Next steps for the Feirm project

Jack
Jack
Mar 29 · 10 min read
Background image courtesy of ajaybhargavguduru via Pexels.

Hello everyone! 👋

It has been a long time since the last article that we published back in January, but we are here today to provide you with an update for the project and the direction it is heading. Without wasting anymore time, let’s dive into it!

Migration to Binance Smart Chain (BSC)

This wasn’t a decision to be taken lightly, but after discussing the matter internally and listening to feedback from the community, it was decided to migrate from the native Feirm (XFE) blockchain to a token residing on the Binance Smart Chain. The Feirm project did have a new blockchain in development for the past year, but due to circumstances this was unfortunately not achieved within a suitable time-frame.

With all that said, why would we decide to migrate to the Binance Smart Chain?

Based on the feedback we received from the community, it has been apparent for a long while now that more exchanges are needed for the Feirm project to succeed in the eyes of investors. However, with Birake being our only KYC exchange at the moment, and new exchange listings costing upwards of $5000, the exchange situation for the project would not improve fast enough.

As Birake is an exchange which requires users to complete KYC/AML checks, this has deterred some potential investors from purchasing the XFE coin. But as Feirm is now a token on the Binance Smart Chain, investors can now tap into the world of Decentralised Finance (DeFi).

Right away, the Feirm token can be traded on decentralised exchanges such as PancakeSwap and BurgerSwap. There is even BakerySwap if you are interested in NFTs. The great part of all this is that there are no KYC/AML checks required, you can remain anonymous, and most of all it is decentralised.

Right now, the Feirm project maintains the core infrastructure for it’s blockchain. This involves the running of nodes to keep the network operating at its best efficiency, running seed nodes for new peers to bootstrap from and also services such as the block explorer which can be used to explore the network.

The move to BSC has ultimately allowed us to “outsource” our blockchain infrastructure. Rather than focusing on maintaining infrastructure of our own in the meantime, we can work 100 percent on developing the Feirm platform and tapping into the features which the Binance Smart Chain has to offer, such as smart contracts.

We felt that this is the right move to make, partly due to the fact our existing codebase is almost 3 years old now and does not offer any significant features that makes it attractive to an investor these days.

When it comes to cryptocurrency companies, Binance is by far one of the largest and most prominent out there. Operating as a token within this ecosystem opens up the Feirm project to some very exciting opportunities — the Binance DEX being one of them.

Additionally, as BSC is a replica of the Ethereum codebase (with a few modifications), Feirm can tap into the usage of smart contracts to build decentralised applications. Depending on the services that Feirm will provide in the future, this opens up the project to a plethora of investors who are already committed to the Binance ecosystem.

Token Economics

The new Feirm token on the Binance Smart Chain is BEP-20 compliant, meaning it can be stored in any cryptocurrency wallet which supports the addition of custom tokens following this standard.

There are no block rewards of any kind by holding the Feirm token. Instead, token-holders can earn on top of their investment with Yield Farming and also by participating in Liquidity Pools.

There is a maximum supply of 40,000,000 XFE for the new Feirm token. This amount was based upon the current circulating supply, and also the fact there are going to be no direct reward schemes in place for the token.

Our team funds will be split into two multi-signature wallets.

Approximately 2,080,110 XFE will be used for development funds. These tokens will be held by the team and used to cover any major expenses such as server hosting or larger exchange listings if necessary.

5,000,000 XFE will be stored by the team and used for the Platform Rewards programme in the future. The intention of these funds are to allow users of the Feirm Platform to earn additional XFE by interacting with the services we will have on offer.

All of these funds combined, including the circulating supply at the time of writing will amount to the maximum supply of the new token. Once the migration is under way, we will be able to provide exact figures.

In order to keep all of these funds secure, they are stored in a 2-of-3 multi-signature wallet. All transactions must be approved by 2 members (either myself, Craig or Devin) before any transfer of tokens are made.

How can I migrate to the Feirm BSC token?

The Feirm project have recently developed a one-way bridge allowing you to exchange your native XFE coins for tokenised XFE on the Binance Smart Chain.

The bridge is not open yet, but it will be available for public use from Friday 2nd April 2021.

https://bridge.feirm.com

Please be sure that you verify the URL of the Feirm Bridge before using it. We will never ask you for your mnemonic, so please be cautious if you are asked as it is likely that the site is a scam.

All you need to get started are the following:

Once you are ready, you can visit the token bridge web app and connect your MetaMask wallet. We only require this to retrieve the BSC address for where your new tokens will be sent to.

If your wallet has been connected successfully to the Feirm Bridge, you will be shown your swap request details. Please read these instructions carefully, and be sure to make a deposit to the address within 60 minutes.

After 60 minutes have passed, the request will expire if it hasn’t been fulfilled, and any coins sent to the address will not be swapped.

If you require to make multiple swaps, please do not re-use the deposit address. Click on the “Get a new swap request” button to fetch new details.

Once your deposit has been confirmed on the Feirm Blockchain, the token equivalent will be automatically sent to your MetaMask wallet configured for the Binance Smart Chain.

In the event that you have not received your new tokens after sending a deposit, please open a ticket on our Discord server and be ready to provide the team with your transaction ID. You can join our Discord here:

https://discord.gg/mUZdSKg

What happens to my native XFE?

