Cryptocurrencies are a technological response to the wants of the Millennial and Generation Z generations to build relationships with each other via P2P-connections. However, the current forms of cryptocurrency have not been able to win a place as a real means of payment for the masses - they remain the realm of techno geeks and cryptocurrency traders. The penetration of blockchain into real markets remains meager.In the near future, blockchain-based solutions should and will be consolidated to side with real consumers on one hand, and unite globally creators of the end product on the other.
The first industry to make the world of blockchain actual and used in everyday practice will be fashion.
2.1. Problems with the old fashion industry
The turnover of the global market for fashion and cosmetics is $12 trillion per year. This makes it one of the largest markets on the planet. It is further divided into segments: high fashion, and mass-market. The Fashion Coin ecosystem project is oriented directly towards the high-fashion industry, the volume of which will be, by various estimates, worth about $1 trillion in 2018.
The fashion system in its present form was created in 1957 with the first shows in Paris. At present, the main fashion centers remain New York, London, Milan and Paris. It is in these cities the so-called 'Big Four': NY Fashion Week, London Fashion Week, Milan Fashion Week, Paris Fashion Week are located.Fashion Weeks are held in this sequence once every six months, depending on the season. However, in addition to these centers there are about 150 small fashion weeks held across the world, each of which represents a separate country and its market.
The period of renewal for the fashion industry is six months. And its basis is what makes fashion, fashion - creativity and uniqueness. These factors make the industry's products exclusive and lead to seasonal mark-ups of 600%. This leads to the high-fashion industry being one of the most marginal in the world.Today, you can track two clear trends:
● A sharp increase in demand for uniqueness and exclusivity. In the world of social media, fashion helps a person create their individual image, revealing their identity. On the back of the wave of decentralization and globalization, the trend towards self-expression through designer clothes and accessories will only increase:
● the industry is in ongoing stagnation in terms of its main commercial driver - retail (the classic 'red ocean'). E-commerce in this case only digitizes the current industry, without changing its structure;Volatility is peculiar to the fashion market, it allows for it to remain truly modern, diverse and unique. However, movement in this direction is slow and reluctant: none of the key players have rebuilt the chain of delivery and sale to the meet the needs of new consumers.
Decentralization in this case is not just an abstract option, but a logical solution. It provides the answer to the need for the industry to be more flexible, and to adapt to changes in consumer demand.Millennials and Generation Z want to buy creativity in a P2P format, receiving a unique product and buyer experience. The old industry cannot satisfy this need, and is more about cosmetic changes.In many respects the reason for this is the conservatism of industry leaders. The relationships between the big players were formed over decades, using so-called 'old money' as the main source of investment and as a driver of market mechanisms.
Obviously, conflict between the conservative part of the industry and these new forces (young designers, consumers) is inevitable. The industry does not understand which model to develop further. This leads to the adoption of localized and chaotic decisions, none of which fundamentally solve the industry's problems.The centralization of the industry leads to a loss of creativity, depersonalized marketing, loss of the core meaning and slow adaptability to changing trends. In addition, there is overproduction of unnecessary items - more than 30% of the items created have never been worn. Old capital is not always concerned about the ethical and environmental aspects of production, a result of which means unskilled labor is used in the industry, and production pollutes the environment.The way out is decentralization. The fashion system should be handed over to new generations of the creative class and entrepreneurs. Creative solutions should be fulfilled with energy from below, not from above. To some extent, this is a return to the era before 1957, only at a new level - giving each user a unique consumer experience.
We want to restore the experience of direct communication with the seller (co-valuation), the experience of creating customized items for each customer (co-creation), and the translation of seller and consumer relations as the foundation for the promotion of products (co-promotion).In fashion, a new social contract should come about, based on the principles of decentralization, creative energy, p2p and fair price.
2.2. Problems with Cryptocurrency
The problem of cryptocurrency is its isolation from the consumption market and its extremely inconvenient user interfaces which halt the development of the market for its use.
Cryptocurrencies are mainly targeted towards the interests of the wider crypto-community, which leads to unpopularity of its use among the masses. The status of cryptocurrency for the end user remains insufficiently targeted towards the average person, while it should become new 'social money'. Cryptocurrencies are all the more vulnerable to governmental regulation, the more they use trading as their main driver.The existing solutions in this area are rather superficial, they concern only the organization of payments and/or marketing based on the old system. Projects are not tied to real sectors of the economy and users.
