Ferrum: the world’s first peer-to-peer network with built in support to read across all blockchains.
Ferrum Network is a new decentralized exchange and transaction network designed to solve the problems of blockchain interoperability and scalability. Our vision is to launch a multipurpose platform that will bring the day in which cryptocurrencies and fiat currencies are seamlessly interchanged in everyday transactions.
Built on a Directed Acyclic Graph (DAG) ledger, Ferrum Network can be used as a fast and inexpensive settlement layer for:
The problem with centralized exchanges
The problems with centralized exchanges have been well documented. First and foremost is the issue of trust. Users entrust their private keys to centralized entities, such that if the exchange is hacked or goes down, users' funds are at risk. Second, as for-profit entities, centralized exchanges often charge high transactions fees to their users. Third, centralized exchanges effectively act as walled gardens, greatly limiting the number of projects who wish to list their digital asset on the exchange, and exacting exorbitant costs for the right to list a digital asset.
The problem with existing decentralized exchanges
2018 has often been hailed as the "year of the DEX". And while many decentralized exchanges have begun operating in 2018, none have credibly solved the fundamental problem of interoperability. For instance, most of the existing solutions run on top of the Ethereum network, meaning they use smart contracts and payment channels to facilitate exchange, however they are limited in that they only support ERC20 tokens. The inability to quickly engage in cross-chain transactions is a massive impediment to the widespread use of decentralized exchanges and to the transaction of cryptocurrencies for everyday use.
The problem with ERC-20 tokens
There are particular issues with the ERC-20 standard that must be solved if cryptocurrencies are to be adopted for everyday use. First, Ethereum's current transaction rate too slow. Second, the ERC-20 standard is susceptible to bugs and user mistakes. Such bugs have led to hundreds of thousands of dollars in monetary losses. Third, ERC-20 Tokens are not first-class citizens of the Ethereum network. Instead, they are generated using a specific type of smart contract that manages massive hash-maps that maps every address to its balance. This is one of the primary reasons that the transactions on ERC-20 tokens are not scalable.
Issues with Scalability and Volatility Preclude the Use of Bitcoin as a Medium of Exchange
Bitcoin is a good store of value, but not a good currency. For something to achieve status as a currency, it must be a store of value, unit of account, and medium of exchange. Bitcoin and a few other major cryptocurrencies have established themselves as a good store of value and unit of account. This is great for the world of cryptocurrencies but is insufficient for cryptocurrency to become mainstream. For cryptocurrencies to be used as an everyday medium of exchange, they must solve the issues of scalability and fees.
The price volatility of Bitcoin dissuades most from transacting with it. Until the problems of scalability and volatility are solved, Bitcoin will never be more than a store of value. We believe these issues constitute nothing less than an existential threat to the entire cryptocurrency ecosystem, and the need to address them cannot be overstated.
At its core, Ferrum Network is a decentralized exchange and transaction network. By utilizing existing and novel technologies, Ferrum Network allows users to represent other digital assets in cryptographically secure ways. Ferrum can then be used as a medium of exchange for other digital assets.
Its is proposes that a protocol called Ferrum and its implemented cryptocurrency proxy called Fe. The value of every Fe is pegged to another cryptocurrency, and it can be imported or exported in relation to the underlying cryptocurrencies it represents. For example, users can convert their Bitcoins to a Fe equivalent, and execute countless fast transactions on the Ferrum Network with minimal costs, thereby avoiding the slow transaction speeds and high fees experienced in the Bitcoin network. Users can then convert their Fe back to any other originating cryptocurrency supported by the Ferrum Network.
It is proposed that an implementation of Ferrum based on a directed acyclic graph (DAG) ledger, as graph-based decentralized systems have some inherent benefits over traditional blockchain systems, such as near costless transactions and improved scalability. We utilize new concepts such Proof of Burn, External Proof, Futures, Decentralized Cops and Adversaries to enable this cross-chain exchange. Ferrum Network runs on its native token, the Ferrum PUR token. As a utility token, the PUR token can be used to increase the speed of transactions, import and export value to and from the Network, build dApps, and issue new tokens.
Ferrum is a decentralized exchange that allows for exchange of crypto accross blockchains without counterparty risk.
Transaction Layer for All
Ferrum is a cheap and fast transaction layer for cryptos that are not presently scalable and are expensive to transact.
Developers of almost any kind can write plug-ins to onboard their crypto onto the Ferrum ecosystem.
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