Ferrum Network’s Multiple Solutions For The Problems of Blockchain Diversity
Ferrum Network, which utilizes Directed Acyclic Graph (DAG) as its consensus algorithm, strives to become the most advanced blockchain connecting the different distributed ledgers by providing four core products: Infinity DEX, Kudi Exchange, UniFyre Wallet, and Sub Zero Wallet along with other solutions.
THE SIGNIFICANCE OF INTEROPERABILITY
Since the successful introduction of Bitcoin blockchain, the number of blockchains has increased at a fast pace. There are currently hundreds of existing blockchain and each of them is powered by different infrastructures. Because of the differences in their nature, users engaging in a blockchain cannot perform an interaction with the other ones on other blockchains. For example, A cannot send his Bitcoin to B’s Ethereum wallet. That is why we reed the so-called ‘interoperability’, meaning the connection between multiple ledgers to generate the desired output. There have been a few proposed inventions for the issue currently, but it seems none of them completely addresses the underlying aspects holding back the essential developments. Atomic swap is a good example. The first atomic swap between Bitcoin and Litecoin in 2017 was only heard once and not many people have heard about it for a while. What blockchain community have been suffered from the lack of interoperability is demanding, risky, and regulated trust-based centralized exchanges; too technical and dependent decentralized exchanges; the excessive transaction times and fees of blockchains such as Bitcoin, etc.
UNDERSTANDING FERRUM NETWORK
Ferrum Network is DAG-based blockchain that facilitates the participants on its network by enabling the interaction of different blockchains. With DAG consensus algorithm, the transactions on this network would be proceeded and validated in the same direction without any loops, which link together as a graph network. The result of this process is high throughput and very low or zero transaction fees. This implementation eliminates the frustrating problem of networks validation, also serving the special technique that proceeds the replicated data from external ledgers to return the desired data on other blockchains.
The core factor that makes up the framework for Ferrum Network is Import/Export mechanism. When a blockchain communicates with Ferrum Network, the network locks or destroys the introduced value from that blockchain then certifies the proof of the existing value to issue a proxy token (Fe(x))representing that value on Ferrum Network. Interoperability will happen as the following example model:
BTC → Ferrum Network [Fe(BTC)→ Fe(ETH)] → ETH
The proceeded data is exported by the destroying proxy tokens, validating the destruction, and transferring the unlocked value to the mentioned blockchain. Users must announce their wallet on the engaging blockchains. The miracle of this mechanism is that it is not limited to distributed ledgers only as financial institutions will be provided with an interface that allows them to create proxy tokens for their fiat (for example Fe(EUR), Fe(USD) or Fe (VND)). By connecting bank account databases to Ferrum Network, these databases will be enhanced with the substantial features of blockchains. The record of funds cannot be modified, transactions cannot be reverted, account balances cannot be checked in spite of publicized account numbers, and network activities are exposed. The collaboration between financial institutions and Ferrum Network opens up many possibilities for diversified payment methods used by merchants and consumers.
While proxy tokens indicate locked values from exterior networks, FRM is the native utility token. Every transaction on Ferrum Network is validated only when an amount of FRM token is paid. This prevents the flood of spamming transactions that may create congestions making transactions stuck for such a long time. The amount of paid FRM affects the speed of transactions as it will increase their weights pushing validation into completion faster. FRM is burned after the transactions are finished. Also, the token acts as a reward for those who operate their DApps on Ferrum Network instead of running App on the paid resources of cloud services. By this, Ferrum Network is maintained by the computing power of the community and the community gets incentivized for contribution.
Ferrum Network is not only about payment but it also offers tools and infrastructures for building smart contracts and DApps. These can be written in a wide range of popular programming languages including Python, Go, Java, etc. so the programmers do not have to learn a new language. The number of supporting community will hopefully increase.
FERRUM NETWORK’S ESSENTIAL PRODUCTS
The project aims to become the dominant mediums used to settle the daily transactions even though they are cross-bordered. The team pointed out significant problems that are in urge and introduce the products to address them. As mentioned above, they are namely Infinity DEX, UniFyre Wallet, Kudi Exchange, and Sub Zero Wallet.