2.3. Communication Problems
Promotion and advertising systems boil down to two the use of sites - Facebook and Google;- Crowdfunding type systems like Kickstarter are centralized and are turned into a marketing mechanism;- Cryptographic platforms for attracting crypt-capital are not addressed to real users and have a closed specialized interface that does not reflect real needs;- The tool of investment is not used in fashion;- In e-commerce, investments are consumed by the inflation of projects, venture investors and funds;- The needs of the final customer remain unsatisfied;
- Consumers want to be involved in product creation, act as investors and feel they have a say.
3. Technical Specifications
3.1 Blockchain Fashion Coin
The technical model of Fashion Coin will be based on a unique blockchain, combining innovative solutions for the industry.The Graphene framework, which proved its reliability and high throughput in projects such as Bitshares and Steemit, has been chosen as the basis of the lock-protocol for the Fashion Coin ecosystem.
The blockchain will be supported by the consensus of Delegated Proof-of-Stake.The maintenance of the network (the folding of transactions into blocks) is carried out by a certain number of (up to 1000) delegates. This will effectively scale the number of network participants, while maintaining a high transaction speed. Transactions within the blockchain are going to take place without commissions for users.From an environmental point of view, the electricity needed to maintain the network will be consumed as efficiently as possible, without the energy costs typical of Bitcoin mining.The blockchain Fashion Coin will be based on will use reliable SHA-256 encryption, which guarantees complete confidentiality of user transactions and protection from scammers. Multimedia data will be stored in the IPFS blockchain, access to which is possible only through the interface of Fashion Coin. The holding of tokens is to be available in both the "hot" and "cold" wallet versions. It is also planned to add a token for popular multicurrency wallets.The main goal is to create the world's first blockchain for ordinary users without deep technical knowledge.The main feature of Fashion Coin is to be user-friendliness, intuitive interfaces, automation of all possible cases of use. The blockchain should become accessible to hundreds of millions of people who want to make purchases and invest in fashion.
On all purchases through Fashion Coin, a guaranteed cashback will be built in. The mechanism of payment through Fashion Coin is planned to be integrated into the most popular e-commerce platforms and marketplaces (to support the use of Fashion Coin in e-commerce, a blockchain browser will be deployed with an API created for it - this will allow any third-party service to track payments from address to address).
3.2 Basic services of the project
Fashion Coin Salesplatform - YouthQuake
As part of the project, a special sales-platform is to be created – the Fashion Coin Sales-platform with the basic functionality of a fashion boutique fully adapted to the use of Fashion Coin. This option will be available via free access for both designers and entrepreneurs. The Fashion Coin team will provide customization and customization services for anyone (for reward in Fashion Coin).Also on the basis of this, a global Fashion Coin Marketplace will be created, where any seller will be able to add their own product for free.Technically, the platform is a back-end in the form of a server that accesses the Blockchain Browser API from one side, while on the other it allows you to efficiently maintain SKU accounting, maintain sales reports and maintain a flexible pricing policy. The server will receive a web-interface for administration, web and mobile clients (Android, iOS) for shopping.
What is special about this platform:
● Payment is to be made in both money and Fashion Coin, but the value of the goods in FC is always lower (up to 30%);
● For the buyer an affiliate program will be developed, taking part in which can reduce the final cost of the desired purchase (invite a friend, note the purchase in social networks);
● The buyer can use recurrent payments and split the payment of the goods over several payments;
● The buyer is given the opportunity to customize the selected item.
In the Fashion Coin blockchain, smart contracts will be added to give users the opportunity to invest in the fashion industry. It is an important difference between Fashion Coin and other DPoS blockchains. Smart contracts will provide an intuitive graphical shell, eliminating the need for the end user to write or edit code.A key application of smart contracts from the start will be investing in the collections of designers through the Investment platform, which is through the production of token derived designer collections based on Fashion Coin, (similar to ERC20 tokens based on Etherium), which will guarantee fulfillment of obligations. Anyone can invest in a collection using coins from their wallet and subsequently make a profit (which depends on the conditions and volume of investment).Users will be able to invest in collections by purchasing tokens through a special interface of mobile wallets (iOS, Android). When buying tokens, users will see not only their balance in Fashion Coin, but also a set of purchased collection tokens with information provided. Tokens can be freely accessed between users; this will create a secondary market for the circulation of collection tokens. Crowdsale investment tokens will be available to unprepared users.
To support young designers, a special fund will be created, where they will be able to receive funding for their first collections. Also, each young designer will be able to find an experienced mentor to help in the creation and promotion of their product.Also, in this service, a special branch will be created to collect statistics on emissions carried out. Thus, the investor is guaranteed to receive the specified minimum yield (soft cap).Those designers who give users a higher average profitability, will be able to attract investor investments more easily. A guarantee of the fulfillment of obligations will be underwritten by the Blockchain Fashion Council.
