FinTab - The Accounting System for Cryptocurrency Portfolios

10 Sep 2018

This is a sponsored guide and does not represent investment advice from CryptoCompare. Please do your due diligence when dealing with any Initial Coin Offering and never invest more than what you can afford to lose.

As blockchain technology continues to advance, both in its applications and popularity, new and exciting cryptocurrency projects are popping up all over the world, sparking the interest of investors, traders and funds who want to support new ideas and to profit from their implementation.

However, it’s not easy to invest in cryptocurrencies. New users are often left to wonder where and how to buy the coin they are after, given that these coins may be spread out through various exchanges in which rates can vary significantly. This issue leads not only to a lack of clear instructions on how to buy cryptocurrencies, it also leads to the problem of cryptocurrency portfolio accounting.

What is Fintab

It becomes hard to track different currencies on different exchanges in one single portfolio, and it’s even hard to obtain a quick assessment of your real financial state, given the disparity that happens in the price of two different exchanges, especially if said exchanges have low volume. It was this problem that served as a basis for FinTab system creation.

FinTab has noted and learnt from various imperfections in the multiple cryptocurrency tracking solutions currently available to users. Even CryptoCompare’s portfolio, a service that is currently in its beta stage, was studied by FinTab in order to understand its strong and weak points and provide the community with an ultimate tracking experience.

How does it work?

FinTab has noted and learnt from various imperfections in the multiple cryptocurrency tracking solutions currently available to users. Even CryptoCompare’s portfolio, a service that is currently in its beta stage, was studied by FinTab in order to understand its strong and weak points and provide the community with an ultimate tracking experience.

These problems include complicated and overloaded systems with too much information for private investors, lack of trading recommendations, lack of automation in accounting and transaction flow, among others. All of these problems can be boiled down to lack of personalization for different types of investors, who need different types of tools. The white paper reads:

“There is no need to make a detailed review of all existing systems. Everything boils down to the fact that they do not take into account the main principle – any service is designed for people. Therefore, it is important to understand what is really needed and important for each audience.”

With these issues in mind, FinTab has decided to create a service that combines user-friendly design with functionality to serve the needs of different kinds of audience.

Featuring a working beta version, the FinTab economic system is not limited to cryptocurrency portfolios and allows for further interaction and freedom. These include a system of analytics and signals that can help investors make better choices, a  decentralized advertisement placement system and peer-to-peer interactions that allow traders to exchange information and knowledge.

FinTab will feature different types of packages for  different investors, the "Start", "Pro", and "Manage" packs, will give users different levels of access. Although these packages are purchased with FNT, FinTab's native token, their value will be pegged to the USD.

Token and ICO

As previously mentioned, FinTab will features its own native token, an Ethereum-based cryptocurrency named FNT. This token will allow users to purchase access to the FinTab services and to advertise on the platform through a decentralized ad system.

In order to fund further development and marketing of the FinTab platform and to ensure a fair and transparent distribution method, FinTab will host an Initial Coin Offering (ICO) which will start on the 14th of December. During the ICO, a total of 16.5* million FinTab tokens (FNT) will be issued:

  • 14 million FNT will be sold out in total during all the ICO stages for system development.
  • 1.5 million FNT reserved for the team and partners.
  • 1 million FNT reserved as a reward for helping the project (bounty).

Financial model of return on investment

The team have estimated the number of potential users by the third quarter of 2018. Based on this they have calculated how many tokens we can issue.

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

In FinTab system the burning of tokens will be implemented, entered the system as a service payment:

  • When paying for the service and the signal system 10% of the FNT tokens pass to FinTab team.
  • The remaining 90% of the tokens are burned.

Thus, the number of tokens will be constantly reduced, and the demand and the number of users will be increased.

The reasons for FinTab tokens growth

Return on investment is based on a constant increase of FNT token rate:

  • The demand for the service grows due to the constant promotion and development of the functionality.
  • The burning of token ensures the deficit and the increase of token cost.
  • Advertising functionality increases the demand and turnover of tokens.

Accordingly, the predicted starting point for the growth of the token rate will be the introduction of paid accounts in the system and the start of the tokens’ burning.

To learn more about FinTab please visit their official website.

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