AMA

Ferrum Network AMA transcript

AMA (Ask Me Anything ) was conducted with Ferrum Network on 14 January 2020 at 3:30 PM UTC live in our telegram group.

More than 950 questions were asked during the AMA in first round and another 110 questions in round 2 .Because of so many questions only few selected ones were picked .We had to mute the group because of short in time but we tried our best to take maximum questions .Ferrum team tried their best to answer to as many questions as possible in deep.

Participating team member from ferrum was :

Ian Friend : COO ,Ferrum Network .

Please introduce urself and say something about ferrum network in short šŸ˜Š.

Ian Friend :

My name is Ian Friend, I am the co-founder COO and General Counsel of Ferrum Network. Prior to Ferrum I was working at big law in NYC where I co-founded the blockchain practice team of an 800 attorney law firm.

From there I met Naiem Yeganeh, phD who was a senior engineer at Bloomberg at the time and building Ferrum at night.

Shortly after we won a competition to pitch the project on the main stage of Consensus 2018, the biggest blockchain conference in the world.

Then things really took off, we raised a small seed round and got to work building our first of many products: a fiat to crypto exchange + payments app in West Africa

Thats a little history. But Ferrum Network can really bbe thought of two interconnected parts: 1) a DAG based interoperability network that can connect to nearly any blockchain and 2) the advanced DeFi products that run on our technology such as https://firstkudi.com/, our tokenbridge.ferrum.network, our flexible ERC-20 staking (ferrum.network/staking, and later our non-custodial wallet (UniFyre), cross-chain DEX (Infinity DEX) and our cold storage app Sub Zero Wallet.

https://unifyre.io/

https://subzerowallet.io/

https://infinitydex.io/

This is most anticipated one .šŸ˜‰

Why investors should hold $frm in terms of roi ?

How can u convince ur investors to hold $frm ?

Ian Friend

But beyond the development, we are very active in the crypto community, and aggressively market ourselves. We are also very community oriented and do many things to give back to the community including Social Mining, where we reward our most active community members approx. 130,000 FRM every 2 weeks for their valuable contributions and for holding a certain amount of FRM.

We also already have utility for the token through the token bridge, Kudi app, staking and social mining. With many more utilties coming. Including main net where FRM will be used as gas for eaah TX and with that a small amount of FRM will be burned.

For those into TA, I suggest checking out the FRM chart and you can make a decision based on fundamental analysis and technical analysis. Also we are about to launch stkaing 2.0 with up to 85% rewards. I hope that answers your question re: FRM long term investment standpoint.

What gives FRM token its value?

Ian Friend :

FRM is a true utility token, you actually need to use it to interact with our products. We have early existing utilities now thru the token bridge, staking, social mining and Kudi app. And we have upcoming utilities through UniFyre Wallet and of course the main net. I also think people like how we operate as a team, see how community driven we are, and believe in the long term vision of Ferrum.

Currently, there are 3 products of Ferrum network are ready ! So, Whats the next upcoming product we can see from ferrum network ?
According to Roadmap, ferrum Launching its Mainnet on Q2 2020 !! So, do you think that you were able to provide all the things you mentioned in website also in the given time ?

Ian Friend :

Yes we have staking, Kudi app, and token bridge already, but soon we will launch UniFyre Wallet which is in private beta testing now. Kudi has been running for about 6 months and has a bank card, instant fiat transactions and investments in cryptocurrencies with fiat including FRM. You can even buy a beer using the Kudi app!

What is the improvement from FRM STAKING 2.0 from the previous FRM STAKING (1.0)?

Ian Friend :

FRM Stake and Earn was a truly community driven initiative. We recieved execllent community feedback and this helped shape staking 2.0. We found that people enjoyed higher rewards even if it meant staking longer. This is why we came up a 2 year staking contract with 85% returns, along with 3 other staking pools to fit everyone’s preference.

šŸ“£ We are pleased to introduce an overview of Ferrum Networkā€™s staking 2.0: FRM Stake and Earn

ā†’ The article shines light on all details of the staking round, rewards overview for each pool and improvements made from last round

ā†’ Learn more: https://medium.com/ferrumnetwork/introducing-frm-stake-and-earn-bd597a0fa99d

Ferrum Network’s Product, Kudi Exchange is currently focuses on African Countries.. But Is Ferrum have any plans for Expanding the Network to Global Level & Markets or Asian Countries?

Ian Friend :

Yes Kudi is based in West Africa, which is actually one of the biggest markets for cryptocurrencies in the world. Nigeria is the 7th biggest market for btc transactions and is #1 in google searches for the word “bitcoin”. But a part of our business model is to expand our fiat gateways to other regions. Right now we are in early stages with teams in the Middle East and Brazil to launch fiat gateways there, but we are still early days and will not announce anything official until we are farther along.

You are offering the highest return on staking in crypto space, while this is good for investors, don’t you think it may have adverse effect on your financial robustness?

Whats the mystery behind the name SUBZERO as you named one of your wallets. Is it able to freeze up any attempted hack threat?

