Blockchain Is Fast Evolving But Yet to Mature
Since Satoshi's introduction of the Bitcoin and its underlying blockchain, there has been a proliferation of the technology. Currently, there stands more than 2000 cryptocurrencies and hundreds of blockchains. The space is highly competitive and each infrastructure has its unique value proposition. No single blockchain is perfect or complete, especially as there are certain issues that are still immanent to the technology - low transaction throughput, scalability and performance, as well as lack of true interoperability among networks. With these issues still persistent, blockchain would have an insignificant adoption to power real-world applications.
The plethora of networks in existence lack awareness of one another, and so operate independently and in isolation. This is a major limitation and it is unacceptable for traditional systems that require communication with several other systems in other companies or locations to push through transactions. It is just like being unable to transfer fiat from your account to another account just because the recipient is not using the same bank as the sender. In a world where everyone and everywhere is interconnected via the internet, it would make no sense to still experience that sort of problem. Unfortunately, this is the current situation of most existing blockchains. Only few solutions such as Atomic Swap and Lightning network are available for cross-chain interactions, and even these are not effective and holistic enough in terms of performance and cost.
Introducing Ferrum Network
Ferrum Network aims to fill this gap by building one of the fastest highly scalable low-cost interoperability infrastructure to facilitate the exchange of value and information across different blockchains. The core technology that powers this functionality is the directed acyclic graph (DAG) architecture. Ferrum team believes this technology has better potential to solve the scalability and interoperability issues affecting existing networks. DAG deployment makes it possible for a user to import and export tokens from and to another blockchain without involving a third-party mediator. Imagine being able to exchange NEO for Bitcoin or even fiat on a single network (through a simple dApp) without having to send the tokens first to a centralized exchange. This is the ultimate goal of Ferrum Network.
By using this cutting-edge technology, Ferrum Network plans to solve the pains experienced in financial transactions and is therefore developing a suite of financial products powered by the network for real-world use cases, without counterparty risks. Kudi Exchange offers p2p gateway for fiat to crypto transactions for the African market (Nigeria specifically), UniFyre Wallet is a non-custodial wallet for cross-chain exchange of cryptocurrencies as well as for over-the-counter (OTC) trades, and other applications such as Infinity DEX. Developers can also build and run their decentralized applications (DApps) on the infrastructure.
Transactions on the network will be driven by Ferrum token (FRM). Access to the services of all the products built on Ferrum Network will be facilitated by the FRM token. The utility of the token is to serve as the gas for transaction fees and prevent hackers from spamming the system. Whenever FRM is spent on a transaction, it is burned. This also helps to limit the supply of the token.
Conclusion
Ferrum Network plans to deliberately connect all existing and upcoming blockchain protocols and the digital assets domiciled in them. And not only just that, it is poised to further extend beyond the scalability and low transaction throughput limitations as well as tackle the rising cost of transactions. As at the time of this writing, Ferrum Network has launched one of its products - Kudi Exchange, and it runs on the Ferrum Network. This proofs that Ferrum Network is more than a whitepaper, it is actually a promise fulfilled. A new era of blockchain experience has just begun.
To get more information about Ferrum Network, use these links:
Whitepaper: http://whitepaper.ferrum.network/
Website: https://ferrum.network/
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