FIRMACHAIN
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FIRMACHAIN

FirmaChain Eight O’Clock AMA Summary

FirmaChain held its first AMA through Bananatok’s Eight O’clock.

FirmaChain’s CEO Youngin Yoon gave an update on FirmaChain’s recent projects and accomplishments to the attendees composed of users of both Bananatok and FirmaChain. The updates were followed by a Q&A session.

Thank you all for attending the AMA session and we look forward to keeping you posted on our latest updates.

Project Introduction

FirmaChain is a project that sets out to convert all social and legal activities, including contract signing and getting documents notarized, that were traditionally conducted on papers to a blockchain based digital platform. Our goal is to streamline the agreement process of businesses through our platform so that reaching an agreement and signing a contract can be done on our platform instead of having to rely on a number of solutions and different communication channels. A major shortcoming of traditional paper contracts or even electronic documents is that they are vulnerable to tampering and forgery. Detecting tampered documents or forged signatures is even more of a hassle. If however, signed documents are assigned a unique hash value and if this hash value is recorded on blockchain, it would only take seconds to verify whether the given document had been tampered with since the tampered document would have a different hash value from the original. FirmaChain’s first Dapp duite. utilizes blockchain technology in order to effectively mitigate and even fundamentally prevent the risk of document tampering and forgery. The ultimate goal of FirmaChain is establish an ecosystem where users can securely save contract documents on a decentralized file storage space and upload the hash values of the original documents on the main-net using the cumulated cryptocurrency.

Strengths of the Project

Our strength lies in bringing the offline agreement and contracting experience online so that our users can manage the entire agreement life cycle within a single platform. Agreement life cycle, defined as reaching an agreement, drafting the agreement in the form of a contract, signing the contract and managing the contract securely online, carried out on a single platform would greatly improve the overall business workflow and result in cost saving.

Roadmap

After launching FirmaChain in May of 2018, we have since focused on developing a product that our users could experience and as a result, we launched our first Dapp duite. in June of 2019 after a 4 month period of beta-testing that started in February of 2019. Despite the hostile domestic environment for commercializing blockchain projects, we are continuously striving to develop and update our product to satisfy our global customer base. Additionally, we are in the process of developing our main-net with the aim of launching it in the second half of this year. Continuous partnerships with other blockchain projects to technologically enhance our project are included in our business pipeline. Finally, we have a number of marketing activities planned to increase the profile of our project and to continuously expand our customer base.

Plans for Year 2020

For the first half of this year, we will focus on technologically enhancing our product and developing out main-net thereby increasing our customer satisfaction rate. For the second half of this year, we are planning a number of business partnership activities and marketing activities to further expand FirmaChain’s profile and our global customer base.

Q&A Summary

Q. Could you briefly explain the meaning and significance behind FCT?

A. Firma in Italian means “signature.” FirmaChain is a combination of Firma and Blockchain and the significance behind FCT is to construct a global blockchain platform for electronic contracts.

Q. How are FCTs used in Stabledocs?

A. Stabledocs* and duite. were merged in December 2019 and FCT functions as one of the payment methods for duite. Currently, duite. only allows electronic contract signing but, in the future, duite. will expand to provide a multitude of services necessary for document management, (duite. is a combination of the words document and suite) and FCT, as mentioned earlier, functions as a payment method within the platform. Currently both fiat currency and FCT can be used to pay for the services that duite. offers and users using FCT to pay for duite. will be offered a discount.

*Blockchain based electronic contract life cycle management service developed by the FirmaChain team

Q. A lot of Blockchain projects only focus on earning money through ICOs without developing a product. How does FCT differ from these scam projects?

A. The problem with the aforementioned blockchain projects is that they gather money from investors based on unrealizable but grandiose idea without developing a real product. Our project, since its conception in 2018, focused on developing a real service based on blockchain technology that can be used by investors and we take pride in the fact that our service is generating revenue every day from users all around the world. Finally, the reason why our project did not go through rounds of ICO was because we prioritized the development of a real product that investors and users could use in real life and see the potential for themselves.

Q. What are the advantages of FCT? Is there any strategy in particular that FirmaChain will leverage in order to procure more investments?

A. The electronic contract market is ripe with competition. The strength of FirmaChain is its multitude of features and advanced security using blockchain technology both provided at reasonable price to users. One of the reasons preventing a full digital transition of traditional paper contracts is the lack of methodology to verify the integrity of the electronic documents. We have built our easy to use electronic contract platform using blockchain technology to solve the issues of document tampering and signature forgery. These are what differentiates FirmaChain from other blockchain projects.

Q. What are FirmaChain’s plans for listing?

A. We mainly focused on offering our project to South Korean investors up until now by listing FCT on the Bithumb cryptocurrency exchange. However, we have recently discovered a lot of interest in our project from foreign investors as well. We are currently in the final stages of discussing listing with two offshore cryptocurrency exchanges. Our goal is to introduce FCT to global investors by listing our currency before August.

Currently FCT is red flagged by Bithumb. However, we are in the process of updating our business plans and marketing activities twice a week with Bithumb. We have also entered into partnerships with a number of global blockchain projects which we will announce sequentially. We have a lot of announcements to make in the near future so please keep posted and we sincerely thank you for your interest in FirmaChain’s blockchain project.

About FirmaChain

FirmaChain is an electronic contract and decentralized data storage platform that utilizes blockchain technology to prevent forgery, efficiently solving all of the limits of current electronic contract services. Through FirmaChain’s electronic contract service “Duite”, negotiations, transactions and editing history can be safely recorded without the contractors needing to meet in person. In addition, in the decentralized data storage of FirmaChain, miners and users can contract to store a certain file. The user transmits the file to be saved to the miner, and when the file transfer is completed, the miner encrypts the file and then copies, encrypts the file. Proof of file storage is then recorded on to the blockchain.

For more information about FirmaChain, or to join our team, please contact us at info@firmachain.org.

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