Ian Friend :

So while we are offering high returns (up to 85%), the total number of tokens allocated for staking rewards is still relatively low. For instance the first round of staking only resulted in 2.3 million additional tokens that wont enter hte market for another 12-18 months. This upcoming the rewards are higher, but the staking terms are longer, so the inflation is relatively low and wont come onto the market for another 1-2 years. By that time we will have all our products out plus the main net which burns tokens so we arent too concerned with inflation.

Why is Ferrum Network running on DAG consensus, why have you chosen this and what advantages does it hold over other consensus?

Ian Friend :

Our underlying technology is designed to enable near instant transcations of any digital asset, even slow chains like bitcoin. With Ferrum Network, you can actually transact a BTC in millliseconds for near 0 fees because that BTC is now running on our DAG network, which is inherently faster than a blockchain. So for our purposes – which is to enable high speed financial transactions – a DAG was superior to a blockchain. Check out this demo to see how fast our network is in moving BTC.

Every business aims to have a massive community/users and one thing to ensure this is to be adopted by the mass, some are able to reach it but only for a short period of time. How are you going to overcome this kind of TRAIT?

Ian Friend :

We have been concerned with mass adoption since day 1. Its why we, unlike the majority of blockchains, arent relying on others to build on top of our protocol. We are building useful products ourselves and launching them in high growth regions like West Africa. If you download our products you will see they are easy to use and solve real problems. For instance with Kudi you can send fiat currency to anyone in the world, instantly, for 0 fees, and it happens thru What’s App. This is solving huge problems for our customers right now! So Ferrum is not some speculative project that promises to solve problems in the future. We are doign it right now.

https://apps.apple.com/us/app/first-kudi/id1490440539?ls=1

What are the main utilities of Ferrum Network ?

Ian Friend :

So right now we have early stage utilities such as our tokenbridge.ferrum.network, Social Mining (community.ferrum.network), ferrum.network/staking and through the Kudi App. Next we will launch UniFyre Wallet in Q1 which will introduce more utlitiies. Then we will launch the main net where FRM is used as gas, but each time tht gas is spent it will be burned. For more on that please check out whitepaper.ferrum.network. PS we have a strong Turkish community would love to see you become a part of it.

Could you u please share with us advantages of Ferrum Staking? How can investors make extra money with your structure?

Ian Friend :

FRM Staking is completely unique in the crypto space. First of all, it works with any erc-20 tokens so we can open it up to other tokens in the future. But it is also unique because it is flexible. We do not force you to stake until the end. You can unstake early and still recieve rewards. But the longer you stake the more you earn becaue the rewards increase daily. And if you stake until full maturity you recieve a share of rewards forfeited by those who withdrew early. So its flexible, rewarding and competitive. No one else does staking like this.

As far as I know you attended a blockchain technology summit with the governing body of the Nigerian Securities and Exchange Commissions on August 5, 2019. What was discussed at that event?How does the Nigerian government look at Blockchain technology? In this sense, did you receive the support you expect from Nigerian communities?

Ian Friend :

I see you have been paying attention! So I was not present at this event but members of the Kudi team were there, and have developed relationships with the Nigerian financial authorities. Nigeria is cautiously bullish on blockchain. They are open to its technology and the ability to improve lives, but they want to eliminate scams and fraud. The key for us is to be at the table with the authorities as a stakeholder as more regulations are drafted. In fact we are doing just that, and have submitted legal briefs in suppport of various regulations. If you wish to be a long term player in that region you need to establish relationships with the important people, and that is what we are doing.

Now that the world situation is tense, Ferrum thinks it will be an opportunity or a risk for your business activities? Will blockchain’s role be ever more important?

Ian Friend :

I actually view global risks as an opportunity for our business and crypto in general. You saw how btc reacted to the Iran-US conflict. You see how places with rampant inflation or unstable financial systems turn to this technology. This is why we are positioning ourselves in key regions where the people really can benefit from our technology such as Africa, Middle East and Brazil.

Ian, as you know I like the geographical targeting you’ve initially focused on, in West Africa. Opportunity for competitive advantage seems high there. How has the feedback been from the population living there? In general, how is the education factor on blockchain?

Ian Friend :

The opportunities are huge there bcause there is low incumbent competition and the cost of doing business relatively low. We built and launched a fiat gateway in Nigeria on less than $100k seed budget. This would not have been possible in more mature markets like US or Europe. But with these opportunities come challenges. For instance, knowledge and education is relatively low. We are tackling that with aggressive in person marketing campaigns and education seminars and meet ups. In fact we just scheduled our next one. If you are in Lagos area please come on by!

https://medium.com/@First_kudi/first-kudi-team-and-stronger-together-event-january-2020-a8ff3d03631c

BTW we also have a bank card connected to the app which means our users can actually spend crypto (including FRM) using their Kudi card anywhere in Nigeria.

This is one of the primary differentiating factors between FRM and many other projects. We have an actual product that you can download and use today. For anyone who is traveling to Nigeria or lives there, we are offering deals on the Kudi card now!

