![]() The problem with centralized exchangesīlockchain and cryptocurrencies were supposed to provide a trustless decentralized means for peer-to-peer transactions. Ferrum Network seeks to solve all of these problems and more. Finally, unless the problems of scalability and volatility are addressed, cryptocurrencies may never be used as a medium of exchange. Moreover, the existing solutions, such as Ethereum based decentralized exchanges, do nothing to address the urgent problem of interoperability, or cross-chain transactions. However, the dynamism of innovation is often at odds with the real-world limitations of the adopting markets, such as those imposed by centralized exchanges. As long as bad actors are driven from the space, we view the pace of innovation and proliferation of utility tokens as a net positive. Additionally, the open sourced nature of blockchain and cryptocurrency technology is widely experimental with hundreds of different coins and distributed ledgers on the market. The price of Bitcoin has seen phenomenal growth, and attention of public and institutional investors have significantly increased the potential of using top cryptocurrencies as a long-term store of value. BackgroundĬryptocurrencies such as Bitcoin and Ethereum have recently got so much press that there is no need to introduce to the concepts of blockchain and cryptocurrencies. The ability to transact value from every single blockchain on a single decentralized network will prove extremely useful in solving these problems. Moreover, slow transaction speeds, volatility, and hefty fees are impeding cryptocurrencies from functioning as an everyday unit of exchange. In addition, thousands of legitimate tokens, each with their own unique use cases and value proposition, are effectively excluded from market because they are not listed on any exchange, greatly limiting their adoption and utility. However, a decentralized network permitting the fast and inexpensive exchange of assets across different blockchains, such as the direct peer-to-peer exchange of Bitcoin for Ether, has not yet been created. Currently, such digital currencies can only be exchanged in traditional centralized exchanges, through costly and slow atomic swaps, or in the case of ERC20 tokens, on decentralized ERC20 token exchanges. Bitcoin, Ether, Ripple, Iota and EOS are all examples of major digital currencies in the marketplace that exist across separate blockchains. By building a decentralized DAG-based network that can read across chains, Ferrum Network aims to solve the issues of scalability and interoperability that has precluded cryptocurrencies from being used as an everyday medium of exchange. Ferrum Network runs on its native PUR token, which as the gas of the network, can be used to quickly process transactions, import and export value, build dApps, and issue new tokens. At any point, users can easily and securely export their token back to their original network. Such proxies can then be transacted and exchanged in a fast, inexpensive and scalable manner over the Ferrum Network. Ferrum works as follows: other networks utilize plugs-in to access the Network, allowing users to securely import their digital assets into Ferrum, where a proxy token is generated. Built on a Directed Acyclic Graph (DAG) ledger, Ferrum Network can be used as a fast and inexpensive settlement layer for decentralized exchange platforms a mechanism for importing and exporting value from other networks a platform for issuing tokens a payment solution for the everyday use of cryptocurrencies and a protocol for tokenizing fiat currencies. Our vision is to launch a multipurpose platform that will bring about the day in which cryptocurrencies and fiat currencies are seamlessly interchanged in everyday transactions. Ferrum Network is a new decentralized exchange and transaction network designed to solve the problem of blockchain interoperability and scalability.
0 Comments
Leave a Reply. |