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Author Topic: [ANN] [pre-ICO] FinTab – The Accounting System for Cryptocurrency Portfolios  (Read 5130 times)

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Offline FinTabTopic starter

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The Accounting System for Cryptocurrency Portfolios


Keep a record of cryptocurrencies and analyze the current state of your funds on various exchanges and e-wallets with the help of our system.

We already have a working beta-version of our service. (beta.fintab.io)


Background to the Creation of FinTab

The most full-featured services today may offer such functions as:
  • Accounting of currency addition and exchange.
  • Dashboard.
  • Standard reports with an export feature.
  • Data importing from CSV.
  • Complicated integration with exchanges via API.
  • Portfolios.
At the same time, not a single service can offer:
  • Both a desktop version and a mobile app at the same time.
  • Possibility of accounting the ICO tokens (the ones that haven't been issued yet).
  • Keeping a record of exchanges and wallets the currency was purchased at.
  • Separate agency and client accounts.
  • Calculation of portfolio changes and it's ROI considering multiple transaction types (replenishment, withdrawal, exchange).
  • Calculation of currency changes considering multiple transaction types (replenishment, withdrawal, exchange).
Solution

We are creating a system which is going to have a user-friendly design and a broad functionality, realizing the features that no other service has up to this day. Besides, we already have a working beta-version of our service.

Our goal is to become the biggest multi-platform cryptocurrency accounting service one year from now.



Target Audience

We're making the system suitable both for personal use and for investment management. FinTab is intended for use by several user categories, each of them demanding a certain functionality:
  • Individual investors — users buying crypto-currencies for medium and long-term positions, who almost do not engage in active trade and mainly rely on the growth of currency exchange rates.
  • Traders — active users, working both on short and long positions. They perform numerous transactions and may have several active.
  • Trusts (manage) — traders who take third-party finance under management and supervise several clients.
  • Funds — a separate category, distinguished by a large number of clients and a high flow of transactions. We are ready to offer them the individual boxed versions or extended functionality for specific tasks.
Investors’ and Users’ Interest

There are 2 contrary types of interest here:
  • Investors’ interest — the continuous growth of the token value with the purpose of benefiting from buying and selling FNT.
  • End users’ interest — the quality product on a reasonable price.
Investments are needed for the development of the system, and we are interested in ensuring that the FinTab service is a quality SaaS-product attractive for users.

We’ve estimated the potential number of users of our system by the third quarter of 2018. Based on the resulting number, we’ve calculated the amount of tokens that can be released to the market, so as not to devalue the service and the token (the main purpose for tokens is paying for the FinTab service).

After the final stage of the ICO, the tokens will be freely traded on exchanges and their value will be regulated by the market and the number of users of the system.

Regardless of the token rate, the service cost will be fixed in FNT.


Investors’ Interest

Fixed service pricing (FNT) ensures:
  • The primary value of the token, as a method of the crypto-currency accounting service payment.
  • The growth of the FNT rate towards other currencies as the number of FinTab users increases (growth in demand for FNT tokens).
Projected dynamics of the FNT rate and ICO bonuses:
  • Pre-ICO: 1FNT = $0.1
  • ICO + bonuses: 1FNT = $0.3
  • ICO: 1FNT = $0.4
  • Estimated market value: 1FNT = $0.8
Accruals:
In order to return tokens on the market after using them withn the system, the tokens will be accrued to investors' accounts depending on their quantity owned by the holder (look for more details in our WhitePaper in the "Issue and sale of tokens" section).


Users’ Interest
  • Decentralized token circulation eliminates the possibility of a sharp deficit (the tokens used in the system will not be destroyed).
  • The fixed cost of the service (FNT) will ensure the decentralized regulation of the FNT token value.
  • Possibility to get high-quality product for low cost: you can buy tokens during the pre-ICO and ICO and use them for further service payments.
Issue and Sales of FNT tokens

The FinTab (FNT) token is issued on blockchain based on the Ethereum code. It will be available for purchase for BTC, ETH and other crypto-currencies. The process of selling the tokens will be protected by the investor's personal backoffice.

