LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Firmo, the company bringing financial contracts to the blockchain, just announced that it has launched its contract engine and simple domain-specific language. The simplicity of Firmo’s domain specific language opens the door for people without coding skills, to create safe and secure financial contracts on the blockchain.
The Firmo Protocol, acting as an interface, provides all major blockchain platforms, exchanges, and liquidity networks such as early-adopter Bancor, with the ability to create automated derivatives, enforceable without the need for trusted third parties.
In the traditional markets, derivative contracts are valued at $20,7 trillion with notional values estimated at beyond $1,200 trillion (more than 10 times the aggregate global GDP), while on the crypto markets derivatives derivatives are almost nonexistent . Due to the inherent security issues in complex languages, such as solidity, there is currently no viable option for secure financial contracts on blockchain platforms. With the Firmo Protocol, investors can write intuitive and highly reliable derivative contracts and deploy them directly to their blockchain of choice.
The trade of crypto-assets is primarily transaction based and does not offer investors any opportunity to engage in long term deals. Firmo is closing this gap by providing the infrastructure that makes this possible while enabling the secure clearing and settlement of long short and long term financial arrangements.
We created the Firmo Network to address the outdated multi-trillion dollar derivatives market by offering a solution for secure financial contracts on any blockchain platform, for any blockchain user,” says Founder and CEO of Firmo, Dr. Omri Ross. “Our formally verified external language, FirmoLang, is compatible with any blockchain, and uses formal verification to make sure that fewer mistakes are made once financial assets are included. Building Domain Specific Languages is an issue that has been addressed by top players in the industry, and we are proud to contribute to that infrastructure.