Social Network Proof-of-Love
New coins are added to the market through the Proof-of-Love protocol. To do this, a social network based on the blockchain will be launched. The platform will enable users to upload their photos directly through a decentralized network. Coins come to the market from the Fashion Coin Bank thanks to 'likes' and creative photos on the social network. Everyone is rewarded by the bank: a special daemon constantly checks and calculates bonuses for them.In addition, the social network will contain all the standard functions for this kind of service: photo filters, subscriptions, private messages, user-oriented feed display algorithms. The system of private messages and chats will allow users to make individual orders for items.The internal messenger will use the most secure protocol to date: Signal, which is based on the advanced principle of end-to-end encryption. Clients of the application will come under iOS and Android platforms, and a web-interface will be developed. To add things to the social network, a VR and AR toolkit will be added. The relevance of delivery of content will be increased through machine learning. In this case, the user's news feed will not be limited only to the circle of their friends.
An important feature of the social network will be support for tracking hyperlinks and cross-links from page to page. This will effectively track traffic and reward its sources in proportion to their contribution directly to the application through transaction of Fashion Coin. The interface for the analysis of cross-link traffic will be implemented directly for mobile clients.This will open up wide opportunities for attracting micro-bloggers for the promotion of goods. A simple toolkit allows you to measure the real effectiveness of traffic sources and directly encourage the influencer from the creator. The most fashionable and popular influencers/investors will be able to attend closed shows and parties within the Fashion Coin community, and the best will be invited to join the delegates of the Blockchain Fashion Council.Fashion Coin can be purchased from any application of the ecosystem (sales-platform, investment platform or the social network Proof-of-Love), converting fiat money into cryptocurrency. This will be implemented in a free and accessible form by any means customary for a given country/region. When servicing in special brick-and-mortar fitting rooms, premises and pop-up stores operating with Fashion Coin, holders will be granted additional privileges and discounts.
3.3. Blockchain Fashion Council
To strategically guide and spread the idea, there will be the creation a decentralized autonomous organization (DAO) - the Blockchain Fashion Council. Members of the council will participate in the support of the network. In addition, the board will have the following functions:
1) Promotion of the Fashion Coin ecosystem around the world;
2) Determination of the direction of technological development of the ecosystem and Fashion Coin;
3) Management of Fashion Coin Foundation funds to support new projects;
The Blockchain Fashion Council will include leaders and practitioners from the fashion, technology and blockchain markets. The most active users and influencers of the Fashion Coin ecosystem will be invited to join the Blockchain Fashion Council.The Blockchain Fashion Council will include all owners of regional fashion weeks.To become a delegate on the part of the investor, at the pre-sale and ICO stages, you need to purchase at least 100,000 tokens. In future, the acquisition of such a sum will mean only an application for membership in the Blockchain Fashion Council, which should be approved by the majority of delegates. The responsibility of all delegates is the maintenance of master-nodes to support the detachment (technical assistance will be provided to all comers). In case of non-fulfillment of their duties, a delegate may be deprived of their status.
Blockchain Fashion Week.
Designers, models, partners and visitors of Blockchain Fashion Week around the world will be the first users to use the services of the Investment Platform.
4. Principles of Fashion CoinThe ecosystem will focus on the following principles:
● An incubation fund for young designers;
● Protection of the rights of the manufacturer;
● Prevention of the exploitation of child labor;
● Equal opportunities for women;
● Elimination of discrimination in the industry;
● Prevent global pollution and reduction of carbon emissions;
An incubation fund for young designers
A special fund will be created to support young designers, where they will be able to receive funding for the creation of their first collections. In addition, we will provide an opportunity to attach a mentor to a young designer who will help in the creation and promotion of the product.
Protection of the rights of the manufacturer
The Fashion Coin project aims to radically change the fashion market for the distribution of licensed clothing for small parties of independent designers. Blockchain will allow for control of the distribution of each unit of the product, avoiding fakes. It provides an opportunity to cover the entire process of creating a collection by a designer and protect their copyright.
Prevention of the exploitation of child labor
All production companies wishing to join the Fashion Coin ecosystem will be checked for the absence of child labor and counterparties in the production of child labor.
Equal opportunities for women
The FC ecosystem will create opportunities for self-realization and development for any woman in the role of designer, investor, observer, analyst or mentor.
Elimination of discrimination
FC will allow designers and manufacturers from developing countries to compete on a par with world designers and manufacturers. The price of the FC and the award for the likes of PoL will be unified and will not depend on the country of origin, race, sex, religion or any other factor.