In FinTab tokens, a smart contract will be implemented to return tokens to the market:
  • 10% of all tokens used for the service payments go to the FinTab Team.
  • Remaining 90% of tokens go to the investors* in a form of accruals, in proportion to the number of FNT tokens in their account relative to the total amount of FNT.

Smart-contract ensuring the token circulation within the system.
*Only the holders of more than 2000 FNT take part in the process of token distribution.

Fundraising and issue of FinTab tokens is intended to finance the development of the system and the implementation of blockchain technology, as well as raising funds for marketing and promotion purposes.

A total of 35 million FinTab tokens (FNT) will be issued:
  • 28 mln FNT will be sold out in total during all ICO stages.
  • 3 mln FNT reserved for the team and partners.
  • 1 mln FNT reserved as the bounty for helping the project.
  • 3 mln FNT will constitute a reserve fund*.

*If all tokens are sold out within the first 3 weeks after the start of the ICO, the reserve fund will be used. Otherwise, tokens from the reserve fund will be destroyed.


Stages of the ICO

1. Pre-ICO (October 12 — November 12, 2017).
2 mln FNT will be sold out during the pre-ICO.
1 FNT = $0.1

Soft Cap — $43,000
Cap — $100,000
Hard Cap — $200,000

The collected funds will be used for the development and promotion of the service, mobile applications, marketing and for the FinTab team salary fund.

2. ICO (December 2017).
26 mln FNT will be sold out during the ICO.
1 FNT = $0.4

Soft Cap —10 mln FNT sold
Cap — 18 mln FNT sold
Hard Cap —26+3 mln FNT sold

The following bonus system will operate:
  • Within the first 48h + 30% of tokens.
  • Within the next 5 days + 20% of the tokens.
  • Within the second week + 10% of tokens.
  • Within the third week + 5% of tokens.
  • Bonus accruals will not be made during the fourth week.
  • If all tokens are sold out within the first 3 weeks after the start of the ICO, the reserve fund will be used. Otherwise, tokens from the reserve fund will be destroyed.
After the fourth week, the sale of tokens ceases. All unsold tokens will be destroyed.

The collected funds will mainly be spent on the development of infrastructure components of the system and its integration with cryptocurrency exchanges to obtain up-to-date data on cryptocurrency rates and tokens, which will improve the accuracy and timeliness of the information displayed in the system. Also part of the funds will be used for marketing and added to the Team’s salary fund.

The collected funds will allow:
  • Blockchain integration for processing and storing of the user transactions database.
  • Support of the constant development of the system.
  • Creation of the Technical Support service.





System Development Plan (Roadmap)

August 3 – September 17
  • Closed alpha-testing.
  • Manually adding and editing transactions (including the accounting of fees).
  • Adding and working with an unlimited number of portfolios.
  • Portfolio information.
  • Purchased currency information (date, quantity and place of purchase).
  • Exchange/wallet information (financial summary, type and quantity of currencies).
  • Adding custom currencies and exchanges/wallets.
  • Profit/loss evaluation, dynamics of a certain portfolio or currency.
  • English localization.
September 18 – October 11
  • Beta-testing.
  • CSV importing.
  • UX/UI design elaboration.
  • Mobile application development for Android.
  • Preparation for the pre-ICO.
October 12 – November 30
  • Start of the pre-ICO (October 12).
  • Release of the Android app.
  • Integration with exchanges via API.
  • Export of statistics.
  • Addition of analytic tools.
  • Mobile app development for iOS.
December
  • Carrying out of the ICO.
  • Elaboration of the "Manage" accounts functionality.
  • Test of the service monetization system.
January – May 2018
  • Development of our own API for currency exchange rates, ICO tokens and their historical data.
  • Blockchain integration for processing and storing the user transactions database.
  • Creation of the Technical Support service.
Persistent perfection - always.


Apply for the pre-ICO
fintab.io


More information in WhutePaper:
docs.google.com/document/d/13O2JAcVN693Z_GCj8_rMVyzqLutNM3d_uTNYj5Hc6rw/edit?

