Ferrum Network x Crypto^^Nation live AMA — 13th September 2019
Our COO Ian Friend was featured on a Crypto^^Nation channel today and was able to answer deeply interesting questions from their community, let’s recap what happened:
Question from the users
Thảo Phương, [13 set 2019, 15:08:57]:
For a high-speed and low-cost trading experience, for most digital assets: BTC, ETH, XRP, EOS, Zcash and hundreds of other things. What technology did Ferrum use?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:10:00]:
Ferrum Network is a DAG based consensus mechanism that uses parts of IOTAs tangle but with security improvements and Ethereum address compatability. Check out our youtube.ferrum.network demos to see how it works in practice.
poco f1, [13 set 2019, 15:08:58]:
Kudi Exchange is compared with Coinbase Pro + Paypal but for Africa.
But there are only 1000+ Installs for Android till now.
Do you think the 1000+ number is too small for Exchange App for the whole continent?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:12:41]:
So Kudi launched in June and we held our ICO in August (whcih slowed down Kudi a bit) so we really only began a new marketing campaign this month. Since the new aggressive marketing campaign targeting merchants, and hosting many events in Lagos, we have seen nearly 100% increase in users and signed up around 50 merchants. We are confident that with the Kudi rebrand of adding Ethereum and strengthening the merchant services, we will begin to see increase growth over the next months, especially since the market is huge (20 million people in Lagos alone)
Crypto, [13 set 2019, 15:08:58]:
More utility for FRM but also more centralisation about which tokens can list and not. It has a positive side for the FRM holders, but I also take a bit of a worrisome look to the future. For the one of the grand qualities of Ferrum for me is inclusion. So I look with a critical eye to selection.
Ian Friend | COO Ferrum Network, [13 set 2019, 15:13:54]:
As we release our non-custodial wallet and DEX, we will be actively seeking input from the community on which tokens to list. But we must focus on quality. Too many tokens out there with just vaporware or worse. We must be careful on what we list, but we also trust the community to help us make those decisions.
Boult 💱, [13 set 2019, 15:08:59]:
Can you share more details about the relationship between Ferrum and Gemini?
What’s the benefit for user under the partnership?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:15:04]:
Through our parntership with Gemini we became the 1st fiat gateway in Africa to list a US Dollar backed stable coin. But we are looking to add more stable coins to the Ferrum Network ecosystem. Annoucnement on the next stable coin partner willl be soon.
Le Thu, [13 set 2019, 15:08:59]:
How does the Interoperability Network work? What are the advantages of this network compared to existing networks? 2Who is FerrumNetwork’s top competitor, what have you done to overcome your competition?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:17:05]:
Ferrum’s interopability solution utiliizes decentralized proxy tokens and price pegs to be able to move assets in and out of Ferrum Network. Once an asset is inside Ferrum Network, it can be exchange peer-to-peer over our high speed DAG. Other projects use proxies or wrapped tokens to achieve interopability, our diffeerence is that we have decentrlalized the process by breaking down the private key and randomly distributing it among the nodes with anti-collusion measures in place. Its like a 3rd generation solution to interopability.
Newbie, [13 set 2019, 15:08:59]:
Fusion is listed as the strategic partner with ferrum network can you explain the relation between two companies will they be building top of the protocol?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:18:29]:
Fusion is also building an interopability protocol and has valuable technology that can accelerate our own protocol that we will be utilizing to bring you the network sooner than otherwise possible.
Nguyên Khang Ocean, [13 set 2019, 15:08:59]:
FerrumNetwork built an ecosystem of storage wallets and crypto exchanges. So, how is the security problem solved by Team? Is fiat liquidity easy? Can users pay for services from wallet?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:20:23]:
Security is a primary concern underlying everyhting we do. Its one reason we built our token bridge from the ground up. In terms of security we utilize encryption, algorithms and manual checks to ensure funds are SAFU. There have been no breaches in the 3 months of Kudi operations. The other products you own your private keys but we still have safeguards in place. For instance, with UniFyre if you lose your phone or private key we can still recover it for you but without knowing it.
lunm, [13 set 2019, 15:09:00]:
In how many countries is “kudi exchange” available and how good has its impact been for Africa?
I was reading your whitepaper and read an interesting concept: what is Proof of Burn?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:22:05]:
Kudi launched 1st in Nigeria but we have recently secured the banking and licenses in Ghana and we launch there in a few months. Proof of burn is our term for how transactions are confirmed on our network. Instead of miners, FRM must be attachd to the transaction as proof and anti spamming measure. In the process, the FRM is burned.
