When I was first told about digital currency especially the Bitcon; when it was still very low in value, I thought it was another means internet fraudsters intend to scam some money from me. But I now regret why I did not invest in it. My fears could be justify due to the rate at which this internet fraudsters where operating; the insecurity on the cryptocurrencies blockchains.

What isFirmo?

Firmo is an online organization aiming in building a well organized infrastructure for creating and executing financial contracts. Using it own developed language know as the FirmoLang, “developers can build financial tools that have been previously only available to traditional, non-decentralized economy asset-classes such as derivatives.”
This sounds more interesting. To understand what Firmo really is I will explain what a financial contract is.

What is a financial contract?

From a lain man understanding, a contract is an agreement between two or more individuals in order to accomplish a project or a goal that will benefit all of it participants. On the other hand, a financial contract is simply a contract involved with finance. In this case, a contract that all parties involve will benefit from it achievement without anyone of them losing out.

What is a Smart derivative?

According to BNP PARIBAS COOPORATE & INVESTMENT BANKING, a smart derivatives gives you access to a selection of carefully selected ideas corresponding to your needs and today’s market conditions.

Many people just like the “before me”, use to be scared in investing in cryptocurrencies due to the fear of their fall in value or probably some scam on the blockchain. With the Firmo idea in play, your guess is as good as mine; the days of sitting in the closest of fear are gone.

The Firmo Protocol

The Firmo Protocol permits users to create smart derivatives, a more organized and secure type of smart financial contract, offering products ranging from futures, loans, options and swaps etcetera. The good news is, Smart derivatives are non-fungible (i.e it is not exchangeable in all forms of exchanged platform) unless regulated exchange which supports the Firmo Protocol; which make the Firmo protocol a secure type. The emergence of the Firmo modus operandi, a logical evolution of the emerging crypto markets suffices.
Smart derivative of any kind that uses FirmoLang can be compiled to the Ethereum Virtual Machine (EVM). The Firmo Protocol Stack consists of 4 general groups steps.

1. Individual Users: The Firmo protocol allows individuals to enter into smart derivative contracts and trade their positions to third parties on secondary markets.
2. Cryptocurrency Exchanges: This protocol is also efficiently structure in the sense that offers are available to customers to secure derivative products.
3. Financial Institutions: Local financial institutions or firms like local banks can utilize the Firmo Protocol to achieve a meaningful decrease in the costs related with the clearing and settlement of derivatives.

THE PROBLEM

Users are restricted to participate in a company’s finances by just buying in their tokens offered by such companies. This has made it difficult for prices to be in favor of the users as these prices are only determined by sell or buy orders.

THE FIRMO RESCUE

The FirmoLang
The FirmoLang is a non-Turing complete domain specific language, designed with a clear objective of reducing the fringe of error in self-executing contracts on decentralized platforms.

Language Objectives

The objective of the language is to reduce frequent vulnerabilities in cryptocurrencies platforms. This is necessary as money is involved. To be securely sure of where your money is been invested.
With the help of the FirmoLang, very well organized steps have been put to place for easier utilization of this development in the cryptoworld. FirmoLang will equip the cryptoworld with the enablement to build modern financial tools and also to be familiar with them in the available ethereum projects.
This FirmoLang is as efficient as the security features of airplane and trains which are domain specific. This is an advantage over cyber attacks.

WHY SHOULD I KEY IN TO FIRMO

Some of the major reasons to be a part of this development are: (According to the Firmo Technical paper)

1. Full Coverage
“When users choose to execute smart derivatives with full coverage, the underlying assets will be stored in the smart derivative until maturity of the contract, upon which the transaction will take place. This function resembles the role of escrow or collateral in standardized contracts. The Firmo Protocol will launch with this feature.”
2. Variable Collateral Coverage
“The Firmo Protocol will allow users to lock margins, substituting the value of the underlying asset with the equivalent value in another asset class. Variable margin accounts will issue margin calls if the aggregate value of the collateral does not exceed the value of the underlying with a predefined percentage. This function is the equivalent of the margin call in the traditional brokerage roles. This feature will be made available after the launch of the Firmo Protocol on the testnet.” And finally,
3. Zero Coverage
“The Firmo Protocol allows users to execute smart derivatives with little or no collateral. Zero coverage can be used in several circumstances: When the smart derivatives are executed on permission infrastructure, or when the sufficient trust exists in between the counterparties. This feature will be built by the Firmo Community.”

FIRMO TEAM

The firmo team are a group of individuals who has come together to put in place the Firmo idea. They are well educated, experienced and qualified. This team is led by Dr. Omri Ross who is a specialist in blockchain technology and fintech. To learn more about this team visit. Firmo Telegram

firmo2018
Original contest Firmo Team
Firmo Website