$ 0.054 -0.74%
Ferrum Network (FRM) Rank 4503
Ferrum is a DAG-based interoperability network that connects to any blockchain and works natively with fiat currencies. It’s like the Lightning Network but for every blockchain. The advanced financial products that run on the network - like our West African fiat gateway (Kudi Exchange) and non-custodial cross-chain OTC wallet (UniFyre Wallet) - aim to empower millions of people around the world. Our network and products are powered by the FRM token, which is spent and burned with every transaction. And coming in later 2020, a high-speed cross chain DEX and mobile cold store application.
| Mkt.Cap | $ 0.00000000 | Volume 24H | 6.47 MFRM |
| Market share | 0% | Total Supply | 0.00000000FRM |
| Proof type | N/A | Open | $ 0.05 |
| Low | $ 0.05 | High | $ 0.06 |
Ferrum Network Introduction
Please do your own research on all of your investments carefully. Scores are based on common sense Formulas that we personally use to analyse crypto coins & tokens. Past performance is not necessarily indicative of future results. The team have addressed the issues surrounding network value by announcing that they will maintain a reserve worth $880,000 with these tokens remaining locked for a year. Furthermore, both economic and technical staking will be made available across the network, and will work in conjunction with economic burning, or the repurchasing and burning of tokens.
This locality serves as a great test market for Ferrum Network as according to Ferrum’s sources, the crypto-demand in Nigeria is the highest in the African continent. TrackICO does not encourage investing in any ICOs published on the platform. Make sure to do your own thorough research before putting money into Initial Coin Offerings.
The project is designed to address these issues through their DAG-based network, FIAT-CRYPTO exchange, and Unifyre non-custodial wallet. Simply put, this allows for fast transactions within the Ferrum Network infrastructure with minimal costs, whilst avoiding congested networks and large transaction fees. Ferrum propose a system whereby users can convert native tokens like Bitcoin, Ether and others to a proxy token ‘Fe’. Kudi Exchange allows users to purchase digital assets with FIAT, or even send FIAT currency peer-to-peer without a financial institution intermediary, and at no cost.
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Ferrum Network is a fast interoperability network with a vertically integrated suite of financial products, such as Kudi exchange (Coinbase+Venmo of Africa), Secure SubZero and Unifyre wallets and other products designed to facilitate everyday use of cryptocurrencies. Crucially, all of the products and services that run on top of Ferrum Network require a small amount of FRM to be spent and burnt each time a transaction occurs.
The future of cryptocurrencies we were promised
This is a major plus, and the Kudi Exchange is already live with over 400 pilot users, and the team have announced plans to roll out Kudi Business which allows merchants to use the mobile app as a point of sale and payroll system. Furthermore, a partnership with Gemini which allows the provision of a US Dollar stablecoin in the form of GUSD, and a link up with Flutterwave, one of the region’s leading payments processors add to the validity of the project and hint at the possibility of future success.
The smaller nature of the project means that Ferrum will have to operate as a “lean start-up” and work sensibly to achieve results and get ahead of its centralized and decentralized competition. As ever, much will depend on the team’s ability to launch their mainnet and generate a user base for their Kudi Exchange. Ferrum is one to watch, and interested parties should keep an eye on any announcements the team make with regards to their hard cap, and staking/burning features. In addition, in order to prevent network spamming, every Ferrum transaction needs to present a proof of work.
FRM Exchanges
On August 5th, FRM listed on BitMax.io as its primary exchange. The first Ferrum Network product is the African fiat gateway and payments app Kudi Exchange, launched in June 2019 and growing daily. Each transaction on the Ferrum Network requires a small amount of FRM be spent and burned as gas. To demonstrate Ferrum Network’s commitment to burning, Ferrum is proud to announce its first burning event with its partner BitMax.io.
As a decentralised P2P financial network, Ferrum is taking on a number of entities that are currently in operation. The cryptocurrency market already has established projects such as Stellar and OmiseGO that are aiming to revolutionize the area of international payments, while projects such as Wanchain, IOTA, Nano, and Coti may also be viewed as competitors. The Kudi Exchange,a Nigerian based fiat gateway and mobile wallet which allows users to purchase digital assets directly with fiat, and make peer-to-peer digital money transfers over the network. , a non-custodial wallet for risk-free OTC transactions and staking of any cryptocurrency. As a global project, Ferrum will be launching UniFyre in numerous languages, starting with a Chinese version.
Adversaries looking to attack the network by operating a large number of nodes trying to replay transactions towards nefarious goals will face double trouble. A micro-cap project that develops a fiat-to-crypto exchange and mobile wallet tailored for Western African markets, built on top of a novel blockchain interoperability network that uses a DAG-based system to transact cryptocurrencies and fiat at high speed and low cost.
For example when sending Bitcoin to Ferrum, a unique Bitcoin “lock address” is created, and when BTC arrives in the locked address, the same amount of Fe(BTC) is generated in the Ferrum Network, which can be spent, exchanged, or transferred across the network. The proxy Bitcoin or Fe(BTC) can be destroyed at any time and results in the holder receiving an identical amount of BTC on the main Bitcoin network. The roadmap gives a general overview of the project and outlines various stages of development starting from Q1 2018.
All content on TrackICO is meant to be used for information purposes only, and should not be taken as financial or investment advice. Ferrum Network has secured their soft cap, and they are offering the final public sale on the 1st of August, raising $300,000. We are 100% sure that Ferrum Network will achieve their hard cap of $1,120,000, and there will be plenty of unmet demand.
- Investors in the project will only be allocated 23% of all tokens which is on the low side, albeit understandable due to the potential low hard cap amount.
- After the raise Ferrum plans to hire more developers, which will increase the burn rate, but it will still be very low by leveraging the skills and experience of the core team and making smart hiring decisions.
- The Ferrum Team successfully created 4 application on their platform.
Cryptocurrency and Remittance: The Case of Mexico
I was commissioned by the Ferrum Network team to highlight the opportunities created by their project. Ferrum Network is an ambitious project brought forward by a small team of enthusiasts who put forward innovative tech and a concrete localized business plan for Western Africa. They have already raised their target soft cap and therefore have sufficient runway to execute on their immediate roadmap. The network currently has a working MVP with Bitcoin, Ripple, and ERC20 support and the Kudi Exchange is already live with a working fiat gateway. The Public sale is scheduled for early Q3 2019, with the mainnet launching in early 2020.
Ferrum Network is an ultra low-cap DeFI project bringing world-class financial applications to emerging markets. Ferrum aims to empower millions of people around the world with advanced financial applications that run on a DAG-based interoperability network, which can connect to nearly any blockchain and works natively with fiat currencies.
The proxy tokens are pegged to the value of the original token. Through this process, users can know that their proxy tokens in the network are backed by the original token’s external value. As of May 2019, the exchange has publicly launched; a great milestone for the team. Further, the co-founder Ian Friend makes a note that 10 businesses have been signed up for ‘Kudi Business’ which is something we would like to learn more about and follow into the future. Enterprise adoption is an exciting area for these types of recurring service-based products.
They are advised and invested in by Token Research Group and TLG Ventures, who provide blockchain markets expertise and open important doors in the Western African markets. The project has partnered with Fusion for distributed private key storage, with Rivetz for mobile-device enhanced security and recovery features, with Gemini for access to the GUSD stable coin and the African payments processor Flutterwave. This is thanks to a novel mechanism that allows for creating virtual replicas of cryptocurrencies on a very fast DAG-based ledger. This way, transactions using Bitcoin, Ethereum, Ripple, IOTA, EOS and any other crypto, together with the USD-pegged stable coin GUSD, can be settled in any available pair in a matter of milliseconds, at costs of around 1 cent. Ferrum Network tries to tackle all of the above by building an interoperability network for all blockchains, where multiple assets can be transacted at high speed and low cost.
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Investors in the project will only be allocated 23% of all tokens which is on the low side, albeit understandable due to the potential low hard cap amount. The team have been allocated 20% of the available tokens, with 35% of the supply going towards business development, and marketing, as well as 17% going towards maintaining a healthy reserve and ecosystem. A further 5% of the supply has been awarded to staking rewards which further highlights that the main focus is on developing and maintaining the network ecosystem.
Emeka Enu and Germaine Ifudu, the founders of TLG Ventures are also advisors, as is Etiënne VantKruys who is a Director of the Token Research Group and has experience of advising projects such as GoChain and Phantasma. In addition, the expertise of Hamed Ahmadi who has a PhD in Mathematics and Computer Science and is the co-founder and CEO of medical tech company Medsien can be called upon, while Jing Chen, who is a senior software engineer at Google, completes the team of advisors. The FRM Token will be used as a utility mechanism to facilitate transactions and reward users who devote computational power to the network.
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More information is expected to be released over the next few weeks. The team also highlight that they plan to expand the capabilities of the Kudi mobile app, and branch out into facilitating business transactions.
Ferrum’s African fiat gateway began an aggressive marketing campaign, hosting many events in Nigeria, signing up nearly 50 merchants for the point-of-sale system, and adding nearly one thousand users. Therefore, when fully scaled, tens of thousands of FRM will be burned daily through the African users alone. Ultimately hundreds of thousands of tokens will be regularly burned once the remaining products like Infinity DEX and Sub-Zero Wallet are released.
A low burn rate means the team can develop the products and network for years with only the amount raised in the utility token offering, even with deducting the costs for an initial exchange listing and general operational costs . Ferrum also utilizes distributed nodes in its use of flag bearers, and in the Ferrum network they function as similar nodes. However, they not trusted to validate transactions, but they are expected to submit “zero” value transactions that converge the graph, while also being expected to choose a consistent convergence path for the graph. In return they can submit 0 value transactions without fees or proof of work. Put simply, flag bearers are nodes that are trusted only enough that they will not spam the network, in the event that their performance level becomes substandard, the community will stop following the flag bearer.
The cryptocurrency community became very sensitive to companies who raised millions but were not able to deliver. Now new blockchain startups are becoming more conservative with how much money they need to raise, and one company, in particular, caught my eye and it will be the highlight of this community speaks article. The Ferrum Network raised 1 million dollars, and they already have four products coming soon.
