Highlights from FAB’s Live Q&A with Paul Liu
By: Fab Info
Tags: Tech, Events, Blockchain, Cryptocurrency, Bitcoin

Here are some of the answers from the questions posed last week:

Q1

As a large blockchain project, promotion is relatively small, visibility and influence are small. What are the plans for marketing and promotion in the later periods?

This is indeed a concern many in our community share with an accurate view of the situation. We have first began sharing in the academic circles starting from three years ago in the top Universities in the United States and Canada such as Harvard, MIT and York University. Until recently, we have mainly focused on academic circles. Recently, we have formulated a new plan to expand developer application-oriented community building. We have established a plan to expand our community to one million members and to serve communities in many fields, at different levels, and with different cultural backgrounds. We recently established a specialized agency dedicated to community building to provide English, Spanish, Mandarin, Cantonese, Arabic and French services. We will also increase our promotion efforts on the ground in China.

Q2

As a platform system for global enterprise applications, what partnerships has the FAB Foundation established?

We haven’t entered the implementation stage of the roadmap, so we will not disclose all partnership talks, but we currently have two or three world-class enterprises that are currently under negotiation, and may develop applications with us.

In addition, we have several applications that have started including:

a project that will use our platform to issue coins, which will be issued next month,

a fully decentralized exchange,

a payment system,

and a supply chain system will soon enter the cooperation phase.

This are certainly not large-scale enterprise applications. From May to June, four or five real applications will start to be developed on top of us, as our system itself is also developing so that we maintain a close working relationship, including interface and development support. On the other hand, we will support each other in developing applications on top of the ones created during this period. We will provide low-level support. By the time the preliminary development is completed and entered into the technical testing stage in September, several application systems will be tested synchronously. At the end of the year when the production of our entire system goes live, at least four or more projects will be put into production and operation.

Q3

Some friends asked about the currency.

The total system will have 200 million Fabcoins forever. We issued 20 million coins during the token sale, and 4 million in a private sale, with a total of 24 million coins in the market. Our current holdings of our currency are long-term investors, not short-term investors. In addition, we still have 8 million for the development of the community. The 8 million are basically not in action within three years. The other 168 million Fabcoins are to be obtained through mining. It will take about 60 years to mine.

The mining of our currency is not only on the main chain, it can be assigned to Annex chain as well. The Foundation chain of the network can support a maximum of 16 million Annex chains, and each Annex chain can be engaged. The Annex chain is also involved in mining activities and will be allocated in the future.

Q4

How will the currency play a role in value transfer in the future? What factors will drive the rise in the price of coins?

We are different from other currencies. They may not know what they are doing after the currency has been issued, and they have not fully designed the business logic. We are very clear that we are to be the first platform in the world to truly meet enterprise-level applications and serve real business applications. Regardless of whether it is e-commerce, supply chain, Internet of things, finance, insurance, or any other business, we are directly supporting real services. All services are paid in our currency. As long as there are applications put into operation, the demand for coins will surely continue to increase. This is the most basic business model we have designed. Coins are the only basic value system for the entire ecosystem. Value exchange occurs through our fabcoin, such as transaction costs.

Additionally, we will build a common application architecture layer above the network as middleware frameworks. At that time, many companies may not want to issue coins at all. It would be better to apply our value system directly. Therefore, our goal is to build a decentralized application service in the future with many commercial application architectures on our chain. The currency used by them is all coin-based, so it is very simple, easy and fast.

Q5

Is “The Force” still scheduled for the end of September?

According to the original plan, the original force is the beta version of the network. The real possibility is it may still be at the end of the year, but many applications can be trial ran before that. The original force basically has all the functions of the white paper design. Theoretically, it can support large-scale commercial applications, real large-scale e-commerce applications, and even multiple simultaneous operations. All issues including Kanban, SCAR, and CCUA are complete. The entire system will basically be all ready.

For info on “The Force”:https://medium.com/@FABBlockchain/fab-development-progress-update-april-24-2018-b9337f882b43

Q6

Is FAB resistant to ASIC attacks?

ASIC attacks are useless against our system, because we take into account the ASIC attacks and monopolies on community settling. Our system mainly uses better video cards to mine and we set random parameters. If someone wants to monopolize with a large number of graphics cards purchased they will have no obvious advantage.

Q7

What is happening with the official website?

Although we are mainly focused on technology development, we have recently been focusing on site redesign to make the site more beautiful. Our goal with our official site at the moment is mainly to achieve the necessary back-end functions. Our website will have many functions including being a part of our wallet. With this in mind, we are making front-end and design changes with the back-end in mind so that the development is smooth and logical. We build our site using Angular.

After the site is completed, what functions will it have? It will fully embody the functions of our entire FAB system design, having a wallet function, gaming function that helps with calculations, a social function. a decentralized exchange function, and multi-currency uses in the future. We will have multi-currency functions of this capability because of the CCUA Cross-Chain Protocol we are devising. In the future, there will be many currencies that will be linked to us. If you want to change what kind of currency you want in your wallet, we will basically have very, very low fees to do this. No one can control this kind of transaction because it will be a decentralized.

Of course these are long term goals with the site. At present we are focused on wallet integration into the website and simple redesign.

Q8

When can we expect the lite wallet?

Lite wallets are basically ready for use. We specifically have two people in software development working on them. We didn’t announce them because of the back-end functionality. There are some related things in the background that need to be considered, including providing lasting reliability and security. We may release a simple version of the basic function as soon as possible to do transactions, check the transaction records, and other basic functions. Additionally, we have started on our Mac Wallet. The situation will be updated as soon as possible.

Q9

Any patent issues?

We have applied for a lot of patents. We are also very clear that there are one or two patents that are very crucial and very important to the project. We don’t need to publish them yet. In fact, when we applied in 2016, we estimated there would be resolution by 2020. Because it is still the main stage of development, we do not have to go above and we do not need to compete in this area. We are currently focusing on development. After 2020, we will come back, and we will look at the patents.

Q10

Compare EOS, ZIL, AE, and FAB.

EOS, ZIL, and AE all have their own characteristics. The EOS market is very well-functioning and worthy of our study. However, EOS is the consensus of the 21 master nodes. No matter how large the system is, it is decided by 21 participants. What they say is what they say, but our chain is a complete public chain. Nodes are infinite and anyone can join. This is the most essential difference.

ZIL is similar to ours, but as we said, our most critical technologies such as the Kanban common architecture layer, they do not have. In particular, the common architecture layer implementation of our core patented technology is Kanban, and SCAR. We are unique. We have solved a huge problems. We have solved the decentralization of transactions on an auxiliary chain.

The other is the massive reduction of the number of transactions submitted to the main chain. For example, if there is an Amazon application on the auxiliary chain, it may produce hundreds of thousands of transactions. No matter the amount of transactions, we can turn into one piece submitted to the main chain through our technology. This is our original technology and none of the competitors contain this.

Website: https://fa.biz

Read Whitepaper here: https://fa.biz/download/fab-en.pdf

Download a Node here: fabcoin.pro