Ferrum Network PriceFRM

What is Ferrum Network (FRM)?

Ferrum Network (FRM) is a decentralized interoperability network designed to enable the management, transaction, and exchange of digital assets across multiple blockchains without taking custody of user funds. Built on a directed-acyclic graph (DAG) architecture, the project positions itself as faster, less costly, and more scalable than traditional blockchains. Its core infrastructure is powered by a multichain messaging engine called Quantum Portal, which aims to bring value, data, and functional interoperability to every chain in the industry. The network is blockchain agnostic, meaning it can support assets from any network rather than being limited to ERC-20 tokens. Ferrum Network launched in 2018 and was listed on CoinMarketCap on August 8, 2019. The FRM token serves as the utility token and gas of the network, while FRMx functions as the governance token. The token's supply is defined by its total supply of 597,085,527 FRM. The project has released products including the Kudi Exchange fiat gateway, UniFyre Wallet, the Ferrum Network Token Bridge, and Social Mining, with Infinity DEX and Sub-Zero Wallet referenced as remaining products to be released.

Key Specifications & Tokenomics

• Name: Ferrum Network
• Ticker/Symbol: FRM
• Consensus: Directed-acyclic graph (DAG) architecture
• Smart Contracts: ERC-20 on Ethereum; also deployed on Polygon
• Contract Address (Ethereum): 0xe5caef4af8780e59df925470b050fb23c43ca68c
• Contract Address (Polygon): 0xd99bafe5031cc8b345cb2e8c80135991f12d7130
• Category: DeFi, Interoperability, Governance
• Founded: 2018
• Maximum Supply: Not published by the issuer; the token's supply is defined by its total supply of 597,085,527 FRM.
• Total Supply: 597,085,527 FRM
• Circulating Supply: 287,009,851 FRM
• Token Roles: FRM (utility token and gas), FRMx (governance token)
• Official Website: https://ferrum.network/
• Whitepaper / Technical Documentation: https://docs.ferrumnetwork.io/ferrum-network-ecosystem/
• Security: FRM is an ERC-20 token on Ethereum; users should verify the contract address 0xe5caef4af8780e59df925470b050fb23c43ca68c on Etherscan before interacting.

Who created Ferrum Network?

Ferrum Network was founded in 2018 by Naiem Yeganeh and Ian Friend. Naiem Yeganeh serves as Co-Founder and CEO. He graduated from the University of Queensland, began his software engineering career in 2013, founded Maad Afrooz Technology, and worked for Microsoft and Amazon. His last position before founding Ferrum Network was as a core machine learning expert for Bloomberg LP. Ian Friend serves as Co-Founder and COO, and is also referenced as Co-Founder, COO and General Counsel. He holds a degree in business law from the New York Law School and previously worked as an associate attorney for firms including Pantano & Gupta and Wilson Elser. He also serves as a strategic advisor for Poolz and Project Inverse. Since 2018, he left his active duties as an attorney to focus on Ferrum Network. Taha Abbasi is referenced as CTO of Ferrum Labs and creator of Ferrum Network. The Ferrum Network team is described as comprised of passionate blockchain experts with over 50 years of collective experience in the crypto space. Ferrum Network is a Malta-based company registered in Ta' Xbiex, with a team of 11–50 employees.

How does Ferrum Network work?

Ferrum Network operates on a directed-acyclic graph (DAG) network, which provides inherent advantages over traditional blockchains in terms of speed, cost, and scalability. The network functions as a decentralized interoperability protocol that enables the management, transaction, and exchange of any digital asset without taking custody of user assets. When users deposit digital assets into Ferrum, the network generates a proxy token of identical value. This proxy token can be transacted peer-to-peer using the Ferrum Wallet or exchanged over the decentralized exchange. Users can then securely withdraw their tokens back to their original blockchains. The network is powered by Quantum Portal, a multichain messaging engine that brings value, data, and functional interoperability to every chain. Ferrum Network runs on its native Ferrum Token (FRM), which serves as the gas of the network. Nominal amounts of FRM are spent and burned to execute transactions, import and export value to and from the network, and to prevent malicious actors from spamming the network. Users can exchange proxy tokens over Ferrum's decentralized exchange. Additionally, Ferrum Network is building fiat gateways, starting with West Africa's Kudi Exchange, for fast and inexpensive exchange of fiat currencies and cryptocurrencies.

What makes Ferrum Network unique and valuable?

Ferrum Network distinguishes itself through its Pioneering Interoperability 2.0 vision, which aims to create a new era of interconnected blockchains. The project's use of a directed-acyclic graph (DAG) architecture gives it inherent advantages in speed, cost, and scalability compared to traditional blockchains. Its blockchain-agnostic design means it can support assets from any network, not just ERC-20 tokens, making it more versatile than many competing solutions. The network's ability to enable management, transaction, and exchange of any digital asset without taking custody of user assets addresses a fundamental challenge in the crypto ecosystem. Ferrum Network is described as a high-speed interoperability network for real-world financial applications and an ultra low-cap DeFi project bringing world-class financial applications to emerging markets. It is also positioned as a project incubator of many successful projects in the crypto space. The project aims to empower millions of people around the world with advanced financial applications that run on a DAG-based interoperability network, which can connect to nearly any blockchain and works natively with fiat currencies. It has been described as like the Lightning Network, but for every blockchain.

