FARAD Cryptoken Announces Pre-ICO Token Swap
Posted On 24.8.2017
source: cointelegraph news
A unique cryptocurrency which captures Energy Storage and Internet & Telecommunications, two of the latest technological innovations in the market.
23rd August 2017 – FARAD Cryptoken (FRD) announces its Pre-ICO Token Swap which will run from 25th August 2017 (13:00 GMT) to 14th September 2017 (23:59 GMT), followed by the actual ICO from 15th September to 30th September 2017, where 1.28 billion FRD will be offered for sale.
FARAD sets itself apart from other cryptocurrencies as it is backed by real economic activity and cash flow through the manufacturing of high-end Ultra-capacitors within actual factory settings. The energy storage innovation which FARAD represents is in the invention, manufacturing and delivery of FARAD ultra-capacitors, while the Blockchain is based on Ethereum ERC20 Smart Contract.
Launched earlier this month at the Dubai International Financial Centre (DIFC), FRD aims to allow cryptocurrency holders unique and safe access to the ultra-capacitor market by narrowing down their participation to the initial stage of the FARAD ultra-capacitor products manufacturing process. Public will be offered an opportunity to hold the FRD through its ICO.
FRD can be owned using Ethereum (ETH) or Bitcoin (BTC) through the FRD Token Swap Program. The FRD Team will be announcing its Pre-ICO Wallet on Friday, 25th August 2017 through its official website www.farad.energy. During the Pre-ICO, contributors will have the privilege to own 10% more FRD compared to the ICO.
By partaking in the ICO, each contributor will represent a right to the forward production of Ultra-capacitor Cells (“UCC“) defined by the millifarad (“mF”) of the UCCs where a total of 1.6 billion mF will be produced over a period of 36 months. Funds raised from the ICO exercise will be used for the following purpose:
- 25%: To acquire specialized machineries which will be imported from Taiwan, Italy and Germany.
- 25%: To purchase and stockpile the metal oxides material needed for the production of the FARAD Ultra-capacitors.
- 15%: To fund further intellectual property protection (patents), industrial development and collaboration.
- 10%: To cover Blockchain developments for the manufacturing process and Supply Chain and Value Chain management for the FARAD Ultra-capacitors on Ethereum blockchain concepts.
- 25%: To cover international marketing, ICO costs, financial costs, of the FARDA Ultra-capacitors manufacturing, etc.
The FARAD Ultra-capacitors will be produced by Hong Kong Aerospace Beidou (HKAB) at the manufacturing plant located in Wuzhou City, Guangxi Province of China. Each Ultra-capacitor manufactured will be recorded in the Blockchain system, ensuring a fully transparent process, fully accountable and fully auditable by anyone at any time, using the Blockchain public records. This will provide trust and security for FRD contributors.
The FARAD ultra-capacitor is a breakthrough device based on proprietary electrochemical technology that bridges the performance gap between batteries and capacitors. This product has been designed to enable technology companies to solve many of their most challenging power and cost management problems.
Among the unique characteristics of the Farad ultra-capacitor include being the smallest and thinnest in the world with the highest power density and fastest rise time of all ultra-capacitors. It is able to supply hundred times the power level attainable from batteries and store hundred times more energy for a given volume than conventional capacitors. The FARAD ultra-capacitor can be applied across the entire portable power source territory ranging from Wireless Telecommunications, Portable Power Tools, Automotives, Solid State Disk (SSD), IoT, Robotics, Medical, Military Weaponry, mobile propulsions, as well as Electric and Hybrid Electric Vehicles among others.
FRD will be offered for sale based on the timetable below:
Pre-ICO Token Swap program which will be conducted over a maximum period of 21 days starting from 25th August 2017, 13:00 GMT till 14th September 2017, 23:59 GMT
ICO Swap Token
ICO Swap program will start from the closing of the Pre-ICO Token Swap program or over a maximum period of 14 days from 15th September 2017, 00:00 GMT till 30th September 2017, 23:59 GMT
- ICO Swap Volume 1,280,000,000 FRD
- Total Issue Volume 1,600,000,000 FRD
- FRD Offer Price (Pre-ICO Token Swap) 0.0005921 ETH / or BTC* equivalent.
*The actual BTC/ETH exchange rate in USD, will be determined based on a Daily Simple Moving Average calculations for the period. For Pre-Sale ICO, it will be based on the rate for the period from 25 August to 14 September; and for ICO Sale, will be from 15 September to 30 September. The exact rates for BTC to FRD will be determined based on those mentioned exchange rates from BTC to ETH, and thereafter, to FRD.
FRD Issue Date
- 7 days after the ICO closing date
- First Quarterly Swap Back 20th March 2018
Among the unique selling propositions of FRD are, firstly its valuation is driven and backed by real economic cash flows, secondly, its ‘mining model’ is an ‘assured model’ by ‘mining’ on actual FARAD produced on the Ethereum Smart Contract. After 3 years, when ‘mining’ is over, its fundamental will then be backed by 100% cryptocurrencies. Thirdly, the premium over Escrow is meant to be the value attached to FRD as currency for ultra-capacitor based products and markets in the future.
The FARAD Cryptoken Program is a result of partnership between Farad Ltd., Hong Kong SAR (a Hong Kong based company), Virtue Fintech FZ-LLC, Dubai, UAE (Program Manager & Blockchain Developer), HK Beidou Aerospace New Technology Co. Ltd. Hong Kong SAR & Guangxi Beidou Aerospace New Technology Co. Ltd., Wuzhou City, Guangxi Province, PRC (Program Executor).
