Welcome to the Ferrum ($FRM) Q&A with The Gem Hunters Ft. Ian Friend | COO Ferrum
We would like to thank the Ferrum team for coming to The Gem Hunters and kindly sharing information on the project with our community. Before commencing our pre-set questions which will be followed by public engagement we would like to share some basic information on the project to give people a better idea before the Q&A begins.
Ferrum network is a low cap Defi project empowering individuals with world class financial products that will run on Ferrum’s DAG-based interoperability network. Ferrums interoperability network can connect to nearly any blockchain and works natively with fiat currencies. Its similar to the lightning network, but for every blockchain.
Ferrum already has a live app called first kudi in Africa which has thousands of users and hundreds of merchants, as well as early FRM utility through its token bridge, smart staking and social mining. Ferrum has just launched the revolutionary unifyre app wallet with in-app staking, “link drops” and decentralized private key backup. We expect that once Ferrum and unifyre get the right exposure and investors see its true potential and how hard they have been working to produce these revolutionary apps then it will only be a matter of time before the price of $FRM starts to become relative to all the above products being released and truly begins to explode.
Q1. It seems most people don't really understand the true capabilities of the unifyre wallet and are mistaking it for 'just another wallet' Could you elaborate on the importance of the unifyre wallet for the Ferrum ecosystem and speak about the functions it currently offers for their users. We’re especially interested in:
A) The link drop function and what problems this solves in the crypto space
B) The simplified sending and receiving process for people that aren't in crypto yet or aren't Technologie affine.
C) The multi-layered security which unifyre offers
Thanks for the question Adam. So with Unifyre, we really believe there has been no non custodial wallet on the market that appeals to a wide base of users, new and experienced. The vision for the wallet, which we are on way to achieving after a successful beta launch, is to break down the barrier to entry, and make crypto easy, accessible and useful for everyone.
Link Drops is a huge part of that. For the first time ever you can send crypto to anyone, over any medium, using a a link. For exaple, I was literally EMAILING crypto to people earlier today. Just think about that. People have beeen Tweeting crypto links. Sending money over telegram (which btw was the main selling point of the Telegram blockchain which raised over 1 billion in an ICO). Bottom line is its a massive breakthrough for our industry and a featurethat is just now starting to catch on across the cryptosphere.
With Link Drops, and frankly all of our products, we designed them with the end user in mind. Now you dont need to have someones wallet address in advance of sending them money. Which means not only is sending money far easier, it means we can expand the space to millions of new people who dont already have a wallet. The send/receive function is also far more secure the old way of sending crypto because both sides need to confrim the transaction before it is sent onchain...how many people have been scared they sent crypo to the wrong person. or god forbid actually have done that?? Im guessing many of us. Well no more. Now you can send crypto to someone and have the peace of mind that you sent it to the right person. Again, breaking down barriers to entry.
And finally the multi layer security is a key component of bringing new people into the space. For the first time ever, you can secure your keys with a few clicks of a button using our Google Drive + UniFyre private key security method. Of course we offer traditional seed phrase method as well, but we're also simplifying it for the millions of people who are otherwise intimidated by the whole seed phrase process, which is definitely strange from an outsiders perspective.
Q2. First Kudi is litrally transforming lives in africa with technology designed and built by ferrum, can you give us more details on the progress of First Kudi and what actual impact its having on the lives of the people in africa who are currently utilizing
Yes so many people dont know that we launched an entirely separate product in Nigeria last May - a fiat gateway and payments app called First Kudi. It too is an extremely innovative product that allows you to send NGN to anyone over What's App or SMS and is in fact one of the lowest cost and fastest ways to invest in crypto in all of West Africa, thanks to our partnerships with multiple banks in that region. We even have a debit card connected to the app that allows you to spend crypto (including FRM, after an in-app conversion) anywhere debit cards are accepted in Nigeria. The app presently has a few thousand early adopters and we are close to expanding the product into Ghana, adding a host of exciting features, as well as big big announcement which i cant wait to share with everyone. So its definitely having an early impact and only going to continue as we grow it.
Also, almost forgot to mention, First Kudi was featured on BBC World news, check the video below.
Q3. One of the developments we’re very excited about that is coming in the near future is the p2p exchange. Please explain how the p2p exchange is going to look and function (which chains, purpose etc) and when we can expect it.
Yes I am extremely excited for this platform that is being built into UniFyre. It has the potential to bring crypto back to its peer to peer roots and take power away from these greedy centralized exchanges. So right now think about the process to buy an alt coin. You need to sign up for a centralized fiat gateway. connect your bank. deposit funds. buy btc/eth. send btc/ eth to altcoin exchange. buy alt. send alt back to wallet. and im probably missing a few steps! But think about this process. Its a massive barrier to adoption because it is so damn complicated, tedious and expensive
But its all we have right now because there is no way to buy alts directly for fiat (aside from a handful of them listed on coinbase). But what if there were a way to buy alt coins directly from trusted sellers, using your local fiat currency, over a secure platform. And what if those transactions did not involve escrow, ( like local bitcoins) but was trustless based on an ethereum smart contract that secures each transaction? That is what we are building with the p2p trading platform. You will be able directly buy alt coins listed on UniFyre from other users. Peer to peer. And each transcation is secured by a smart contract to ensrue both sides complete the transaction before the fiat/crypto are exchanged.
