From the beginning, cryptocurrency and tokens were designed to solve the two major limitations of fiat currency. The first of the limitations is the monopoly the government exercises over the fiat money used in their respective regions.This implied that only the government had the right to print money. From experience, we know how most things turn out when they are left completely in the care of the government.
The second was the acceptability of the money. Although every fiat money can buy anything from sweet to suites, its purchasing power was only limited to a certain region. instance, on a normal scenario, you can't buy something in the United States with "Pounds", but if that same "Pounds" was taken to the United Kingdom, it's purchasing value is immediately restored.
[Pixabay.com: Crypto and Fiats](https://pixabay.com/es/photos/etereum-bitcoin-ondulaci%C3%B3n-3818348/)
In response to these two major problems, cryptocurrency offers two solutions:
- it can be created by any group of people (individuals or an already established company).
- It can be designed so that it's value will be tied and used for a specific reason (as in the case of Steem which is used for buying Steem power) or multiple reasons (e.g Bitcoin which can be used to buy pizza or an aeroplane) globally.
Therefore, it means that a "normal" individual like "you and I" can be a creator of a globally accepted currency.
This article is my response to the assignment given by Professor @imagen after his amazing lesson on Blockchain Projects this week.
**Question 1: CREATE YOUR OWN FICTIONAL BLOCKCHAIN PROJECT. THE TASK MUST CONTAIN A WHITEPAPER, A ROAD MAP AND ANY INFORMATION YOU WANT TO ADD (REPHRASED).**
Below is my imaginary project, assuming am the owner of a big transportation company. Explanations are given when needed.
**WHITE PAPER**
**Name of Company**
*FareWay Transportation Company*.
FareWay Transportation Company is a registered transportation company headquartered in 35 Kent Street, New York City, United States. It's has several branches with presence in more than 120 countries in all parts of the world. The total number of veheciles owned by the company is 5625. Due to the company's strong presence in these places, FareWay is not just a household name, it has become synonymous with the world "Transportation".
[Pixabay.com: Transport service](https://pixabay.com/es/photos/taxi-por-carretera-el-tr%C3%A1fico-cab-381233/)
**Name of Blockchain Project:**
*FareCoin (FTC)*.
While considering the name for the project, I considered the name of the company and chose a name related to it. I also made sure that I choose a name that is simple and could easily stick on the mind of its global users. After that, I browsed through the coin market to check if there was an existing coin with it's name or a name that sounds like it. Since Farecoin (FTC) passed all tests, I decided to name the project after it.
**The Purpose of the Project:**
*To create a coin that will be used as a means of payment for FareWay transportation services.*
**Mode of acceptance:**
The project will include the building of a "FareWay" app which will contain each user's personal payment barcode. Payments for transport services are quickly made by placing your phone screen under the bar code scanner which will be available on veheciles owned by the company. Payments doesn't attract transaction cost.
Although the app will have it's own wallet, it will also contain a means for the user to link his/her wallets to the platform and buy Farecoin (FTC) using any acceptable cryptocurrency he has in his wallet. There is also a provision for buying Farecoins using Fiats.
[Pixabay.com: Barcode Scanner](https://pixabay.com/es/photos/esc%C3%A1ner-lector-de-c%C3%B3digo-de-barras-5983140/)
**Incentives for usage of Coin:**
Since the coin will be used as a means of payment each time the customer pays for transport, tokens will be awarded to him/her depending on the distance traveled and how much paid. The tokens awarded will be worth a tenth of what they paid in transport.
A token worth will always be 1/100 the worth of a Farecoin (FTC). These tokens are redeemable, and can be converted to Farecoins when the customer has accumulated coins worth more than 5 Farecoins.
**Logo of the Coin.**
The logo for the coin will the same as the company's logo: *"A picture road bridge"*
*(Due to lack of editing tools, I won't be showing the coin logo)*.
***Project Team:**
Joseph Ify: CEO and Founder of Fareway Transport Company.
John Doe: Chief Technical Officer.
Jack Smith: Chief Financial Officer.
Jacqueline Bay: Chief marketing Officer.
and lots of other employees.
**Launch Network:**
The farecoin project will be running on the FareWay network, which will be first built. Both the Farecoin and Faretoken will run on this network.
(Considering the networth of the company, they can build the network).
**Contact addresses:**
Web address: www.fareway.com
Twitter: @FareWay
Instagram: @FareWay
Facebook: FareWay35
Reddit: @FareWay
**Number of tokens and Coins in circulation**
A total of 100,000,000 units of Faretokens will be produced of which 10% will be shared to each user that downloads the fairway app and registers an account there. Each registration is considered complete as soon as the user provides his National ID card. Another 10% will be won/shared while advertising the concept, which is transferable only to the app's wallet. 50% of the tokens will sold on ICO in other to raise more money for the project while 30% will be reserved for the parent company.
[Pixabay.com: Coins and Tokens in Circulation](https://pixabay.com/es/photos/dinero-monedas-monedas-de-euro-515058/)
As stated earlier, these tokens can be converted into coins at a conversion rate of 1 token = 1/100th of a Farecoin. Thus, only 1,000,000 Farecoins will be produced.
The Farecoins will be the only means of payment for transport. The Faretokens, although it's transferrable among users can only be converted to Farecoins by the company. The conversion attracts a small fee, which will be paid to the company in tokens.
This way, the number of coins and tokens in platform will remain constant, preventing unnecessary deflation.
**FareCoin Price**
The valuation of the coin will be calculated using it's worth in USD. On the first year a Farecoin (FTC) would worth as much as $1, but with acceptances it's value will increase rapidly. The targeted price for 1 Farecoin in the next 4 years should be $10. Considering the number of clients the company has, the targeted value will be reached before the estimated time.
**ROAD MAP**
Assuming the project was launched on first of April 2021 (beginning of the second half of the year) below is a one-year road map for the blockchain project (considering the word limit).
**April to June 2021:** A blockchain will be created upon which the project will run. The 100,000,000 fare token and 1,000,000 Farecoin will be generated within this month.
**July to September 2021:** ICO and selling of tokens.
The governments of the various countries we are on will be met, and authorization for the use of the proposed payment system will be obtained from the related institutions.
**October to December 2021:** Barcode scanner will be installed in all the transport system we own in those countries where we obtained approval from, while we continue to persuade the remaining countries to grant us approval. Each of these vehicle will be linked to its own respective account so as to make tracking of it's income very easy.
At the same periods, adverts and awareness will be made on news outlets and social media platforms like YouTube, Facebook, twitter, Instagram e.t.c on those areas we have received authorization from. These adverts can be in firm of giveaways through posts, videos e.t.c.
**January to March 2022:** The tokens can now be converted into coins and then used as a means of paying for transport.
[Pixabay.com: Planning](https://pixabay.com/es/photos/reuni%C3%B3n-negocio-arquitecto-oficina-2284501/)
It quite clear that the customers will not quickly ease into the new concept, for that reason, farecoin trade-units will be available at several strategic points where customers can buy the coin using their physical cash or be guided on how to buy using the app.
This doesn't in anyway imply that cash will be accepted in the vehecile, rather, a measure to ensure that the company doesn't lose customers in the transition process.
**CONCLUSION**
The blockchain created above was designed to solve the payment issues experienced in most transport system. Some of these problems includes a customer not having enough money on him/she, although he/she has in his account or in crypto and so on.
Although the project is imaginary (which I hope to bring to reality in future), it shows how adopting cryptocurrency will make every area of our life, including transportation very easy.
Thanks to professor @imagen for the amazing lesson, I truly learnt a lot from it.