Hello everyone, this new post I want to introduce about a very interesting and good project that is Ferrum Network, and for more details, let's just go to the following discussion:
One question we often get is — why does your GitHub have no content? Relatedly, we are often asked whether our code base is open source. These are legitimate questions, and we wanted to address them head on in this article.
In conjunction with this article, we are releasing the code review performed by the third-party code reviewer, In Code We Trust. Before we get going, we want to give Jerry and his team a BIG shout out for helping us out, and for offering great advice on how we can improve.
About Ferrum Network
Ferrum is a decentralized interoperability network that allows to manage, trade and exchange any digital asset without storing user assets. Built on a cyclic graph network (DAG), Ferrum is faster, less expensive and more scalable than traditional block chains. Not limited to ERC-20 token; Users can send almost any digital asset to Ferrum to create a proxy token that can be traded and exchanged equally with Ferrum Wallet or Ferrum's user-friendly DEX. And soon, fiat currency can be exchanged online.Ferrum Network is the first high-speed interactive network built for real-world financial applications. Network Ferrum's DAG-based protocol layer can connect to any blockchain and allow peer-to-peer transactions of any digital asset in milliseconds with almost zero network costs.
UniFyre wallet allows users to trade any digital risk-free partner asset and provides revolutionary capabilities such as risk-free OTC transactions, instant market transactions and features Safe to avoid accidental loss. All online transactions require a number of nominal tokens to be spent and burned.
The Context
First, some context is important. It’s helpful to remember that Ferrum Network is a fin tech start-up in fund raising mode and development mode. We are not trying to pretend otherwise. The reality is we currently have limited resources to compete with the big players in crypto. Moreover, we have one primary source of value: our technology.
It is also important to recognize that we have not simply built another ERC-20 network. Ferrum Network is a unique network built from the ground up with a specific use case in mind — fast, inexpensive decentralized transactions of any digital asset. And while we have come a long way in terms of building the network, we are not quite ready to release the Ferrum Network codebases as open source, but will do so when we are ready.
We believe the most important thing we can do right now is build great products on top of the network and acquire loyal users. This is why we have been laser focused on building world-class decentralized financial products — specifically a cross-chain decentralized wallet, cross-chain DEX, Sub Zero Wallet app for mobile cold storage, and the Kudi Exchange, Nigeria’s first crypto-to-fiat exchange powered by Ferrum Network — and then acquiring users for those products.
That being said, transparency remains one of our core values. So until our products are launched and the network is ready, we will be doing numerous code reviews from third-party providers and releasing those reviews publicly to show our community that the technology is legitimate. However, it is critical to emphasize that Ferrum Network will still be open source — anyone will be able to build on top of Ferrum Network after main net launch. But for the time being, we hope the community will be satisfied with these code reviews and our product demos.
Problems
P2P exchange is a naturally developed theory, aimed at eliminating the limits of how to buy and sell regular Bitcoin.
Nearly during Bitcoin's existence, online transactions have acted as gateways to the pre-algorithmic world. But with the fact that there are very few online and real-life stores that accept electronic money as a payment method, they have created the need to build an interface so that users can make interactions between the economy. International real world and Bitcoin network.
Online trading platforms such as Bitstamp, China BTC, Kraken, ... have met these needs by becoming a popular place to buy Bitcoin and other electronic currencies in cash and vice versa.
The drawback here is that unlike Bitcoin, these exchanges are managed by companies. This means that their employees have the right to monitor and manage all transactions between users, playing the role of referee in resolving disputes and charging all of the above activities to collect money. .
Seeing the disadvantages produced by the above activities, some members of the ferrum.network community have been working on creating a new solution - the first high-speed interactive network for financial applications in The real world, characterized by Cross-Chain Interoperability - a next-generation protocol designed to connect to every blockchain.
