Ferrum is a platform formed by a company called Ferrum Network which is engaged in blockchain and trading using cryptocurrency. Along with the increasing strength of the cryptocurrency market, this has led many businesses to rely on payment systems through a network platform using digital currencies. Its use is considered to make the process easier and is not charged with the high cost of carrying out the transaction. The Ferrum Network company was built by relying on the base of the FinTech system which has now mushroomed throughout the world. The FinTech concept is similar to the cryptocurrency concept, but FinTech still relies on fiat money usage in the trading system they manage. Whereas cryptocurrency has been more advanced in terms of implementing digital currencies.
The goal to be achieved by Ferrum Network is to build a digital platform where every transaction using digital currency can take place in it. This platform will reduce gaps in the exchange of digital assets and support sending to digital multi-wallets. This will greatly support the expansion of exchanges between the wider digital currencies. Usually digital asset holders must make exchanges through specific sites or platforms that are separate from the platform on which they store their digital assets. This seems redundant and inefficient so that a system is designed which also supports exchanges with various types of digital currencies that are not native.
Currency exchange in Ferrum is facilitated by the Kudi Exchange exchange feature. Exchange through this feature is not just about supporting digital currencies but also for fiat currencies. Exchange of both can be done practically through Kudi Exchange and the process will take place quickly. Exchange values are adjusted to the standard values that apply when the exchange takes place. The user’s digital assets will be protected securely in the UniFyre digital domain. This wallet will be introduced first by Ferrum Network as one of its products in the third quarter of this year. The sophistication of the technology that is connected to this wallet makes it capable of sending digital assets to other types of digital wallets with previously connected networks. This will help speed up the shipping process without having to wait long.
The application of the DAG or Directed Acyclic Graph technology in this platform closes access to mining. So that users can only obtain digital assets through a purchase transaction. Ferrum does not implement a mining system to provide convenience and simplicity for users to obtain digital tokens. The exchange that takes place between different wallet domains will create a proxy token. This token can be said to have multiple types of currency so that it can be received directly by other digital wallets that are not included in the ecosystem of this platform. Not only exchange, this wallet also supports sending and receiving different types of tokens into his wallet.