Firmolang: Introducing Financial Infrastructure for secured Smart Derivatives

Although a significant 14% of the world’s economy consist of derivatives, the cryptocurrency space currently lacks the required infrastructure for developers to create these smart contracts as obtains in traditional markets. As it stands, the only user-involved financial activity on the blockchain is the purchase of company tokens. Consequently, prices being dependent on sell/buy orders are volatile.

Derivatives require a high level of security to be operational, which is clearly unavailable in the blockchain as it is. Currently, most DApps are built on the Ethereum platform which utilizes Solidity to execute its smart contracts. However, successful hacks of Solidity-based codes in the past have exposed the vulnerability of Ethereum's programming language to attacks. In both the phenomenal DAO attack and Poarity Wallet hack, vulnerability in codes were exploited to siphon off huge funds. In June 2016, a group of researchers from the University of Singapore released a paper showing that 44% of deployed smart contracts written on the Ethereum platform contain known vulnerabilities, redundancies or errors. 1

INTRODUCING FIRMOLANG

Firmo is a blockchain based platform that is positioned to fill the gap in the cryptocurrency financial sphere. Firmo aims to build the required infrastructure for creating and executing secure smart contracts in the crypto economy.

FirmoLang is the language of the Firmo platform that developers can use to build derivatives and other financial tools that had only existed in the non-decentralized sphere.
However, unlike in the traditional economy, contracts created on Firmo will be decentralised, open-source, trustless, secure, automated, and transparent.

HOW FIRMOLANG WORKS
Security
FirmoLang is domain-specific and formally verified. This makes it very secured as it is enforced with the same degree of security used to ensure that planes, trains, and satellites operate securely. Smart contracts executed using Firmolang will be truly secured.

Simple, easy-to-comprehend Syntax/Protocol
While developers can code their contracts directly, FirmoLang actually utilises a simple syntax that anyone can learn to code financial contracts by themselves and there are available templates that can be utilised on the platform.

The Firmo Protocol built with Firmolang showing its steps: Target/user groups, custom/pre-set and cmpilation/execution

Easy to integrate
Firmolang enables exchanges and similar businesses to securely and intuitively offer smart derivatives on any major blockchain. Its API makes it easy to integrate Firmo into any exchange or product, and allows any existing tokenized project to utilize the newly developed tools.

Zero coverage
Users will require little or no collateral under Firmo's zero coverage. This is achievable when users build and utilize "permissioned infrastructure" with FirmoLang.

How Firmo will change the state of finance in cryptocurrency.
With the launch of Firmolang, derivatives like futures, options, and swaps will begin to securely exist in the crypto economy as developers utilize the Firmo platform to build smart contracts.

Firmo will bring more stability to cryptocurrency prices
With the availability of financial tools and more user-involvement, cryptocurrency prices will be more controlled. Furthermore, derivatives tie individuals up in contracts over a period of time. As a result, the risk of owning or selling an asset is distributed over time. When time no longer becomes the primary factor for determining prices in the market, there will be more stability in the cryptosphere.

Secred smart derivatives
Because of its domain-specific and formally verified status, Firmolang will not be prone to attacks like Solidity. This is the key index for the much required change in cryptocurrency exchanges.

Many of the third party involved in the creation of derivatives in traditional transactions will be cut off translating to more secured and less expensive exchanges.

The Future
Firmo already works with Ethereum. The financial tools built on FirmoLang will be easily adaptable for easy use with existing ethereum projects while talks are ongoing with other major platforms.

The exciting Firmo project is currently in its alpha phase of development we look forward to its Protocol side chain project launch in August 2019.

For more information, please visit the company's website

Firmo2018

This is my submission for the @originalworks sponsored writing contest contest