What is Ferrum Network (FRM)?
Ferrum network (FRM) is a decentralized network like the Ethereum Network or IOTA but with a unique value proposition – instead of focusing on new coins, it can represent coins in other networks.
The Ferrum network is a fast connection network created for decentralized chain financial applications. Ferrum allows the management, trading and exchange of any virtual assets without regard to the assets of consumers.
Built on the DAG network, it is faster, less expensive and more scalable than regular blockchains. Ferrum is blocked agnostic, meaning it can support assets 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:
FRM tokens are used to pay directly for transactions that take place within the Ferrum ecosystem.
FRM token is used to pay for services and products that users use inside it.
Ferrum network technology
Ferrum functions similar to the most popular centralized exchanges like Binance and Coinbase. The difference from other exchanges is in fact, it’s Google’s decentralized system. This is a very important difference – it means Ferrum will never retain custody of your property at any time. On the other hand, when you use a centralized exchange like Binance, you grant them access to all your money (private keys) and trust them to protect it. However, when you use Ferrum, you keep your private keys and Ferrum Exchange never holds any of your funds.
Compared to other DEX exchanges like IDEX, Ferrum can interact with each other, which means it is not related to blockchain and allows efficient cross-chain transactions, but all in one network. In practical terms, this means Ferrum is not limited to ERC-20 tokens and users can exchange a variety of digital currencies. Also, it’s faster and much 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 charges when running transactions. In short, by using the Wallet Fe and/or Fe DEX, users can perform a decentralized Bitcoin exchange almost instantly for Ethereum (and a host of other digital assets), with one Easy way and speed as a centralized exchange.
Features of Ferrum Network
High speed and low cost – confirmed peer-to-peer transactions in milliseconds in about 1 cent of network charge.
Integrated financial products – buy, trade, and store any digital asset using financial applications operating on the internet.
Real products, real users, proven business practices.
Cross-chain interoperability – a next-generation protocol designed to connect to every blockchain.
The main purpose of the Ferrum network is to create a top-quality interoperability network for real-world financial applications. Ferrum aims to solve the practical problems of using digital currencies in the conventional financial world: highest costs and low-speed transactions, lack of interoperability, use and recognition of barriers for newbies.
You can check FRM price here.