$Ferrum AMA Summary with Decentralized Club✔️

Dear, Community,

Welcome to our community on t.me/decentralized_club Telegram group’s AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you :)

✔️Introduction with Ferrum:👉

  • **Please kindly give your introduction Ian @ifriend05 😊
  • Ian Friend | COO Ferrum Network:
    Hello everyone, it is a pleasure to be here! My name is Ian and I am the Co-Founder and COO of Ferrum Network. We are an interopability network focused on real world applications of blockchain, particularly focused on emerging markets like Africa, where we have launched a fiat-to-crypto exchange + payments app (the Coinbase of Africa)
  • The app is available in the Goolge Play store and has users and generating revenue.
  • Anyway, prior to Ferrum Nework I was an attorney in NYC where I co-founded the blockchain practice team at my law firm. I met Naiem at a networking event in early 2018. He was working at Bloomberg and buildin Ferrum Network at night.
  • By the time we met the private test net could already execute a BTC transaction in milliseconds for near zero fees and could do a cross chain TX with ETH.
  • In May 2018 we won a competition to pitch Ferrum on the main stage at Consensus 2018 in NYC. From there things really took off and we received our first seed investment.
  • But at that time we made a strategic decision to differentiate ourselves from a crowded space. We wanted to build a real product that solves peoples problems and acquire users and generate revenue. As opposed to many projects that just seem to hope others will use their technology. We wanted to build a useful product first then migrate it onto our network
  • Basically Kudi is like Coinbase + Venmo. It allows you to invest in bitcoin and other digital currencies, but it also allows you to send fiat currecny to anyone around the world using What’s App.
  • We launched first in Nigeria and are about to expand it into Ghana next.
  • But Ferrum is much more than Kudi (which we co-own). Its a DAG based network + useful applications that run on top of it like our UniFyre Wallet (non custodial like Trust Wallet), Infinity DEX (cross chain DEX) and Sub Zero Wallet (cold storage app like Trezor but on your phone and much cheaper and easier to use)
  • All of our products have their own websites whcih you can access from the main Ferrum site if you are interested.
  • The product we just released is our flexible staking mechanism
  • This allows you to stake your tokens very easily through MetaMask and earn up to 50%+ returns based on staking time.
  • Our staking is quite unique in that we give you the flexibility to withdraw early, but if you decide to stake to the end you receive extra rewards.
  • Anyway staking pools will open up for contributions this week. There is a 5000 FRM minimum (like $50 USD). We did not want it to be only for whales
  • Yes! You just need 5000 FRM and a metamask. Its extremley easy (just send tokens to the staking contract, wait and then withdraw anytime after the withdrawal period opens)

📢Community ask Questions by Twitter ✔️

Accepted from Twitter
Question №2. @SamCryptoTrader(Twitter Username)
As ferrum network is works on Financial services ! So, Which types of Blockchain based financial services are provided by Ferrum Network ? & What’s the actual benefits of ferrum solutions to users ?

Ian Friend | COO Ferrum Network:
Yes so Ferrum is focused on the financial applications of blockchain which we view as the most impactful to peoples lives. This started with Kudi Exchange, a financial empowement app for Africans which allows them to send fiat currency instantly for 0 TX fees using What’s App. It also turns their app into a low cost point of sale system and is the 1st app in Nigeria offering a US Dollar stable coin

Our users are very happy with the app, and we just pushed a big update that actually provides each user a bank account!

If anyone wants to Kudi demo they can PM me later. But anyone with an Android can download it today and check out its features.

Our other products serve various puposes but the overall theme is to put your money back in your hands and make crypto very simple. Our vision is to bring millions of more people into the blockchain space with simple FinTech app thats solve real problems.

👨‍💻 Accepted From Twitter :

Question No 3. 👉 @A_nepali_jokes (Twitter Username)

$Ferrum Network

Sharding, layered, and cross-chain are the three future solutions for high-performance blockchains. $Ferrum Network is currently at which direction? And what are the main reasons for taking this direction?

Ian Friend | COO Ferrum Network:
Yes so when we started Ferrum Network we looked at the space and realized one big impediment to mass adoption is that cryptos are too slow to actually spend, and the various blockchains dont interact with eachother. i.e. scalability nad interopability. We solve those problems with our DAG based interopability protocol. This tech actually allows you to send a BTC in milliseconds for 1 cent in network fees (paid in FRM and causing the FRM to be burned).

But it snot just BTC, it works with all crypto. So its like the lightening network but for all blockchains. Basically its an innoviation on proxy token technology, with an addded layer of decentralization. And since all transactions run on a DAG (which has no miners) its much faster and cheaper than a blockchain.

For a full recitaition on the technology, I refer you to our whitepaper: whitepaper.ferrum.network

Imagine buying a BTC using a Ferrum fiat gateway (we are expanding ot other regions), then exchanging it over our cross-chain DEX (Infinity DEX) and storing it on a cold storage app that is much easier to use and cheaper than a Ledger. And all those products are fully integrated, have same features and functionality as the centralized alternatives, but we never know your private keys.

👨‍💻 Accepted From Twitter :

Question No 4. 👉 @Crytpol (Twitter Username)

African economy is mostly informal/unregulated but KUDI exchange is permissioned & requires user verification. I thought maybe a DEX integrated to Unifyre would be a solution. So what is Ferrum plan to reach the informal economy in Africa?

Ian Friend | COO Ferrum Network:
Yes while African economy is still developing the Kudi app is designd for this market. Its really easy to sign up and use the product. It also takes almost no data to use by design. The informal economy has no issue using a centralized product as long as its trustworthy. That is what we are working on now. Just building the trust in this product which is new and people are just learning about us.

