Crypto Pacitan : Ferrum Network

Ferrum Network is used as a decentralized exchange which supports nearly zero transaction fee

Ferrum network aims to build from group up a peer-to-peer network which supports interoperability among blockchains and improves scalability. Being a DAG-modeled blockchain, Ferrum Network is used as a decentralized exchange which supports nearly zero transaction fee, importing and exporting coins and tokens from external networks, interchanging tokens and payment solution 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 act as a decentralized exchange (applied for all cryptocurrencies such as Bitcoin, Ethereum, PUR and so on), a transaction layer for all cryptocurrencies and a platform for democratizing value- writing plug-ins to onboard their crypto onto Ferrum Network.

s 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 all types 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 a DEX now is built on top of Ethereum blockchain, the scalability of the whole network is restricted due to the characteristics of the blockchain layer. As a platform 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. Proxy token 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 into 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 value, they have developed several techniques to do this. Some of them involve smart contracts and some do not. However, they all ensure to security of a transaction.

Transactions

There are two types of transactions in the network. The first one is internal transaction which 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 can exchange several assets (a portfolio of assets) in just one transaction.

The second one is edge transaction, which must be proved by another transaction from external networks, and it can only be validated by nodes which install appropriate plugin. Furthermore, there are two components in the edge transaction which are the external claim- used to prove the validity of an address in the external network and future exchange- used to exchange Fe with its equivalent external value.

In Ferrum Network, there is no miner, instead every transaction will have PoW attached to it. The PoW is 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 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 to an address 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 set of transactions after creating a (p’) wallet in Ferrum Network (the first one is 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 A can claim and prove that the BTC sent from (p) to (p0) is his Fe(BTC).

In case, a market maker is needed.

Futures: A future is a 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 which are edge future and proof of burn future. Questions can be raised: what is edge future and what is proof of burn future? As mentioned above, edge transaction is the transaction which is generated between two addresses, one is an external network, one is Ferrum Network. So edge future will be the edge 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 value from X presenting proof by pointing to external transaction.

Team and Advisors

Until now, there is still little information about Ferrum Team, probably their stealth mode works. However, during the conversation with one member of the team, here is some information that I can tell. The team is the inclusion of PhDs with significant experience in one of the most important USA tech company. One of the founders is a seasoned lawyer who takes the responsibility for the legal and compliance issues of the project- which is now 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 they choose is to focus on technology and legal issues, before taking any promotion campaigns to attract the attention of investors. However, taking into account that they have run no promotion campaign before and the Telegram channel now reaches nearly 7000 members is quite impressive. We will do more observation and do the rating right before the information needed is ready.

In conclusion, Ferrum Network is created with a quite ambitious idea incentivizing the fiat and cryptocurrency transferred in this market with a strong team who are still in their stealth mode. The information is limited now to draw a conclusion about the project. But for all the information which has been gathered, this can be a promising project that needs paying attention to in these recent days.

Rating from Icogens: