Ferrum, an interoperable network for the contemporary financial world.

stavri (41)in #undefined • 6 years ago

Hi guys. Today I will introduce you Ferrum Network. The main feature of this project is its interoperability, that will let to cooperate not only with different blockchains but also to interact with different dApps (decentralized applications) written in different programming languages. But let me first explain what is Ferrum Network

The structure of Ferrum network

Ferrum network is an interaction of 2 main parts, a Network based on Directed Acyclic Graph (or DAG) and integrated financial dapps. Thanks to DAG which is oriented from earlier to later nodes without any cycles. The network can interoperate with any blockchain type and the applications will let users perform fiat and cryptocurrency trading, transactions, exchanges and other functions.

Proxy tokens

The transactions and other functions in blockchain take a relatively long time. In order to facilitate all operations, proxy tokens are used in Ferrum network. A proxy token is the equivalent amount of respective tokens in Ferrum network. Thus, for example, you freeze or block 5 BTC and 2 ETH in an external platform in order to receive 5 Fe(BTC) and 2 Fe (ETH) in your account at Ferrum platform. And to unblock your tokens you destroy the appropriate amount of proxy tokens of that cryptocurrency. The same way you can transform your fiat money to proxy tokens. Having proxy tokens in your Ferrum network will let you realize all trading operations you would do in other platforms in a fast, cheaper and safer way.

OTC Trade

Over-the-Counter trading is possible at Ferrum platform with the assistance of UniFyre wallet. Stable prices, high speed of performance, safety and confidentiality are among the main benefits of OTC. The users select “direct OTC trade” option from the toolbar and choose the crypto-coin and sum for exchange. The transaction takes place only in case when both parties confirm their approval. A minimal payment in FRM tokens makes Ferrum Direct OTC Exchange also one of the cheapest p2p exchanges.

Ferrum Token

Ferrum Token (FRM) is a utility token of Ferrum Network. It is needed as “gas” or small payment for transactions and other services to prevent malware and spam. FRM is used instead of PoW (Proof-of-Work), a small amount is burned and creates “Proof of Burn”.

Kudi Exchange

At the very beginning of the project, UniFyre wallet and Kudi Exchange platform will be developed. Kudi exchange is a high-speed and low-cost exchange platform for fiat and cryptocurrency transactions.

UniFyre wallet

This wallet is non-custodial i.e. the platform doesn’t have access to the private key of the user. The wallet will be used for safe OTC, instant market trades and other transactions.