The DEX and UniFyre are a bit more advanced and geared more towards crypto people who understand the concept of private keys and are interested in trading crypto. Our African users are looking to invest for the future (not specualte on short term pumps), sending money faster adn cheaper than a bank, and improve their business with our low cost in-app point of sale system.

The plan to reach those users involves aggressive on the ground marketing. We have a team on the ground in Lagos going door to door and signing up merchants (already have 100+ mercants on the app). Also hosting meet ups and educational seminars. Its very important show people the app in person. That is the most effective way to acquire users there.

Question №5: @Quynhlin3 (Twitter Username)
As per website of ferrum network, Ferrum project has recently done many partnerships with some projects like hydro, fusion, Dash, Gemini, etc ! so, whats the benefits of these partnerships to Ferrum network ?

Ans:👉Sure so each partnership has a different purpose. Like for Gemini it allowed us to become the first app in Nigeria with a USD Dollar backed stable coin. For Fusion its more about using some of their tech for our interopability protocol. For Dash we are working with them in Africa to get more people into crypto. For PCHAIN they will help us launch a Chinese version of UniFyre Wallet. Each partnership is a bit different but serves a valuable purpose.


📢. Telegram live Questions answered by Ferrum✔️

Hi @ifriend05 & DC Mates :)) 🔥

My questions are…

1- What’s your vision for whole Blockchain ecosystem with $Ferrum network? Is that $Ferrum is just limited to Africa?

2 — Which extent you are satisfied with the work as of now by you and $Ferrum team? Are you guys tick markings the success list you planned in early stage of starting up?

Thanks 🙏🌙

Ans:👉1. Ferrum wantd to prove we could launch real products and acquire users and therefore built Kudi Exchange on a seed budget of less than $100k in about 5 months. Afica is a great market for crypto but we are not limited to Afica. We are a global project with plans to launch products all over the world. For insance our next 3 products UniFyre, Sub Zero and Infiity DEX will be available everywhere. 2. We are encouraged by our progress but there is still a long way to go. We have much to do and on a small budget. This is why we are focused on growing the community and launching things like Staking in order to have strong fundamental as we continue to grow.

Question :👉Adoption is one of the most important factor that all sustainable blockchain projects should focus to be more attractive in the invertors Eyes.
Can you tell me what #FerrumNetwork has done and plan to do to achieve Adoption in the reality, real use cases,our real society?

What is #FRM Token Bridge? Can you explain in Short about this?

Ans:👉Yes adoption is everything. This is why we started with a user facing product rather than starting with the protocol layer. We have an aggressiv marketing campaign on the ground in Africa involing meet ups and education seminars. Signing up people for the app in real life. Its been effective but we just started. once the rebrand goes live we will double down on marketing Africa. The token birdge allows you to swap between ERC20 FRM and BEP2 FRM. WE built it from the ground up to be compatible with Ferrum Network tech.

Question :👉What is the weakness of Ferrum Network?
#AMA #Ferrum

What is the relationship between Ferrum and Gemini? How will users benefit from this partnership? #AMA #Ferrum

Ans:👉We had a very low raise by design (1.12 mil hard cap) in order to give the token much room to grow. However, this means we have limited budget for big marketing. So we need to work extra hard to attract attention and gain users. We cant just pay for influencers or big exchanges right away. But its OK it means we work extra hard and the interests of the project and investors are aligned. Gemini partnership allowed us to be the 1st app in Nigeria with a US Dollar backed stbale coin. Very valuable to our users b/c their currency has lost 50% of its vlaue since 2013

Question 👉What is Ferrum’s plan to broaden community’s development and engagement?

Anss👉We are extremely committed to community. We are constantly engaging with them and I know most of the main community members on a personal basis. To show them how important they are to us, we launched Social Mining, which allows you to earn FRM every 2 weeks just for contributing to the marketing efforts and for holding FRM. You can sign up through our website if you are interested in participating.

Question :👉What is the uniqueness of $FERRUM project that cannot be found in other project that´s been released so far ?

Ans:👉Ferrum from day 1 has focused on building useful products, aqcuiring users and generating revenue. This is because we are thinking long term and saw the market moving g away from hype and more towards a traditional start up market where you need real tractition. This led us to launch Kudi Exchange, Africa’s first financial empowerment app.This is in a unique market that is well suited for blockchain tech. So from our real products, real users, and overall vision, we believe we are doing things in a different way than many projects

Question 👉#AMA#FERRUM
A token’s price may not always be reflected by the project’s development. Why do you think Ferrum’s token holders should not be worried about the price?

What is the difference between social mining and reputation? Can you please clarify

Ans👉This is a good question. I think all of our investors should remember Ferrum is a long term project. You can see our constant progress and updates. Since the ICO 3 months ago here is what we have done: 1) build and launched a token bridge from the ground up; 2) launched social minig to reward our community; 3) listed on 3 exchanges with a 4th one coming this month; 4) built and launched staking; 5) pushed 3 separate updates to Kudi Exchange; 6) hired 3 more devs; 7) partnered with DASH and PCHAIN; 8. And continued to grow the community. Now That was 3 months! Imagine where we will be in 2 years…

Thanks to all of our Community Fans✔️

Have a Great Day

Edited : DK✍️



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Decentralized Club

🎉Welcome 🎉 We are a community who eats, sleeps and drinks crypto 😉 Contact👇@cryptoTALK01 @UniqueBoyDK for AMA and project promotions♻️ decentralizedclub.net