Firmo- Financial Infrastructure For The Crypto Economy
Firmo is an exciting new project in the cryptocurrency space that is going to revolutionize the way the financial systems are currently operating. How is Firmo Going to accomplish this? Why should I get behind this new exciting project?? Well I am glad you asked.
What Is Firmo?
The Firmo network has given us what is known as Firmolang. Firmolang will among other things add security, transparency, and simplicity to a industry that is largely unregulated, which is the reason many of the biggest investors are reluctant to invest in this rapidly expanding industry. Statistically 45% of smart contracts deployed contain some type of errors or vunerabilites, which has led to hacks of some smart contracts many people thought were secure.
Firmolang is a domain specific coding language and simplifies the coding process reducing the number of necessary lines of code from around 90 to 12. It does this using sets of predefined templates to create smart derivatives or you can use Firmolang template to create your own. Making it possible for almost anyone to launch their own smart contracts on one of the mnay blockshains. This is also great because since blockchain technology is so new and innovative that as it stands now, good blockchain developers are hard to come by.
What Are Derivatives?
The thing that keeps most investors from migrating to blockchain technology is simply the volatility of the crypto market. There is no guarantees in such a new industry that nooone is sure what the markets are going to be doing from one day to the next. This is where derivatives come in to play.A derivative is a financial security which value has been determined by an asset or group of assets.
In this case it's a smart contract based on the price of the assets. Derivatives allow 2 parties to come to agreement on a price for future assets today, regardless of future volatility. We feel this is what the cryptocurrency space needs now more than ever in order to secure the high caliber investors that are needed for the industry to move forward into the next phase.
How Does The Firmo Protocol Work?
The Firmo protocol simplifies the process tremendously and only 3 key steps are needed to launching a smart contract onto the Ethereum blockchain.
Step 1 :
The first step is targeting user groups where user groups for the contract are identified and assigned.
You have the option of choosing either customizing your own code or choosing from the selection of standard lines of code. This step is key as it can simplify the process from writing around 90 lines of code to around 12.
Is the final step and completion of the contract and it is launched onto the Ethereum network. It's that easy and any tokenized projects on any blockchain will be compatible and ready for immediate implementation.
Is It More Secure?
Recent events have shown us that the code that is currently being used to write smart contracts in some cases contain many possible security flaws. Firmoland uses domain specific and formally verified applications giving it the same level of security seen in airplane and train applications.
The Firmo team is being spearheaded by CEO Dr. Omni Ross. Dr. Ross started Firmo purely out of his passion and belief in the future of blockchain technology and financial technology. He has worked in the Financial Technology sector for many years. He is dedicated to enhancing security, supporting the blockchain ecosystem, and most important in my eyes is supporting decentralization.
Aside fromr. Ross Firmo has a large team of highly professional, and dedicated individuals with like minded goals and a passion for blockchain and financial technology. From the core team right down to the academic advisors. Every name can be researched and there's definitely no blurred out faces on this team.