PROBLEM & SOLUTION
CryptoDiffer found Ferrum Network as a prominent project in early June 2018 (5 June 2018) and put it on the radar. Now it’s not a “Stealth Mode” project anymore and we can take a look at it more deeply.
The main purpose of Ferrum Network is to create a high-speed interoperability network for real-world financial applications. Ferrum aims to solve the actual problems of cryptocurrency usage in the traditional finance world: high-cost and low-speed transactions, an absence of interoperability, usage and understanding difficulties for newcomers.
Ferrum Network will build a vertically integrated line of basic financial applications on top of the Ferrum Network that will allow users to buy, exchange, transact, and store any digital asset with no counter-party risk.
In simple words, Ferrum Network will create a layer and infrastructure that will allow customers to purchase commodities or services using any cryptocurrency in milliseconds without any difficulties.
Ferrum Network has already released the first product, Kudi Exchange (https://kudi.exchange), with an Android App. Kudi Exchange is now live in beta testing with over 400 users in the pilot and 2500 more signed up. Kudi Exchange is a fiat-to-crypto exchange with P2P payments app and U.S. dollar stability.
Next product to be launched is the following:
UniFyre Wallet, a non-custodial wallet – https://unifyre.io
Ferrum Network has a privately available Testnet.
Ferrum Network GitHub source code repositories have been reviewed by several code-reviewers:
“We have assessed the Ferrum Network project based on its source code, installation packages and whitepaper, which have been made available to us.
Based on the review of source code text files and installation/runtime test of the executable code our conclusion is that the project is in an early working alpha stage. The code reflects a high development skill level.
We have not encountered any issues in executing the Ferrum node, and the run-time behavior is stable (exceeding expectations at this point in development) and according to expectations from a functional point of view (see test section). The installation package available has provided a smooth experience.
We believe that the project is on the right path and truly excited to see the finished working product, as this will fill a large existing gap in the cryptocurrency landscape.”
“Ferrum is competing in a tough space technologically, but differentiates itself by demonstrating good business development progress and onboarding advisors that can actually help in terms of adoption in geographically diverse locales.
The code is architected in such a way that demonstrates Naiem’s engineering experience. While it should be cleaned up and made developer friendly at some point, the team has made it clear that it’s pre-release. The git commit messages are clear and concise, which is a good sign that there was some time spent on making the codebaseo maintainable long term.”
If we are up to compare Kudi Exchange to other platforms in West Africa (Luno, Paxful, Naira Ex. etc) or other markets, there are no platforms with a fiat gateway + instant fiat payments + support for U.S. dollar stability. That is a competitive advantage for Ferrum Network. Moreover, Kudi Exchange is faster and providing lower costs than other fiat gateway exchanges in West Africa.
Considering that UniFyre Wallet is connected to a cross-chain high-speed network it will have more features than competitors:
-a risk-fee OTC trades;
-the ability to roll-back transactions;
-trading any crypto-asset in milliseconds;
-never takes custody of user’s assets.
According to the roadmap, Ferrum Network has already released:
-Blockchain Testnet with BTC, ETH, ERC-20, XRP exchange
-Kudi Exchange (mainnet)
Ferrum Network will focus exclusively on their two main products, Kudi Exchange and UniFyre Wallet, and the network itself.
By 2020, the project is going to expand the number of products in the financial sector, create Payments Platform and more
TEAM & ADVISORS
Ferrum Network has a prominent team of developers and data scientists with years of experience. The core team consists of 8 persons: two founders, a marketing lead, a financial strategist and four developers. The team is working on Ferrum Network for an almost a year:
Naiem Yeganeh is a Founder CEO and a Lead Developer at Ferrum Network. He worked for Amazon, Microsoft, Bloomberg as a software engineer for years. He has been studying at The University of Queensland and got a Ph.D. in computer science, he worked at 6 other companies to become a professional in his field.
Ian Friend is a Co-Founder and COO at Ferrum Network. Ian worked at Wilson Elser, a law firm with over 800 attorneys in 34 offices throughout the United States. During his work at Wilson Elser, he co-founded the firm’s Blockchain and Digital Assets Practice Team and drafted the official practice team proposal; marketed the firm’s legal capabilities in such areas as initial coin offerings, New York State’s Bitlicense, and entity formation; developed close-relationships with major players in the New York City blockchain space and much more. He also worked at several other law-firms as Associate attorney.
Erik Powers is a financial strategist at Ferrum Network. He has huge experience working for years in the financial sector: almost 4 years at State Street, American financial services and bank holding company; 5 years at The Blackstone Group, one of the world’s leading investment firms.
The rest of the development team consists of experienced programmers. The size of the team and roles are optimal to deliver Ferrum Network products to life.