So aside from making it so much easier and less expensive to buy alts, the little fees involved in this transaction, some of them will be shared with the seller. So average people can actually make money using this platform. The smart contract is built. We are just building out the platform itself. It sort of like a decentralized ebay for crypto. connecting buyers and sellers and ensuring the legitimacy of the transactions. I really think this feature has the potential to change crypto forever.
Q4. The mainnet is a very exciting and important milestone for all projects. When can we expect the Ferrum mainnet and are there things we can look forward to, that get added / changed along with the launch of the mainnet
Yes the main net is especially important for the Ferrum ecosystem not only because its a huge innovation, but also because it will unlock a ton of massive features our product line. The Ferrum main net is an interoperability protocol running on a DAG. So basically what the means is that you will be able to exchange/transaction any digitial asset (btc, eth, bnb, xrp, etc etc) over one high speed low cost network. How will this look for the end user? Everything will be done thru UniFyre Wallet (and also our Infinity DEX). Youll be able to move assets into the Ferrum Network with a swipe bar. Then once its wihtin the network, you can send that crypto to anyone else using our Link Drop technology (or traditional address method) in milliseconds for 1c in network feees, paid in FRM.
But unlike a lot of projects that force everyone to convert to main net, we dont do that. If you want to keep running your TXs over Etherereum or bitcoin network (and paying super high fees), you are welcome to do that. We just give users the option to use our network if they choose. Another unique aspect is our Proof of Burn mechanism. Since there are no miners in a DAG, a portion of the FRM spent to run the TX will be burned. Another portion will be distributed to those running a Ferrum Network node. So the system is deflationary and will result in further FRM scarcity.
Q5. Could you please explain what the benefits are for holding and using the $FRM token?
Yes so FRM utility is key, even prior to main net, which is why we have imbued the FRM token into nearly everything we have built. Presently there are 5 main utilities.
1. The token bridge (tokenbridge.ferrum.network) for swapping erc-20 FRM and BEP-2 FRM requires some FRM as gas.
2. First Kudi FRM is used as a rewards token and we have tied it to the use of the debit card. Its also available for direct buy/sell with NGN.
3. FRM Flexible Staking Mechanism where users can lock FRM in a smart contract and earn high rewards, essentially like a decentralized savings account with high yields (ferrum.network/staking).
4. The Ferrum War Room which is a marketing tool where people can earn FRM for creating content as long as they hold a minimum 25,000 FRM (warroom.ferrum.network).
5. UniFyre Wallet where users who hold 100k+ FRM get Listing Drops of all listed projects (we just sent out $33 in LINK and VRA to around 90 FRM holders earlier today)
Q6. You already have Chainlink and Verasity on board as exclusive release partners for the Unifyre Wallet which both have vibrant communities.
Are you currently in talks with more projects regarding a listing to the unifyre wallet and if so, what time frame can we accept the next listing?
Absolultey. We already have a few listings in the pipeline and will announce the next listing next week. It's a well known project with a strong team, real products and good liquidity (already listed on binance). We are talking to many other teams who are now interested in Link Drop technology for their own token. We will also be opening up the next community vote soon. Probably next week as well. Our goal is to have around 1 listing per week. And of course all listing fees go directly to FRM holders.
Q7. Something not many People speak about and probably oversee is your so called Sub Zero cold wallet solution. Could you please tell us how it functions and if it can be compared to a regular cold storage like a Ledger or Trezor?
Yes correct. In fact the LINK link drops came out of our own pocket. Least we can do for our amazing community members who have stuck with us thru thick and thin. So another product in our pipeline is Sub Zero Wallet which is a cold storage application that you install on an old android phone and then remove the SIM card taking it completely offline. Why do we do it this way? For one, trezors and ledgers are way too difficult to use. We need an app based cold storage system that is easy for anyone to use. THumbdrives just cant do that in our opinion.
But perhaps more important, those other cold storage products are expensive and inaccesible to millions of people, incdluing those in emerging markets where crypto is needed the most. But anyone can buy an old android phone for $10 and turn it into an ultra secure cold storage device that is actually more secure than Ledger/Trezor, because it has an additional layer of android encrpytion
An Early demo of Sub Zero
Q8. It's always a cheeky question but you know we have to ask for our investors 😊 ... Are there plans to expand the list of exchanges where FRM is listed on and if so could you give an rough estimate when that could happen?
Yeah so we definitely plan to list on bigger exchanges. But as a small cap with a small budget we need to leverage our strengths rather than just pay a big exchange $100k+ to list. This is one reason we focus so much on fostering community and getting real users on a product that solves real problems. Because when UniFyre has 100,000 users and is listing a bunch of top projects, thats when exchanges will be coming to us to list, whether thru community vote or just because we bring a ton of traders with us. And while its definitely a process to do it this way, its worth it in the end because its sustainable. Our aim is to list on larger exchange by end of this year. But again its up to all of us to help make it happen. The team, the users and the community.