Image source: Firmo
The emergence of blockchain technology is gradually taking over almost all the sectors of the economy in the world. So many believe that in subsequent years to come, blockchain technology would completely take control over all sectors of the economy not excluding the medical, aviation, marketing, social media, music and even the financial sectors.
Blockchain technology works great for cash transactions. Where you immediately transfer funds from one crypto wallet to another. However, most transactions on todays economy are credit based. You pay with a credit card and settlement happens in the future. In the world of Blockchain that requires trustworthy financial smart contracts, which is what Firmo builds.
Don't know if anyone of us here have come across Mo Jalloh's article, where he described how blockchain will affect artists and music industries in the near future.
http://www.hypebot.com/hypebot/2018/01/the-emergence-of-blockchain-technology.html? Stream
In this article, he described blockchain as the greatest technology invention since the dawn of the internet but still remains alien to quite some number of people who have not yet realised it's power or who doubted its power for one reason or the other.
There are so many good projects out there that are in one way or the other trying to solve our daily problems using blockchain technology. I would like to mention the few of em here. Talk about projects like veiris which aims to be the backbone of KYC for enterprise network, verasity which works on making video sharing profitable to viewers and to liberate video creators, so many among them exists.
NOW WHAT'S FIRMO ALL ABOUT?
Firmo is a team of professionals that works together by bringing the ever-growing number of distributed ledgers and contracts that spring up on a daily basis, using the blockchain technology.
It is however worthy for us to note that FIRMO is not like exchanges. Rather, it enables infrastructure for exchanges or directly creating financial contracts between counterparties. it's like replacing your need to transact on an exchange.
The most urgent trust issue in crypto world is financial derivatives such as futures and options. This market is huge in the traditional fiat space (estimated at up to 1200 trillion $, which is about 15 times the full world GDP). Firmo technology can also help with decentralized p2p lending and prediction market.
Derivatives by nature are contracts where you handshake today(on the futures price of a product) but the transaction would happen in the future based on the actual price of the product at the future expires. One important use case for derivatives is hedging the risk of future volatility of prices which they think is very important.
Also, security is a big issue in the crypto world. Coding on FirmoLang is easy from a user point of view and as they plan to support more blockchains (such as QTUM, NEO, etc) one would be able to deploy contracts at their blockchain of choice. Due to the springup of various crypto projects, the cases of hack increases on a daily basis as scammers find it profitable to engage in blockchain technology project, but firmo aims at using the firmolang protocol to solidarize the hack threats in the crypto world, generally. This team is working so hard to eliminate these problems from the blockchain technology under the leadership of DR. Omri Ross, A Ph.D holder in financial mathematics from Cambridge university. He is also the assistant professor of blockchain technology at the university of Copenhagen. He is the major initiator and founder of the FIRMO project. He means good when he started thinking about the project and aims at taking the project to a higher level.
With the help of 'zero language protocol' developed by the team, users are allowed
to use little or no collateral unlike others that do otherwise.
https://steemit.com/crypto/@originalworks/200-steem-40-bonuses-sponsored-writing-contest-firmo
Visit their website to learn more about the team
firmo2018
