FESS Chain is an Indian blockchain project that is currently holding a private sale of FESS tokens of the utility type on Exmarkets Launchpad. Should the project obtain proper funding, which by FESS Chain’s merit is $8.2 million, established as a hardcap, the development of the blockchain-based electronic settlement system will be continued.
FESS Chain is allegedly registered in the jurisdiction of Malta. Project’s parent company claims to have chosen this particular jurisdiction in order to be eligible for operations in the member-countries of the European Union. In the whitepaper, it is stated that FESS Chain has already acquired licenses for providing digital wallet and exchange services from the Maltese financial regulators. However, there is no company registration number indicated on the official website to prove these statements.
FESS Chain has set itself a goal of finding a solution to the issues of scalability and security that is lingering in the crypto industry. Their secondary task is to incorporate an improved electronic settlement system that should become a bedrock for a completely non-fiat digital economy.
These objectives will be realized by virtue of the Universal Settlement System (USS), built on the foundation of FESS Chain’s proprietary blockchain that has been modeled on Bitcoin and supplemented with artificial intelligence. The project claims to have developed a unique authentication method that makes their blockchain resilient to cyber attacks, while allowing to maintaining the speed of up to 950 tps. With that, FESS Chain hopes to lay the foundation for the dApp development platform and the in-house cryptocurrency exchange.
The private sale of FESS Chain’s token began on June 6 and will remain live until September 30, when the public part of ICO will commence. There is a live indicator on the project’s website about the fundraising progress. It currently shows that 20% of allocated FESS tokens have been sold at a price of $0.01 per unit. The tokens will be in a conditional lockup for a designated period of time.
FESS Chain accepts only Bitcoin and Ethereum as means of purchasing of FESS, having set the minimum investment threshold at 1 ETH or its equivalent in BTC. Apparently, there are no area restrictions and KYC requirements with regards to buying tokens.
|Start||September 30, 2019|
|End||October 10, 2019|
|Soft cap||$3 500 000|
|Hard cap||$8 200 000|
|Minimum investment||1 FESS|
|Tokens for sale||600000000|
Although FESS Chain presents a well-polished solution, it still seems like they have taken a well-known idea and wrapped it in a slightly different paper. The problems of security and scalability were being addressed by many established projects, for instance, Stellar. This translates to much tougher competition for this fledgling project. The tech solutions were masterfully presented on paper, but a proof of viability is still needed.
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