With the development of the blockchain industry, a sufficient number of decentralized applications based on various kinds of chains have appeared. Therefore, it became necessary to unite and interact with each other. At the moment there are some interesting solutions, but they all have their drawbacks. The leaders of the Ferrum Network project thoroughly investigated these solutions, found out why the flaws appeared and eliminated them. As a result, a proprietary solution appeared - a network for interfacing financial applications of the Ferrum Network.

The Ferrum Network was created to empower users around the world who are somehow related to cryptocurrency. The Ferrum Network also supports fiat media. There is also a private token that will act on the network.

The interaction between blockchain-chains

One of the main reasons for creating the Ferrum Network is the interaction between the main blockchain chains of existing products. The Ferrum Network itself is a new protocol with many advantages, designed to connect basic blockchain chains.

Speed and cost

Unlike other, similar networks, Ferrum Network provides peer-to-peer transactions with high speed and low commission for transfer (about 1 cent).

Financial independence

Ferrum Network is not only a network that provides a connection to blockchain chains. With the help of Ferrum Network, you can purchase, store, exchange, that is, make deals. For these purposes, the team introduced advanced technologies to the network.

Security

Ferrum Network provides the necessary security for transactions. This means that the network contains only real and trusted users who can interact with other products and conduct honest business using the network.

The basis of the work of Ferrum Network is a specially created network. Instead of creating a separate network with new coins, representatives of the Ferrum Network created an application that brings together existing networks. This means that interaction can occur both in one blockchain chain, for example, ERC-20, and in several, for example, the same ERC-20 and Bitcoin. Moreover, transactions have a minimum time and low commission.

The principle of the network Ferrum Network.jpg

Consider the principle of the network Ferrum Network will be the example of interaction with Bitcoin. When a bitcoin owner sends a coin to the Ferrum Network, a unique address is created. The key to this wallet is stored in the distributed nodes of the network, so none of the users can recognize it. When Bitcoin coins arrive at the address on the Ferrum Network, the network itself creates an equivalent in Bitcoins that can be used. The main coins remain locked in the wallet. When the “virtual” bitcoins in the Ferrum Network are destroyed (as a result of trades), the owner receives the equivalent of coins in the main Bitcoin network. But for this you need to make a request to unlock the coins in the Ferrum Network in the created wallet.

FRM Token is the main currency on the Ferrum Network. Other coins and tokens are assets whose blockchain chains interact on the Ferrum Network. It should be said that Ferrum Network has no miners, so the FRM token is equivalent to the assets in the network. FRM tokens can pay for transactions. When FRM tokens are consumed, they are burned. As a result, the value of this token increases.

Author : Beat putih

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