Early Days for BlockChain
Decentralised, distributed, smart contract and cryptocurrency driven, BlockChain technology has taken the world by storm over the last year or so and as projects spring up in every corner of the business environment, enterprise and financial institutions are (finally) beginning to get to grips with what this revolutionary technology can do for them. It's a very young sector and some would say cryptocurrencies are still in an experimental phase, even with a market cap of close to $450bn at today's writing. Many large institutions are yet to be fully convinced of the technology's security and the volatility is just far too exciting for them. They have far too much to lose with 3D (daily double digit) price movements. They just can't rely on Blockchain to exchange value (quite yet).
Although most of the large investment banks, tech giants and governments around the world are researching how they could use blockchain to improve their own business models and solve some of the world's most pressing problems, others are taking it upon themselves to develop solutions which address the core principles and requirements of global trade. The Crypto sector lacks a proper financial infrastructure and the timely development of it is vital to the sector's long term survival. It's also an issue which needs to be tackled quickly if Blockchain is to deliver on it's promise of cost efficient, secure and largely automated transactions (for everything.) If there was a way to securely iron out the huge price volatility, big business would inevitably follow suit. Why wouldn't it ?
Derivatives 1/7th of The Global Economy
Derivatives are a example of how stability in the global economy can be achieved using foresight and it's a fundamental part of the globalised economy. Manufacturers of everything from washing machines to ice cream require stable prices in the raw materials they use, in order to produce and supply their goods and products at reasonably fixed prices for consumers, so derivatives markets allow manufacturers to buy resources at a fixed price ahead of schedule in advance of their requirement. This also allows the producers of raw materials to cost efficiently gear up and down production based on what's on the order book for the months ahead, whether it be stainless steel, plastic pellets or good old milk powder, which as you may or may not know, "dates back to the 13th century when the Italian explorer Marco Polo found out that the Mongolians dried skimmed milk under the sun." source Derivatives help iron out price fluctuations or spikes in the commodities markets, which benefits everyone. The metaphor of buying now for a rainy day is an apt one. Traders love derivatives. They can bet on today's price going up or down in the future, based on their own assessment of market conditions.
Smart but Flawed
Smart Contacts are smart for a reason. Originally labelled as Autonomous Agents they are custom code which can execute a contract without anyone overseeing it. Powerful in combination, they were also envisaged to create whole Decentralised Applications or (DApps) which are autonomous programs or even facilitate a DAO, a completely decentralised autonomous organisation. Mind boggling in it's imaginative scope it could one day lead to auto-governance. In simpler form, Smart Contracts are very useful as a method of exchange of payment for a service or transfer of goods upon certain criteria being fulfilled. A major part of the attraction of second generation Blockchain technology like Ethereum. Their promise is error free and trustless automation of a whole new machine economy where computer systems administrate the details of our lives and business, without the slow and error prone interference of human hands. They could in effect bring derivatives functions to the highly speculative and thus volatile crypto markets. If only someone would write them.
Blockchain in it's current form cannot be relied upon to manage the world's business for pork bellies or frozen orange juice. It's far too volatile and vulnerable to interference and when you're talking about orders worth billions of dollars, the risks to global manufacturers outweigh the obvious and tangible benefits. Currently almost half of smart contracts (45%) written in Solidity are vulnerable to hacks, errors and redundancies. If it is truly to become a BlockChain Revolution worthy of historical precedence, core infrastructure needs to be built and it needs to be watertight. Cryptographic technology promises unprecedented levels of security but if the protocols are weak and the language not fit for purpose, you may as well publish the private keys on bitcoin forum. Secure derivatives options in the cryptosphere is a no brainer and I think one that will set the sector on fire in 2019. Firmo are not just onto something, they might have cracked the holy grail of cryptocurrency and it's a project I'll be keeping an eye on.
SkyNet / Matrix ?
Some people think that the development of the machine economy will be the Genesis event of SkyNet; the iconic and unyielding machine foe from the science fiction Terminator Series whose sole mission is to wipe out humanity's resistance to it's machine omnipotence. It actually couldn't be further from the truth. Smart Contracts will in time become the invisible workforce, freeing up humanity from hundreds of years of thankless administrative tasks. However the Blockchain community has some serious work to do before it can free up everyone's time. Security is paramount and the traditional (heavily centralised systems which they seek to automate) are armed to the teeth with layers of expensive security. Nothing is foolproof but global trading and payment settling systems can't just migrate onto an Ethereum Blockchain when a large percentage of smart contracts are highly vulnerable and subject to repeated attack by hackers. Centralised systems have one advantage. They can afford the best minds to come up with increasingly secure layers of security so that our world keeps turning. Until Now.
