Ferrum Network x Bidesk AMA
Our COO, Ian Friend has been featured on an AMA hosted by Bidesk in their telegram channel, here is a recap of the questions asked during the session:
Q: What interesting about Ghana made your team choose for the launch of Kudi Ghana?
Ian: Ghana is another fantastic market for bitcoin and decentralized technologies. But most importantly they have very few incumbent competitors. It's a perfect market for our fiat gateway and payments app. We have already made a big splash with our pre-launch marketing campaign and have hundreds of sign-ups.
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Q: There are many Hot wallets like Trust, Atomic is available! So, why should we use Unifyre wallet rather than other wallets? Can you tell some additional features which are provided by UniFyre wallet?
Ian: Yes there are a handful of legitimate wallet competitors, however, we are bringing a lot of innovative valuable features that no other wallet offers. The most exciting new feature is called Link Drops. It means you will be able to send crypto to anyone, through any messenger app (Telegram, Facebook, email, SMS, etc), using a link. No more wallet addresses! No more worrying about sending to the wrong person! Beyond this we have security features that will allow you to recover your crypto even if you make a mistake and lose your device and/or private keys. The wallet is really meant to appeal to all the millions of people that were not comfortable with wallets before. So the goal is to use this wallet to bring tons of new people into the crypto space.
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Q: How did you guys come together in the past to start this project and whos idea (from the whole team) was to give project name Ferrum and ticker FRM?
Ian: The name Ferrum Network was thought of by my co-founder Naiem. Ferrum means iron in Latin. One unique property of iron is that other elements will eventually fuse into iron. Similarly, our network can connect to any other network/blockchain — i.e. bringing networks together in the same way Ferrum (iron) brings elements together.
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Q: First, I want to congrats Ferrum team for successfully launched FRM Stake and Earn with 10 million FRM staked over the 7-day staking period. However, do you plan to do anything else to make the token more scarcity and increase the demand such as burning, buy-back program? Besides, are there any inflation due to rewards through this staking program?
Ian: Thank you Harry. The FRM Stake and Earn program was a great success. But yes we do have a few systems in place to counteract the minimal inflation resulting from staking (note that the staking inflation is 4.5 months — 2 years away). The primary system is our Proof of Burn mechanism for the main net. Every transaction on our network requires a small amount of FRM to be spent and burned as proof. All products will run on the Ferrum Network and therefore our Kudi and UniFyre users will be spending and burning FRM every time they do a transaction.
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Q: What killer feature does ferrums Unifyre wallet gonna have other wallets don’t have? What makes ferrum a worthy investment/token to hodl for long run?
Ian: Like I mentioned Link Drops is that killer feature. I could drop 50 ETH into this chat right now and attach a secret to it. Only the person with the secret could receive the ETH. The possibility of being able to send crypto using a link is really endless. We are extremely excited to release this feature. Soon all of the crypto will know the name Ferrum Network.
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Q: Why Ferrum chose DAG? How can it efficiently solve impossible triangle which combines speed, security, and decentralization?
Ian: The core idea behind Ferrum Network is to make crypto usable for everyday needs. Blockchains by their design are too slow and expensive to compete with centralized systems. However, DAGs are inherently faster and more scalable. Our DAG has some notable security improvements and innovations like ethereum address compatibility, which solve the main challenges of DAGs. Once the main net is out you'll be able to send a BTC to someone in milliseconds for 1 cent in-network fees. No more waiting 10 minutes to 1 hour for a BTC transaction. That technology alone has the ability to forever change crypto for the better.
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Q: Recent changes in the approach to raising some funds again by Ferrum Network team. Is it true that the team struggling financially in this bear market? Or it’s a rumor!
Ian: No that’s just baseless FUD. We purposefully did a small raise because we are a lean operation and do not need to over raise. Secondly, we come from a traditional tech world where you do phase raised based on traction. Hence our traction-based reserve model which opens up more tokens to us in the future based on our traction. Third, we have revenue-generating products (Kudi and soon UniFyre) that will enable us to do an equity raise when we need to. Bottom line we still have over 2 years of the runway because we are extremely frugal. But we will raise more between now and then anyway.
I should mention that UniFyre will allow you to buy crypto with fiat…we earn small fees on those transactions, which is why I said UniFyre will also be a revenue-generating product.
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Q: What are the reasons and motivations for your team to create the Ferrum project when the crypto market has many projects to solve this problem that dominate the market and customers?
Ian: Our primary motivation is to bring more people into the world of crypto and blockchain by developing user-friendly products that solve actual problems. For instance, our Kudi app allows you to send fiat currency to anyone around the world instantly for 0 fees. This kind of technology is already improving lives in Africa. Aside from that we love being a part of the crypto community and want to make it a better place for everyone through our technology and our community-driven approach.
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Q: Whats the difference between Mainnet ferrum staking and the current two staking sessions you held?
Ian: Main net staking will be for those who run Ferrum main net nodes and will require holding a lot of FRM. The node runners will receive a percentage of FRM that their node gets from verifying transactions. Whereas our earlier staking was smart contract-based for any erc-20 token, which will also be a feature in UniFyre Wallet (imagine staking other tokens within the wallet as well as FRM).
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Q: Community is very important to any project, Bidesk even took feedback from the community for their IEO, do you plan to do the same for your project’s update or new product launch in the future?
Ian: Yes so for UniFyre Wallet we are coming up with community listings, Link Drop contests, and referral programs, and other exciting opportunities for the community to get involved with UniFyre and be rewarded for it. More details on those initiatives will be announced soon.
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Q: Trust is very important in Business. What makes investors, customers, and users feel safe when working with Ferrum?
Ian: Completely agree with you and I even spoke about this in an interview I did. Ironically trust is everything in this space. We have built that trust over 2 years of following thru on our promises and treating everyone with the respect they deserve. Its also about engaging with the community and always being there to answer questions and acknowledging when mistakes are made. If you join our community you will see this is how we operate on a daily basis.
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Q: What marketing strategy is your team following to get the crypto community attention?
Ian: We are very aggressive with marketing, particularly guerilla marketing like getting involved in the actual crypto communities. That is where the users and early adopters are. But specifically, we have a ton of exciting marketing campaigns planned for UniFyre Wallet like Link Drop contests, community listings, and much more.
Ferrum Network Links:
Website: https://ferrum.network/
Telegram: http://telegram.ferrum.network
Twitter: http://twitter.ferrum.network
LinkedIn: http://linkedin.ferrum.network
YouTube: http://youtube.ferrum.network
Reddit: http://reddit.ferrum.network
Bitcoin Talk: http://bitcointalk.ferrum.network
Facebook: http://facebook.ferrum.network
Github: https://github.com/ferrumnet/
Instagram: http://instagram.ferrum.network
