Ferrum Network is on the forefront of the age of Interoperability 2.0. Powered by the Quantum Portal, Ferrum Network’s mainnet nodes and related infrastructure bring value, data, and functional interoperability to each blockchain within the crypto industry.
With thousands of digital assets across many separate blockchains. Bitcoin, Ethereum, Ripple, IOTA and EOS are all samples of major digital currencies that exist across separate networks, each with a novel use case.
Ferrum Addresses The Cross Chain Dilema
The ecosystem benefits from a large type of networks, tokens, and projects planning to solve challenges posed by building an open and fair ecosystem.
However, a fundamental challenge remains – a way to enable communication, transaction, and exchange across many distinct networks.
The current solutions to the challenge of interoperability, like atomic swaps and decentralized ERC-20 networks are laudable, yet greatly limited in terms of speed, scalability, and functionality.
As of today, a decentralized network enabling fast, inexpensive, and functional exchange of a digital asset across any blockchain has been unsuccessfully implemented.
Powerful centralized exchanges are wielding outsized influence over the ecosystem, introducing third-party risk, and undermining Nakomoto’s original vision.
Many existing offerings of decentralized exchanges aren’t satisfactory because of a mix of limited token offerings, poor user experience, and slow transaction times. Giving a costly and frustrating experience for the user.
What is Ferrum?
Utilizing the Ferrum Network, anyone can build and deploy solutions on one network and instantly enable multi-chain functionality without the burden that comes with managing a multi-chain infrastructure for his or her dApps, and projects.
Ferrum specializes as a multi-chain Blockchain, a Service DeFi company, adding deflationary mechanisms, token utility, and advisory services to projects.
With the mission of breaking down barriers in mass adoption in mind, Ferrum empowers the industry by bringing startups and established networks closer together, while reducing the friction between those networks.
The platform had an ICO in 2018. Since then, they’ve received backing from these key organizations:
Pocket Network Foundation
FRM Utility Token
FRM the native token of the Ferrum Network and is required for users to interact with the network. It’s also used as the routing token for InfinitySwap and is deflationary in nature by way of Crucible.
FRMx Governance Token
FRMx is the native cryptocurrency token of the FerrumX Network and is the necessary gas token for users to interact with the Ferrum network.
FRMx is additionally deflationary in nature by way of Crucible and is also the Governance Token. It’s required to be part of the Governance Committee. The Governance Committee plays an integral role within the direction of Ferrum.
Infinity Layer Mainnet
The Infinity Layer mainnet enables multi-chain smart contracts.
Imagine having the ability to create a sensible contract on one network and deploy that very same contract on another network. Ferrum’s Infinity Layer connects all chains and unlocks unlimited possibilities for developers and projects alike.
Powered by the Quantum Portal engine and secured by Value Constrained Proof of Stake (PoS) and Multi-Chain Validator Staking (MPoS), Ferrum Network provides the most effective in-class security combined with next-generation interoperability.
The Quantum Portal core and its related smart contracts with programmable interfaces maintain the state of value and data across blockchains. This powerful technology enables the build once, deploy everywhere functionality throughout the network’s connected chains.
Value Constrained POS Rollup
Value Constrained Pos Rollup (VCPR) taps into the L1 security very similar to the ZK and Optimistic rollup, but it can support multiple L1s and isn’t limited to Ethereum. VCPR enables Ferrum’s blockchains to become the L2 for several chains.
Multi-Chain Validator Staking
Combining Quantum Portal and Value Constrained POS Rollups, Multi-Chain Staking allows Ferrum’s blockchains to tap into native security mechanisms of every chain where transactions occur.
Instead of counting on off-chain or secondary chain centralized staking. Staking happens on the chains where validation of transactions is required.
How Does Ferrum Network Work?
When you send cryptos to the Ferrum Network, for example from the Bitcoin network, Ferrum creates a unique Bitcoin address for you. This address is called the “lock address”.
No one in the world has ever seen the private key of the lock address. Private keys are created in distributed nodes within and around the Ferrum Network. When your crypto arrives at your locked address, the same amount of Bitcoin is generated in the Ferrum network.
You can then spend, exchange and use your Bitcoin in the Ferrum Network, while enjoying the high speed and low costs. Holders of Bitcoins in the Ferrum Network can destroy their proxy Bitcoins at any time and get an identical number of Bitcoins in the main Bitcoin network.
A user only needs to request that the network unlock the same amount of Bitcoins from the originally locked account and provide proof of destroyed Ferrum Bitcoins. In practice this is done with the click of a button in the Fe Wallet .
You can think of this process as taking money to the bank and receiving a traveler’s check that has the same value. The bank has a locked safe in which they keep your money when you receive this travel voucher.
Then, you spend the traveler’s check as if it were cash. With this simple system, making your crypto work is easier than ever.
Holders of such checks can go to the bank at any time and exchange them for cash. The main difference is that Ferrum does not keep users “cash” but rather it is distributed across the network in a secure and decentralized manner.
Who are the founders?
Ferrum Network was founded by a team of experts with a long professional history in engineering and blockchain technology.
Naiem Yeganeh is co-founder and CEO of Ferrum Network. He graduated from the University of Queensland and started a career in software engineering in 2013.
Yeganeh also founded Maad Afrooz Technology and has worked for major tech companies Microsoft and Amazon. His last position before founding Ferrum Network was that of core machine learning expert for Bloomberg LP.
Ian Friend is another co-founder of Ferrum Network and now serves as Chief Operating Officer.
Friend holds a degree in business law from New York Law School and has served as an associate attorney for several large firms, including Pantano & † Gupta and Wilson Elser. Since 2018, he has left his active duties as a lawyer and turned his full attention to the Ferrum Network.
Bringing it All Together
The Ferrum Network interoperability protocol connects blockchains, allowing DeFi to showcase its strengths.
Using interoperability prevents DeFi from suffering from overloaded blockchains. Through UniFrye Wallet and the Kudi app, the Ferrum Network hopes to make the DeFi network accessible to all investors.
The network has invested in various integrations and products to provide a robust protocol on a large scale. With so many ways to create workable system, it will find support with users and devs.
The Ferrum Network aims to become an all-in-one DeFi platform. With the further development of DeFi, we see more and more successful DEXs developing, both on the Ethereum blockchain and on the Binance Smart Chain blockchain such as PancakeSwap.
Ferrum Network competes with other major players in the DeFi ecosystem, and is a very interesting project. Please click here for lots more information about it!!
The post Ferrum Network: Making Cross Chain Simplicity a Reality appeared first on Blockonomi.