Ferrum network aims to build from a group of peer-to-peer networks that support interoperability among blockchains and improve scalability. Being a DAG-modeled blockchain, Ferrum Network is used as a decentralized exchange that supports nearly zero transaction fees, importing and exporting coins and tokens from external networks, interchanging stores and payment solutions for daily lives, et cetera.
General Information
Ticker: PUR
Hardcap / Softcap: TBA
Website: https://www.ferrumnet.org/
Telegram: https://t.me/ferrum_network
Announcement channel: https://t.me/ferrum_network_announcements
Light Paper: https://github.com/ferrumnet/litepaper
Yellow Paper: https://github.com/ferrumnet/yellowpaper (more specific)
To be short, the Ferrum Network acted as a decentralized exchange (applied to all Bitcoin, Ethereum, PUR and so on), a transaction layer for cryptocurrencies and a platform for democratizing value-writing plug-ins to onboard their crypto onto Ferrum Network.
As a decentralized exchange, Ferrum Network solves two popular problems of current DEX (decentralized exchanges) which are limited crypto supports (most are ERC-20 tokens) and scalability. First of all, it supports the exchange of coins and tokens including BTC, ETH, ERC-20 tokens or NEP-5 ones. One of Ferrum Network breakthroughs is its allowance of issuing cryptocurrencies backed by external networks, and ideally fiat currencies. Secondly, as it is now built on the top of Ethere blockchain, the scalability of the blockchain layer is the characteristics of the whole network. As a platform for the built-in DAG-modeled blockchain, Ferrum Network will allow fast and inexpensive transactions.
The Fe
Ferrum Network has its own native token which is PUR (which stands for PURE FERRUM) and other proxy tokens. As mentioned, Fe is used as the "gas" in the network, similar to Ethereum gas fee in the Ethereum blockchain. Token proxy means the token which is imported into the network and has the same value as the original one. Here is an example. If 1 BTC is added to Ferrum Network, it will be exchanged to 1 Fe (BTC) - with the same value and using the external exchange protocol. The similar happens to fiat currencies. If USD or EUR are sent to the network, we will have Fe (USD) and Fe (EUR) in the network.
In short, Fe tokens, such as Fe (BTC), Fe (ETH) are created by locking original values, they have developed several techniques to do this. Some of them involve smart contracts and some do not. However, they all ensure security of a transaction.
Transactions
There are two types of transactions in the network. The first one is the internal transaction that can be seen by all nodes in the network. This type of transaction can be executed much simpler than the cross-chain ones. Besides one-asset-to-another exchange, users of Ferrum Network, there are several assets (portfolio of assets) in just one transaction.
The second one is transaction, which must be proved by other networks, and can only be validated by nodes which install the appropriate plugin. Furthermore, there are many external transactions that can be used to prove the validity of the address in the external network and future exchange used for the exchange with its equivalent external value.
In Ferrum Network, there is no miner, instead every transaction will have PoW attached to it. The PoW is a lightweight and a consumer laptop may take a few minutes to solve it. This ensures that users cannot spam the network. Ferrum allows the PoW to be replaced by spending the small amount of Fe.
One can submit a transaction that does not transfer any value such as sending data to the network. Those transactions can be submitted with PoW instead of fees.
Proof of Burn: It is considered a way of generating a Fe (x) token in the Ferrum network. It is described as "Sending value addresses such that the funds become provably not spendable afterwards." For example, if A wants to claim his Fe (BTC) for example, he should make a (p ') wallet in Ferrum Network (the first one to send a transaction from the original address a_X_p to a_X_p) ', then a_X_p' to a_X_p0- is the wallet address in which cryptocurrencies are unspendable). Then you can claim and prove that the BTC is from (p) to (p0) is Fe (BTC).
In case, a market maker is needed.
Futures: A future transaction which is executed in the future time. It also can be delayed and reserved before the agreed time comes. There are two future protocols that are edge future and proof of burn futures. Questions can be raised: what is the future and what is proof of burn future? As mentioned above, edge transaction is a transaction that is generated between addresses, one external network, one is Ferrum Network. So edge future will be the edge of the transaction which will be processed in the future time. For proof of burn future, it does not need a specific future time. It includes 2 transactions, one is to claim Fe (X) in the form of claiming value into the wallet address in Ferrum network, one is to claim the value of X presenting proof by pointing to external transactions.
Team and Advisors
Until now, there is still little information about Ferrum Team, probably their stealth mode works. However, one member of the team during the conversation, here is some information that I can tell. The team is the inclusion of PhDs with a significant experience in one of the most important USA tech companies. One of the founders is a lawyer who takes responsibility for the legal and compliance issues that are believed among the most crucial factors. For the developer team, they are all competent and talented engineers in this field.
(We will keep you updated when we have sufficient information)
Token Metrics
(We will keep you updated when we have sufficient information)
Community
For Ferrum, due to its current stealth mode, we have just got little information about the project in its social media, such as Telegram and Twitter. Until now, they are not very active. Maybe the direction and how to choose the right way to deal with issues, before taking any promotion campaigns to attract the attention of investors. However, the Telegram channel now has run no promotion campaign before it reaches nearly 7000 members is quite impressive. We will do more observation and do the right before rating the information needed is ready.
In conclusion, Ferrum Network is created with a very ambitious idea of incentivizing the fiat and cryptocurrency transferred in this market with a strong team who are still in their stealth mode. The information is limited to drawing a conclusion about the project. But for all the information that has been gathered, this can be a promising project that needs attention to these recent days.
Rating from Icogens:
Follow for the updates about the Ferrum Network and other ICO projects.
Website: https://ferrum.network/
Whitepaper: http://whitepaper.ferrum.network/
Facebook: http://facebook.ferrum.network/
Telegram: https://twitter.com/FerrumNetwork
Twitter: https://twitter.com/FerrumNetwork
Creat BY
Author :moxx.ndok
Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=2572354
ETH :0x12F17750f92152B0dD6dB58E284232308a8D40b8
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