Killer App
Killer Apps are defined as features of a (new technology) which are virtually indispensable or much superior to rival products. Such killer apps are like top predators in a food web. They out compete second tier solutions and take over the market rapidly as their improved benefits immediately produce impressive results, whether it's the printing press, the i-phone or the newest Blockchain innovation. Firmo have come up with a killer app for Blockchain and have identified a way to solve one of the major stumbling blocks Blockchain has in terms of mass adoption; Trust.
FirmoLang
Firmo have developed a first, FirmoLang; a secure programming language for developers to write smart contracts with. A one line description to change the game. There it is, BlockChain Revolution before your very eyes.
FirmoLang has been developed with easy API integration as a key (smart) component. It is envisaged that exchanges and p2p credit networks will be able to take full advantage of FirmoLang's secure and verified codebase. It's high end backroom technology, (often the unsung heroes of all great technological innovation). In the crypto space, FirmoLang will probably become one of those oft used terms that non tech people know and have heard about, realise it's importance to the ecosystem but not all fully understand what it actually does ! That's ok. Those with a need to know, certainly will.
BlockChain v3.0
Networks like Ethereum and other new generation 3.0 chains; (GoChain which will operate at 1,000's of transactions per second) can open up global trade in a way not imagined even 5 years ago, when accessible and secure infrastructure is firmly in place. We mentioned Derivatives? For Crypto ? Ok, The game just changed, right there. It all comes down to security and volatility. Firmo is fully certified to the same level as the technology which operates essential systems like rail, flights and satellites. It's as safe and secure as it can be. Can it change the perception, functionality and outlook for cryptocurrencies? Definitely on all three counts.
How Does Firmo Work ?
FirmoLang is a fully secure language for writing Smart Contracts. Firmo are in talks with Neo, Cardano and Qtum and are currently working with Ethereum, the leading smart contract enabled platform, but Firmolang can also be compiled to any Blockchain and that's really important because there are new smart contract enabled blockchains entering the space as we speak. Future proofed, FirmoLang will dovetail neatly into the success of whichever new gen3.0 Blockchains also become successful. (No names mentioned but I've recently been working with a new platform and they've built a blockchain from the ground up capable of 100,000 transactions per second). It's specifically aimed at the high bandwidth needs of TELCO to begin with but will be utilised for many high transaction sectors over the next few years. Firmolang will no doubt become an essential tool for producing the stability which enterprise desires. FirmoLang can be used by anyone with a just a touch of technical prowess. It has it's own templates for writing financial contracts and even has it's own simple syntax which means you can write your own. That's part of the killer in the app.
The Future's Smart
There's a converging manufacturing revolution on the horizon. It will be a collaborative process and break down the traditional competitive and wasteful models we have today. Streamlined and super efficient with a factor less shipping involved, things will be made to order in small batches when and where required. The manufacturing revolution will be one part blockchain with super secure smart contracts, programmed by FirmoLang no doubt and one part local hub 3D printing facilities with just a dash of inspiration by enterprising entrepreneurs. In the not too distant future (when Blockchain can handle fully verified design code and seamlessly deliver shared intellectual property royalties) we'll all enjoy the benefits of one click manufacturing. You click, they make it, blockchain records it's progress, smart contracts settle up and probably a drone will fly it to your front door, office, beach condo / (delete as appropriate).
The Team Behind Firmo
The core team behind Firmo is led by CEO & founder Dr Omni Ross, Ariel Laub and Gury Tarub. Together with an impressive development team and a comprehensive marketing / community department, they are a heavyweight and seriously intellectual group. No college kids working out of a garage ! They possess not one but four Professors on their Advisory Board and have developed partnerships with Global players in the crypto & financial infrastructure including Bancor & Deloitte, who specifically possess enough weight to open the door for mass crypto adoption.
Roadmap
From TGE in June 2018 to their sidechain launch in Aug 2019 their Roadmap is detailed like a space mission with Demo, Main-net Launch, expanding compiler release and open source release scheduled in a tight timeframe. A well detailed Roadmap leads to an enjoyable and adventurous journey. In this case a potentially profitable one too.
Token details
- ICO date = 14.09.18 - 19.09.18
- Ticker = FRM
- Type = ERC20
- ICO Pricer = 1 FRM @ 0.158 USD
- Accepted Currency = ETH
To Find out More
this article is not an endorsement of Firmo. I recommend all potential investors to conduct their own research and due diligence before making any investment, read the whitepaper and not solely rely on the advice of others. Remember investments can go up as well as down.
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