FactR a tokenized digital wallet for a new logistics platformOctober 13, 2018
The FactR mission is to bring decentralized, immutable Blockchain technologies to the logistics and freight industry. We use escrow based tokens to process commercial invoices for logistics and freight transactions. Via finance partners and permissions based smart contracts on Hyperledger, we have an SDK enabled wallet that can be embedded on any web or native app (in a matter of days).
Our utility tokens, based on Stellar, use escrow based smart contracts for Logistics invoice settlement. The FactR system will be using stable coins that are generated and destroyed dynamically based on transactions moving through the FactR system. These stable coins are held at a specific value determined by our Finance Partners (multiple) for covering the cost of a shipping invoice (like a line of credit for the shippers). The coins may be represented in any fiat currency value desired by the finance partner, and each finance partner may have 1 or many rates and currencies. These are internal only tokens that cannot be removed from the system but can be viewed publicly on the Stellar network. We also provide the carriers that have received tokens a way to reuse them without having to pay any factoring fees.
The FactR (FTR) token is not meant to be a stable coin. It can be used in the FactR system as a hold and transfer of value mechanism. Any applications that sign on to use our FactR API or a white label version of our system will have the ability to enable users to send their FTR tokens to the wallets on their application. The system also has three ways of giving back to the community who are holders of our token.
- Buybacks, based on the revenue of the entire system in a given period we may purchase FTR back from the open stellar market. (All stellar FTR holders)
- Using the tokens, we may deliver those tokens back to token holders that have their tokens held inside our wallets only (FactR wallet FTR holders).
- Using the tokens purchased we may also decide to burn all or portion of the tokens, reducing the overall available supply (All stellar FTR holders)
We have partnerships with SAP, IBM and now serve thousands of customers in several countries with our Intelligent digital freight platform.