Jerozeek, [13 set 2019, 15:09:00]:
Thank you for having us IAN, as you know I like the geographical targeting you’ve initially focused on, in West Africa. Opportunity for competitive advantage seems high there. How has the feedback been from the population living there? In general, how is the education factor on blockchain?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:24:07]:
Feedback from the people we have reached has been very positive. ONe reason is that we are extremely commmitted to customer service. We have a team responding to every issue right on the Kudi chat. We also are going out where the people are. Hosting events and holding giveaways. You mst aggressively market in Nigeria because there are no shortage of competitors. But this is our secret sauce. WE have an excellent team on the ground workign 24/7 to market Kudi
Swill, [13 set 2019, 15:09:00]:
Ferrum currently has many networks with very stable transaction speeds, how do you attract users to the network and do you tend to increase the network speed as more users get onboard?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:25:54]:
We are focused on launching useful products and acquiring users to those products rather than hoping people build on our network. This means traditional marketing tactics and just having product that solve real problems. Its a real business, not just a protocol.
Emmanuel Ejiofor, [13 set 2019, 15:09:00]:
You pride yourself as The high speed Interoperability Network for Real-World Financial Applications, please tell me about ferrum utility, what’s the use case and application into financial services and business solutions and applications
What’s the vision behind the ferrum project, what did you wanted to change in the financial industry, and application, what does ferrum add to the table, how’s ferrum different from similar project/platforms, what makes you stand out and your competitive edge over your competition
Am concerned about security, what is FEERUM doing security wise, what layer of security is employed? Will funds be safe?
Concerning regulations and compliance, how has FERRUM done, would FERRUM be affected or not by crypto regulations, trade wars etc
Ian Friend | COO Ferrum Network, [13 set 2019, 15:28:10]:
Our competitive advantage is building real products rather than just tech. We have many different products in our ecosystem that will run on the network, but the vision is to empower people with financial products that put their money back in their hands. I beleive I explained the security measures above but if you are curious you can PM me after and I can send a presentation on Kudi security. Regulations are always a concern but you just need to be proactive and get the licenses like we have done in Nigeria and now Ghana. European licensing is in the works now too.
Isam Mery, [13 set 2019, 15:09:01]:
Do you think Unifyre wallet will be able to compete with other large OTC markets such as localbitcoins? How would you encourage someone to use it?
How is Ferrum different or can it stand out against other DAG-based?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:29:19]:
We think UniFyre is far superior to local bitcoins because you dont need to meet up with someone. The technology allows for conditional transactions so you dont need a middle man to do an OTC trade. Thats a masssive breakthrough. Please go to youtube.ferrum.network for a demo of how it works.
Aqib, [13 set 2019, 15:09:01]:
What are the revenue sources of Ferrum Network?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:30:52]:
This is an important question because most projects don’t seem to think about revenue which means the only way to fund themselves is selling tokens. Thats bad for everyone. We are focused on revenue through our fiat gateways (Africa now), we are hopefully about to announce a whole new region soon (depending on regulators). We are also looking at ways to monetize the other products like Sub Zero Wallet for enterprises.
David 🎯🎯, [13 set 2019, 15:09:04]:
With the current market decline, What is strategy to dominate the market? What is Team’s plan to attract investors and traders successfully?
What are some of the major achievements that #Ferrun Network has achieved and what milestones are planned ahead in the next 6 months, 1 year and 5 years?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:31:39]:
Yes market is down but we are focused on what brings real value which is generating utility for the token and revenue for the company.
lunm, [13 set 2019, 15:32:43]:
Someone once told me that a high-speed blockchain network is not always good for security, how can Ferrum Network make the network totally secure?
What can we expect from the immediate future? What would you like us to get involved in, either to help the network or to give feedback or check performance?
Thanks @ifriend05 , glad to read about your project
Ian Friend | COO Ferrum Network, [13 set 2019, 15:34:57]:
The best thing you can do is sign up for social mining. This is an innovative marketing tool that rewards you for holding FRM and making valuable content. Please sign up here https://community.ferrum.network/
John Snow, [13 set 2019, 15:32:46]:
2018 was a very DIFFICULT year for the Crypto market. But technically , there were even more INNOVATION and ADVANCEMENTS than before . Can you talk about the SIGNIFICANCT PROGRESS Ferrum has made over the last year?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:37:00]:
Yes it was very difficult for us as well! We raised only a little bit and have been struggling daily. But it has made us stronger. We built an African fiat gateway on less than $100,000. We held our own ICO in the age of IEO and it sold out in minutes. We listed on BitMax when most had not even heard of us. We are definitely an underdog but we will fight everyday to succeed.