Ferrum Network has a strong advisory board:
Anton Uvarov is a Corporate Development at Red Belly Blockchain, Executive Director at Neuroscientific Biopharmaceuticals. He is a Co-founder and Partner at KOSMOS Ventures, a leading investment firm, focused on helping blockchain startups scale and integrate their products into enterprises.
Etiënne VantKruy is a Founder of the ‘Token Research Group’, which provides funding, produces a strategy and consults startup projects within the blockchain space. He is also an Advisor in several other blockchain projects: LINIX Foundation, GoChain, MagnaChain, Phantasma Protocol and more.
Emeka Enu is a pharmaceutical and medical device sales executive with over 20 years of experience in sales and strategic business analysis. He is a Co-Founder of TLG Ventures, a Private Investment Crypto Fund.
Germaine Ifudu is also a Co-Founder of TLG Ventures. He is an expert in marketing and building investor relations for blockchain projects.
Hamed Ahmadi is a Co-Founder & CEO at Medsien, company that empowers healthcare providers to administer the Chronic Care Management program by optimizing care coordination among the care team and their patient population.
Anna Roubos is a marketing and PR expert from Silicon Valley. She helped devise and run Robinhood’s famous viral campaign when she was working at one of the worlds oldest and most respected PR/Marketing companies, Ogilvy.
Ferrum Network has already announced several notable strategic partnerships with:
-KOSMOS, a leading investment firm, focused on helping blockchain startups scale and integrate their products into enterprises.
-TLG Ventures, a venture capital firm founded by three crypto entrepreneurs, from backgrounds as diverse as medicine, business and IT, who have been investing in blockchain startups for several years.
-Token Research Group, a group of blockchain enthusiasts, passionate about bringing transparency to the industry.
-Gemini. By introducing Gemini dollar to the Nigerian cryptocurrency market via Kudi Exchange, users will have a unique opportunity to access a fully regulated U.S. Dollar pegged stablecoin, which combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators. Kudi Exchange users will be able to quickly and easily transact with GUSD, send it as a remittance, or purchase other digital assets with it through the exchange platform.
-Rivetz, this partnership enables hardware-level security for the Ferrum Wallet and private keys.
Team promises more partnerships related to implementation and popularization of the Ferrum Network products to be announced soon.
TOKENOMICS AND TOKEN SALE
Ferrum has recently announced that they will conduct tokensale through Prima Block.
Amount Raised: $120,000 (40% Bonus)
Token Price: $0.0114 (with bonus factored in)
Token Distribution: 40% unlocked after 30 days from TGE; 40% after 60 days from TGE; 20% after 90 days from TGE
Private Sale I:
Amount Raised: $500,000 (15% Bonus)
Token Price: $0.0139 (with bonus factored in)
Token Distribution: 40% at TGE; 40% after 30 days from TGE; 20% after 60 days from TGE
Private Sale II:
Amount: $200,000 (0% Bonus)
Token Price: $0.016
Token Distribution: 40% at TGE; 40% after 30 days from TGE; 20% after 60 days from TGE
Public Sale: $300,000 (0% bonus)
Token Price: $0.016
Token Distribution: 40% at TGE; 40% after 30 days from TGE; 20% after 60 days from TGE.
It is worth to notice two important aspects, Ferrum tokens have vesting schedules for all rounds and the total circulation supply will be 500 k on the day one with total hardcap of TGE fixed at 1.120.000 USD.
Having said that, we also want to highlight a close to immediate liquidity coming with primary listing on BitMax on 5th of August at 10AM EDT.
Overall, the tokenomics is well designed and fit the current market conditions.
VERDICT: 9 out of 10
Ferrum Network aims to solve actual problems for cryptocurrency usage in real-world finance applications. The project has already launched its MVP (Kudi Exchange in beta testing) and a private testnet.
The team is solid and experienced enough to deliver products according to their plans. The team consists of good developers with years of experience. Moreover, team and advisors have relations to the blockchain sphere that give them the competitive advantage of the understanding the industry and what it needs.
For the tokenomics part, the hardcap is very reasonable and all the metrics seems to be well designed to fit the current market conditions. This in pair with a close to immediate liquidity coming with primary listing on BitMax on 5th of August makes Ferrum a very interesting play both for long-term investors and those who are looking for a short-term investment.
Ferrum Network has several notable strategy partnerships (KOSMOS, TLG Ventures, Token Research Group, Gemini and Rivetz) that will help the project both with industry insights and product development. But we would like to see more real-world partners of the project.
Overall, we feel like Ferrum is one the most anticipated projects in the next weeks and are very excited about its performance.