Contacts
E-mail: info@FinTab.io

t.me/fintab
facebook.com/fintabservice
steemit.com/@FinTab


Offline FinTabTopic starter

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How is FinTab different from its competitors?
 
We have carried out the analysis of 17 cryptocurrency accounting services.
They can be divided into 2 categories:
  • Broad functionality, but unhandy interface.
  • Good design and usability, but lack of features.

Portfolio accounting services comparison

Original spreadsheet:
https://docs.google.com/spreadsheets/d/14sIHtNYW99iZ8lf2Lfin_0sSfR1_xspjgCe38KclOOE/edit?usp=sharing
 
Let’s consider the chosen services in more detail
Coin.fyi
The service lets you add currencies and specify their USD value.
Absence of other transaction types, limited to a single portfolio only. The system simply calculates the summarized portfolio value and ROI of currencies and portfolio. It’s a very simple scheme. Even Google Tables or Excel can offer a broader functionality.


Cointracking
It has plenty of features, half of which are not in demand even among traders or trusts (many transaction types have in fact the same meaning). Yet it’s the most functional system; it offers standard reports with an export option, dashboard, import from various exchanges via CSV, API integration, forecasting.
Cons: all features are very inconvenient to use, free version has a scaled down functionality, there’s no mobile app and no analytics on multiple transactions*.
It also has just one portfolio, which makes the system pointless for traders and trusts.


CryptoCompare
The most usable of the existing services. It allows you to create multiple portfolios, offers the overall basic analytical tools for portfolios and currencies.
Cons:
  • no mobile app;
  • no transaction import/export feature;
  • no automated data transfer from the exchanges;
  • no reports;
  • no exchange/transfer transaction types;
  • impossible to perform multiple operations*;
  • no guest access feature – portfolios can either be public, or private.
Thus, the service can be great for personal use, but doesn’t meet the needs of traders and trusts.


Blockfolio
The only decent mobile app as of today. It’s got the buy/sell feature, the notification system, the wide choice of exchanges.
Cons: there’s no desktop version, which makes it exhausting to add many transactions and currencies. Also, there’s no percentage calculation for multiple transactions*.
The service is only good for personal use with a small amount of currencies and transactions.
 
How is FinTab different from its competitors?
The free version of FinTab will have functions similar to CryptoCompare and Blockfolio. Moreover, it will offer:
  • both desktop and mobile versions, which will be synchronized automatically;
  • the accounting of ICO tokens (even the ones that are not issued yet);
  • ability to add currencies that are not present in the market yet;
  • ability to add custom exchanges and wallets;
  • the buy / sell / exchange currency functions, as well as transferring between the exchanges;
  • calculation of portfolio dynamics and its profit/loss and ROI considering multiple transactions* (replenishment, withdrawal, exchange);
  • calculation of currency dynamics and its profit/loss considering multiple transactions* (replenishment, withdrawal, exchange);
  • other standard functions (exchange rates, notifications, etc.);
  • blockchain implementation for decentralized processing and storage of users’ transaction database.
*The example of multiple transactions: say you’ve purchased a currency at one rate, sold it at another rate, purchased it again and sold it, traded it for another currency, etc. It becomes challenging to calculate the percentage of currency profitability, as well as the whole portfolio ROI.


FinTab team has found the solution to this problem. Now you can always be sure to know your exact profit or loss (% or absolute value) on each currency or portfolio, no matter how many transactions you’ve performed.


But those are not our main differences
Our main point is our positioning. The service is intended for use by the following user categories:
  • Traders — active users, working both on short and long positions. They perform numerous transactions and may have several active portfolios. Unlike the "Individual investors", traders perform series of transactions: several transactions within the same currency - purchase, exchange, transfer, withdrawal. They need to keep a record of these transactions and be able to see the overall statistics. Moreover, it is important to automate the addition of transactions.
  • Trusts — in other words, traders who take third-party finance under management and supervise several clients. They need to be able to separate the agent and client accounts, and actively interact with the technical support for individual improvements. The agent account will feature the possibility of setting the client cabinet for each separate client: displaying the relevant information, placing a personal logo, generating a report, etc.

