SUMMARY:
Project name: Fast Access Blockchain
Token symbol: FAB
Website: https:https://fa.biz/
Whitepaper: https://fabcoin.co/download/fab-en.pdf
Medium page: https://medium.com/@FABBlockchain.
Reddit page: https://www.reddit.com/r/BlockChain/comments/7xzihh/fast_access_blockchain
Twitter page: https://twitter.com/FAB_coin.
Telegram group (Chinese) https://T.me/fabcn.
Telegram group (English) https://t.me/fabtoken.
Youtube: https://www.youtube.com/channel/UCb2gwBaa9_w2KLw5UpypN6w.
Hard cap: $40 million (ICO contributors receive 12% of total token supply)
Conversion rate: 1 FAB = 2.5 USD
Maximum market cap at ICO on a fully diluted basis: $333 million
ERC20 token: Right now tokens are ERC20 but it has its own wallet.
WHAT IS THE AIM OF COMPANY:
FAB is building blockchain for enterprises. FAB is trying to solve the problems of current blockchain which prevents enterprises to run their business on Blockchain or even think about using Blockchain. Current blockchains can not handle the amount of processing power required at an enterprise level. Combine the two of the largest network together, Bitcoin and Ethereum, together and they can not process more than 20 transactions altogether in one sec and Uber processes 12 transactions per second while FAB can process up to 1 million transactions per second. Here is a link to comparison chart https://fa.biz/project/comparison
PHILOSOPHY BEHIND THE PROJECT
As Vitalik mentioned they can make a faster blockchain but it won't be secure and decentralised and to maintain security Blockchain has to tweak around security or it will shift towards centralization as in case of NEO and EOS. Not many people talk about it but EOS has only 21 nodes, which is highly centralized. FAB's aim is to create a Blockchain which has all the three integral features – Secure, Reliable and Scalable. Team FAB found the same problem that all of the three features can not co-exist, one comes at the expense of others. FAB segregated the weaknesses of current blockchains and found ways to make that weaknesses as a strength of their network.
Quoted from their whitepaper:
Trust is built out of distrust - Blockchains secure trust between parties that do not trust each other by securing and recording transactions across the network.
• Scalability may be possible in the non-scalable environment - a decentralized public blockchain is non-scalable while specific nodes may be scalable, because a specific node may be equipped with more powerful processing devices.
• Centralization is convertible to decentralization - it is possible to convert a centralized structure into a decentralized one without reshaping the entire system.
• Reliability can be created from an unreliable system - by disconnecting related elements in an unreliable system it is possible to convert it into a reliable system.
• Reliability can be created from an unreliable system - by disconnecting related elements in an unreliable system it is possible to convert it into a reliable system.
The TECHNOLOGY & DESIGN of FAB:
FAB is a three layer architectural design. First layer Foundation chain is the base layer, second layer or the middle layer is the processing layer and third layer is API which makes it easier for developers to build DApps on top of it without dealing with the Foundation layer, shown in the picture below.
Fast Access Blockchain has three major components – Foundation Chain, Annex Chain and Open Storage Network. Each component provides one feature and lacks the other but combined altogether they achieve the aim. It is like three products combined together- one provides the trust and reliability, second provides the processing power and third provides the decentralization. A pictorial representation is below.
The first component or the base is Foundation Chain. It provides the base protocol which accounts for highest level of trust and legitimacy, final confirmation and smart contract specifications. Foundation Chain does not process the transaction, it is like the gatekeeper of whole network and has highest level of authority. It provides the passport to the FAB network. It is the heart of whole Architecture.
Next is Annex Chain. Annex Chain provides the processing power. It can process all the transaction escaping the Foundation Chain with all the processing hassle. It is the brain of the network. Annex chain makes it centralized and untrustworthy, but KANBAN solves this issue. The flow-chart of Annex Chain's work is presented below.
KANBAN is FAB invented technology. KANBAN maintains the Annex Chain transaction status in Foundation Chain node in a global way and data is stored in a decentralized way in an open storage system in the Open Storage Network. OSN provides the decentralization feature to the network.
KanBan’s procedures:
Receive the package from the Annex-chain
Verify the legitimacy of the package
Verify the legitimacy of the transaction
Update the KanBan state
Return the receipt to the Annex-chain
In order to make the platform streamlined for easier implementation and wider adaptation, FAB puts forward three technology concepts:
● CCUA – Cross Chain Unified Address
● CCSPV – Cross Chain Simple Payment Verification Protocol
● CCTIP – Cross Chain Transaction Interexchange Protocol
CCUA is used across the entire platform, while CCSPV and CCTIP are needed to connect to third party blockchain systems
Third component is Open Storage Network. All the transaction data is stored in this network and this provides the decentralization feature to the network.
TEAM and INCEPTION OF PROJECT :
On the official website, there are 4 advisors and 6 team members, but they have more than 50 developers working for FAB. FAB was started in 2014, so it's a well established project and it's not like a Product-to-Market project.
Final Verdict: FAB is what crypto world needs right now to see blockchain to be adapted on a mass scale. There is no need to come up with a completely different blockchain or completely different technology. It's all about joining the pieces together like Satoshi did and keep things simple. By combining the advantages of Foundation Chain, Annex Chain and Open Storage Network, FAB achieves the required features of a highly scalable decentralized trust network. I can see this project as a leader in its space.