Ferrum Network (FRM) is a decentralized network like Ethereum Network or IOTA but with a single claim of value – instead of focusing on new coins, it can represent multiple coins in networks is different.
The Ferrum Network is a fast-connected network created for decentralized chain finance applications. Ferrum allows to manage, trade and exchange any virtual asset without involving the consumer’s assets.
Built on top of the DAG network, it is faster, less expensive, and more scalable than conventional blockchains. Ferrum is blocked agnostic, which means it can support content for all networks and is not limited to ERC-20 tokens.
What is FRM used for?
FRM is the utility token of the Ferrum Network ecosystem
FRM tokens are used for the following purposes:
The FRM token is used to pay directly for the transactions taking place in the Ferrum ecosystem.
FRM tokens are used to pay for services and products that users use within it.
Ferrum network technology
Ferrum operates similarly to the most popular centralized exchanges like Binance and Coinbase. The difference from other exchanges is the fact that it is Google’s decentralized system. This is a very important distinction – it means that Ferrum will never retain custody of your assets at any time. On the other hand, when you use a centralized exchange like Binance, you give them access to all your funds (private keys) and trust them to protect it. However, when you use Ferrum, you keep your private keys, and the Ferrum exchange never holds any of your funds.
Compared to other DEXs (decentralized exchanges) like IDEX, Ferrum is interoperable, which means it’s not blockchain related and allows for efficient cross-chain transactions, but all in one network net. In practical terms, this means that Ferrum is not limited to ERC-20 tokens and users can exchange a variety of digital currencies. In addition, it is much faster and cheaper than existing DEXs. This is because the Ferrum Network is much faster than the Ethereum network, which is the basis of most other decentralized exchanges. Moreover, users do not need to pay gas fees when making transactions. In short, using the Fe Wallet and/or Fe DEX, users can perform a near-instant decentralized exchange of BTC for ETH (and a host of other digital assets), according to with ease and speed like a centralized exchange.
Features of Ferrum Network
High speed and low cost – P2P transactions are confirmed in milliseconds with about 1 cent of network fees.
Integrated financial products – buy, trade and store any digital asset using financial applications that work on the internet.
Real products, real users, proven business.
Cross-chain interoperability – a next-generation protocol designed to connect to any blockchain.
The primary purpose of the Ferrum network is to create a top-quality interoperability network for real-world financial applications. Ferrum aims to solve the real problems of using digital currencies in the conventional financial world: high fees and low transaction speeds, lack of interoperability, barriers to entry. of use and recognition for newcomers.
You can see the FRM price here.
According to AZCoin News
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