Ferrum Network is a decentralized financing platform designed for interoperability between different blockchains and fast transactions in an easy-to-use, simple environment. The Ferrum Network services include several features, including a fiat gateway, a crypto exchange, crypto custody, an integrated wallet, risk-free over-the-counter trading and peer-to-peer payments. In addition, Ferrum Network has its own mobile messaging app that allows users to send crypto payments by SMS!
- 1 What is Ferrum Network?
- 2 How does Ferrum Network work?
- 3 Ferrum Tokens and Use Case
- 4 How many Tokens are in circulation?
- 5 Different wallets
- 6 Who are the founders?
- 7 How does Ferrum Network Exchange differ from others?
- 8 Safety
- 9 Ferrum Network (FRM) Chart
- 10 Conclusion
What is Ferrum Network?
Ferrum Network is a blockchain protocol that brings excellent financial applications to emerging markets, with products and network tools. They have sophisticated financial applications that run on a DAG system linked to other blockchains and even fiat currencies.
One of the advanced features of Ferrum Network that is not present in other DAGs like IOTA is that it releases them tokens supported by the Ferrum Network as well as other networks.
The Ferrum network, with the DAG model, continues to see tremendous amazing innovations in this area. This model seems suitable for monetary applications, as it does not require miners or blocks. This makes transactions faster and cheaper.
What is a DAY?
It may sound impossible to think of digital assets without blockchain technology. However, it is possible with the DAG model. Digital currencies such as IOTA and Nano are also designed using DAG technology.
DAG stands for “ Directed Acyclic Graph”, referring to the system architecture that looks like a graph. This technology has a powerful form for storing information and processing transactions online. They are considered a “graph” because when reduced to a picture, they look like a tree with many intertwined branches. By comparison, blockchains are a chain — which itself is a subset of the DAG. In all blockchains, transactions naturally form a DAG, and the role of miners is to work very hard to ‘prune’ that entangled tree into a single chain (hence the name blockchain). Some decentralized networks (notably IOTA) have developed consensus mechanisms that can work directly with DAGs. These networks have accepted the fact that transactions naturally form a DAG,
At Ferrum Network, they love the DAG model and believe that they will continue to see many great innovations in this area. This model is a natural fit for financial applications as it eliminates the need for miners and blocks, leading to much faster and cheaper transactions, such as Ferrum Network’s. See the difference between blockchain and DAG below.
How did they get the name?
“Ferrum” is the element number 26 of the periodic table, more commonly known as “Iron”. Iron is a unique element due to its extremely stable core. In an active state, any core heavier than iron will break down to become iron, and any core lighter than iron will fuse to become iron. They think this is the perfect metaphor for Ferrum Network. Ferrum Network is the middle ground, the connecting element to all other blockchains.
How does Ferrum Network work?
When you send cryptos to the Ferrum Network, for example from the Bitcoin network, Ferrum creates a unique Bitcoin address for you. This address is called the “lock address”. No one in the world has ever seen the private key of the lock address. Instead, the private key is created in distributed nodes within and around the Ferrum Network. When your crypto arrives at your locked address, the same amount of Bitcoin is generated in the Ferrum network.
You can then spend, exchange and use your Bitcoin in the Ferrum Network, while enjoying the high speed and low costs. Holders of Bitcoins in the Ferrum Network can destroy their proxy Bitcoins at any time and get an identical number of Bitcoins in the main Bitcoin network. A user only needs to request that the network unlock the same amount of Bitcoins from the originally locked account and provide proof of destroyed Ferrum Bitcoins. In practice, this is done with a click of a button in the Fe Wallet .
You can think of this process as taking money to the bank and receiving a traveler’s check that has the same value. The bank has a locked safe in which they keep your money when you receive this travel voucher. You can then spend the traveler’s check as if it were cash. Holders of such checks can go to the bank at any time and exchange them for cash. The main difference is that Ferrum does not keep users “cash” but rather it is distributed across the network in a secure and decentralized manner.
Ferrum Tokens and Use Case
FRM, the native token of the Ferrum network, is based on the ERC20 blockchain. To increase transaction speed, users have to spend a few FRM tokens for each transaction as an anti-spam measure.
Used as an anti-spam measure
Since each transaction costs you a few FRM tokens, a threat actor is warned to spam the network because it charges a huge amount.
Used for transactions on Ferrum’s decentralized wallet
All activities in Ferrum Network’s decentralized wallet, including depositing and withdrawing assets, implementing market trading, all cost a few cents in Ferrum token. However, the number of tokens is based on the computing power required to execute the specific transaction.
Used to trade on Ferrum DEX
Currently, trading on Ferrum Network’s decentralized exchange requires users to issue a certain number of FRM tokens. With the future prospects, the platform is building a technology with enhanced features such as high-frequency trading. This results in millions of tokens being spent to transact on the Ferrum DEX.
Used in Sub-Zero Wallet
In addition to trading, users need few tokens to use the Ferrum Network Sub-Zero wallet. Basically, it is an app that can be operated offline. The Sub-Zero wallet uses a series of QR codes to communicate with the Ferrum Network’s decentralized wallet.
Used in Kudi Exchange
This is seen as a fiat gateway in West Africa and is based on the Ferrum network. Users need to spend a few FRM tokens to exchange their Bitcoin and local currency.
