Firmo Launches Protocol For Truly Secure Financial Contracts on Crypto-Assets
Firmo, with early adopter Bancor, unveils its derivative blockchain agnostic platform for cryptocurrencies to provide a secure infrastructure for derivatives to enable the realization of the potential expansion of the crypto economy.
GIBRALTAR — April 2018 — Firmo, the company bringing financial contracts to the blockchain, is creating a new generation of financial crypto infrastructure with the launch of its contract engine and domain-specific language protocol. To provide crypto exchanges an unparalleled degree of safety and security, the Firmo platform enables the creation of smart derivatives and financial instruments which currently hardly exist on most blockchains. Firmo, acting as a protocol layer, provides all major blockchain platforms, exchanges, and liquidity networks such as early-adopter Bancor, the ability to construct automated financial contracts that are enforceable without the need for trusted third parties.
Over The Counter (OTC) Derivatives size is estimated to be valued at $542 trillion (as of end of June 2017) in traditional markets, the blockchain landscape is lacking the secure infrastructure to support financial derivatives. Imagine a marketplace where financial contracts are secure and enforceable without the need for third parties. By enabling the crypto economy add an additional layer of financial instruments, Firmo allows for a clear, non-standardized derivative for:
- Decentralized futures market contracts
- Multiple crypto-currency swaps
- Condition based crypto-asset hedging
- Over-The-Counter Derivatives
The trade of crypto-assets is primarily transaction based and does not offer investors any opportunity to engage in long term deals. Firmo provides infrastructure for the creation of derivatives and financial instruments on crypto-assets and enables the secure clearing and settlement of long short and long term financial arrangements. Firmo’s Protocol, FirmoLang, is written in Haskell and formally verified with the Coq proof assistant, yielding the highest possible security standards.
“We created the Firmo Network to address the outdated multi-trillion dollar derivatives market by offering a solution for safe and secure financial contracts on any blockchain platform,” says Founder and CEO of Firmo, Dr. Omri Ross. “Our formally verified external language, FirmoLang, that compiles any blockchain, and uses formal verification to make sure that fewer mistakes are made once financial assets are included. Building Domain Specific Languages is an issue that has been addressed by top players in the industry, and we are proud to contribute to the development of the Ethereum infrastructure.”