JL, [13 set 2019, 15:33:07]:
Technically Ferrum has great potential but something I don’t see that is addressed what is your strategy for market penetration? For ex, it was mentioned Ferrum is targeting the African continent with Kudi exchange, Ferrum Wallets (Subzero, Unifry), etc but how can that happen if the African continent has not much infrastructure (including blockchain infrastructure) and you need this (you need other blockchain in place) before the proxy abilities of Ferrum can be leveraged. In the other hand, why would other blockchains with network effects in financial application already in place will use Ferrum even if Ferrum is cheaper. For example, Ethereum DeFi developers are offered with many faster & cheaper options but they seem to be faithful to their own chain & rarely switch to other blockchains, the same with Stellar & other main blockchains.How how would you prevent Ferrum to become another chain with no blockchain developers wanting to build in there unless they are
Ian Friend | COO Ferrum Network, [13 set 2019, 15:38:36]:
We reject the notion that it is sufficient to build just a protocol and expect success or anyone to build on it. You must build useful products and acquire users and generate revenue or the project will fail given enough time. I dont know how other projects generate revenue but we are focused on fiat gateways in high growth regions of the world.
John Snow, [13 set 2019, 15:32:59]:
Why are gigantic markets such as China and Japan not present in your roadmap?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:39:53]:
We are actively marketing in China with BItMax and are building a Chinese version of UNiFyre Wallet. We are actively exploring Japan and talking to a major exchange there. We didnt put it on the roadmap because too many variables and we dont want to let people down by making too many promises.
Aqib, [13 set 2019, 15:33:07]:
What have you learned from early versions of the product or service? What are/were some of the major roadblocks along the way? #FerrumNetwork
Ian Friend | COO Ferrum Network, [13 set 2019, 15:41:04]:
So many lessons. The biggest one is that you MUST adapt to the users needs. Never assume you know what they want. Always be willing to adapt the product to them. This is one reason we are rebranding Kudi and adding Ethereum and other features.
Tiger, [13 set 2019, 15:33:00]:
Can you elaborate a bit on how you’re able to keep fees at 0 for these kinds of transactions? Is this a loss leader for other income potential, or something more?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:41:54]:
So the naira transactions on Kudi are free. But depositing and withdrawing to bank account is not free and neither is buying/selling crypto.
LTO LOVER, [13 set 2019, 15:33:08]:
What do you think is the biggest problem #FERRUM will solve that no other project is solving now, and why is the problem important to solve?
What is the #FERRUM token used for? What gives it value? Why is it necessary, and why should one invest in it?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:43:52]:
We want to bring crypto to the masses and make it simple for everyone. This is why we are building retail facing products that are easy to use and focusing on regions of the world where banking and financial systems are difficult. We think this is the biggest opportuntiy for crypto for everyday needs, not just price speculation. FRM is gas of the network and burns iwth everyone transaction. However we will be revealing other major utilities soon that involve Kudi and our other products, stay tuned.
Ha Dang, [13 set 2019, 15:33:10]:
What makes the difference between UniFyre wallet and other crypto wallets?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:45:09]:
3 main differences. One we will have a security feature to recover your assets if you lose your phone or private keys. So its the privacy of non-custodial wallet plus the peace of mind. But we also will have OTC trading without middle men, and staking of almost any token (in later versions once main net is out)
Crypto, [13 set 2019, 15:33:08]:
What are the difficulties you have been faced during the development of FERRUM ?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:46:49]:
Constant development difficulties. It is very hard to build products that deal with people’s money. There can be no major bugs. This takes time to do it right. We are preaching patience among the community. Ferrum is not a short term flip. It is a long term investment.
Emmanuel Ejiofor, [13 set 2019, 15:33:07]:
Comparatively, please tell me as regards to speed, transaction costs, how do you differ from the many payment solutions existing today, what’s that disruptive thing that makes you stand out
Also please I am interested to know your transaction capacity as in TPS, how much transactions can be done in 1 second? In times of lag/congestion, how does FERRUM thrive
Ian Friend | COO Ferrum Network, [13 set 2019, 15:49:00]:
So Ferrum Network can move any digital asset within the network in millisecond. TPS is not really that important until there are millions of people on the network. We will optimize for TPS when the time comes but its more about throughput at this stage. Frankly I think this preoccupation with TPS is a marketing gimmick from 2017 but people arent buying it anymore. To succeed in this market you need real products with real users. Ferrum has that.
ARUN | #MXC_FAN, [13 set 2019, 15:33:08]:
1)What are some milestones to look forward to, what may be the challenges in the future and how do you plan to handle them?
2) What do you think is the biggest problem Ferrum will solve which is not solved by your competitors ?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:50:32]:
We are always looking at the future, short and long term. I am looking forward to staking being relased in a few weeks. Also the Kudi Exchange rebrand and expansion into Ghana. But the thing I pray about is getting the regulators to approve our move into an entirely new market that has a massive potential. I wish I could say more but I dont want to disappoint anyone if we get denied.
