United under Colosseum, FCT now aims for the future
Hello. This is FIRMACHAIN.
On the 28th and the 31st of March, we announced news on the status of FCT(FCT2) being traded on two CEXs.
Poloniex and Bittrex Global, the two CEXs where the ERC20 based FCT(FCT2) were still being traded, respectively made conflicting decisions regarding the future of the FIRMACHAIN tokens.
Whereas Poloniex decided to upgrade the ERC20 based FCT(FCT2) to the Colosseum mainnet based FCT(FCT2), Bittrex Global decided to terminate the market support of FCT(FCT2) after reaching the conclusion that upgrading the network would be unfeasible.
Poloniex Announcement :
Bittrex Global Announcement :
We, the FIRMACHAIN team, respect the decision of both CEXs.
As a result of the respective decisions of the CEXs, FCT(FCT2) is now finally completely independent of the ERC20 network. FCT(FCT2) will now be based wholly on the FIRMACHAIN’s Colosseum mainnet. We cannot emphasize such symbolic nature of the result of the recent unfolding of events, enough.
FIRMACHAIN’s mainnet Colosseum, developed based on the interchain project Cosmos’s Cosmos SDK, can process more transactions at a lower cost compared to that of the ERC20 network. Such are the strengths of FIRMACHAIN as a standalone network.
Those who are familiar with our project would already be aware of the fact that FCT is used as a utility asset on the Colosseum network. All activities happening on the network (transfer, delegate, mint, vote etc.) are generated as transactions and FCT is used to pay the fees for all such transactions.
The effects of a fast transaction speed and low transactions fees have already been showcased at two of the global blockchain events that we have participated in last year. On site events where participants could integrate their wallets to the Dapp, mint NFTs and check the electronic contract verification process real time all induced positive feedbacks from both blockchain industry experts and the participants of the UDC 2022 and BWB 2022.
On top of the fast transaction speed and low transaction fees, mainnet based FCT is also a crucial asset on the Colosseum network that allows network participants to vote on governance issues that sustain the decentralized nature of the project.
Since ERC20 based FCTs are, by nature, impossible to participate in the Colosseum mainnet ecosystem, it is ever more important to understand the crucial yet fundamental role FCT occupies in maintaining the current FIRMACHAIN ecosystem.
Mainnet based FCTs are currently being widely used in the electronic contract verification service. Furthermore, as the example of the recent FIRMA VERIFY launch shows, we will continue to expand the role of FCT as both the utility token used on DApps and the fundamental tool to further expand the FIRMACHAIN ecosystem.
On a side note, in February, a tweet (Cosmos Daily, https://twitter.com/CosmosATOMDaily/status/1622958998206177283)based on the results of Certik’s security audit report, ranked FIRMACHAIN as one of the most trusted Cosmos ecosystem projects. Along with 5 other projects, FIRMACHAIN scored a “High Trust Score” of 95 out of the total of top 10 most secure and trusted Cosmos projects. A pleasant reminder of the fact that the path in which we set foot in, indeed has potential.
FIRMACHAIN’s ultimate goal is to become a comprehensive Utilitainment platform. On our way, we will strive our best to give a pleasant and beneficial experience to not only Validators of the network but also service providers and daily users of both the network and such services.
Thank you.
Disclaimer
This posting was written based on the information disclosed by the respective projects. We do not, in any way, guarantee the accuracy nor the completeness of the information provided herein and any and all investment related decisions must solely be made at the discretion of the individual making such decisions. The contents in this posting cannot, in any way, be used as legal evidence in case of investment related legal or any other conflicts.
For more information about FIRMACHAIN, or partnership inquiries, please contact us at contact@firmachain.org. Those who wish to join the FIRMACHAIN team, please contact us at info@firmachain.org.
About FIRMACHAIN
FIRMACHAIN originally aimed to transfer all paper based social and legal activities onto the blockchain to introduce transparency and prevent document tampering and forgery. Maintaining the fundamental value of trust, the FIRMACHAIN team is now turning its gaze to becoming a comprehensive blockchain platform. Our goal is to provide business entities and FIRMACHAIN holders with useful blockchain based services that are useful yet fun to engage with thereby satisfying the team’s goal to become a ‘Utilitainment’ (Utility + Entertainment) platform.
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