FT Product

Enterprises often provide incentives to their loyal customers. This is the same in the blockchain world. Credits on the blockchain can be exchanged for FT (Fungible Token) products provided by VeChain ToolChain®️, including travel credits, collecting points and more. Enterprise users can deploy FT contracts to release FT products and manage them on the webpage or through API. All FT products on VeChain ToolChain®️ are paid by TCCs.

FT products include: FT smart contract management, key escrow, FT release, and FT transfer. 

FT smart contract management: The FT smart contracts fit VIP180 Standard. The end users can select and set the FT smart contracts with no quantity limit. Each new contract costs 70 TCCs FT.

Private key management: FT is a blockchain asset which allows for both self-management and escrow services.

• Self-managing mode, refers to the self-management of private keys through the open source wallet SDK.
  •  Android: https://github.com/vechain/wallet-Android-sdk
  •  iOS: https://github.com/vechain/wallet-iOS-sdk
• Key escrow is the turnkey solution provided by VeChain ToolChain®️. The enterprises can create new users on the webpage or through API to help the user provide private key escrow services.

FT release and management: FT release contains three elements: the address to deploy FT, the address to receive FT, and the quantity of FT. There are two types of FT management available on the platform:

• Self-managed wallets: end users can download apps developed by the enterprise  to manage their FTs.
  • The enterprise develops in-house app or dApp to help their end users manage the FTs.
  • End users can also download ToolChain Pro App to manage the FTs. (in development)

• Key escrow services provided by the enterprise:
  • The enterprise can develop in-house solutions for key escrow services.
  • VeChain provides HSM based key escrow turnkey solution to boost a secure storage capability to prevent information leaks.
  • The enterprise adopts key escrow API provided by VeChain ToolChain®️

FT transfer: There are two methods of FT transfer (illustrated with OwnerA and OwnerB)

• Direct transfer:

  • OwnerA transfers the FT directly to OwnerB

• Authorize a single transfer.

  • Step 1: OwnerA authorizes a third-party (or OwnerC) to transfer a VID of the FT.
    Step 2: The third-party (or OwnerC) moves the FT from OwnerA to OwnerB.