Announcing: The Feirm Merger
Introduction
Watching countless projects implode under the pressure of this multi-year cryptocurrency winter has certainly challenged a lot of communities leaving most wondering who is next on the chopping block. This has revealed a lot of problems with so-called “decentralized cryptocurrencies”, both in their leadership structures and in weak or non-existent utility.
For this reason, we are a collective of altcoin developers and leaders that are joining together to build what we believe will be a far more resilient, active, and healthy cryptocurrency — one that is governed by the blockchain, is far more actively developed, and has a variety of products being built around and on top of it, giving it far more utility and demand. By consolidating our leadership and resources, we will have the tools we need for more effective and efficient growth.
Feirm 2.0
Feirm is building a decentralized economy of applications backed by blockchain technology. With this concept trustless applications can be designed to operate on the Feirm blockchain. The idea of a trustless economy of applications came around in November 2017, and we identified three major issues with the process of eCommerce and online platforms in general — limited payment methods, high fees, and unnecessary identification disclosure.
We are calling this merger “Feirm 2.0” — an expansion of the existing Feirm blockchain and concept, with the communities of the other cryptocurrencies in the collective having their balances swapped for Feirm coins. But additionally, the projects being developed under each separate coin will now be combined under Feirm, making it a far more vibrant and versatile blockchain ecosystem.
Current Feirm Blockchain Specifications
Codebase: PivX Derivative
Type: PoS/MN
Ticker: XFE
Blocktime: 120 seconds
Block Reward: 30 XFE
Reward Split: 85% to MN, 10% to stakers, 5% to governance
MN Collateral: 30,000 XFE
These specs take effect on block 524,067 (Thursday 17.30–18.00 GMT)
Planned Codebase Change
In order to implement several of our projects, a codebase change will be necessary in Q1 2020. The specifications are still being developed, but it will focus on these key items:
- Scalability and speed
- Privacy, most likely in the form of Mimblewimble + CoinJoin
- Service Nodes — the next generation of masternodes, that perform needed services
- Superblock Service Node governance
The Swap
In order to represent each, the circulating supplies need to be normalized down to reflect the size of Feirm and also the current market situation of each coin.
COIN — CIR. SUPPLY — RATIO
Feirm — 7.5 million — 1:1
Force Network — 170 million — 15:1
Grim Coin — 106 million — 14:1
Mastercoin — 20 million — 3:1
Seedcoin — 23 million — 3:1
New Total Circulating Supply: 41.7 million
These are all rounded numbers, not the exact numbers that will be used in the swap.
The swap ratio will adjust daily based on the circulating supplies of each coin. The communities will have several months to swap — basically from now until the release of the new codebase in March 2020. At this point all abandoned coins will not be swapped once we adopt the new codebase, therefore reducing the supply. The swap will be undertaken through an online swap platform, which will be announced soon.
Two Swaps?
Technically yes. It will be the first swap to the current Feirm codebase (let’s call it Swap A).
Swap A
Swap A will start in the next few days and will continue until February 29th, with the swap ratios adjusting daily based on each coin’s growth of circulating supplies. Swap A is in order to give people the ability to trade the coin on an exchange immediately and to be able to build up the XFE network by running their masternodes.
Swap B
Then there will be another swap (we’ll call it Swap B). Once we’ve completed the new non-PivX codebase, it will be open for the entire month of March.
If you don’t mind not being able to trade or stake for a few months, you can instead opt to send your coins to the swap platform before February 29th and “claim” your coins for the new codebase, and the platform will send the coins once the new blockchain is launched in March 2020.
Coins from the five blockchains will no longer be accepted after February 29th, and those old blockchains will no longer be maintained by the teams. Swap B will only be converting coins from XFE to the brand new codebase.
Exchanges
XFE will be listed on two exchanges — Birake and TradeSatoshi. TradeSatoshi will be swapping only Grimcoin to XFE. We will inform you of the date of this swap as soon as we know.
Projects
Here is an overview of the current roadmapped projects that will now be under the Feirm blockchain umbrella and benefit from our upcoming technology:
The Force Network
A suite of decentralized internet protocols that makes up “The Force Network”. This network will be anonymous, scalable, flexible, and will allow users to access data and services in a private and censorship-resistant manner. The underlying utility coin, Feirm (XFE), serves multiple purposes which range from an incentivization mechanism for service delivery and quality thereof, to a tool for agreement over simultaneous network consensus and serves as a secure means of transferring encryption keys between participating nodes. The Force Network will empower people around the world to access information and secure networks even under the most oppressive regimes, allowing information to exist free from removal and unauthorized manipulation. Read the whitepaper here.
Feirm Marketplace
The Feirm Marketplace is built from the ground-up with a vision in mind to eventually provide a trustless marketplace where users can transact their goods for cryptocurrencies. We will stand out from others as users who transact with the native XFE coin do not pay any market fees compared to others who may pay with another currency and incur fees
When the user creates an account on the Feirm Marketplace, their private keys for cryptocurrency addresses are stored client-side on the user’s system. We would strongly encourage new users to backup their private keys and marketplace data as we have no central control over your data.