Your current chain (native) XFE will be swapped at a 1:1 ratio into the new token residing on the Binance Smart Chain. A portion of deposits will be sent to cold storage permanently to mitigate the impact by any potential attacks which may occur last minute.

The rest of the funds which remain under our custody will be used for staking. This is a requirement as the blockchain still needs to operate efficiently for users up until the halt block is hit. It is important to note that any rewards made from the staked coins will not be swapped into the new Feirm Token. They will be left behind permanently on the existing Feirm blockchain.

For those that are interested, you can view the token contract currently deployed on the Binance Smart Chain via BSCScan.

Is the migration to BSC mandatory?

The migration to the Binance Smart Chain token will be mandatory for all users. We have recently pushed an update to halt our existing blockchain at block 875,000 — this block is expected to hit around the 16th April 2020 (just 3 weeks away). After this block milestone has been hit, no more blocks will be produced on the Feirm blockchain.

To update your wallet, you can download the latest Feirm QT Wallet binaries from our GitHub page:

It is a case of extracting the archive and replacing your existing binary with the new one.

This update is mandatory for all users to install. Failure to upgrade your desktop wallet before sending your XFE coins to the bridge could result in errors trying to send your coins to the bridge.

If you are running the latest version of the desktop wallet, but happen to miss the period between now and the blockchain halt, then we have systems in place after to assist you with the migration.

For users who store their funds in the Feirm Platform wallet, you do not need to worry about updating any software. Just like the rest though, please send your coins before the Feirm blockchain comes to a halt.

We strongly encourage users to update and migrate sooner, rather than later just to save any headaches.

We would like to say that if project circumstances change over time, we may possibly consider coming back to our own native blockchain. However, this is subject to the demand of the Feirm Token and our services in the future.

How long will the migration period be open for?

The migration to the Feirm token on the Binance Smart Chain will be open for 1 year. The date for this will be the 16th April 2022. We feel that this is more than enough time for investors to check-in and migrate their funds over to the new token.

If after the 1 year period we still hold any unclaimed tokens, they will become automatically incorporated into the Platform Rewards Funds and distributed by those means.

When should I withdraw my native XFE from exchanges?

Currently the XFE coin is only traded on the Birake Exchange. We are still waiting for a response from Birake to give us an official delisting date from their exchange. In the meantime, please remove any buy/sell orders and withdraw from Birake as soon as possible to prevent any future headaches.

For the investors who were affected by the Altilly hack at the start of the year and awaiting their refund, we will be accommodating for this if the refunds take place after the fact that the blockchain is halted. If possible, please gather the transaction IDs for any deposits made just in case. A system will be in place for you at one point to re-claim those funds under the new Feirm token.

Disbandment of the Feirm Committee

It is unfortunate to announce that the Feirm Committee is no longer. Over the past year, several members have been unable to participate due to time constraints and other personal circumstances. We wish them all the best.

To cover the role of the Feirm Committee, we are actively seeking legal advice to incorporate Feirm as a company. This would allow us to give Feirm a permanent home, and also benefit from the laws and regulations which can protect our services. The location of where the company would reside is still to be determined, but will be decided in such a way that remains in-line with the projects goals.

Next steps

Support is on the way for Ethereum and the Binance Smart Chain to be added to the Feirm non-custodial platform wallet, so that you have a secure place to store your new tokens.

Now that Feirm is a token capable of being used to interact with smart contracts, this allows us to broaden the scope of what we want our marketplace to offer. Rather than buying/selling items, we can develop contracts for exchanging tokens and even NFTs.

With the ability to write smart contracts, we can now develop a small set of games powered purely by the blockchain. These games will allow you to earn more XFE tokens and participate in small token-burns over time to reduce the supply.

We will be launching a rewards program for engaging on social media and spreading awareness of Feirm, all managed through the Feirm Platform. You will be able to perform certain activities that will naturally expose more people to the existence of Feirm, and earn XFE tokens for that work on a frequent basis — all while competing with your fellow community members on the leaderboard to see who has generated the most points!

Some of the activities include:

  • Tweeting with “$XFE” or information about Feirm in the post.
  • Liking and retweeting official Feirm tweets.
  • Create and post a Feirm meme or artwork.
  • Making an informative post or reply on the Feirm BitcoinTalk ANN thread.
  • And many, many more that can be expected to come!

How will it work? Each activity is worth a certain number of points, and points are totalled and then weighted against the aggregate total of all points generated in that day.

Your ratio against this aggregate total determines how many XFE you earn. So as an example, if you generate 100 points out of 1000 total points generated by everyone in the last 24 hours, you get 5 XFE of the 50 XFE that have been allocated for distribution for that day.

This rewards program will be expanded over time, and should function as an efficient way to grow our community, as well as earn more XFE!

Final words

We would like to say thank you for the community members who have been stuck around with us. We hope you are going to enjoy the journey ahead!

Social Media

Have an issue or a query? Reach out to us via our social media handles:

Feirm

Feirm is a blockchain-based marketplace which will create a…

Jack

Written by

Jack

Developer at Feirm — the blockchain-based marketplace.

Feirm

Feirm

Feirm is a blockchain-based marketplace which will create a new industry standard protocol for the way you exchange digital assets.

Jack

Written by

Jack

Developer at Feirm — the blockchain-based marketplace.

Feirm

Feirm

Feirm is a blockchain-based marketplace which will create a new industry standard protocol for the way you exchange digital assets.

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