I crunched some numbers of the FarmaTrust project, based on info from their white paper. For those not familiar, here's a bit of background info first...
FarmaTrust ICO: The Basics
Token ID: FTT (ERC20 to be upgraded to ERC223 at a later date)
ICO Soft cap of US$7 million | Hard cap of US$20.25 million
Dates:
Private Sale (already completed - US$4 million raised)
Pre-TDE: 15 February - 15 March 2018
Tokensale was paused to revised the tokenomics and prepare a new whitepaper.
New public sale start date: 1 June 2018
Tokens available: 600 million FTT for sale (out of a total of 1 billion FTT)
Token Allocation:
- 200,000,000 tokens - Tranche 1 (Private Sale - 40% discount)
- 150,000,000 tokens - Tranche 2 (Institutional Investors - 30% discount)
- 100,000,000 tokens - Tranche 3 (Pre-Sale - 20% discount)
- 100,000,000 tokens - Tranche 4 (Public Sale - 0% discount)
- 50,000,000 tokens - Bounty and referral program
1 FTT = US$0.05
Unsold tokens will be locked in for a minimum of 3 years.
USA & Singapore residents are unable to take part in the ICO.
The FarmaTrust team are based in the United Kingdom and comprise a diverse and skills-complementing group of 12 individuals, who are further supported by another 8 knowledgeable and influential advisors.
FarmaTrust Goal.
To provide a platform that enables track and trace of pharmaceutical products, thereby combatting the proliferation of counterfeit drugs and allowing all supply chain participants to confirm the pedigree of a specific packet of medication, through the immutability of blockchain technology.
Perceived Product Benefits.
- saves lives by providing access to previously locked-in user data for R&D use.
significantly reduces development costs by using exiting technology.
because there’s no central database and a decentralised ledger, it provides infrastructure infallibility and incorruptible record integrity - is widely adaptable - can be configured to whatever regulatory requirements are in place
the system works anywhere there is a connection to the internet, either through landlines, 3G/4G/5G availability or through satellite technology - it is globally available.
Identified Product Risks.
- The biggest risk for FarmaTrust is the potential lack of adoption of their system by the pharmaceutical industry.
- Ethereum price fluctuation, specifically Gas price for utility token transfers, could also impact on system adoption.
FTT Token Functionality.
The Token design is based on a Holder-Utility token model.
FTT Tokens are Holder tokens that generate Utility tokens (ZOI) on a weekly basis. The supply of FTT tokens is fixed, with a maximum of 1 billion tokens; however, only a portion of the total supply will be initially liquid. FTT tokens are fungible and transferable, and there is no token creation, minting or mining after the Token Distribution Event (TDE).
Each 100 FTT token produces 500 ZOI tokens per week, when stakes on the ZOI ecosystem platform.
Pharmaceutical manufacturers need to stake 100 FTT per drug batch to generate the Compliance Tracking Tokens, which are individually identified and placed on every packet of drugs produced. Those 100 FTT are bonded until the entire batch is sold to end-users or returned for destruction.
If a manufacturer does own sufficient FTT for a batch, they must buy ZOI tokens at the rate of 1 ZOI per Compliance Tracking Token required.
ZOI Tokens are required to track the various items and drug packets through the FarmaTrust platform as well as pay for tools and services provided by FarmaTrust.
ZOI tokens are burnt When used on the platform. Data created during the journey of each drug packet is stored on the blockchain and will be available for those that wish to verify it (eg. regulators).
Examination of the Token Use Case: Zoi.
FarmaTrust has developed a platform, codenamed Zoi, which is the basis of the functional Supply Chain Exchange (SCE) that underpins the entire enterprise.
The Zoi platform:
- is a multifaceted interface, which can be used by all participants of the pharmaceutical supply chain, from manufacturers and distributors, through to hospitals, pharmacists and finally, consumers, to check the validity of each medicine packet.
- also allows for regulators to undertake necessary inspections via the extraction of relevant data.
- is software and hardware neutral, meaning it can be adapted to any current systems used within the supply chain or by regulators.
Minimum Viable Product (MVP)
FarmaTrust have a functioning demonstration model already available.
The FarmaTrust Roadmap lays out a development path to full production release in Q2 2019.
FarmaTrust make it quite clear in their Whitepaper that there are no guaranteed returns. Proceeds of the FTT TDE will be used to fund FarmaTrust operations, including development phases as set out in the roadmap. Participation in the FarmaTrust token generation event means you are sponsoring the development of the FarmaTrust exchange platform. FarmaTrust does not and cannot promise any guaranteed returns for TDE participants.