Blockchain technology and cryptocurrency markets are still one of the fasted growing and promising fields which could reach up to 31 million users by the year 2019. Some researchers claim that the cryptocurrency market is projected to hit the 1.4 billion mark by the year 2024. However, no market can grow without a secure and trusted infrastructure.
Many startups turn to Blockchain technology hoping to find their place in this new fast-growing industry, but only a few have the strong ecosystem capable of providing a wide range of fintech services for all users.
FOTON bank is a decentralized crypto-bank designed by a professional team of developers who aim to build a platform with a wide range of services for individuals and businesses. It is designed for multi-currency transactions featuring a built-in fiat and cryptocurrency exchange system and instant contactless payments for goods and services worldwide.
Furthermore, the FOTON platform 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 ecosystem behind FOTON bank was specifically created to tackle some of the most critical issues facing the modern banking system.
Andrey Pashkevich, CEO and Co-founder of FOTON stated:
“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.”
The ecosystem of the FOTON platform is decentralized, transparent and automated. It supports special engineering technology that connects brokers and uses smart contracts for fair deals and provides its customers with the ability to use crypto-fiat payment operations with global scale connection with lower commissions and no hidden fees. The instant transfer of funds is available without any limits and with a transfer fee of just 0.5%.
Users will also get full access to services such as mobile apps, exchange, multi-signature wallet and virtual cards. Every registered Foton user will be issued with the Foton’s virtual card. The virtual card could be linked to the NFC chip in the mobile device allowing it to work with the VISA, Mastercard or UnionPay infrastructure to make instant payments for products and services with their favorite cryptocurrencies.
According to the project whitepaper, FOTON also has its own interbank financial channels system that is an analog to SWIFT but capable of making secured and fast transactions - the FOTON network can handle up to 500 transactions per second with potential for growth. It also implements the use of escrow to hold and track money, its own cryptocurrency ATMs, integration with current ATMs, and an online robo-advisor that can help clients buy or sell cryptocurrencies at improved rates.
The combination of these features on the FOTON platform will help to solve problems peculiar to traditional banking systems, including overregulation, bureaucracy, centralization, system faults, volatility, legal constraints and complications related to practical use.
The FOTON platform will develop in accordance with a comprehensive roadmap, which includes the launch of the system, migration to mining pools and operations licensing in 2019, ending with the launch of neural networks in 2020.
The FOTON platform has its own cryptocurrency, called the FTN token. FTN is an ecosystem token that serves as the basis of all transactions performed on the Foton Financial network.
Priority FOTON token holders will be able to access Support Services and priority access to new company products. They will also get special discounts on future services of up to 75% of the standard price. Moreover, holders of FTN token can withdraw or exchange cryptocurrency for a fee with the lowest fees of just 0 to 0.1 percent.
The only release of FTN tokens will occur during ICO. The Pre-ICO is due to be launched on December 25, 2018. The main ICO event scheduled for February 1 to March 27, 2019.
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