How many Tokens are in circulation?
Ferrum Network tokens are essential for the functioning of the underlying blockchain. There is a maximum supply of 331,718,750 tokens, of which 329,218,749 have already been issued as of February 2021. The number of tokens in active circulation is approximately 147,528,487 FRM.
There were two initial private sales, which made up about 15% of all FRM tokens. Another 22% was allocated to the Ferrum Network ecosystem. Founders and other essential team members received approximately 10% of the maximum token supply. Another 15% of the FRM tokens were allocated to the marketing growth pool. The rest of the minted tokens have been distributed to other vital targets, such as the network incentive pool.
Sub Zero Wallet
The free Sub Zero Wallet offers mobile cold storage to protect your digital currency with an Android phone. Moreover, this can be achieved even when the phone is offline. While hardware wallets are a good investment to protect your currency, for many it is an expensive investment. In fact, the Sub Zero Wallet allows anyone to turn an old cell phone into a secure hardware wallet. This makes crypto payments as easy as a text or an email!
Sub Zero Wallet allows users to move assets from cold to hot storage simply by using QR codes. Since Sub Zero Wallet is seamlessly integrated with the Ferrum Network ecosystem, it gives users instant access to exchanges such as the Infinity DEX.
UniFyre Wallet makes it easier than ever to make crypto payments using Link Drop technology. Users don’t have to go through the usual process of remembering their wallet addresses and don’t have to worry about entering a number incorrectly. UniFyre Wallet Link Drops allow anyone to securely send digital assets, anywhere, using a simple link. This could be email, text, or a chat or social media app. UniFyre Wallet can be downloaded from the Apple App Store and Google Play. Plus, UniFyre Wallet keeps your digital assets safe, even if you lose your device!
Unlike other crypto networks where transactions cannot be undone and impermanent loss is common, UniFyre solves this problem. Here, senders can request confirmation that the transaction has been accepted before executing, thus avoiding any accidental loss. In this way, the UniFyre Wallet offers good protection against invalid or accidentally wrong transactions.
Overall, the platform is fast speed and interoperable. In the future, the platform has plans to give the users the option to use crypto payments via Whatsapp.
Who are the founders?
Ferrum Network was founded by a team of experts with a long professional history in engineering and blockchain technology.
Naiem Yeganeh is co-founder and CEO of Ferrum Network. He graduated from the University of Queensland and started a career in software engineering in 2013.
Yeganeh also founded Maad Afrooz Technology and has worked for major tech companies Microsoft and Amazon. His last position before founding Ferrum Network was that of core machine learning expert for Bloomberg LP.
Ian Friend is another co-founder of Ferrum Network and now serves as Chief Operating Officer. He holds a degree in business law from New York Law School and has served as an associate attorney for several large firms, including Pantano & † Gupta and Wilson Elser. Since 2018, he has left his active duties as a lawyer and turned his full attention to the Ferrum Network.
How does Ferrum Network Exchange differ from others?
Ferrum’s functionality is comparable to the most popular centralized exchanges such as Binance and Coinbase . Where it differs from other exchanges is the fact that it is “decentralized”. This is a very important distinction – it means Ferrum will never have control over your digital assets. On the other hand, when you use a centralized exchange like Binance, you give them access to all your currency (private key) and trust them to protect it. However, when you use Ferrum, you keep your private keys and the Ferrum exchange never has access to your currency.
Unlike other decentralized exchanges (DEXs), Ferrum’s network is interoperable. This means it allows cross-chain transactions within one existing network. Specifically, this means Ferrum is not limited to ERC-20 tokens and users can trade a wide variety of digital currencies. In addition, it is much faster and cheaper than existing DEXs. This is because Ferrum Network is much faster than the Ethereumnetwork, which is the foundation of most other decentralized exchanges. In addition, users are not required to pay gas fees for transacting. In short, by using the Fe wallet and/or the Fe DEX, users can trade instantly in a decentralized environment, with the same convenience and speed as a centralized exchange, but at a fraction of the cost and with no custody risk.
Since Ferrum Network is based on Ethereum, these FRM token are ERC-20 tokens, meaning that there is some degree of Proof-of-Stake ( PoS ) capability integrated into the blockchain.
Using the directed acyclic graph (DAG) ledger technology, the Ferrum Network also uses a Proof-of-Burn ( PoB ) consensus. This makes the network very versatile and allows investors to use and buy a number of different cryptocurrency tokens. By combining different methods, users can reap the corresponding benefits of the underlying blockchain technologies.
Ferrum Network (FRM) Chart
The Ferrum Network interoperability protocol connects blockchains, allowing DeFi to showcase its strengths. Using interoperability prevents DeFi from suffering from overloaded blockchains. Through UniFrye Wallet and the Kudi app, the Ferrum Network hopes to make the DeFi network accessible to all investors.
The network has invested in various integrations and products to provide a robust protocol on a large scale. The Ferrum Network aims to become an all-in-one DeFi platform. With the further development of DeFi, we see more and more successful DEXs developing, both on the Ethereum blockchain and on the Binance Smart Chain blockchain such as PancakeSwap . Ferrum Netwerk will therefore compete with other major players in the DeFi ecosystem.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com