Prevention of global pollution and carbon emissions
We are fighting for the preservation of the environment. Therefore, for the FC project, an environmentally friendly FC-Delegated Proof-of-Stake algorithm was chosen, which requires a minimum amount of electricity for system support. The increase in the mining capacity does not affect the user's reward, so it is possible to avoid a race for capacity and to reduce a significant part of the energy of non-renewable sources.
5. Distribution of tokens
We will produce 150,000,000 Fashion Tokens,
which is 15% of the Fashion Coin issue -
the coin issue is 1,000,000,000,001 Fashion Coins*.
The remaining 85% of FC will be delivered to the market in a measured way via the PoL (Proof-of-Love social media platform) service and through the Sales-platform (purchase in Fashion Coin on the platform will always be more profitable than in financial funds).
1 Fashion coin = 0.001 EUR
1 Fashion coin = 0.001 Fashion token
1 Fashion token = 1000 Fashion coins
1 Fashion token = 1 EUR
Fashion Tokens Distribution:
○ 85% (from 150,000,000 Fashion tokens) allocated for sales at Pre-sale and ICO
○ 13% will be distributed among the project's founders, the team, partners and the first members of the Blockchain Fashion Council
○ 2% will be allocated for carrying out bounty programs and building a community of end users of platforms
Stages of sale
Pre-Sale, July 2018
ICO*, September-October 2018
* When buying tokens from $ 200, the buyer receives tokens by 200% + the physical cold wallet from Anna K / when you buy tokens in the amount of $ 1000 the buyer receives tokens worth $ 1000 + a customized cold wallet from Anna K / when you buy tokens in the amount of 2000 $ the buyer receives tokens worth $ 2000 and a personalized cold wallet from Anna K.Unsold tokens during all stages of the siege are burned in favor of the issue of Fashion Coin.In the process of adding koin to the stock exchanges, all tokens will be gradually removed from the turnover by exchanging the basic token ratio to Fashion Coin.
June 2018 - the launch of the prototype of the social network PoL (Proof-of-Love) to build a community of future FC;
July 2018 - launch of the test network of the own blockade ecosystem of Blockchain of Fashion;
July 2018 - Pre-sale stage for the sale of tokens with limited access;
August 2018 - announcement dates of ICO, open sale of tokens, acquiring which the investor also receives Fashion Coin Wallet from Anna K;
September 2018 - launch of the blockchain ecosystem Blockchain of Fashion;
October 2018 - the launch of FashionCoin cryptocurrency, withdrawal of the cryptocurrency into the exchanges;
October 2018 - launch of PoL (Proof-of-Love), a platform for the fashioning of Fashion Coin due to the social activity of the user. The platform will be released as an update to the prototype PoL (launched in June 2018) and will save all accounts with user bonuses, converting them to Fashion Coin at a rate of 1 to 1.
October 2018 - launch of YouthQuake sales platform 10+ collections from international designers, available for purchase; the platform takes Fashion Coin to the market by motivating the buyer to purchase goods;
November 2018 - launching software for communication in a single chain of the product delivery cycle (connection of fabric production with retail purchase: production of consumables - production - designer - logistics center - end user);
November 2018 - the creation of an open API for the use of Fashion Coin as a means of payment by external applications/structures;
December 2018 - release of a cold wallet from Anna K as a commodity that can be bought;
February 2019 - the launch of the Investment-platform for conducting micro ICO on the collection of designers during the international fashion weeks;
April 2019 – Sales-platform features more than 30 collections from designers from around the world;
September 2019 - micro investment platform Investment-platform operates on more than 30 international fashion weeks that are part of Blockchain Fashion Week;
The Fashion Coin project is designed to direct the fashion and clothing market towards conscious consumption. Blockchain will allow for the control of the distribution of each batch of clothes, avoiding fakes and the creation of unclaimed goods. The social network based on the blockchain will enable to fix the entire process of creating a collection by a designer and will give them copyright protection confirmed by AI.All manufacturing companies wishing to join the Fashion Coin ecosystem will be checked for lack of child labor and the absence of counterparts using child labor. The FC Ecosystem will provide opportunities for self-realization and earnings for any user in the role of designer, blogger, investor, reviewer, analyst or mentor.Fashion Coin will allow designers and manufacturers from developing countries to compete on an equal footing with designers and manufacturers of developed countries. The price of Fashion Coin and the reward for participating in Proof-of-Love will be one and not dependent on the country of origin, race, gender or religion.