Every successful project has a few stories behind the scenes, what’s the story behind Ferrum success? What was that vision when Ferrum first emerged as an idea? Are there any special prototypes or upcoming updates that you want to show/share with us?

Ian Friend :

Honestly it has been about grinding it out in the bear market and proving people wrong from the beginning. We’ve been thru a lot. But just thru hard work and perservence and a great team we now have a successful product in a high growth region, an incredible community of amazing supporters, and so many exciting products on the horizen that I believe can really bring crypto into the main stream. For instance, UniFyre Wallet will be the first non custodial wallet that novices will really be comfortable with because there will be a decentralized private key recovery system. Theres just so much exciting stuff coming and now with the bear market seemingly coming to an end, I really believe FRM is poised to do huge things in 2020 and beyond.

I understand that they have a team working in Africa, how many are they? and in which countries are you?

In this sense, is Kudi Exchange available for all countries in Africa? and the world? Can you explain this point?

Do you have any data on the growth of the Ferrum community?

Ian Friend :

Yes the Kudi team is in Nigeria and there are about 6-7 full time team members there including sales people, a developer and Kudi’s co-founder Germaine who has deep connections in high places. So while Kudi has Nigerian fiat money in it to buy crypto, the app can be used all over the world. You can download it now! https://play.google.com/store/apps/details?id=com.ferrum.kudi . There are plans to expand Kudi into Ghana in Q1 and the Ferrum team is working on similar type products in other markets such as Brazil and the Middle East, which are in early stages but we hope to officially announce soon.

One of the things I love about Ferrum was the burning which would reduce supply, recently I haven’t heard about the burning, is BURNING still in place and at what point does it stop

Does burning work when social mining

Ian Friend :

Yes so a small amount of FRM will be spent and burned for each TX on the main net. We call this proof of burn. But amount burned will always be 1 cent. So right now thats about 1 FRM token. If the value of each FRM increases, the amount burned will decrease accordingly. So if 1 FRM is 10 cents, the amount burned is .1, and so forth. Therefore the supply could never really run out in anyones life time.

Ever since you’ve added FRM and ETH to the First Kudi app I have been using the app conveniently for my trading because of the low transaction fee it charges. But this questions also come to my mind:

Q1. is the transaction fee low for now just to attract more new users, and when you’ve realized that you’ve gained more than enough users, that is when you will graduate the fee into a more burdensome one just like what we see in most recent projects?

Q2. should we still be expecting more products apart from the First kudi app, Unifyre wallet, Subzero, and Infinity DEX this 2020 or you still want to build and improve more on the above existing products?

Ian Friend :

Thank you for being a Kudi customer!!

1. The transaction fee for sending NGN to another user will always be 0. There are fees for other services so Kudi actually earns revenue, but we are still cheaper than Luno and other similar apps (and do so much more!).

2. Yes we are building our other products now and UniFyre will be out in Q1. Its in private beta testing now. Throughout 2020 and beyond we will be launching more products and perfecting the existing ones to satisfy our users.

what are the ways that Ferrum generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit to both invester and your project ?

Ian Friend :

We generate revenue through the operation of our fiat gateways + payment apps like Kudi, which are similar to Coinbase + Venmo. Because we do not rely on the token for income, this means we have a sustainable business that does not adversely impact our token holders and supporters.

Ferrum network was born in which country. Is the dollar from Africa as stable as the US dollar? To exchange on KuDi exchange do users need kyc? Does it accept international credit cards like (visa.martercard ā€¦)

Ian Friend :

Ferrum Network is a decentralized project, but Kudi (a Ferrum subsidiary) is based in Africa. The Niara is not as stable as the US Dollar. This is why we partnered with Gemini to become the 1st fiat gateway offering a US Dollar backed stable coin. Kudi does not yet accept international credit cards but we are looking into it.

Currently many projects are facing the problem: lack of real users and use cases; Does Ferrum have any problems? What plans does the group have to attract ferrum users?
What is the use case of Frm Token?

Ian Friend :

We have real users and real use cases. Its what I’ve been telling people across the crypto space for months now as we do about 2-3 AMAs per week. U can download our fiat gateway app and use it today! We also have 3 other products that get used constantly: tokenbridge, social mining and staking. That said, we still face many challenges in terms of adoption because crypto is so new to many people. But we are solving this with aggressive face to face marketing where we actually show peple the benefits of the app. This has resulted in over 100 merchants using our product and thousnads of active users.

U can see real people using our product here!

If anyone wants to get a private demo of how the product works in terms of sending fiat money to anyone in the world for 0 fees through Whats App you can PM me after the AMA!

AMA Giveaway Winner List (their telegram ids):

  1. @zaferce
  2. @Jonasbecker
  3. @ArslanUygun08
  4. Probinsyanforever
  5. @Kambeing

Above members are requested to dm us their erc20 address asap.

230 cr
230 Cr has been interested in the cryptocurrency since 2017 when his friend introduced him to bitcoin .Interested by the bitcoin technology and suffering from centralised banking system he then decided to pursue his career in this space .

Leave a Reply

Your email address will not be published. Required fields are marked *