Here are the vital features that will be implemented for these types of users:
  • the unlimited number of portfolios divided into public and private ones;
  • personal cabinet with reports system and extended analytical tools;
  • simple, yet powerfully protected integration with cryptocurrency exchanges via API for the automated transaction data transfer (in order to exclude the manual transaction input).
For trusts (traders managing multiple clients) the most important features will be:
  • division into agency and client accounts**;
  • personal technical support.
**Each client’s individual portfolio access. You can set up the information you wish to display to each separate client. At the same time, unlike the ordinary portfolios, the client accounts are automatically synchronized with the agency accounts, thus, performing any transactions in your agency account you won’t need to manually duplicate them in your client’s account.

Offline FinTabTopic starter

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Important changes in the project
Despite the fact that pre-ICO will be held on October 12, we decided to make fundamentally important changes in the project.


Burning of tokens
We decided to abandon the dividend system (charging tokens to investors, to return to the market) in favor of  burning of tokens.
How the smart contract will work when you pay for the service:
  • Every month (the first day) 10% of FNT tokens entered from the users (as a payment for the service) go to the FinTab team.
  • The remaining 90% of FNT tokens entering the system as payment for the service will be burned every month (first day).
* Exposure per month is needed to reduce gas costs when transferring tokens.


The reason why we switched to the system of burning of tokens
  • Legal aspect of the system. Using the dividend system, we came under the control of such regulators as the SEC. Burning of  tokens allows you to expand the geography of the service.
  • Legal aspect of users. Dividends are treated as a certain income over a period of time. Accordingly, for investors this may become an additional taxation.
  • Technical aspect. Payments should be made to investors who have more than 2500 FNT on their account. But what if these funds were transferred to the stock exchange, to several purses / exchanges? Because of this, there could be problems with accruals or their complete absence.
  • Economic aspect. With a significant number of investors, the cost of transferring tokens could reach very high values.


Investors' interest
Burning of tokens will lead to an increase in the deficit of tokens, especially given the constant growth of users. Thus, we can predict a more rapid growth of the token rate (than in the case of dividends).


Users' Interest
To ensure that the deficit of tokens does not lead to a sharp rise in the cost of the service, we fix the cost of the service in USD:
— "Pro" account — $19/month
— "Manage" account — $95/month


Payment is also acceed only in FNT tokens. With the growth of the FNT rate, the cost of service in tokens will decrease, remaining fixed in USD.
Moreover, with the increase in the cost of the token, you can save a lot on using the service if you buy in advance (on pre-ICO or ICO) FNT tokens.


Issue of tokens
Switching to the system of burning tokens and a fixed price in USD also allowed solving the problem of the future uncontrolled growth of the cost of the service. In this regard, we decided to reduce the number of tokens produced by 5,000,000.


1. Pre-ICO (12 October - 12 November 2017).
At the Pre-ICO stage, 2 million FNTs will be put on the market.
Cost of 1 FNT = $ 0.1
Soft Cap - $ 63,000
Hard Cap - $ 200,000


2. ICO (December 2017).
At the ICO stage, 21 million FNTs will be put on the market.
Cost of 1 FNT = $ 0.4
Soft Cap - sold 8 million FNT
Hard Cap - sold 21 (+3 in case of sale of reserve) Million FNT
At the ICO the following system of bonuses will operate:
— In the first 48h + 30% of tokens.
— In the next 5 days + 20% of tokens.
— In the second week + 10% of tokens.
— In the third week + 5% of tokens.
— In the fourth week bonus accruals are not made.
If all tokens are sold out within the first 3 weeks after the start of the ICO, a reserve fund will be used. Otherwise, tokens from the reserve fund will be destroyed. After the fourth week, the sale of tokens ceases. All unsold tokens will be destroyed.


Conclusion
Switching to the system of burning of tokens and fixing the cost of the service in USD:
  • Preserves investment attractiveness (and even increases in the long term).
  • Provides a fixed transparent cost for users, despite the growth of the token rate.
  • Solves the legal issue.
  • Simplifies and makes more reliable technical implementation.



 

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