The decentralized FOTON project is launching its next-generation crypto-bank ecosystem to stimulate and facilitate the use of cryptocurrency payments worldwide, as stated in the official press release published by the company.
The statement issued by the FOTON project on December 3, referred to the launch of a decentralized crypto-bank designed for multi-currency transactions featuring a built-in fiat and cryptocurrency exchange system and instant contactless payments for goods and services worldwide. The system is intended to become a stable and flexible ecosystem that will enhance scalability for services related to financial assets, exchange solutions, cards, accounting, and business/customer services.
The technology being employed in the design of the ecosystem was specifically created to tackle some of the most critical issues facing the modern banking system, as well as the widespread adoption and application of cryptocurrencies in routine business transactions. The issues the FOTON project’s ecosystem seeks to solve include overregulation, bureaucracy, centralization, system faults, volatility, legal constraints and complications related to practical use.
“We are creating the ecosystem that will prove to be the impetus and basis the crypto market needs to make the effective transition to becoming the next global banking system,” as stated by Andrey Pashkevich, CEO and Co-founder of FOTON.
FOTON intends to reach its goals of solving the banking sector’s issues by allowing its clients to work directly with the crypto-bank of their choice, thus setting a 0.5 percent commission of the payment amount. The lack of intermediaries in the financial relationship chain between the client and the bank is intended to save up to 8.7 percent on transactions and commissions. The smart contracts employed in the ecosystem charge 0.5 percent for transactions of crypto-banks and about 0.1 percent in case of cryptocurrency exchanges. The network also grants reliability, security, inter-bank financial channels, integration with ATMs worldwide, and automated bots for advising clients on making sound financial decisions. The advantages that FOTON offers its ecosystem users include internal loyalty programs and cashback operations, contactless payments for mobile devices powered by NFC technology, cashless transactions, and worldwide availability via a mobile app.
The project also focuses greatly on its unique feature, which is the application of two blockchains within its infrastructure, the main one being the Light blockchain technology developed by the company’s specialists. The FOTON Light Secure network can handle 250-500 transactions per second with potential for growth.
The FOTON project intends to conduct the sale of its internal FTN Token starting with the pre-ICO stage launching on November 25, 2018, to the main ICO event scheduled for February 1 to March 27, 2019. The FOTON project will develop in accordance with a comprehensive roadmap. The latter consists of milestones critical to successful project implementation, including the launch of the system, migration to mining pools and operations licensing in 2019, ending with the launch of neural networks in 2020. FOTON has already presented a working Minimal Viable Product (MVP).
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