Firmo: Financial Infrastructure For The Crypto Economy

paragon99 (53)in #esteem • 6 years ago

The blockchain technology has come to stay. Due to how it is easier to establish networks as well as perform operations , blockchain technology is being adopted massively. It has proven to be so versatile that it is continuously finding application in different disciplines and areas of life to the extent that it is gradually becoming an integral technology to hold on to.

One germane issue that keeps cropping up whenever blockchains and cryptocurrencies are involved is the erratic fluctuation in value of tokens. The price of tokens produced on blockchains depends to a large extent on the forces of demand and supply, which we see as the buy/sell ratio. This leaves the price of cryptocurrencies at the mercies and whim of current opinion of it. The main rationale that drives investment is the assurance that the venture being invested in is profitable. While investing in cryptocurrencies could lead to massive profits, there is also an equal chance of it leading to massive losses. Such uncertainty about the fate of investments is a major obstacle that blockchain adoption faces.

We should not make light of the fact that every investor wants to be certain that his money is safe too and transactions are not subject to tampering. With the huge amounts of money sometimes involved in blockchain transactions, security on the blockchain must be guaranteed. We have seen the advent of different platforms using blockchain technology that offer solutions to these problems.

** In the midst of all these new stuff being introduced, Firmo is a new player on the crypto scene, bringing with it a different perspective and requiring a different ballgame.**

What Is Firmo

The Firmo Protocol is a “financial infrastructure” built for secure execution of financial contracts on blockchains. Providing a reliable and “domain specific language” called FirmoLang, there is more to this protocol than meets the eye at first glance. While currently in the alpha phase of development, Firmois working on providing an environment where smart contracts and derivatives carried out on blockchains are “transparent, fair and trustless.”

This begs the question, ”What are Smart Contracts and Derivatives?”
A smart contract is a computer protocol written into lines of code intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.
A derivative is a financial instrument which derives its value or price from an underlying asset. Generally, stocks, bonds, currency, commodities and interest rates form the underlying asset.

Now you might be wondering:

How will Firmo and all its security tools benefit cryptocurrencies?
How can any changes accompanying the deployment of FirmoLang help crypto investors?

What Then Is Firmo Offering?

When mistakes occur in the construction or execution of financial contracts on blockchains, making things right again is a very complicated process since it comprises of a large network base. With FirmoLang, smart contracts can be created and deployed by individual users, making it quite easy to sort out any hiccups that may arise. FirmoLang makes smart contract creation much more easier.

With a level of security comparable to those found in planes, trains and satellites, FirmoLang is formally verified as offering maximum security to smart contracts on the blockchain.
Watch how Firmo is secured below.

The Firmo Protocol also grants users the opportunity to access products not easily accessible, like future loans, options and swaps thereby proving useful in decentralized exchanges, peer-to-peer platforms, market prediction platforms, etc.

FirmoLang, an entirely new and versatile programming language with an intuitive syntax, is a part of the Firmo package which could be applied to lots of operations. It has been verified that APIs written in FirmoLang which are compatible with any blockchain that supports scripting language.

In addition, the Firmo Protocol supports the execution of smart contracts with little or no collateral. Designated as “Zero Coverage”, this is an improvement over current systems in place. On blockchains today, you have to own something before you can initiate a transaction on it. But Zero Coverage does away with this making it possible for users to perform transactions and initiate smart contracts on blockchains they have nothing vested in.

With so many possible applications and benefits available, the Firmo Protocol will be a favorite choice for lots of transactions being carried out on blockchains and it is certain that with Firmo, better days lie just beyond the horizon for blockchains.

Meet The Brains Behind Firmo

Led by Dr. Omri Ross who is quite experienced when it comes to blockchain technology and fintech, this team is in capable hands. Members of the development team include many veterans who have numerous projects on various platforms. Ariel Laub and Gury Traub are examples and have released 9 educational games.