The cryptocurrency sphere has grown a lot in every way over the last few years. Many different projects have appeared, connected to practically every industry or area of life. But so far, none of them have managed to overcome the chasm between the cryptoindustry and the real economy. Though the many uses of blockchain technology may seem obvious, the obstacles to its mainstream adoption are no less apparent. Among them are high volatility, low liquidity and the offputting complexity of cryptocurrencies from the perspective of the average user.
Fonder Diamond, a jewelry company based in Singapore and distinguished by its online diamond ordering service, may seem like an unlikely cryptocurrency saviour. Nevertheless, Fonder has come up with an inventive new project that hopes to both ease the way for cryptocurrency adoption and reinvent many basic online activities, from social media to shopping, by means of a comprehensive hybrid solution. In addition to its promise of a user-friendly cryptocurrency and ecosystem, Fonder pledges that the tokens bought during its ICO would be redeemable for diamonds, making this a truly unique proposition.
What does Fonder bring to the cryptoindustry?
Central to Fonder's proposal is its own native blockchain, the Fonder Open Network. The company asserts that it will have low to nonexistent fees and a high transaction speed. It will support micropayments and a cryptocurrency building program for third-party users. Users will interact with the system using a simple and straightforward multi-currency wallet that will be made available as a mobile app. This wallet will also serve as a payment gateway for merchants on the network. It will eventually integrate a variety of other financial services. FON tokens will be usable as a means of payment in all parts of the ecosystem.
This blockchain will be connected to a number of centralised apps with decentralised ownership. Fonder Media would allow users to create, run and sell their own social media channels, receiving 80% of the ad revenues. Fonder Ads will let ad space owners sell ad slots directly or through marketing agencies, also receiving 80% of the revenues. Fonder Groups will be used for online networking. Loyalty programs (token rewards) could be executed through Fonder Points. Last but not least, online shopping could be carried out with the help of Fonder Store. In addition to those "capps", Fonder will also cultivate a Fonder Fan Club, a community centered around the company's values and services.
What gives Fonder a competitive edge?
Fonder's hybrid centralised-decentralised model, with payments carried out through its blockchain while the actual services operate off-chain, is meant to provide the best of both worlds in terms of efficiency, decentralisation and security. It may sidestep the performance issues that haunt many existing blockchain services. Its emphasis on being as accessible as possible for the average user could also make it attractive for a broad audience. The Fonder team includes seasoned entrepreneurs and IT developers with a long-standing interest in blockchain technology.
However, its biggest advantage is probably the fact that it is backed by a successful real world business. Fonder Diamond will eventually transfer its central role in the system to a newly-created independent Fonder Foundation, but until then it will focus on nurturing the ecosystem and increasing its liquidity. It will also guarantee the value of FON tokens sold during the ICO, by allowing them to be redeemed in exchange for the price of the buyers' investment in the company's own diamonds, within a certain time limit. Additionally, Fonder Diamond will offer to waive its franchise fees for interested franchisees who own a sufficiently large number of FON tokens. Considering its worldwide expansion plans, this may add value to its tokens from the viewpoint of major investors.
Token sale information
A hybrid set of solutions for cryptocurrency adoption
Fonder's approach to the cryptoindustry has some flaws. Its online engagement efforts have been very limited, and its proposal may seem rather unfocused, trying to touch too many spheres at once. The company promises to publish a technical paper soon, which may help remove some doubts, especially with regards to the capabilities of its blockchain. After all, it is one thing to say that it will be efficient and cheap, and another thing to back that claim up.
All of that being said, though, it is a very interesting proposal with some unusual advantages. Those advantages may go a long way towards persuading investors. After all, very few ICOs offer such tempting redemption options. Its core proposal of establishing an ecosystem of efficient online services could very well be the way forward for cryptocurrency adoption. If so, the company could stand to benefit greatly, together with the entire cryptoindustry.
Links:
Website: https://www.fonder.com/
WhitePaper: https://bit.ly/2QpeclM
Telegram: https://t.me/fondercom
Twitter: https://twitter.com/thefondercom
Medium: https://medium.com/fondercom
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Bounty ID : #MVPNYD0PQ60O
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.