Firstly, all of us at FarmaTrust would like to say a big thank you to all of our contributors that have participated during the Pre-TDE period. We have listened closely to all of your advice and suggestions on Telegram over the past few weeks, and as such, we have been making some very big improvements and changes internally. This post will give you all the details in a nutshell.
Changes to whitepaper and tokenomics
Over the past three weeks, as you may have seen, we have had a series of productive interactions with industry representatives and government regulators in our drive to secure customers and partners. In addition to the Mongolian government, we have been in discussions with several pharmaceutical companies in Europe and abroad. They have provided us with invaluable feedback regarding our current system and the use of our token model. As a result of these meetings, we have enhanced our whitepaper in order to harmonize the model and to ensure it is clearer and easier for our partners to understand. The updated whitepaper will more accurately reflect the product and service features that FarmaTrust is introducing to the pharmaceutical supply chain and it will strengthen the utility token proposition.
The new tokenomic model supports FarmaTrust’s global strategy of 1) accelerated acquisition of pharmaceutical customers and 2) wide adoption of our B2B blockchain solution. Compared to the previous token model, our new token structure provides three main advantages and incentives:
- It allows you to stake your FTT tokens for more Zoi tokens, which can be traded on the Zoi platform. A secondary market created to allow you as a contributor to trade your Zoi tokens, in addition to your FTT tokens. Please read the whitepaper for more detail.
- It makes it more cost-effective and stable for our pharmaceutical partners to meet track and trace regulation, compliance and reporting requirements down to the individual packet level. This in turn encourages and accelerates the uptake of the Zoi ecosystem.
- It provides a clearer distinction between the fundamental “track and trace” service and the value-added data and AI services which are available from FarmaTrust.
Based on the new tokenomic model, our pharmaceutical partners will be able to track individual batches of products for 100 FTTs irrespective of batch size, assuring wide adoption of the Zoi platform. This makes FarmaTrust a true B2B blockchain solution and a compelling proposition for use by pharmaceutical companies as well as logistics and service providers.
We have set out a use case which might help you understand the incentives the FarmaTrust ecosystem provides.
Changes to main TDE
As a result of the changes in the tokenomics, the hardcap has now been lowered to USD $20.25 million. Although certain modules and functions will take longer to achieve, as reflected on the updated roadmap, it will still allow us to comfortably continue with our business objectives. For all of our contributors, this means your current FTT amount will in turn double!
More importantly, following several internal meetings, we have made a strategic decision to pause our current TDE (both the Pre-TDE and the main sale) from 11:59 am Thursday 15 March 2018 (when Pre-TDE closes) until further notice. Considering the current market conditions and uncertain crypto environment, we believe this is in the best interests of our participants and community. In addition, this will provide more time for new contributors to review and understand our updated whitepaper, which provides better clarity in respect to our project. This will also allow FarmaTrust to concentrate on developing and securing a number of additional strategic and commercial partnerships that we have been working on.
Please see below short summary of the tokenomics (but we would encourage you to read the whitepaper in its entirety so you have a comprehensive view). We will announce the new TDE timeline and further information in the next few weeks.
Token Name: FarmaTrust Token
Token Symbol: FTT
Total Supply: 1,000,000,000 (1 Billion)
Token Sale: 600,000,000 (600 Million)
Listing Price: USD $0.05
TDE Soft Cap: USD $7,000,000
Sale Hard Cap: USD $20,250,000
200,000,000 tokens - Tranche 1 (Private Sale — 40% discount)
150,000,000 tokens - Tranche 2 (Institutional Investors — 30% discount)
100,000,000 tokens - Tranche 3 (Pre-Sale — 20% discount)
100,000,000 tokens - Tranche 4 (Public Sale — 0% discount)
50,000,000 tokens - Bounty and referral program
Over the course of the next few days and weeks, we will be announcing some major developments! As a teaser, we are in the process of finalising paperwork to welcome onboard a new team member, who is a senior executive from one of the top 3 pharmaceutical companies in the world! We hope to share more detail on this exciting news shortly.
Again, we would like to thank all of you for your support thus far. Together, we will make this world a better and safer place! #HackTheFake
The FarmaTrust Team
Short video of Zoi’s code, FarmaTrust’s proprietary software and platform
In the news, Blockchain for healthcare: the FarmaTrust solution on The Telegraph