The Origins of Fast Access Blockchain

December 14, 2017

What does the acronym FAB stand for?

FAB stands for Fast Access Blockchain. Fast Access Blockchain is a digital ledger, similar to an improved Bitcoin Blockchain, that stores information on a decentralized shared network and processes transactions for anything of value. FAB will be highly scalable and compatible with enterprise apps while still maintaining all the benefits of other older networks.

FABcoin

FABcoin is the base value system of the whole FAB network. On the ICO date, you will be able to purchase FABcoins and take advantage of the value being created for real world applications.

Vision

Our vision is to bring the future to the present. Blockchain’s help connect people peer to peer without the need of a middle man. A true trust network. Fast Access Blockchain is the next generation of blockchain technology built for the complexities of organizations of all sizes to connect and grow.

Build anything you can imagine with 1 million transactions per second on a truly decentralized and safe platform. We are building a better blockchain to handle the complexities and performance demands of enterprise applications.

The Founder

Paul Liu was born in a small town in rural China during the developing years of the country when most people did not have any electronic items in the household. Paul was a very active child with enormous curiosity towards everything around him. Such personality lead him to Zhejiang University there he studied Computer Graphics(software). Since he chose the road of adventures with full of complex and exciting coding fintech.

Paul Liu is now an IT expert with over 20 years of experience in developing financial, supply-chain applications. He was the first General Manager of China Unionpay Financial Network, a major Chinese financial services giant, where he led and developed a series of large scale applications. From there, Paul continued his career in Executive roles at financial and supply-chain organizations across the United States, China and Canada. In 2014, Paul opened FA Enterprise System Inc. to deliver his most important project to date: Fast Access Blockchain.

How It All Started

Paul’s forward-thinking nature led to a keen interest in the emerging blockchain technologies brought on by cryptocurrencies such as Bitcoin. He knew that blockchain use had many benefits for the supply-chain industry, such as easily accessible shared information and transaction processing without the delay of a middle man. Over time he came to learn that the future of large-scale organizations can be found in the benefits that blockchains provide. This mobilized him into action.

Paul says, “Three years ago [in 2014], we started developing decentralized supply-chain management systems based on Bitcoin blockchain. However, we met serious problems: the first is Bitcoin is not efficient, it can only process 4 to 5 transactions per second. The second is very high transaction fees, usually the cost was $6 to $10 per transaction, sometimes it could be $15. That is not acceptable for enterprise use.”

As Paul says, “Three years ago [in 2014], we started developing decentralized supply-chain management systems based on Bitcoin blockchain. However, we met serious problems: the first is Bitcoin is not efficient, it can only process 4 to 5 transactions per second. The second is very high transaction fees, usually the cost was $6 to $10 per transaction, sometimes it could be $15. That is not acceptable for enterprise use.”

So the team switched to researching blockchain scalability solutions. Scalability, the ability to grow in size while still maintaining the same effectiveness, is the base for enterprise applications to work well.

After diving deeply into blockchain technologies they summarized the principles and philosophies needed to overcome the problem. “With over 2 years of effort, we designed the FAB network with a series of new and unique innovations.” Those unique technologies such as SCAR, KanBan and CCUA together make FAB the first blockchain that meets real business and commercial uses.

The graphic under well shows what the design principles of FAB system where constructing trust as core mission, upon this ensure the blockchain system decentralized to en open source with high scalability for the enterprise business use.

Looking to the Future

“For the future, our goal is to build the FAB to serve as the decentralization base for any and every industry. In the near future, we need to develop this network for production first, and organize users, developers, and communities to thrive within our system.”

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