brimming with excitement to be a part of it!
What’s next for Fabric Token? Do you have plans to grow, expand or diversify?
As we already mentioned, while we’re deliberately keeping the team size small for the first few months, we’re looking into diversifying our products’ use cases, and the only way to do this is by expanding once the technically challenging part is done.
Where would you ideally like to be in 5 years?
We envision worldwide adoption for our products in five years and we’re hoping that this will help accelerate the adoption of blockchain technology as a whole — from revolutionizing finance to improving government health systems and corporate efficiency.
If you had to give one piece of advice to an up and coming blockchain entrepreneur, what would it be?
Take your time. Don’t rush it. Establish the legal and technological framework of your project and the rest will fall into place. Also, prepare for an intensive marketing game as getting the word out about your product is an extremely integral part for the success of your blockchain startup.
It sounds like there are big plans from Fabric Token ahead! I’m excited by seeing a company taking on the B2B space. Let’s see how much this space will change in the next five years!