Infinity DEX (not released yet)
The native DEX of Ferrum Network is not just another DEX. It allows the trading of coins and tokens on different blockchains against each other with very high execution speed, high scalability, low transaction fee, and intuitive user interface. These do make the DEX sound like a centralized exchange but it is actually an advanced DApp that was carefully built on Ferrum Network. Infinity DEX does not hold the assets of users only providing centralized order books of buyers and sellers. The exchange, once completed, will one among a few decentralized exchanges that offer three types of orders: limit orders, market orders, and stop orders. Its design can be modified into the simplified mode or professional mode as the desire of users. Another exclusive feature is the integration of “Investor’s AI Assistant” whose missions are to analyze the news from the media, Twitter feeds, and public Telegram group chats and come up with predictions that can lead to users’ right decisions in trading. What’s more, the team behind Ferrum Network is implementing margin trading to the exchange thanks to the availability of its peer-to-peer marketplace and smart contracts. Along with these things, it is surprising that traders on this exchange can livestream their activities on Twitch for entertainment or education purposes and this is so out of this (blockchain) world.
Kudi.exchange (available on Android)
Ferrum Network has established a partnership with Kudi Exchange, a centralized mobile app built exclusively for the African market. The project states on its website that this is “the first and only platform on the continent of Africa to offer the U.S. Dollar backed stable coin, Gemini Dollar.” On the app, users only need to perform several touches to deposit, send or receive fiat currencies (only Naira at the time of writing) or cryptocurrencies (Bitcoin and Gemini are available, more will be added in the future) without any difficulties as its intuitive design is developed to be used by everyone. Visa, Mastercard, and bank transfer to deposit fiat currencies are compatible with the wallet. When depositing the currencies to the app, users can trade them for each other fast, conveniently and economically. Users can also monitor the market price of a few cryptocurrencies and the exchange rates against some fiat currencies right on the app. On the security aspect, Kudi Exchange allows the option to modify PIN code, withdrawal confirmation, notification, Authy app, SMS, and Google Authenticator. Anyone who have problems while using the app can reach their support via email (within working hours) or Telegram group chat (available 24/7).
SubZero Wallet (not available yet)
SubZero Wallet is a cold wallet like Ledger, Trezor, or Keepkey but is described with much more advanced features. The wallet will be completely offline and cannot connect to the internet with simple methods, which means it is safe from the possible threats of online networks. However, SubZero will be able to communicate with UniFyre to get enhanced with extra functions using QR codes. I speculatehe Ferrum Network will release an app that turns devices into cold storage wallet. Let’s wait for the final product!
UniFyre Wallet (not available yet)
UniFyre Wallet is one of the earliest applications that utilize Ferrum Network’s interoperability mechanism to provide risk-free peer-to-peer transactions of assets on different blockchains with almost zero fees and fast speed. Users’ assets and keys are not stored by any parties but themselves, right on their devices. Its user interface is simple yet very easy to interact with as the design was inspired by the Dashboard of Coinbase. About its functions, UniFyre let users store, send, and receive cryptocurrency very simply and also enables users to exchange cryptocurrencies and join OTC trading without issues of trust or unwanted losses. This is possible thanks to the mechanism that ensures the trading parties to confirm their participation in the transactions before it is executed. Ferrum wallet and other products will be implemented with fiat gateways which are developed to connect with the dominant fiat currencies world regulated by strict laws. All the legal aspects are concerned thoroughly in order to achieve the acceptance of the regulators in the near future.
PARTNERS, ADVISORS, AND THE TEAM BEHIND FERRUM NETWORK
Partners
- Project Hydro: Ferrum network will integrate Hydro’s Snowflake protocol into UniFyre Wallet and SubZero Wallet to enhance identity authorizations, risk-free transactions, and cold storage management.
https://projecthydro.org/blog/introducing-new-hydro-partner-ferrum-network/# - Fusion: Fusion’s Distributed Control Rights Management System (DCRM) secures Ferrum’s Network users private data when they transact them across the blockchains.
https://www.cryptoninjas.net/2019/04/28/ferrum-to-use-fusions-dcrm-to-accelerate-adoption-of-its-interoperability-network/ - Rivetz: Hot and cold wallets are one of the main products that Ferrum Network offers to the community. Rivetz takes the mission to bring gold-classed security for addresses private keys as well as their digital assets
https://blog.rivetz.com/rivetz-partner-with-ferrum-network-to-deliver-military-grade-digital-asset-protection-for-wallets-ccc52fdfdd3a - Token Research Group: Token Research Group becomes a partner of Ferrum Network to give advice on the launch of the project.