Hoang MT (Hunter), [13 set 2019, 15:33:08]:
Have you run the trial ferrum yet? What are the results? Do any errors or problems occur during transactions?
When compared with other Blockchain technology solutions, what advantage does FERRUM have ? Whom do you think the competitors for FERRUM in Blockchain industry ?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:51:49]:
Kudi Exhcnage is live and you can download it on the Google Play store. I can give you a private demo if you want. In terms of Ferrum Network itself, cehck out our demos on youtube.ferrum.network to see its early capabilities. Prior to main net launch there will be an audit and extensive testing
For people who want to join the Kudi community and see how we do things
💜 Decent Bitcoin 💜, [13 set 2019, 15:33:06]:
Ian Friend | COO Ferrum Network, [13 set 2019, 15:54:05]:
I know its a joke question but I understand the concern about price performance. We are doing everything we can in this difficult market to address this, including a 2.5 million token burn just 3 days ago. But to have sustainable growth the most important thing is launching products that provide real FRM utility. This is what we are focused on day in and day out. I am proud that most of our community sees the vision and the hard work and have chosen to stay by our side even in the difficult market conditions.
BitCoins, [13 set 2019, 15:33:12]:
Q.”When do you create to mainnet?. How far has the work progressed? What will the mainnet bring to the FRM ecosystem and the community?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:55:24]:
So full main net will come in 2020. We are working on other products beforehand and then will migrate those onto the main net when it is ready. This will provide FRM utility on day 1 of main net laucnh because we will already ahve transactions on the network
BitCoins, [13 set 2019, 15:33:06]:
Is it true that some of your biggest investors have committed to lock up their FRM for a longer term? What is the advantages and benefits of this action to them and to other FRM investors?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:57:50]:
Most of the investors have stay committed to Ferrum but of course we had some sellers. Its only natural but it gives the real supporters an opportunity to accumulate more. I think most see the long term prospects of the project and combined with the 1.12 million hard cap also see the potential in terms of metrics. But again it is all about utlity and real world adoption. We think this is where teh market is going in general. You cannot survive on hype alone.
Aqib, [13 set 2019, 15:32:56]:
What critical problems do you see occurring in the blockchain industry nowadays?
How does Ferrum Network aim to solve these problems?
Ian Friend | COO Ferrum Network, [13 set 2019, 15:59:42]:
The biggest thing I see are barriers to entry based on the technology. There used to a focus on technology because it was easy to raise money but using a bunch of buzzwords. No more. Now you need real products that solve problems. Its becoming a real industry now. We saw this transition early which is why we decided to build Kudi Exchange first rather than the main net.
Shane, [13 set 2019, 15:33:03]:
I know, the #1 tokenized platform is TrustToken. They have TUSD, TCAD,TAUD, TGBP already. So how Ferrum compete with TrustToken?
Ian Friend | COO Ferrum Network, [13 set 2019, 16:01:20]:
We dont view Trust token as a competitor, we arent in the stable coin business. We want to add more stable coins to our products especially the global ones…we are working on this as we speak.
I’ll just leave you with this. We have a lot of exciting things coming up. Major partnerships, Kudi rebrand, staking, another exchange, UniFyre Wallet and much more. I hope everyone joins the community and joins the journey with us. Without your support we would not be here!
For those who want to get really involved we have social mining which rewards you for adding value to the project. We make FRM payouts every 2 weeks and yesteday sent around 120,000 FRM to our top contributors!
Emmanuel Ejiofor, [13 set 2019, 16:06:09]:
Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time, what key strengths did you employ to achieve this milestone
Ian Friend | COO Ferrum Network, [13 set 2019, 16:07:08]:
Never giving up and knowing we are building something really important. Also your support. Take care guys. Please join Ferrum channel and I can answer some mroe questions there for like 5 minutes but then I need to go a meeting.
Ian Friend | COO Ferrum Network, [13 set 2019, 16:05:40]:
Anytime guys. Also one thing. For our winners we will need you to sign up for social mining so I can distribute the tokens to you. Its free and easy.
JL, [13 set 2019, 16:07:07]:
Do you need KYC for that?
Ian Friend | COO Ferrum Network, [13 set 2019, 16:07:19]:
no KYC for social mining
ARUN | #MXC_FAN, [13 set 2019, 16:07:46]:
Why is the name of your project Ferrum? What is the meaning of Ferrum ?
Please answer in your free time
Ian Friend | COO Ferrum Network, [13 set 2019, 16:09:00]:
Yes Ferrum means iron in Latin. One characterstic of iron is that other elements fuse towards it. SInce we are an interopability network, other blockchains “fuse” to Ferrum Network
Bitcoin Talk: http://bitcointalk.ferrum.network