The Firmo platform has designed a smart contract language that will enable a secure execution of the new generation of financial contracts that will be sued on the blockchain technology. It is an economic infrastructure that has been designed for the crypto economy.
What Is Firmo?
The Firmo platform is slowly building the future of the current financial infrastructure. It is found that about 1/7 of the world’s economy is actually derivatives. However, these financial contracts that have been established are not securely available in the cryptocurrency economy just yet.
But this is all about to change as FirmoLang will enable the various businesses, like exchanges, the ability to securely and even intuitively offer multiple individuals the smart derivatives on any of the significant blockchain. At the moment, Firmo is already working with the Ethereum network, and it has also started talks with other major blockchain in the market, such as Qtum, Neo, and Cardano.
It is just the first step the company is taking in overhauling the current financial infrastructure we have in place.
How Firmo FirmoLang Crypto Financial Services Blockchain Works
The first thing you would do is picking your preferred blockchain. The good news is that FirmoLang has been designed in a way it’s able to be compiled to any of the blockchains available. At the moment the company works with Ethereum network which makes your transactions much more straightforward, but the company has not stopped here as they are exploring the other strategic partnership options that are available.
It has been found that about 45% of the smart contracts that are written in Solidity tend to contain some know vulnerabilities, errors and also redundancies. As a result, the Firmo platform has been able to resolve some of this problems; this is all thanks to the FirmoLang, which is a verified domain specific language.
All you will need is to use a template that will help in creating a smart derivative with the FirmoLang program or if you would prefer you could go ahead and code your own with the platforms simple syntax.
There are several features that you can look out for that this platform can offer its various users.
It has been found that 45% of the contracts that have been written on the Ethereum Solidity tend to be prone to various hacks, like the Parity Wallet and DAO. The FirmoLang has been formally verified so it is able to offer the same level of security that has been used to make the sure planes, satellites, and trains that aid in operating them efficiently and securely.
With the advancements that take place in the Blockchain technology, it has led to developers being expensive and also very hard to come by. But there is a solution to all this as FirmoLang has been designed with some templates that will aid you in writing the financial contracts and also some simple syntax that you could learn if you prefer to code your own agreements.
The underlying technology on the Firmo platform is able to provide everyone to deploy financial contracts securely. All thanks to the platform being able to work with any of the blockchains you can find in the market. But this is not all as the company’s API has made it super easy to integrate the Firmo platform into a product or exchange.
Ever since the blockchain technology came to the market, there has been drastic changes that have been taking place in terms of developments. As a result, a proper infrastructure for the financial industry has also been wanting. As this company is geared towards developing an infrastructure for the crypto economy makes it a promising one that we should be a part of, especially in ensuring secure transactions are carried out.