FactR: The New Tokenized Digital Wallet for Use in a New Logistics Platform
FactR has always had a single mission—introduce the concept of a decentralized and immutable blockchain platform to the freight and logistics industries. The platform makes use of tokens based on the escrow service when it is processing the commercial invoices for freight and logistics transactions.
By working with various finance partners as well as by utilizing the Hyperledger smart contracts, the platform has been able to develop an SDK enabled wallet that is easily embedded on any native application or web-based platform.
FactR Utility Tokens
The FactR utility tokens are currently based on Stellar. The tokens make use of the smart contracts that are based on the escrow service when settling logistics invoices. It is expected that this new FactR system will start utilizing stable coins that can be dynamically generated and destroyed.
This is to be based on all the transactions that will be moving through the system. Multiple finance partners will be responsible for determining and holding the value of the stable coin. Valuation and holding are meant to cover the cost associated with any shipping invoice—it can be used to provide a credit line for people who are in the shipping industry.
In addition, these coins can also be represented in the form of a fiat currency value as determined by the finance partners. The finance partner will be allowed to hold one or more rates or currencies. It is essential to note that the tokens in question can only be used internally, which means that it will not be possible to remove them from the system.
However, a person can still be able to view the tokens by visiting the Stellar network. The FactR system will provide a method for carriers who have already received the tokens to reuse these tokens, without having to part with any factoring expenses.
Please be advised that the FTR (FactR) token is in no way expected to be a stable coin. This means that it can only be utilized in the system as a hold and transfer of worth instrument. Applications that sign up to use the FactR application programming interface or a white label variety of this system will be in a position to allow their users to transfer any FTR tokens that may be in their wallets to their applications.
The system has come up with three unique ways that will be used to give back to communities that will be in possession of these tokens:
- Buybacks: This is a process that will be based on the total revenue of the system. Every once in a while, the platform may purchase back some tokens from the Stellar market.
- Utilizing the tokens: The tokens may be sent back to the users who are still holding on to some FTR tokens.
- Utilizing the tokens that have already been purchased, the team may also make a decision to burn a portion of the tokens or all the tokens. This will be used as a means of reducing the total available supply.
The platform has entered into partnership agreements with IBM and SAP. These partnerships will make it possible for them to serve customers that are located in different countries.