FESS Chain - ICO Review

FESS Chain Introduces Electronic Settlement System

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.

Company information

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.

The concept of the electronic settlement system

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 FESS Chain team

  • Durga Prasad Tripathi. The founder and CEO. After graduating from Indraprastha University with a law degree, Tripathi established a marketing research company called KDK Capital. FESS Chain is his second company, founded in May 2017.
  • Praveen Kumar Sahani. The co-founder and COO. Sahani repeats the proFESSional path of Tripathi in every detail, which indicates that they have established cooperation since the university years.
  • Shoaib Malik. The Head of Creative Operations. Malik began his proFESSional career in 2012, working as an online marketing manager for a number of Indian companies. In 2017, he founded ItsDigiMark, the brand identity company, which he left a year later to become a part of FESS Chain.

ICO details

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.

Author: Alex Paulson for Crypto-Rating.com

  • Trust and transparency. The complete decentralized architecture on FESS instills the much needed trust and transparency within all transactional networks.
  • Security. A double layered authentication method of transactions, based on blockchain technology makes it virtually impossible to hack into our system.
  • Speed. Our unique parallel processing algorithm ensures 450-900 transactions per second(TPS), way ahead of existing solutions.
  • Diversity. Fesschain platform through its token powers individuals and business for their various needs.
Pre-Ico Start dateAugust 1, 2019
Pre-Ico End dateJune 19, 2019
IndustryArtificial Intelligence
  • Durga Prasad Tripathi. Founder, Global CEO & Head of Blockchain Development
  • Praveen Kumar Sahani. Co-Founder, COO
  • Mehtab Mehdi. CTO & AI expert
  • Prashant K. Maurya. Developer.
  • Shoaib Malik. Head of Creative Operations
  • Abhishek Pandey. Head of Business Development
  • Alok Mishra. CMO & PR Head
  • Mohit Gupta. Head-Design & Graphics
  • Pulkit Kumar. Resource Manager
  • Priyank Gupta. Marketing Strategist
  • Rahul Deb. Social Media Manager
  • May 2019. Pre-Private Sale.
  • June 2019. Prototype Launch. Whitepaper Launch.
  • August 2019. In-house DApps Prototype Launch. Public Sale (Pre- IEO).
  • September 2019. In-house Supply. Chain Implementations. Content Sharing. Application Launch.
  • October 2019. IEO & Listing
  • November 2019. In-house DApps Launch..
  • January 2020. Launching of Internal exchange and Testnet.
  • March 2020. Testnet bounty with public.
  • May 2020. Main Net Launch.

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FESS Chain
StartSeptember 30, 2019
EndOctober 10, 2019
Soft cap$3 500 000
Hard cap$8 200 000
Minimum investment1 FESS
Tokens for sale600000000
AcceptingETH, BTC

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.

thething   September 3, 2019  

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