What is Ferrum Network used for?

FRM is the utility token of the Ferrum Network and serves as the gas of the network. Every transaction on the Ferrum Network requires a small amount of FRM to be spent and burned as gas, making FRM essential for the functioning of the underlying blockchain. The token is used to execute transactions, import and export value to and from the network, and to prevent malicious actors from spamming the network. FRM is also used to pay token bridge fees for instant swaps between ERC-20 FRM and BEP-2 FRM, as described in Ferrum's 2019 product announcements. FRM also serves as the routing token in MultiSwap and is used to reduce fees on Ferrum's decentralized exchange. The platform uses two cryptocurrencies: FRM, a utility token, and FRMx, a governance token. FRMx holders participate in the governance of the platform. Additionally, FRM is used within the Social Mining program, where users must hold a minimum of 5000 FRM to qualify for rewards. The Ferrum Network ecosystem includes various products where FRM facilitates transactions, including the Ferrum Wallet, Ferrum DEX, UniFyre Wallet, and the Ferrum Network Token Bridge. Burning FRM is a major component of the ecosystem, with tokens permanently removed from circulation through various network activities.

How Is the Ferrum Network ecosystem developing?

The Ferrum Network ecosystem has expanded through multiple product launches and integrations. Kudi Exchange, Ferrum's African fiat gateway and payments app, launched in June 2019 and grew daily. It began an aggressive marketing campaign, hosting many events in Nigeria, signing up nearly 50 merchants for the point-of-sale system, and adding nearly one thousand users. A Kudi rebrand was planned, including the addition of Ethereum and lower fees, plus the launch of the Kudi Card, which can turn digital currency into cash and can be used anywhere debit cards are accepted. UniFyre Wallet is a non-custodial wallet designed for OTC transactions and staking of cryptocurrencies. Non-custodial design removes counterparty custody risk but does not eliminate price volatility or smart-contract risk. The wallet has plans to launch in numerous languages starting with a Chinese version. Infinity DEX and Sub-Zero Wallet are referenced as remaining products to be released. The Ferrum Network Token Bridge enables instant swaps of ERC-20 FRM and BEP-2 FRM with fees paid in FRM. Social Mining is a next-generation community-driven marketing tool that rewards community members who add value to Ferrum Network through articles, videos, and other high-value social media content. As of September 2019, about 2,300 users had signed up, with nearly 500 users holding at least 5000 FRM. Ferrum also moved up the timeline to introduce staking and planned to release a web-based staking application. Ferrum's interoperability work is centered on its Quantum Portal multichain messaging engine.

How to mine Ferrum Network?

Ferrum Network is built on a directed-acyclic graph (DAG) architecture rather than a proof-of-work chain; FRM is used as network gas and is spent and burned to execute transactions. FRM tokens are earned through staking and participation in network activities. Ferrum moved up the timeline to introduce staking and planned to release a web-based staking application. FRM holders can stake their tokens to support the network and earn rewards. Additionally, the Social Mining program rewards community members who add value to Ferrum Network in the form of articles, videos, and other high-value social media content. To qualify for Social Mining rewards, users must hold a minimum of 5000 FRM. The network's gas mechanism involves spending and burning nominal amounts of FRM to execute transactions, which contributes to the token's deflationary mechanics. Users can also participate in the ecosystem by providing liquidity to the Ferrum DEX or utilizing the Ferrum Network Token Bridge. The project's staking and community rewards mechanisms are designed to incentivize long-term holding and active participation in the ecosystem.

How to keep your Ferrum Network Coin safe?

Keeping your FRM tokens safe requires following established security practices for cryptocurrency storage. Since FRM is an ERC-20 token on Ethereum, it can be stored in any wallet that supports ERC-20 tokens. Hardware wallets provide the highest level of security by keeping private keys offline and away from potential online threats. For active trading and interaction with DeFi applications, software wallets and browser extension wallets offer convenience, but users should ensure they download wallets only from official sources and verify contract addresses before interacting with any platform. The Ferrum Network contract address on Ethereum is 0xe5caef4af8780e59df925470b050fb23c43ca68c. Users should always double-check this address when adding FRM to their wallets or interacting with the token. Never share your private keys or seed phrases with anyone, and be cautious of phishing attempts that may impersonate official Ferrum Network channels. When using decentralized exchanges or token bridges, verify the platform's authenticity and ensure you are interacting with the correct smart contracts. For long-term storage, consider using a hardware wallet and keeping your seed phrase in a secure, offline location. Regularly update your wallet software and be aware of common scams targeting cryptocurrency holders.