The Key Findings Of The Code Review
Now onto the review, the full version of which can be found here. For the non-technically minded amongst us, we want to break down the key findings of the review. Notably, the report found that:
- Based on the review of source code text files and installation/runtime test of the executable code our conclusion is that the project is in an early working alpha stage;
- The code reflects a high development skill level;
- We have not encountered any issues in executing the Ferrum node, and the run-time behavior is stable (exceeding expectations at this point in development);
- The installation package available has provided a smooth experience; and
- The development has clearly focused on providing a functional working system.
Other notable aspects include reference to the improvements we have made to the IOTA consensus mechanism. Namely, with respect to the Ferrum Network node, they found that “IOTA consensus with ETH compatible signing, hash and addresses. Addresses can be re-used without compromising keys (as opposed to IOTA)”. We understand that Ferrum’s relation to IOTA is an area of concern for many in the community, and we will fully address those questions in a subsequent article, but we thought it was worthwhile to point out here.
Another notable aspect is the report’s reference to our fiat gateway that utilizes the Ripple API, and “is built to connect Ferrum node with the external world via the API Gateway.” We believe that the implementation of XRP as means to enable a fiat gateway is a significant value proposition for us, and felt it was important to highlight here.
What We Learned And Improvements Going Forward
Not only did the team at In Code We Trust do a thorough assessment of the tech, but they were also kind enough to make high-level recommendations for how we can improve. We appreciate these recommendations and take them seriously.
Among many important recommendations, they recommended that the “development milestones need to align with the whitepaper and include a proper 3rd party test.” We could not agree more. Security is paramount to Ferrum Network. For this reason, we want to iterate that will not go live with our main net until security issues have been identified by third parties and satisfactorily resolved. We look forward to working with the team at In Code We Trust and other reputable companies as we address those security needs going forward.
TECHNOLOGY
Innovative technology built for high-speed peer-to-peer transactions of any digital asset is the backbone of Ferrum Network and its products.
The DAG ledger
A decentralized ledger similar to a blockchain but designed for fast transactions, minimal network fees and no miners
Interoperability Network
Innovating on cross-chain solutions, Ferrum can interoperate with any blockchain/network
Decentralized Proxy Tokens
Decentralized proxy tokens with stability guarantees enable the exchange/transaction of any digital asset, including digital fiat
High Frequency Trading
Native support to move assets off-chain and perform high frequency trades and transactions for nominal costs
The FRM Token
Gas of the network, FRM tokens are spent and burned for every transaction on the network
Import/Export Value
Ferrum is designed to import/export values, including fiat currencies
Token Information
ROADMAP
Q1 2018: Testnet Prototype Developed
Q2 2018: Finalist at Consensus 2018 Pitch Competition
Q3 2018: UniFyre Wallet beta release w/OTC trading support
Q4 2018: MVP complete w/BTC, XRP and ERC-20 support
Q1 2019: Kudi Exchange release
Q2 2019: Kudi Business features release
Q3 2019
- Public test-net launch
- Public sale
- UniFyre Wallet release.
Q4 2019: Interoperability network main-net launch
Q2 2020: Sub-Zero Walletrelease
Q3 2020: Infinity DEXw/advanced features release
Q3 2020: Expand fiat gateways into new markets
Q4 2020: Payments platform and more
Conclusion
We hope you found this article and the code review helpful. If anyone has any questions, you can find us on our Telegram channel. Please stay tuned for more code reviews and other important information to be released soon, including a huge announcement regarding our Nigerian fiat gateway, the Kudi Exchange! Thank you again for your support of Ferrum Network. Until next time.
For details information about Ferrum Network, it is important to check their various links and channels indicated below:
Website: http://ferrum.network/
Whitepaper: http://whitepaper.ferrum.network/
Telegram: http://t.me/ferrum_network
ANN Thread: https://bitcointalk.org/index.php?topic=5134952
Twitter: https://twitter.com/FerrumNetwork
Medium: https://medium.com/ferrumnetwork
Author: samuraijin
Profile Bitcointalk Link: https://bitcointalk.org/index.php?action=profile;u=905398
ETH Address: 0x3f9bb3679f1B71F22d823992078244C87EF4D455
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