On Firmo Network : Ushering An Era Of Blockchain Adoption
Blockchain Adoption is something that is greatly desired by most people who understand the power of the Blockchain and the amazing things it has to offer
Over the past few months however, most of the main stream media attention given to CryptoCurrencies is focused on the level of volatility that comes with It and the sooner that problem is solved the better for the Blockchain as a whole
Any business out there whether it is a Bank or a Food Store which considers using the Blockchain for Digital Payments is often faced with this big question
How do we manage Volatility ?
If you don't understand the full Impact of volatility let me explain it with this simple Illustration and as usual I will be using Bitcoin in this Illustration
Melvin runs an equipment store where he sells hammers and other tools and then he decides to accept Bitcoin from a customer who asked to pay him with Crypto
The customer bought equipment worth $1300 and paid him 0.1385 Btc based on the current price of Bitcoin
Then a few hours after the sale , Melvin decides to convert the Bitcoin to Fiat, he then discovers that the Price of Bitcoin has dropped and the 0.1385 Bitcoin is now worth $1230, bringing him a loss of $70
Melvin will most likely refuse to deal with Bitcoin in the future due to the loss that he has incurred
This is why it is a hurclean task to convince businesses to accept cryptocurrencies as a means of payment. And this has restricted blockchain adoption to speculators and long term investors
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Introducing FIRMO
FIRMO is a Blockchain project that aims to solve this issue of Volatility and also provide some other vital services which will enable businesses adopt the Blockchain . The aim of the team behind FIRMO is to ;
Build Financial Infrastructure for The Crypto Economy
Quote Source
The major force pushing this project is FirmoLang which will power smart Contracts and Derivatives on any Blockchain that choses to adopt it. The FIRMO team has already secured a patnership with Ethereum and is also working on securing patnerships with other Blockchain platforms like EOS and NEO
Now you might not know what a Derivative or a Smart contract is so I will explain them better so that you can get a picture of what FIRMO is trying to accomplish
Smart Contracts
Smart contracts are digitally automated contracts that enables the exchage of assets in a way that prevents fraud. The contract is embedded into code and it cannot be easily tampered with
Smart contracts however are not as secure as they are meant to be . A huge 45% of the Smart contracts built on Ethereum have vulnerabilities. Thats almost half of the smart Contracts built on Ethereum
When It comes to smart contracts the most Important factors are the parties, the asset and the terms of the contract. These three things have to be in place before a smart contract can be executed. This is what powers transactions in Exchanges and eliminates the need for middlemen while eliminating the risk of fraud
There are different categories of vulnerabilities that make smart Contracts Insecure and FirmoLang has been built to prevent such vulnerabilities from showing up
Derivatives
A derivative can be simply defined as a contract between two parties which derives its value or price from an underlying asset.The most common types of derivatives are futures, options, forwards and swaps. Source
When it comes to the business world derivatives are used to secure a price point over a period of time. This is Important for businesses that depend on a specific material which might experience a fluctuation in price
Derivatives are favoured by traders since if they are bullish on the price of an asset they can secure the current price point and benefit from the upward price movement
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So Why FIRMO ??
There are already a lot of Coins out there positioning themselves as Stable Coins but FIRMO offers a one of a kind Value. It can be Integrated into other Blockchains using the FirmoLang
FirmoLang borrows security features from airplane and train applications which are domain specific and formally verified. This makes it absolutely bullet proof and Impossible to compromise
Firmo is designed along the principles of Zero Coverage which means that as a user you will need little of no collateral, this is also known as using "permissioned infrastructure", which can be built using FirmoLang
The Firmo network will play a very Instrumental role is moving businesses to the Blockchain as it covers two core concerns Security and value preservation and the fact that it can be Integrated into other Platforms makes it a very flexible option
I believe that this will also help solve any issue of Centralization as it can be worked with across board. One of the core arguments against the use of Tether is due to the level of Centralization it possesses
FIrmoLang also solves one of the biggest issue the Blockchain is facing right now which is Blockchain Developers. FirmoLang provides Robust Templates that you can use to code your own contracts
This developments will be very beneficial to Investors as they will get more value over time for their Investments and this will also create a more Inbound traffic for Investment as it eliminates the Volatility factor
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I think FIRMO'S gonn succeed in this campaign of theirs because of their ability to check ahead of time the real problem facing crypto as a whole. The issue of security have really posed a problem to the crypto world so they are aiming to solve ethereum issues about solidity and as well generate smart(future) contract with much more security using their own language called FirmoLang. With the launch of this contract, a cryptocurrency infrastructure was also created. Another interesting fact about this project is the creation of smart derivatives and financial instruments, something that hardly exist on most blockchains. They can only achieve this if we the masses solemnly stand behind and support the movement. But i just have to say this here your article is much more comprehensive and understandable compared to the ones i have read @ogochukwu
Thanks for the vote of confidence @ceasar816
I try to deliver good content.
One great feature that Firmo has is the Template s offered by FirmoLang. It solves adoption issues to a great extent.
Thanks for reading.
@ogochukwu
A wise gangster once said:
I see a lot of developments coming into the cryptospace, a lot of new coins and stuff too, sometimes it's hard to understand the necessity that necessitated some of their emergence, but with what you've just marshalled out about FIRMO it's really clear the necessity of its establishment. There's a sizeable gap it seeks to cover.
I love what FIRMO is coming to do, of course, volatility is a remarkable problem in the blockchain space and it is stalling growth, but with this the hope for the future becomes even brighter, when the problem of volatility is considerably or completely solved and it becomes easier to play safer on the blockchain, the moon would only be the starting point of crypto.
@nevies
Your Friendly Neighborhood Gangster
You never fail to crush the Comment box @nevies.
Thanks for reading
This is so informative... Well written and detailed article. At last we are close in solving volatility issue in business transaction
Thanks for reading @emekacollins
Wow! This is obviously a well researched and coherent article. Your diction is on top of the world.
I am still working on my own article as I plan to participate in the contest (I just hope when I am done compiling, it won't be too late to submit)
By the way, lemme confess... I plan to "tap" part of this (in a way that cheetah won't catch me sha) this work is just too much. Nice one boss!!!
Lol @chiknows. Try and research about Firmo. It was fun for me. ☺
I learnt a lot. Thanks for reading
@ogochukwu
Submitted.
Thanks @unprovoked
How can I benefit from Firmo ?
Check the last post by @originalworks
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But talk of volatility, tether found it hard to bridge because if still fluctuates down to $.99 and up to $1.01 Anyway it is centralized that's y this little stability can be maintained.
Example here on steemit blockchain SBD is meant to solve this problem but it is decentralized and what happened..
So volatility is still a big problem that will take time to be solved in Cryptocurrencies transactions.
I can't wait for these to be actualised. We really need this for crypto doubters to wake up.
But I have to sit back watch the team solve these problems, and when done I will be a firmo flag bearer.
@ogochukwu, Your blog has always been an academic environment for learning..
Hope to be educated next I stop by.
@godswill
What a great and enlightened post, I have actually been looking for a way to introduce acceptance of steem and SBD in my data business but the volatility has been major constraints I don't want to be at lost and I don't want to cheat my customers so I stopped taking steem and SBD. I will be glad if there could be a solution to this