https://cryptodiffer.com/person-token-research-group-expert - TLG Ventures: The venture capital organization will provide essential support in marketing and promotion to Ferrum Network for the long term.
http://www.bit-cointalk.com/2018/08/21/blockchain-vc-firm-tlg-ventures-announces-partnership-with-ferrum-network/ - Gemini: Kudi Exchange — a product of Ferrum Network, will be the first platform that introduces Gemini Dollar to the African marketplace. This hopefully encourages native people to use GUSD for their everyday usages and businesses.
https://www.coincryptoz.com/9116/ferrum-network-gemini-bring-gemini-dollar-west-africa/
- Vector Blocks: Being an advisor firm, Vector Blocks will propose some critical solutions for the projects in the long term.
Advisors
Ferrum Network’s advisors are experienced experts who have participated in the operation of gigantic enterprises or projects. All of the advisors’ LinkedIn profiles are real which can be verified easily by double-checking with the authentic LinkedIn profiles’ companies.
Etiënne vantKruys: https://www.linkedin.com/in/evtkruys/
Emeka Enu: https://www.linkedin.com/in/emeka-enu-mba-a29b37b/
Germaine Ifudu: https://www.linkedin.com/in/germaine-ifudu-55958351/
T.K. Hamed: https://www.linkedin.com/in/tkhamed/
Jing Cheng: https://www.linkedin.com/in/chengjing
Hamed Ahmadi: https://www.linkedin.com/in/hamedahmadi1/
The team behind Ferrum Network
The profile of Ferrum Network can be found on LinkedIn which have a lot of connections and complete details of education and working experience. It is harder to verify them than to do the same thing with the advisors. However, the advisors mention Ferrum Network on their profiles shows the team is authentic and legit.
Naiem Yeganeh (Founder, CEO and Lead Developer): https://www.linkedin.com/in/naiem-yeganeh-12874712/
Ian Friend (Co-Founder, COO, and General Counsel): https://www.linkedin.com/in/ian-friend-bb949657/
Erik Powers (Financial Strategist): https://www.linkedin.com/in/erik-powers-cfa-7b579919/
Dominik Swierkot (Head of Marketing): https://www.linkedin.com/in/dominikswierkot/
Hadjar Homaei (Senior Engineer and Product Lead): https://www.linkedin.com/in/hadjarhomaei/
Benjamin Blatt (Strategic Investor): https://www.linkedin.com/in/benjamin-blatt-17bb5814/
Pokey Rule (Distributed Systems Expert):
https://www.linkedin.com/in/pokey-rule-551130a4/
Afshin Abadi (Quantitative Data Scientist): https://www.linkedin.com/in/afshin-abadi-708493b9/
TOKEN METRIC OF ICO
Ticker: FRM
Token Type: OWN WALLET
ICO Token Price: 0.016 USD
Pre-sale/Private-sale Token Price:0.0114 USD
Maximum supply: 312,500,000
Tokens For Sale: 125,000,000 (40%)
ROADMAP
Ferrum Network does not announce its roadmap in its Whitepaper meaning that the project will be developed based on the status of the phases. This is very good as it shows the team thinks it is better to have a complete product rather than win the race with other projects.
The milestones set on the roadmap are all very realistic focusing on the development of the blockchain and its applications. From these, we can infer that Ferrum Network is not a project for hype but a project wants to deliver working solutions to the financial of every individual in the world.
CONCLUSION
From my own research, Ferrum Network is a legitimate project with realistic milestones and products. The team behind it is not so epic but the advisors are the experts in various aspects with much experience in being the advisors for many projects. The tokenomics of this project is quite good but it needs to be explained more in details and consistent. With all the information I gave, I hope the investors will have a good reference for their financial decisions.
USEFUL LINKS:
- Whitepaper: http://whitepaper.ferrum.network/
- Website: https://ferrum.network/-
- Your BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=2040174
REFERENCES: Ferrum Network documents and medias
