Ferrum Network - Bitmax AMA - Answers
1-Yeah so we can do a quick intro for those who dont know us. I am Ian, Co-Founder of Ferrum Network. Prior to joining Ferrum I was practing law in New York City at a global firm where I co-founded the blockchain practice team. Naiem and I connected in early 2018 and he had already achieved amazing things with the Ferrum test net. So we decided to join forces and a few months later won a competition to pitch on the main stage at Consensus 2018. From there we built and launched our first product Kudi Exchange, just completed the ICO yesterday, and now listing on BitMax on Monday!
2-However, we will have something call staking. This is where you lock a portion of your tokens and are rewarded with more tokens, similar to bit treasure, but will be done thru the UniFyre Wallet.
3-Then we also have something called social mining. This is where you earn FRM for your contributions to the ecosystem like tweeting, reddit posts, articles, videos, etc. Its basically an advanced, community driven bounty program but instead of the project deciding the value of your contribution, the community decides it.
4-Good question. So we have done a lot of innovative things with the token metrics. From the ultral low cap of $1.12mil, to consistent unlocks across all rounds to issuing 50% of the public sale tokens on binance. Why did we issue tokens on Binance Chain? Because our larger strategy is to list FRM on numerous top exchanges, of course starting with BitMax, but then Binance DEX for which you need to issue BEP-2 tokens.
5-We are extremely excited to not only for our primary exchange listing with BitMax, but our relationship is much deeper than that, including a lot of great marketing we will do together like the auction and bittreasure announced earlier today. But one really unique aspect is listing BTMX on our own multi currency non-custodial wallet, the UniFyre Wallet.
6-As the relationship continues, we will look at other unique benefits to BitMax and Ferrum users, such as data usage rewards you speak of, although the details of the BTMX in UniFyre are still being discussed between the parties.
7-So UniFyre is designed to solve some major problems in the crypto space. The first being one of security and private key management. It is a non-custodial wallet meaning you hold your private keys. But what if your phone is lost, stolne or you mismanage your keys? We have solved that problem thru encryption such that you can recover your crypto even if you lose your private keys. So it is a best of both worlds - basically the peace of mind of an exchange, but privacy of a non-custodial wallet.
8-UniFyre v0.1 will host a number of top assets including BTMX, BNB, BTC, ETH and a few other major cryptos. As we release subsequent versions there iwll be more assets and more features added. And once it migrates to Ferrum main net, incredible features will be unlocked like the ability to stake any token.
9-So we really took a different approach with our token to ensure utility and usage day 1 of main net launch. Many problems build fancy networks and hope others build on top. Usually it doesnt turn out that way. We took the opposite approach. Build products and acquire users first (like Kudi Exchange) then migrate those products and users onto the main net.
10-Since all TXs cost a small amount of FRM as gas, our African users alone will account for hundreds if not thousands of daily transactions.
The final thign I will say abotu the token is that every time it is spent, it is burned. So not only will it have utiltiy by virtue of our products running on the Ferrum Network, it will have a positive impact on the ecosystem and its stakeholders.
11-I havent looked closely into Xend yet but I will say this about the African market. It is huge. Nigeria alone has 200 million people, 7th highest BTC volumes in the world, and 1st in Google searches for "bitcoin". There are competitors, but we are really in a different space than many of them being a combination payments app + fiat gateway with the only US Dollar backed stable coin in Africa thru our parntership with Gemini.
12-Id love to show you a private demo of Kudi after the AMA. You can PM me if you want me to show you how easy it is to send moeny around the world, instantly, for 0 TX fees, and using your What's App number.
13-I was talking with the team earlier today about this....we may make another appearance at Malta Blockchain Summit in November. Would love to meet you there Johannes!
14-Why not have a wrapped ETH as gas of the Ferrum Network?
15-This is a really important question, not least because of our large and loyal Russian community. So the nice thing about a non-custodial wallet is it is not subject to the same kind of regulations as an exchange. This means we can launch UniFyre Wallet around the world without cause for concern. It will be coming to an app store near you in the near future
16-Our fiat gateways like Kudi are subject to strict regulations and licensure requirements. We were fortunate to have the connections in Nigeria to secure those licenses, and are doing the same to expand to Ghana. However, we are not stopping there. We view Europe as an excellent market for a similar product and are pursuing licenses to operate a fiat gateway in Europe as well.
17-Yes we will launch the Ferrum Network main net in Q1 2020 and with it, the native FRM token. No decision has been made what will happen with the ERC-20s and BEP-2 FRMs, I suspect we will keep them in circulation because there are many benefits to doing so.
18-The Infinity DEX, our high-speed cross-chain DEX with advanced features like AI driven trading assist, is a longer term product. First, it must run on the Ferrum Network main net. Second, building a DEX is a significant undertaking especially because it we believe it MUST be the best DEX on the market in terms of speeds, costs, and features. For these reasons, it will be released in the latter part of 2020.
19-And don't forget the SubZero wallet. I am personally very excited to start using it for my real assets.
20-BTW for those interested in seeing early product demos (now a bit outdated), please go our you tube site: youtube.ferrum.network
21-It really comes from our lean start up mentality and background in traditional tech, where large capital raises for seed stage companies are basically unheard of. We realized that with our low burn rate and high productivity (laucnehd a fiat gateway in Africa on less than 100k in seed funding) we did not need a large raise.
22-In this market it is actually better to have a lower raise and "bet on yourself" to perform well on the market, rather than introduce unceessary sell pressure. We also think it is a better propposition for purchasers. Bottom line, if you believe in yourself to succeed, you can have a lower raise. So that is what we did.
23-I think we should let the master @shanemolidor explain the inner workings of the auction beucase I myself am new to them
24-I have a basic idea of what they are pursuing with the smart city idea, but i am not very familiar with it. Like I said, the discussions only started recently. But the nice thing about Ferrum is that as an interoperability network, we can connect with almsot any other blockchain and host their assets in our network so users can exchange/transact them very fast for nominal network fees. Imagine having all the best crypto assets in the UniFyre Wallet and storable in Sub-Zero, and then exchangable on the DEX...and the ability to onramp with fiat in different regions of the world. This is the larger vision of Ferrum, a "one stop shop for crypto" so to speak.
Thank you This is a great opportuntiy for the many people who did not get into the ICO, so I encourage all to participate!
We believe decentralized peer to peer payment systems are inherently superior to centralized systems. Ferrum is striving to be a player in this market especially in developing countries where we think the market opportunities are bigger in terms of growth potetial. Please stay following us to find out where we are in a few months from now with that!
In addition : BitMax.io will list Ferrum Network (FRM) under the trading pairs of FRM/USDT and FRM/BTC. Deposit & Withdrawal to start at 10:00 p.m. EDT on August 3rd, 2019. Trading to start at 10:00 a.m. EDT on August 5th, 2019. Details: http://bit.ly/2YIbdHK
Official resources of the Ferrum Network project:
ANN THREAD: https://bitcointalk.org/index.php?topic=5134952