“GRIM House Of Horrors” Shop
Grimcoin is in the process of establishing relationships with horror-themed stores and restaurants as their means of tokenizing their sales. This effort would translate to a storefront in the Feirm Marketplace called the “Grim House of Horrors”, and would serve as a blueprint for future businesses and sellers eyeing the platform for their own shops. The Grim HoH would become our B2B marketing front, allowing potential sellers to better understand how to integrate into the platform and what they can expect.
Crypto Fundraising Platform
There is a glaring need for a well designed fundraising platform that serves the specific needs of the cryptocurrency community. There currently is no crypto equivalent to “GoFundMe”, a simple and popular platform for raising money for individuals and organizations alike. But also, fundraising is a much more efficient way for cryptocurrencies to prove their strength in the real world, rather than waiting for the commercial market to adopt them as payment solutions. Businesses will always wait for consumer demand, rarely is it the other way around.
To that end, “Empowered.Fund” is a fundraising platform that accepts only cryptocurrencies. PoS coins will stake and masternodes will be created once enough coins are donated, growing the funds raised by an additional 20% on average, depending on which coins are contributed. This platform can be used for charity, individuals in need, coin dev teams — the possibilities are endless.
“Masterpool” Masternode Hosting Platform
Simple masternode hosting for various cryptocurrency projects that can be deployed in a matter of a few clicks. Costs payable in XFE, BTC, LTC, DOGE, or any other coin that pays a fee.
Charity Grocery Store & Urban Garden
Establishment of a CSA-style grocery store, and urban garden for production of items for the retail store. Items in the store will be sold for USD and XFE at a set rate that is independent of the market price, effectively pegging the coin price to food. The retail store will also host cryptocurrency classes for the local community, and impoverished community members can apply to receive a monthly allotment of XFE providing needed financial assistance without alienating them from the financial system.
Crypto Mobile Game
BitMemory is an idle mining game that allows users to purchase and manage virtual mining rigs to earn “BitMemory Coins.” These coins can be spent on better mining rigs, as well as “crates”, which award real cryptocurrencies generated from assets held by the Feirm team. The cryptocurrencies awarded are derived from stake rewards, creating a self-sustaining faucet for the game.
Governance
Firstly, it is important to understand that our governance model will grow in complexity over time, and react to what we learn as we implement these strategies. Decentralized governance typically has the problem of being hyper compartmentalized and inconsistent in execution. In order to combat this, we will have a layered approach to governance.
Feirm Committee
Initially the Committee will be made up of the core leadership from the five merging cryptocurrencies and will serve as the long-term leadership of the coin that will lend consistency to development. This governance layer is purposefully designed to withstand FUD attacks, and therefore Service Nodes do not vote for Committee membership.
Responsibilities
- Call for and participate in votes on major issues/projects
- Appoint liaisons for official projects and provide regular reports on the progress of the projects
- Advise development teams when needed or serve as an official liaison
- Allocate Committee Wallet funds when required
- Act as custodian of centralized accounts such as Feirm social media
How to join: Committee members must be nominated by an existing member, and are added after careful review and a >70% favorable vote from the Committee.
How to be removed: Members can be removed at any time by a >70% favorable vote.
Service Nodes (Introduced with the new codebase)
Service node operators vote on proposals and allocate superblock funds to the development team. They also provide feedback on proposals before the superblock vote, to give the development team time to change aspects of their proposals that the service node operators take issue with.
Responsibilities
- Participate in proposal pre-vote discussions
- Vote on proposals
COMMUNITY PANEL
The community panel is made up of nominated community members that do not fall into the categories of being a Committee member, or a Service Node Operator.
Responsibilities
- Participate in proposal pre-vote discussions
- Being active in the Feirm discord channel
How to join: Must be nominated by a Committee member, Service Node Operator, or existing Community Panel member, and then have a Committee member add them.
How to be removed: Members can be removed at any time by a >50% favorable vote by the Committee members.
Proposal
Superblock governance will involve members of the community submitting proposals asking for funding to perform services. This can range from programming work, partnership development, to running a social media campaign. Proposals should follow a template, and be submitted for discussion to a Github repository that will be established.
From there, the community will discuss the proposal, vet the submitter, and provide feedback. The submitter then has the opportunity to revise their proposal before submitting it for consideration in the next Superblock, where the Service Nodes will vote on which proposals to allocate funds to.
The community should be highly skeptical of submissions, and hold the submitters to a high standard. It is recommended that the service nodes not approve submissions from unknown individuals, and that submitters first establish a presence in the community either through participation in discussions or through volunteer work.
Committee Funds
Each merging project is contributing its development funds into a single 3 of 5 multi-signature wallet controlled by the Feirm Committee. This wallet will be used for covering expenses not anticipated during the Superblock proposal process, or to cover Superblock shortfalls.
This wallet will be identified to the community when it is established, and regular reports will be issued updating the community on the status of funds.
NEXT STEPS
There is certainly quite a bit left to be done, and the Feirm Committee will be issuing a number of announcements and articles over the next few weeks and months detailing various plans and procedures moving forward.
In terms of progress on the projects, the Feirm Marketplace and MasterPool are very far along in development, and should be close to a beta release. Development has recently begun on BitMemory and the Fundraising Platform. The rest are still in the conceptual phase.
Join the Feirm Discord server at this link (https://discord.gg/fKfH3nv) to participate in the swap and in group discussions on the progress of the blockchain.
Download the latest Feirm wallet here:
